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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.
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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.
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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.
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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.
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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.
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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.
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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!
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Originally Posted by Jaxfann
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.
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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.
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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.
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Originally Posted by askitee
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.
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Originally Posted by Cobwebs
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?
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Originally Posted by Cobwebs
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
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Originally Posted by UtahPete
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
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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.
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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/
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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!!!
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Originally Posted by JoshHefnerX
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.
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Originally Posted by trikermutha
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
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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
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Originally Posted by Rob Rodriguez
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
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Former Spyder - 2014 RTS SE6 Cognac SOLD
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Originally Posted by trikermutha
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
A-Arm Daytime Dual Color LED Running Lights with Blinker Module
Hi-Viz DRL and Sequential Mirrors lights
Former Spyder - 2014 RTS SE6 Cognac SOLD
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Very Active Member
Originally Posted by ARtraveler
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
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LaMonster Magic Mirrors
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HALO Skid Plate
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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
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