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This what I plan to be doing...I'm not relying on SS...got a special burnt sauce too
Lets say you are 25 and think that $60,000 is a "living wage".
If inflation rates stay at their historical average of 3.88% Then by the time you are 65 you are going to need to have/be making $275,000 a year to maintain the same lifestyle.
If you want to retire at 65 and assuming you live to 85 and want to maintain the same "living wage" lifestyle you are gonna need to have over 7 million dollars equivalent banked when you retire.
feel free to refute my numbers or explain to me how social security will bail you out.
This what I plan to be doing...I'm not relying on SS...got a special burnt sauce too
In other words you are now spending all your cash on bling and have for a net worth. Got it.This what I plan to be doing...I'm not relying on SS...
Silly me. You are most likely right.
I don't wear bling Cosmic...but in your 1950's antiquated mind I can see how you might think that...I'm handsome enough to pull without selfies, bling, or needing a drink...my folks set me up nicely...pops won't let me touch the money anyway till I'm 40...he figures I'd would have been through several bad relationships by then and worked all the pussy chasing out of my system...Pops has another thing coming
there's something about you Maalox that makes me want you...I like your avi and I do think we'd make good sticky love together...
LOL if this story (unlike all your other stories) is true then your dad is clearly a lot smarter than you are. There is still plenty of time for him to realize what a piece of you are and give it all to charity.I don't wear bling Cosmic...but in your 1950's antiquated mind I can see how you might think that...I'm handsome enough to pull without selfies, bling, or needing a drink...my folks set me up nicely...pops won't let me touch the money anyway till I'm 40...he figures I'd would have been through several bad relationships by then and worked all the pussy chasing out of my system...Pops has another thing coming
I'm a loving guy...just because you clearly have mental problems and seem a bit unstable in your ethics and morals doesn't give you the right to malign me...if anything you're the fake one..wearing your heart on your sleeve like a 16 yr old. Plus your a racist living in the 50's...you can dish out but can't take it...and all you do is whine and complain about everything...you're just mad that a Black man is in office...get over it...personally I'm having the best years of my life since O has been in office...deal with it..yall have ruled the white house since the beginning...we get one black guy in office and all yall rednecks go screaming for the hills...I maintain when this life is over God has a special place for hate filled people like you..and I for one can't wait for people like you to get your comeuppance...
If one learns to use the stock market as a minimal returns savings method, their funds will be safe from inflation. The only con is that one must regularly keep up with their invested sectors.
I save about $1,200 a month off my salary. $400 a Roth 401k (will become $800 once I'm eligible for employer matching) and $800 in savings for when I want to go back to school/buy a house. That's not great but I'm only 23 and just put my entire bonus in savings.
Most people my age are terrible savers though
As you know the bulk of your savings is going to come from the money you put in now. People will start doing that later in life thinking it's the same, but most of them are math stupid.I save about $1,200 a month off my salary. $400 a Roth 401k (will become $800 once I'm eligible for employer matching) and $800 in savings for when I want to go back to school/buy a house. That's not great but I'm only 23 and just put my entire bonus in savings.
Most people my age are terrible savers though
I'm a loving guy...just because you clearly have mental problems and seem a bit unstable in your ethics and morals doesn't give you the right to malign me...if anything you're the fake one..wearing your heart on your sleeve like a 16 yr old. Plus your a racist living in the 50's...you can dish out but can't take it...and all you do is whine and complain about everything...you're just mad that a Black man is in office...get over it...personally I'm having the best years of my life since O has been in office...deal with it..yall have ruled the white house since the beginning...we get one black guy in office and all yall rednecks go screaming for the hills...I maintain when this life is over God has a special place for hate filled people like you..and I for one can't wait for people like you to get your comeuppance...
Leave it to you to try to make it about race...
And in case you haven't figured it out yet, it doesn't really matter who is President.
