Are you "lucky"if you have a secure retirement?

[3930dave]

You left out that I am fairly decent looking, have good table manners, am kind to stray cats, and help old ladies across the street.

Don't be modest.... you left out wearing that form-fitting light blue suit under your clothes, so that you can change instantly !

Where do you do that these days, now that phone boothes are mostly gone ?



Rgds, D.

 

[TomSeller]

I recently heard that about half of all American workers have some sort of savings for retirement.

It would be very interesting to know what the percentage is excluding entry level young workers under say 21 or maybe 25. Very alarming.

Edit
This report breaks it down by age group a little more.
Shocking number of Americans have no retirement savings - CBS News

Very shocking in here is the median savings account balance of 3,000 to 12,000. I wish that was broken out by age group.

 

[riptides]

It would be very interesting to know what the percentage is excluding entry level young workers under say 21 or maybe 25. Very alarming.

Edit
This report breaks it down by age group a little more.
Shocking number of Americans have no retirement savings - CBS News

Very shocking in here is the median savings account balance of 3,000 to 12,000. I wish that was broken out by age group.

America is the largest consumer of most everything in the world.

Now people are yapping about savings?

Good luck with that.

 

[KennyG]

This report breaks it down by age group a little more.
Shocking number of Americans have no retirement savings - CBS News

Very shocking in here is the median savings account balance of 3,000 to 12,000. I wish that was broken out by age group.

It's not so shocking. It is probably logical. If you have a low to moderate income job and don't see much chance of improvement, why suffer today just to have more money in retirement when social security, medicare and welfare will take care of you anyway? I don't think that mindset applies to many people on this message board, but it's not uncommon.

For anyone that's never read the Freakanomics books, you should. It explains a lot about why people behave in ways that a lot of us think is not logical.

 

[texasjohn]

Well....my current credit score is 842...my homeowner's and auto insurance give me a big discount because of that. Ditto that I got a VERY low rate every time I needed to borrow money with a HELOC. The less you pay for those the more money you have for other purchases.

WHAT?? A credit score is used to compute home and car insurance rates? Never heard of that before. I always pay full year cash up front. I get loyalty and multiple vehicle discount.

 

[Parkanzky]

WHAT?? A credit score is used to compute home and car insurance rates? Never heard of that before. I always pay full year cash up front. I get loyalty and multiple vehicle discount.

I think it varies state-to-state, but it is definitely a factor in Michigan and Ohio.

 

[aczlan]

WHAT?? A credit score is used to compute home and car insurance rates? Never heard of that before. I always pay full year cash up front. I get loyalty and multiple vehicle discount.

Yep, its part of the equation your insurance company uses to decide what risk group you fall into.
See https://www.esurance.com/insurance-resources/credit-score-myth for more info

Aaron Z

 

[texasjohn]

Time for a math quiz: if you have $10,000.00 and you invest it at an average return of 25% per year, how much money will you have after (2) years?

Depends on lawyer's fees.

All the $10,000 is lost in the Ponzi scheme since 25% per year is a fantasy. Plus, you are out the anguish and legal fees of dealing with the aftermath of losing it all. Plus, the lost opportunity cost of investing funds of, oh, let's say 8% (unrealistic these days).

 

[zzvyb6]

OK, so for another thought starter: A few of us have planned our retirements well and have plenty of savings and funds available, are free of debt, have good health and can probably live for a long time. I'm pretty lucky to say the least.

Clearly the next rounds of 'generations' aren't going to be doing so well and will press Governments to funds their lifestyles with welfare, cheap housing, transportation and food. Where will the money come from ? I'm betting that 'THEY' are going to steal, tax, acquire, confiscate and or 'borrow' OUR retirements monies.

What can we do to 'hide' our savings from 'THEM' so that we can convert it to sustainables as we need it ? I'm thinking a 'portfolio' of gold and silver coins, collectables, antiques, special cars and trucks, machine tools, etc. I've already started. When we reach 70-1/2 we all will have to start draining our IRAs by increasingly higher fractions every year (by IRS rules) or lose it at 50% tax rate. So, what things today are the collectables for 'tomorrow' that we can buy now as investments with this money? Things that will make people say "Geez, I had one of those when I was younger, wish I had one now". I tend to be attracted to metal stuff and some forms of tools and gadgets. Maybe a car or truck and a tractor and of course some weapons of mass destruction and ammunition.

For example, what new or used cars of today will be the classics in 10 to 20 years (The 57 Chevy's of tomorrow) ? I think we need to collaborate...

 

[Egon]

None to less? Is that the opposite of "To infinity and beyond" :dance1:

It is, just think of negative.

Any know about BRe-X ?

Seems some folk sold early; some sold late. Each experience the joys of +\- !