Retirement savings ....Yikes !

[JDL538]

Not correct at all.
This is the kind of thing that gets uninformed folks all riled up.
I saw your statement, looked it up at several different news sites and here's what I found...

It was the country of Cyprus, not all of Europe.

It was a proposed tax, not a siezure.

They were voting to tax any individual's bank savings over about $25,000.00 at about 10% to try and help pay off their country's debt.

It did not pass their vote.

Please, please, please.... don't post this kind of stuff without researching it. It makes Floyd R. Turbo, American, go off the deep end.

It was a proposed Tax not a siezure......... It was outright ...Friday night You think your money is safe and on SAT. they are going to take 10% of your savings. This is just the start of this kind of stuff.

 

[jerrybob]

Some of you guys are very depressing. If I had your world outlook and pessimistic attitudes.......I'd combine all my assets.....go buy a new BIG tractor with lots of implements.....play on the property for awhile.....go run over a bunch of government cars and drive through a welfare office or two.....might even drive through a county office. When the tanks rolled in to get me.....I would fire the new cannon mounted on the front of my tractor at them which I purchased at a local gun show without any ID or paperwork......shoot my concealed pistol in the air a few times and wait for a drone to take me out. My economic concerns would finally be over and I'd have my 15 minutes of fame and would be on Fox News as well as MSNBC. I'd go down as a hero to some and a real A-hole to others. Lighten up there boys.......we're gonna be OK!:cool2:

 

[murphy1244]

And the people would build Bars in your name and make campfires and do dancing and chanting while old men tell fabled stories about you.

 

[newbury]

If you are accustomed to living on, say, $40K per year you need to have investments bringing in $40K until you die.
So, if you retire at 65 and live to 100, you'll need 35 years of $40K.

There's two ways to do that.
One is to have a large chunk of investments that brings in $40k average in interest only. It runs forever and when you croak, you leave a large chunk to your heirs.

The other is to have a not as large chunk of investments that brings in considerably less interest income, but you take a chunk of the investment every year. In this method, you have to take a bigger chunk and get less interest each year, but you spend it down until it is gone, leaving a small or no chunk to your heirs. This is dangerous, because if you under-estimate the year of your death, you may be broke befor you croak!

There are other ways -

Plan on spending less for the same quality of life, make the same dollar stretch further.
We were accustomed to living on $XXX per year. We retired.
Our income after retirement based on our pension is about 70% or better than when we worked. We no longer pay into our retirement fund. Our taxes have dropped significantly.
We are moving to a state which doesn't tax govt. pensions, probably another 15% annual savings.
We are moving to an area where the "cost of living" is much less - a $100K salary in northern Virginia is about the same as a $62K salary in northeast Mississippi, our dollar goes a LOT further.

Thus OVERALL despite taking a 35% drop in what we were getting for GROSS pay, our NET pay after taxes is about the same and goes further for what we need.

I know it's not possible for everyone, especially if you already live in a low cost of living area. But that was part of our plan 30 years ago to work in a high cost of living area and retire to a low cost area. Two years going it seems to be working out.

It also helps to marry into a family with numerous doctors and dentists to lower the health care costs

 

[Tollster]

Who thinks they will every retire here? I am speaking about the retirement our grand dads had when we where growing up...no walmart jobs, and travel by car for vacations and such. I believe health care, and energy cost will prevent almost everyone from a retirement.
I can't see it anytime in my life and I am near 50.

 

[brin]

A-hole to others. Lighten up there boys.......we're gonna be OK!:cool2:

OK there Jerrybob....You Da Man ! Anyone feeling blue or needing a place to stay, food to eat or money to pay bills , please contact my pal, Jerrybob, what a guy....he says we're gonna be OK ! Now I'm sure Jerrybob has inside info. and can guarantee us we will be OK even though the sky is falling....Uh Oh...look out I just saw a cloud fall and part of the rainbow....gotta go..I think a piece of the sun just fell.....:confused3:

 

[jerrybob]

And the people would build Bars in your name and make campfires and do dancing and chanting while old men tell fabled stories about you.

That's the spirit Murph!:drink:

 

[jerrybob]

OK there Jerrybob....You Da Man ! Anyone feeling blue or needing a place to stay, food to eat or money to pay bills , please contact my pal, Jerrybob, what a guy....he says we're gonna be OK ! Now I'm sure Jerrybob has inside info. and can guarantee us we will be OK even though the sky is falling....Uh Oh...look out I just saw a cloud fall and part of the rainbow....gotta go..I think a piece of the sun just fell.....:confused3:

Bob.....my pal....it will be OK......the sky is not falling......things will get better.......these cycles have occurred many times in the past.......say hallelujah brother! You gotsa believe! :drink:

 

[jerrybob]

Who thinks they will every retire here? I am speaking about the retirement our grand dads had when we where growing up...no walmart jobs, and travel by car for vacations and such. I believe health care, and energy cost will prevent almost everyone from a retirement.
I can't see it anytime in my life and I am near 50.

I hope many will retire. I did about ten years ago at 50. Living the dream because we planned for it and made decisions early on to work towards that goal. I agree health care is the issue......our biggest expense. I'd like to see something done about that but I just can't see our current politicians and medical industries working together to solve this problem. Too many pay-offs right now to do any real problem solving. :2cents:

 

[brin]

Bob.....my pal....it will be OK......the sky is not falling......things will get better.......these cycles have occurred many times in the past.......say hallelujah brother! You gotsa believe! :drink:

Good buddy...from your mouth to God's ear...! Amen ! I am sickened that so many will not be able to slow down in their old age....:drink: