Page 1 of 2 12 LastLast
Results 1 to 25 of 35
  1. #1
    Very Active Member Rogue Hawk's Avatar
    Join Date
    Apr 2015
    Location
    Chicago
    Posts
    1,780
    Spyder Garage
    1

    Default Americans retiring broke

    Look at this

    https://www.gobankingrates.com/retir...-retire-broke/

    Most people are up the creek without a paddle. My father is a good example. He never thought past one day. He essentially became a ward of the state and put in a low quality retirement home. The place was a nightmare. He got lucky, because the ones on the South side of Chicago are even worse. They went from nightmare to Hell. He died with $7000 in his checking account and did not own a home. That was it for 50+ years of working. But it seems he is the norm. That is scary, the Boomers are a large segment in society. The future does not look bright.
    2019 Rally , Black

  2. #2
    Very Active Member
    Join Date
    Sep 2013
    Location
    Johnson, Vermont
    Posts
    908
    Spyder Garage
    0

    Default

    This doesn't surprise me. Most people I know in their 40's have financed themselves to death with houses, cars, "toys", vacations, weddings, school loans, etc. They live paycheck to paycheck and are on the verge of collapse without a paycheck or two. I'd say this is the norm for people my age. Sad but true.

  3. #3
    Very Active Member RICZ's Avatar
    Join Date
    Feb 2019
    Location
    Portland, Oregon
    Posts
    2,735
    Spyder Garage
    1

    Default

    IMO, this is the result of our schools not teaching money management and economics. The ONE thing we all deal with is money and yet, most are ignorant of money matters such as interest and the difference between net and gross profit. That has extended to the Oregon legislature that has taxed corporate revenue. So a company still has to pay taxes, even if it's operating at a loss. The city of Portland did that too. Now, too many politicians do not understand money matters.
    The outcome of this is that most look at money as something to be spent, not used as a tool with which to make more money. And I agree, way too many are mortgaging their futures by buying luxuries on credit.
    Ours is a red, black and chrome 2017 F3 Limited. Bought new in 2/2019. The avatar is my first bike back in 1952, a Simplex Servi-Cycle. Photo taken at the Barber Museum.
    2017 F3 Limited , Red, Black & Chrome

  4. #4
    Very Active Member BLUEKNIGHT911's Avatar
    Join Date
    Aug 2011
    Location
    Central VERMONT
    Posts
    20,268
    Spyder Garage
    0

    Default

    The Future & Finances …. My father grew up during the Great Depression, and this shaped His whole outlook on finances …. He passed His info on to me and my siblings ( 7 ) ….. all of us are doing well financially, we are not spendthrifts however we aren't denying ourselves luxuries either ( un-like my Dad ) … I absolutely agree the really important stuff is Not being taught, not in school, and not in the home…. jmho …. I hope you all are well off …… Mike
    Last edited by CopperSpyder; 09-09-2019 at 04:54 PM.

  5. #5
    Very Active Member RICZ's Avatar
    Join Date
    Feb 2019
    Location
    Portland, Oregon
    Posts
    2,735
    Spyder Garage
    1

    Default

    I was born into the depths of the Great Depression and then WWII came along and this is what forged my attitude about spending, saving and investing. And yes, my parents' attitude had a lot to do with that. I'm frugal as hell, and spend hard. Where it comes to toys and luxuries, I buy only if I can pay for it on the spot and it passes the bang-for-the-buck test.
    Ours is a red, black and chrome 2017 F3 Limited. Bought new in 2/2019. The avatar is my first bike back in 1952, a Simplex Servi-Cycle. Photo taken at the Barber Museum.
    2017 F3 Limited , Red, Black & Chrome

  6. #6
    Very Active Member
    Join Date
    Sep 2014
    Location
    USA
    Posts
    4,645
    Spyder Garage
    0

    Default

    I will be dammed if I will be standing on the side of the road with a sign asking for money.

    Been seeing a lot of panhandlers on the side of the roads.

    But you know if it comes down to it, I would go get a part time job if needed, even though I would not want too.

  7. #7
    Active Member
    Join Date
    Apr 2019
    Location
    Jacksonville
    Posts
    145
    Spyder Garage
    0

    Default

    I have taught my children and will teach grandchildren "the power of compounding" - every dollar saved and not spent at the earliest age is worth so much more 45 or more years in the future - just look at the tables.

    For those that still have time - open an account with Vanguard (no advisory fees necessary and they do it al for you with VERY low fees) - choose a target date fund close to your estimated retirement date - fund it regularly and don't touch it - don't look at it more than once a year, and when you reach retirement age you will be amazed where you end up!

    Don't pay financial advisors - 1% does not sound like much - but if you expect to make 6% ongoing - you are giving away (1 divided by 6 = 16.6%) of your gains each year - compounded that is a heck of a lot of money wasted over 45 years as the vast majority of money managers don't beat the averages!

  8. #8
    Very Active Member ARtraveler's Avatar
    Join Date
    Feb 2010
    Location
    Valley Springs, AR
    Posts
    41,270
    Spyder Garage
    8

    Default

    Remember...no political statements allowed per SL rules.



    "Zero Tolerance- NO Political Post. Keep it clean and no personal attacks. Any profanity, sexual content or personal attacks or threats will be removed and the user may lose their privilege to use this site."
    Last edited by ARtraveler; 09-09-2019 at 06:19 PM.

    Currently Owned: 2019 F3 Limited, 2020 F3 Limited: SOLD BOTH LIMITEDS in October of 2023.

    Previously : 2008 GS-SM5 (silver), 2009 RS-SE5 (red), 2010 RT-S Premier Editon #474 (black) 2011 RT A&C SE5 (magnesium) 2014 RTS-SE6 (yellow)

    MY FINAL TALLY: 7 Spyders, 15 years, 205,500 miles

    IT HAS BEEN A LONG, WONDERFUL, AND FUN RIDE.
    2020 F3L , Magma Red

  9. #9
    Very Active Member h0gr1der's Avatar
    Join Date
    Apr 2019
    Location
    USA
    Posts
    827
    Spyder Garage
    0

    Default

    Quote Originally Posted by Jaxfann View Post
    Don't pay financial advisors - 1% does not sound like much - but if you expect to make 6% ongoing - you are giving away (1 divided by 6 = 16.6%) of your gains each year - compounded that is a heck of a lot of money wasted over 45 years as the vast majority of money managers don't beat the averages!

    No financial expert here, but a long time ago I read that something like 80-90% of financial advisers don't retire "in dignity". This meaning that they can't maintain their standard of living once they retire. Think about that. Are you going to listen to someone who can't even manage their own money? I always beat the pants off of their plans, and am happy with how I got out. Just remember advisers are working for a company trying to sell you a product. Act accordingly.
    h0gr1der
    2018 RT Limited Blue/Chrome SE6 *Tri-Axis Bars*Adjustable Driver Backrest*175/55R15 Vredestein Front, 205/60R15 Vredestein Rear Tires*Baja Ron Front Spring Pre-Load Adjusters*Misty Mountain Sheepskin seat cover*Centramatic balancers *Garmin Zumo 595LM GPS*KOTT Grills*BajaRon swaybar*SpyderPops Alignment*Missing Belt guard*Magnetic Mirrors*Custom Rear Adjustable Shock*360° LED Headlights & Foglights*Progressive front fender turn signals
    States Visited on Less than 4 wheels.

  10. #10
    Very Active Member
    Join Date
    Sep 2018
    Location
    Australia
    Posts
    786
    Spyder Garage
    1

    Default

    Gold and silver if you want to survive the coming melt down.Even the most prepared or educated (or so they think) with stocks/bonds and devalued cash are going to be wiped out when the bubble bursts.
    2017 F3S Daytona , Circuit Yellow Metalic

  11. #11
    Very Active Member
    Join Date
    Jan 2019
    Location
    Hunter Valley NSW Australia
    Posts
    626
    Spyder Garage
    1

    Default

    Not sure why but I always just assumed Americans had similar retirement plans to ours here in Aus. We contribute up to 9% of our weekly wage, and our employers 12% to the same fund for our retirement. Mind you its like a moving target here because the Gov't keeps increasing the retirement age.

