Feds eye your 401k.

#102
#102
'Worried sick': Erlanger retirees reel over pension changes a month after current employees, executives get bonuses

Not 401k related but retirement related. The financial acumen of some people is startling.
Roark's intent was to invest her money and draw off the interest, saving the pension funds if she needed them down the road, she said. Her lump sum would've been about $102,000, whereas the monthly payments would be $533.
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A lump sum of $102k and you're going to live on the interest it throws off? So $350 a year? She'll get almost 20 times that with the monthly payment option.
 
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#104
#104
DancingOutlaw said:
'Worried sick': Erlanger retirees reel over pension changes a month after current employees, executives get bonuses

Not 401k related but retirement related. The financial acumen of some people is startling.

A lump sum of $102k and you're going to live on the interest it throws off? So $350 a year? She'll get almost 20 times that with the monthly payment option.
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It never ceases to amaze me how many people that have $100k to $200k in savings and think they can live off of it for 20-30 years.
 
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#105
#105
VolStrom said:
It never ceases to amaze me how many people that have $100k to $200k in savings and think they can live off of it for 20-30 years.
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Finance it baby! What I don't understand is how the banks can screw people for decades of high interest payments, but if I loan someone money at that rate it's usury and I go to jail.

Debt is indentured servitude... actually slavery for most people because they never get out of it. Taxation is just plain theft.
 
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#106
#106
VolStrom said:
It never ceases to amaze me how many people that have $100k to $200k in savings and think they can live off of it for 20-30 years.
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I am working on a project that I hope someday will help with this very problem... From some of my research:

According to a 2018 study by
Northwestern Mutual, 21% of Americans have no retirement savings and an additional 10% have less than $5,000 in savings. A third of Baby Boomers currently in, or approaching, retirement age have between nothing and $25,000 set aside.

I didn't copy the part that said Millennials have basically $0.
 
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#107
#107
SpaceCoastVol said:
I am working on a project that I hope someday will help with this very problem... From some of my research:

According to a 2018 study by
Northwestern Mutual, 21% of Americans have no retirement savings and an additional 10% have less than $5,000 in savings. A third of Baby Boomers currently in, or approaching, retirement age have between nothing and $25,000 set aside.

I didn't copy the part that said Millennials have basically $0.
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And the answer is going to be government controlled wealth redistribution. Take the wealth of the responsible planners and give it to the idiots that can’t run their lives. The idiots reward the thieving government by voting to keep them in power and the gravy train going. Democracy in action.
 
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#108
#108
NorthDallas40 said:
And the answer is going to be government controlled wealth redistribution. Take the wealth of the responsible planners and give it to the idiots that can’t run their lives. The idiots reward the thieving government by voting to keep them in power and the gravy train going. Democracy in action.
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Yes you are right and it will continue until everyone is broke.
 
#110
#110
NorthDallas40 said:
And the answer is going to be government controlled wealth redistribution. Take the wealth of the responsible planners and give it to the idiots that can’t run their lives. The idiots reward the thieving government by voting to keep them in power and the gravy train going. Democracy in action.
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They already do that with social security
 
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#111
#111
NorthDallas40 said:
And the answer is going to be government controlled wealth redistribution. Take the wealth of the responsible planners and give it to the idiots that can’t run their lives. The idiots reward the thieving government by voting to keep them in power and the gravy train going. Democracy in action.
Click to expand...

Democracy is just another way of saying mob rule. 51% can oppress 49% just as effectively as a dictator.
 
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#112
#112
Think of all this will enable governments to do. And I’m not talking good things here. This is a big, big stick to keep people in line.
 
#113
#113
utvolpj said:
They already do that with social security
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I think social security will look like peanuts compared to what will be needed. Could your family live off the proceeds of your social security estimated payments? Look at the article linked in the Great Reset thread. People need to read these views and understand what they are voting for in these ******* far left politicians
 
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#114
#114
Pepe_Silvia said:
Democracy is just another way of saying mob rule. 51% can oppress 49% just as effectively as a dictator.
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More effectively.

People assign moral distinctions based on votes. So somehow a personal preference becomes "right", while other preferences become "wrong".

That moral distinction applies another layer of control beyond what a government can.
 
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#115
#115
NorthDallas40 said:
I think social security will look like peanuts compared to what will be needed. Could your family live off the proceeds of your social security estimated payments? Look at the article linked in the Great Reset thread. People need to read these views and understand what they are voting for in these ******* far left politicians
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I don't even include SS in my retirement planning. Medicare premiums will swallow it whole in 20 years. I would be happy to take a lump sum from the feds now and forfeit future benefits. But that's not how a ponzi scheme works.
 
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#116
#116
NorthDallas40 said:
I think social security will look like peanuts compared to what will be needed. Could your family live off the proceeds of your social security estimated payments? Look at the article linked in the Great Reset thread. People need to read these views and understand what they are voting for in these ******* far left politicians
Click to expand...

I used to think people didn’t know. Now I think a lot people do know exactly what they’re voting for...their version of leveling the playing field = guaranteeing outcomes, or so they think. They see redistribution as a moral imperative, but they still don’t understand that will severely impact the economic and personal freedom. No wonder the leftists wanted to gain control of the education system.
 
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#117
#117
DancingOutlaw said:
I don't even include SS in my retirement planning. Medicare premiums will swallow it whole in 20 years. I would be happy to take a lump sum from the feds now and forfeit future benefits. But that's not how a ponzi scheme works.
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Exactly. And now the SS trust fund is forecasted to exhausted by around 2034. First steps will be increased FICA taxes and increasing the income thresholds on which it is taxed, means testing - which will be revamped downward on the income and assets scale as we go. Same here, not counting on seeing a penny of SS.
 
#118
#118
NorthDallas40 said:
I think social security will look like peanuts compared to what will be needed. Could your family live off the proceeds of your social security estimated payments? Look at the article linked in the Great Reset thread. People need to read these views and understand what they are voting for in these ******* far left politicians
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But self-labeled fiscal conservatives have been screaming "don't touch my SS" for years knowing this was coming. It's always the attitude of stopping the other guy's entitlement programs but leave mine alone
 
#119
#119
Vol737 said:
Exactly. And now the SS trust fund is forecasted to exhausted by around 2034. First steps will be increased FICA taxes and increasing the income thresholds on which it is taxed, means testing - which will be revamped downward on the income and assets scale as we go. Same here, not counting on seeing a penny of SS.
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Same here
 
#120
#120
DancingOutlaw said:
I don't even include SS in my retirement planning. Medicare premiums will swallow it whole in 20 years. I would be happy to take a lump sum from the feds now and forfeit future benefits. But that's not how a ponzi scheme works.
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I asked my financial planner this and she said it isn’t going away. But basically for the same reason no politician is willing to cut it. Worst case the current generation being born will get a big haircut however people close to drawing will not see any impact. Nothing to do with fiscal planning everything to do with lack of spine to address the issue
 
#121
#121
utvolpj said:
But self-labeled fiscal conservatives have been screaming "don't touch my SS" for years knowing this was coming. It's always the attitude of stopping the other guy's entitlement programs but leave mine alone
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I'm somewhat sympathetic to this given there is forced contribution. It is different than entitlements that are essentially direct transfer payments.

Now if SS was run like a pension (ye ole "lockbox" and investment portfolio to grow the funds) it would be more palatable.
 
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#122
#122
utvolpj said:
But self-labeled fiscal conservatives have been screaming "don't touch my SS" for years knowing this was coming. It's always the attitude of stopping the other guy's entitlement programs but leave mine alone
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You really need to reel in your sweeping generalizations. I can clearly see the issue and I think it needs to be modified. I also don’t think it’s sustainable. I also expect no politician to grow a spine and address it.
 
#123
#123
DancingOutlaw said:
I don't even include SS in my retirement planning. Medicare premiums will swallow it whole in 20 years. I would be happy to take a lump sum from the feds now and forfeit future benefits. But that's not how a ponzi scheme works.
Click to expand...

I'm about 6 years out from drawing so while I've planned in a way to not need it, I will enjoy spending it.
 
#124
#124
utvolpj said:
But self-labeled fiscal conservatives have been screaming "don't touch my SS" for years knowing this was coming. It's always the attitude of stopping the other guy's entitlement programs but leave mine alone
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It won’t ever go to zero nobody is willing to kill their political career on that. Nor will the first steps be means testing but that will get feathered in eventually. First pass will be to make all income taxable. That’s a given. Next will be to trim benefits. Then finally would be means testing I think. I’ll be pushing up daisies by that last phase nor will I get hit by the increased income taxation.

I’m not saying this as a “suck it response” I’m pointing out this is about the only way they can feather in the thumb screws on the citizens for the government mandated Ponzi scheme.

Edit: sorry meant to reply to this post. I’m just fixated on arguing with pj this morning I guess 😂

Vol737 said:
Exactly. And now the SS trust fund is forecasted to exhausted by around 2034. First steps will be increased FICA taxes and increasing the income thresholds on which it is taxed, means testing - which will be revamped downward on the income and assets scale as we go. Same here, not counting on seeing a penny of SS.
Click to expand...
 
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