Retirement thoughts Past Present Future

[MossRoad]

... Then resell it to pick my neighbor.

But they interviewed so well....


(That's the conversation we'd have at the meeting where we'd discuss firing the new hire that's not working out)

 

[Gale Hawkins]

Note this is just SS changes being floated for some future date over time.

 

[riptides]

re -.1 How about adding in an opt-out plan and lump sum payouts for monies inserted at certain ages?

I think a lot of people could have done a lot better managing their own monies.

 

[ovrszd]

Note this is just SS changes being floated for some future date over time.

Sadly, I've not investigated this because it doesn't affect me. But it's my understanding that your full benefit retirement age is determined by your year of birth? It's my assumption that would also affect the percentage of penalty if taken earlier?

 

[MossRoad]

re -.1 How about adding in an opt-out plan and lump sum payouts for monies inserted at certain ages?

I think a lot of people could have done a lot better managing their own monies.

Yes, you'd think that, but remember people overwhelmingly rejected privatizing SS years back, which is similar to managing your own pension.

 

[jyoutz]

re -.1 How about adding in an opt-out plan and lump sum payouts for monies inserted at certain ages?

I think a lot of people could have done a lot better managing their own monies.

A lot of people thought that, except many of them who planned to retire soon are now regretting that decision.

 

[JJT]

riptides said:
re -.1 How about adding in an opt-out plan and lump sum payouts for monies inserted at certain ages?

I think a lot of people could have done a lot better managing their own monies.



Many people cannot manage their money, if they had to manage their own retirement, they'd simply spend it. I just read the average 401k balance was less than $100K. I know people that didn't participate in the company 401k, didn't even get the company match and they are still working, well past 65.

 

[ovrszd]

Many people cannot manage their money, if they had to manage their own retirement, they'd simply spend it. I just read the average 401k balance was less than $100K. I know people that didn't participate in the company 401k, didn't even get the company match and they are still working, well past 65.

Good friend of mine has 30-ish employees. He offers matching fund retirement. 30% don't participate. My friend just shakes his head in disbelief....

 

[newbury]

Many people cannot manage their money, if they had to manage their own retirement, they'd simply spend it. I just read the average 401k balance was less than $100K. I know people that didn't participate in the company 401k, didn't even get the company match and they are still working, well past 65.

That's a big part of the SS "scheme". But they couldn't predict the dramatic advances in health care that now gets people living far longer than 65, along with increased health costs.
I opted out of SS when I decided to stick with the old federal government retirement plan (CSRS). The newer plan, FERS, is like a 3 legged stool and relies on SS, the Thrift Savings Plan (like a 401K) and a Basic Benefits.
The SS may run out, it was due to run out about 2030 but they've kicked that can down the road. The TSP is dependent on what you want to invest in.
Thus to me 2 legs of the stool were iffy at best.
Probably MOST of the TBN'ers are diligent, hard-working, intelligent people. But from my observations of the average Mississippian the average TBN'er is a lot better educated and smarter financially.

 

[MossRoad]

riptides said:
re -.1 How about adding in an opt-out plan and lump sum payouts for monies inserted at certain ages?

I think a lot of people could have done a lot better managing their own monies.



Many people cannot manage their money, if they had to manage their own retirement, they'd simply spend it. I just read the average 401k balance was less than $100K. I know people that didn't participate in the company 401k, didn't even get the company match and they are still working, well past 65.

Good friend of mine has 30-ish employees. He offers matching fund retirement. 30% don't participate. My friend just shakes his head in disbelief....

Yes! I know a lot of people at my old employer that would routinely borrow from the 401K when it got just $5-10K in it. Holy %^&^$!! What's the point?

When that employer finally froze the pension plan, they forced people to contribute 6% to the 401K by default, unless they specifically opted out. A bunch opted out for reasons I can only guess.

My current employer does similar. All new hires are automatically enrolled unless they specifically opt out. They'd give you a 100% match on the first 5% of your income if you participated, and another 100% match up to another 5% of your income. It's a no brainer. Free money.