    My assumptions were based on the term I heard 401k - which I thought was your equivalent to our Superannuation.
    2017 RTL , White

  12. #12
    Very Active Member
    Join Date
    Sep 2013
    Location
    Johnson, Vermont
    Posts
    908
    Spyder Garage
    0

    Default

    Quote Originally Posted by askitee View Post
    Not sure why but I always just assumed Americans had similar retirement plans to ours here in Aus. We contribute up to 9% of our weekly wage, and our employers 12% to the same fund for our retirement. Mind you its like a moving target here because the Gov't keeps increasing the retirement age.

    My assumptions were based on the term I heard 401k - which I thought was your equivalent to our Superannuation.

    401K's are voluntary not mandatory. Lots of employers don't even offer them and if they do the match they give varies. So, yes we do have something similar to what you suggest in the USA but lots of people don't take full advantage of them and I would bet the most commonly given reason why is.......I can't afford to put money in my 401K. That said the people who start investing in them early and use them to their potential typically make out pretty well as long as there isn't a major crash just before they retire.

  13. #13
    Very Active Member Rogue Hawk's Avatar
    Join Date
    Apr 2015
    Location
    Chicago
    Posts
    1,780
    Spyder Garage
    1

    Default

    Quote Originally Posted by Cobwebs View Post
    Gold and silver if you want to survive the coming melt down.Even the most prepared or educated (or so they think) with stocks/bonds and devalued cash are going to be wiped out when the bubble bursts.
    I always wondered about that. How do you trade for goods with gold?
    2019 Rally , Black

  14. #14
    Very Active Member
    Join Date
    Dec 2015
    Location
    Oakley Utah
    Posts
    8,126
    Spyder Garage
    0

    Default

    Quote Originally Posted by Cobwebs View Post
    Gold and silver if you want to survive the coming melt down.Even the most prepared or educated (or so they think) with stocks/bonds and devalued cash are going to be wiped out when the bubble bursts.
    How do you store it?
    2014 RTL Platinum


  15. #15
    Very Active Member
    Join Date
    Sep 2013
    Location
    Johnson, Vermont
    Posts
    908
    Spyder Garage
    0

    Default

    Quote Originally Posted by UtahPete View Post
    How do you store it?
    In a chest, buried in the back yard with a map to find it LOL

    Commercial aerospace, ground defense systems, unmanned aerial vehicles, and aircraft

  16. #16
    Very Active Member ARtraveler's Avatar
    Join Date
    Feb 2010
    Location
    Valley Springs, AR
    Posts
    41,270
    Spyder Garage
    8

    Default

    Just take that gold bar and have a cheese grater with you. Keep shaving off enough until they are happy. Easy Peasy.

    Perception of value may be a problem. The new car dealer may have a problem giving up the car for a small mason jar full of flakes.

    Where is Parker Schnauble when you need him.
    Last edited by ARtraveler; 09-10-2019 at 11:27 AM.

    Currently Owned: 2019 F3 Limited, 2020 F3 Limited: SOLD BOTH LIMITEDS in October of 2023.

    Previously : 2008 GS-SM5 (silver), 2009 RS-SE5 (red), 2010 RT-S Premier Editon #474 (black) 2011 RT A&C SE5 (magnesium) 2014 RTS-SE6 (yellow)

    MY FINAL TALLY: 7 Spyders, 15 years, 205,500 miles

    IT HAS BEEN A LONG, WONDERFUL, AND FUN RIDE.
    2020 F3L , Magma Red

  17. #17
    Very Active Member Gwolf's Avatar
    Join Date
    Apr 2019
    Location
    Florida Swamp
    Posts
    1,935
    Spyder Garage
    2

    Default

    Many different countries issue small denomination coins in gold or silver. In a melt down the small denomination coins would trade by weight. Canada has some that can be bought in most any place that trades in precious metals........ South Africa and many other places as well. A little research on the web and you can find coins that will retain their value when all the other currency becomes worthless. U.S.A. silver coins before 1964 are 90% silver and still available for purchase. Gold bars, yeah, probably hard to trade, but small denomination silver or gold coins could be traded for goods, weapons, whatever.
    2019 F3-S , Black & Silver