You got it figured out. Props.I save about $1,200 a month off my salary. $400 a Roth 401k (will become $800 once I'm eligible for employer matching) and $800 in savings for when I want to go back to school/buy a house. That's not great but I'm only 23 and just put my entire bonus in savings.
Most people my age are terrible savers though
Yeah and I understand how liberal arts majors are math stupid when it comes to this stuff, but I'm referring to people who work in accounting/finance, i.e. people who shouldn't struggle with the concept of interest accrual
The thing that really baffles me is how NO ONE my age realizes we should be dumping as much as possible in Roth IRAs/Roth 401ks. They all say, " that, I don't want to have to pay taxes on the money now when I can avoid taxes with a regular 401k!" while I'll be avoiding the cap gains tax after my money appreciates for 30+ years.
Not to mention the money they waste on fancy cars.I save about $1,200 a month off my salary. $400 a Roth 401k (will become $800 once I'm eligible for employer matching) and $800 in savings for when I want to go back to school/buy a house. That's not great but I'm only 23 and just put my entire bonus in savings.
Most people my age are terrible savers though
You have that genetic cheat code though so you cannot fault them for being behind the curve, plus you'll need people to work for you when you open your own firm.Yeah and I understand how liberal arts majors are math stupid when it comes to this stuff, but I'm referring to people who work in accounting/finance, i.e. people who shouldn't struggle with the concept of interest accrual
The thing that really baffles me is how NO ONE my age realizes we should be dumping as much as possible in Roth IRAs/Roth 401ks. They all say, " that, I don't want to have to pay taxes on the money now when I can avoid taxes with a regular 401k!" while I'll be avoiding the cap gains tax after my money appreciates for 30+ years.
These same people are the ones screaming that it is not fair that investment income is taxed at the cap gains rate instead of ordinary income rate. If they get what they want ( those greedy rich people) they are gonna be pissed when they retire and start tapping their 401K's and the government takes 30% right off the top.Yeah and I understand how liberal arts majors are math stupid when it comes to this stuff, but I'm referring to people who work in accounting/finance, i.e. people who shouldn't struggle with the concept of interest accrual
The thing that really baffles me is how NO ONE my age realizes we should be dumping as much as possible in Roth IRAs/Roth 401ks. They all say, " that, I don't want to have to pay taxes on the money now when I can avoid taxes with a regular 401k!" while I'll be avoiding the cap gains tax after my money appreciates for 30+ years.
Parents drilled it into me, teaching their kids about saving money was the one thing they always agreed onYou got it figured out. Props.
When I was younger and all my friends got a PS2/xbox within a month of when they were released and I was pissing and moaning like a little about it, my parents held their ground and said shut the up and wait 6 months till the price is 1/2 of what it is now. In 08 when the market crashed and a lot of those same friends' parents came within inches of losing their newly remodeled house and neither my mom nor my dad were in any trouble at all, everything became pretty clear to me.
better then investin in shoes, how many shoes do you really need maalox? with or without the shoes, i do you good....
Well regardless of political opinion on what the cap gains rate should be, bottom line is the government is gonna have to eventually raise it because it's going to need to to pay off a $16T debt. I also think they're gonna eventually take the ability to shelter cap gains income in a Roth 401k/IRA away completely some time in the next 10-20 years, and by that point it'll really be too late.
She just might not understand a ing word you say in the process.
What the are you talking about?
Nah...they will try to inflate their way out of it first. It will be the politically expedient way to kick the can down the road. A government that can print money out of thin air at will doesn't have to worry about income = expenditures. Of course, you will still get hurt. Double the inflation rate to 7% and you would need to be making $998.000 a year in 2054 to equal a $60,000 a year job now and you would need to have 43 million in savings equivalent at 65 to survive 20 years at your 60K 2014 "living wage"
I will refute those numbers…One needs to use a retirement calculator that factors in monthly annuities and S.S....If someone had a 401 plan that follows from multiple employers they can have guaranteed annuities that pay 4k a month based on a salary of 64k per year…
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