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Post by thekindercarebear on Jul 5, 2023 20:34:12 GMT
"I have 2.5 million in cash and am 65. Can I retire?"
Is this person a moron or is this just trolling from the people posting the article and those similar?
Or is this honest and people just don't know how rough it is out there?
Considering 50% of near or at retirement age Americans HAVE NO RETIREMENT SAVINGS - this seems like rubbing salt in the wounds.
From
Smart Assets?
More like Smart Asses. heh
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Post by thekindercarebear on Jul 5, 2023 20:36:20 GMT
JUST FYI.
If you were able to save $1m in the bank, you could currently earn about $55,000 (pre-tax) just in interest and never have to touch the principal. That's in addition to the SS check coming in every month.
If that's not enough to retire on then I don't know what else to say.
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Post by The Herald Erjen on Jul 5, 2023 20:39:55 GMT
thekindercarebear, Stuff like that might be out there to scare people into NOT retiring, by instilling the fear that they don't have enough money to retire and maintain an acceptable standard of living.
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Post by thekindercarebear on Jul 5, 2023 20:43:43 GMT
thekindercarebear , Stuff like that might be out there to scare people into NOT retiring, by instilling the fear that they don't have enough money to retire and maintain an acceptable standard of living.
i guess there is the fear of medical bills wiping out a person's savings but that's just luck of the draw and genetics.
we are all slated to head out at some point, even the billionaires.
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Post by CowherPowerForever on Jul 5, 2023 21:01:11 GMT
Well, considering my father retired with about 32k from his 401k after taxes and no savings account, plus about 3k a month from his and my mother's social security, yeah that 2.5 million is a fantastic amount to retire with, duh!!!
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Post by slowcomingwarbird on Jul 5, 2023 21:03:22 GMT
The number of old people reaching that age when they are ready to die is outpacing the number of young people.
In that kind of environment you can expect a major increase of trolling and predatory schemes aimed at the elderly.
One last "Harvest" or predatory hurrah before the economy turns really bad.
You can't just ride the coat tails of our ancestors achievements all the time and expect that to work.
Some technological advancements will have to be invented to keep the economy going.
You can't just sit on your duffers and harvest the stock market and put your disposable income into
bribing politicians to fulfill your bucket list of stupid ass destructive wishes and expect that to keep working.
Medical bills, death, and funeral expenses happen to everyone eventually, it is inevitable, and because it is a necessary service.
The cost is over inflated to the extent that it will wipe out all of your savings, because it is designed to take everything you've got.
The root cause of this problem is that investors have become parasites on the ass of society
no longer contributing anything but destructive culture wars.
Investments are focused on vulture economics and profit through failure
instead of investing in a successful profitable society.
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Post by thekindercarebear on Sept 25, 2023 0:56:47 GMT
more trolling lol ![[laugh]](http://storage.proboards.com/6870873/images/kPFtBpkwzwpFTaSmbFWI.gif) |
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Post by Fetzer Zinfandel ♀︎ on Sept 25, 2023 1:31:24 GMT
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Post by averagejoe2021 on Sept 25, 2023 1:51:52 GMT
Its odd. So we have 60% who do invest but who have lost 30% of their value the last 2 1/2 years+.
Additionally, roughly 70%o Americans have less than 1k in liquid savings.
A lot of this can be blamed on taxes and the laws/regulations. But a lot of it is also on the shoulders of those who sought immediate gratification and had to buy NOW instead of saving up which saved more money long-term.
When I first moved out...I was struggling. I invested but had little savings. However, I was good with my credit card payments and paid them in full monthly while my friends charged up everything to fill up their homes with nice furniture and items. But when I moved into a new home... I got a much lower rate because of my credit rating so I had a bigger home and was now paying slightly less than my friends. I invested some of those additional savings and long term... it panned out. I won't go into each deal or barter... but fast forwarding 20 years... I was able to purchase a second house (original is now owned free and clear and the renters pay my mortgage on the primary as a result), savings, security, investments, and a nicely finished home in a safe area. I finally..."made it" from a kid going to sleep with a hungry stomach that hurt...to someone who hits the gym after a nice dinner.
Although I am by no means entirely independent...I do recognize that most people are NOT in this situation Over 10 million Americans are behind on their home payments. Should they ever move..they'll be worse off because the rates and costs are both higher. The times are scarier as the regulations and subsequent resulting economy is helping to shrink the middle class. If you manage to get on the higher side... you're golden. But for those left behind....they voted for it but I still feel for them.
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Post by theBROKEdontrump on Sept 25, 2023 1:53:12 GMT
Plot twist...he plan to live to a 120
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Post by PaulsLaugh on Sept 25, 2023 2:03:05 GMT
These folks must have leased to gas frackers.
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Post by mrellaguru on Sept 25, 2023 2:52:19 GMT
The answer is that it's clickbait.
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Post by MyFriendDontBeAPaedo on Sept 25, 2023 6:46:06 GMT
If someone invested $417/month beginning in 1999 (the height of dot.com bubble) until today, they would have gotten a 5% return for $214,000 (500k after 40 years).
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Deleted
Deleted Member
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Post by Deleted on Sept 25, 2023 7:40:40 GMT
I have $17.84 in my savings account and don’t qualify for the pension. Can I retire?
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Post by abbey1227 on Sept 25, 2023 7:54:56 GMT
"I have 2.5 million in cash and am 65. Can I retire?"
Is this person a moron or is this just trolling from the people posting the article and those similar?
Or is this honest and people just don't know how rough it is out there?
Considering 50% of near or at retirement age Americans HAVE NO RETIREMENT SAVINGS - this seems like rubbing salt in the wounds.
From
Smart Assets?
More like Smart Asses. heh
I thought you lived out in Cali?
Remember when a $Million actually was a lot of money?
This fear may have been laughable 10 years ago or more...........but now?
One bad spell of medical bills? a lawsuit? how about just Inflationary costs rising the 20-30% in a short period really hammering the value of every dollar you have?
I'd be scared if I were these people.
And just because 50% or more of Americans foolishly left themselves THAT dependent on others doesn't change the very real fear of those who did spend years scrimping and saving.......only to see it all get raided today.
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