  18. #18
    Active Member
    Join Date
    Aug 2019
    Location
    Glendale, AZ
    Posts
    44
    Spyder Garage
    0

    Default

    A dollar doesn't buy what it used to. Some basic items have kept pace w/ basic inflation but many items - esp big ticket items have risen much faster than either cpi or inflation and more than the rise in income. Houses and cars take a much larger percentage of your income than they used to. There's less free income available. The baby boomers generation will be the last generation to be able to 'retire' in the traditional sense. There's been many articles on this. You can also see this w/ the shrinking of the middle class.

    https://www.investopedia.com/ask/ans...-years-ago.asp

    http://www.mybudget360.com/cost-of-l...anges-history/

  19. #19
    Very Active Member M109Dreamer's Avatar
    Join Date
    Mar 2011
    Location
    Jackson, MS
    Posts
    1,312
    Spyder Garage
    0

    Default

    I was always told...he who controls the lead will have the silver in gold..........
    2007 M109R LE - To many MODS to list. Its cheaper that way!!!

  20. #20
    Very Active Member Rogue Hawk's Avatar
    Join Date
    Apr 2015
    Location
    Chicago
    Posts
    1,780
    Spyder Garage
    1

    Default

    Quote Originally Posted by JoshHefnerX View Post
    A dollar doesn't buy what it used to. Some basic items have kept pace w/ basic inflation but many items - esp big ticket items have risen much faster than either cpi or inflation and more than the rise in income. Houses and cars take a much larger percentage of your income than they used to. There's less free income available. The baby boomers generation will be the last generation to be able to 'retire' in the traditional sense. There's been many articles on this. You can also see this w/ the shrinking of the middle class.

    https://www.investopedia.com/ask/ans...-years-ago.asp

    http://www.mybudget360.com/cost-of-l...anges-history/
    I make a lot more money than my father did. Yet he had a new car every two years and a three bedroom home. (He lost the house in the divorce **HE** wanted). I could not go buy the house I grew up in, it's way out of my league.
    2019 Rally , Black

  21. #21
    Very Active Member RapidSpyder's Avatar
    Join Date
    Jun 2017
    Location
    Rapid City, SD
    Posts
    1,523
    Spyder Garage
    1

    Default

    Quote Originally Posted by trikermutha View Post
    I will be dammed if I will be standing on the side of the road with a sign asking for money.

    Been seeing a lot of panhandlers on the side of the roads.

    But you know if it comes down to it, I would go get a part time job if needed, even though I would not want too.

    Seeing more of those too, often in the close proximity of a “help wanted” or “now hiring” sign. Should have taken a picture of the one standing under the sign at Walmart the other day. Local station interviewed a guy that said joyfully that he was pulling in $200 a day tax free. I’ll stop before I start ranting and becoming politically incorrect.
    Trent - 2017 asphalt grey RT Limited,
    Ultimate Seat, Baha Ron’s sway bar, Vredestine rear tire, Federal Formoza fronts, SlingMod’s LED head and fog lights, Lamonster’s highway pegs



    HE>I
    2017 RT , Asphalt Grey

  22. #22
    Very Active Member Tango's Avatar
    Join Date
    Apr 2012
    Location
    Florida
    Posts
    2,978
    Spyder Garage
    0

    Default

    I taught my kids from day one about money. Always told them to save for a rainy day so to speak. I had what I called the "daddy tax". I took half of any money gift they got. When they went to work somewhere while in H.S.. I got half of that also. Put it all into the bank in their name unbeknownst to them. When they got married, the account became their "dowry". They both were stunned at what they were given. They still go by the lessons I taught them. Max out their 401K as their employers give a % also. And my grandson has his own bank account that he is unaware of. Tom
    Baloo is my name. Spyders are my game. Well, it's a doo-bah-dee-doo, yes, it's a doo-bah-dee-doo, I mean a doo-bee, doo-bee, doo-bee, doo-bee, doo-bee-dee-doo. And, well, now. Ha ha! What have we here?



    2020 Petrol Blue Metallic RTL

  23. #23
    Very Active Member Deanna777's Avatar
    Join Date
    Oct 2012
    Location
    Vermont
    Posts
    7,986
    Spyder Garage
    1

    Default

    Quote Originally Posted by Rob Rodriguez View Post
    This doesn't surprise me. Most people I know in their 40's have financed themselves to death with houses, cars, "toys", vacations, weddings, school loans, etc. They live paycheck to paycheck and are on the verge of collapse without a paycheck or two. I'd say this is the norm for people my age. Sad but true.
    Yes,

    When I was looking work, ( now I am not, I have job) I was running into pay per hour that companies were offering. How can any one survive on a very low pay rate!!!

    Most people are working 2 or 3 jobs, just to survive. Some people are giving up on some intestinal things, like not paying bills, just to survive.

    Deanna




    Current Spyder - 2023 F3 LTD Special Mineral Blue

    Red LED NANO Saddlebag Marker Lights with Full Illumination
    Sequential Fender LED'S (Amber/Red) with Safety Reflector
    Dual Power Plate (12 V & USB ports)
    Gremlin Bell
    Rear Trunk Organizer (4 holders, 2 Elastic Holders)
    Lamonster "Top Cuff" with adjustable drink Holder
    SpyderPops Missing Guard Belt
    Console Accent Trim (Carbon Fiber Domed Black)
    Ultimate F3 Floorboards
    Front Fairing Service Access Door Covers (Carbon Fiber Doomed Black)
    Sway Bar with Links
    Rolo Laser Alignment
    Half Cover


    Former Spyder - 2014 RTS SE6 Cognac SOLD
    2023 F3 LTD Special Series , N/A N/A Mineral Blue

  24. #24
    Very Active Member Deanna777's Avatar
    Join Date
    Oct 2012
    Location
    Vermont
    Posts
    7,986
    Spyder Garage
    1

    Default

    Quote Originally Posted by trikermutha View Post
    I will be dammed if I will be standing on the side of the road with a sign asking for money.

    Been seeing a lot of panhandlers on the side of the roads.

    But you know if it comes down to it, I would go get a part time job if needed, even though I would not want too.
    I have been seeing a lot of panhandlers on the side of the roads here in Vermont.

    I also would get a part time job, to keep my mind active & be sociable. I have retirement on my doorstep.

    Deanna




    Current Spyder - 2023 F3 LTD Special Mineral Blue

    Red LED NANO Saddlebag Marker Lights with Full Illumination
    Sequential Fender LED'S (Amber/Red) with Safety Reflector
    Dual Power Plate (12 V & USB ports)
    Gremlin Bell
    Rear Trunk Organizer (4 holders, 2 Elastic Holders)
    Lamonster "Top Cuff" with adjustable drink Holder
    SpyderPops Missing Guard Belt
    Console Accent Trim (Carbon Fiber Domed Black)
    Ultimate F3 Floorboards
    Front Fairing Service Access Door Covers (Carbon Fiber Doomed Black)
    Sway Bar with Links
    Rolo Laser Alignment
    Half Cover


    Former Spyder - 2014 RTS SE6 Cognac SOLD
    2023 F3 LTD Special Series , N/A N/A Mineral Blue

  25. #25
    Very Active Member bigbadbrucie's Avatar
    Join Date
    Sep 2015
    Location
    Chilliwack, BC. Canada
    Posts
    1,173
    Spyder Garage
    0

    Default

    Quote Originally Posted by ARtraveler View Post

    Where is Parker Schnauble when you need him.
    He’s out in the Gold Fields....and he was taught well.......by his grandfather!


    Tri-Axis Chrome Handlebars
    Sena SM10 BT Dongle
    Double USB Port/Volt meter
    LaMonster Magic Mirrors
    BajaRon Swaybar
    HALO Skid Plate
    Spyder Pops Rear Running Lights Turn Signals/Brake Light
    Spyder Pops Mirror Running Lights/Turn Signals
    Shorty Antenna
    LaMonster Cat Delete
    Akrapovic Muffler
    FOBO2 TPMS
    Rear Trunk Rack
    Bruce Erickson

    Chilliwack, BC
    Canada
    You know when a politician is Lying. It's when his lips are moving!

    2014 RTS-SE6 - Cognac

    intro to m/c 1949 Royal Enfield 500cc thumper

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •