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Old 09-20-2011, 03:40 PM
 
12,671 posts, read 21,062,238 times
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I expect my 401K and Roth IRA to be major part of my retirement.

69% will not rely on SS then, that is good.

SS is chump change.

What is the age group of these polls?



Quote:
Originally Posted by jghorton View Post
A Gallup poll survey concluded that about 31% EXPECT Social Security to be a 'major' part of their retirement. Another question determined that 57% of retirees actually found that Social Security WAS a 'major' part of their retirement. ... In other words, almost half the people EXPECTED to be better-off financially in retirement, than actually WERE! Social Security

With this in mind, most folks probably PLAN for a better retirement than their finances actually ALLOW ... but, instead of "Planning for the worst, while hoping for the best" --- they do the opposite.

This is much like folks that run-up exhorbitant credit card bills so they can have what they want today ... with only a vague, ill-defined notion of where they are going to get the money tomorrow, to pay for today. Our illustrious government does the same thing, but they are spending 'Other People's Money' and can can simply 'print more ... until we all go bankrupt.
You just stated the problem and that was the credit card.
They bought something they could not afford. This is their problem.

USA is already on a track to reduce the debt.

 
Old 09-20-2011, 03:44 PM
 
12,671 posts, read 21,062,238 times
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Quote:
Originally Posted by simetime View Post
Just think, some of these so-called tea party er teabag candiates want to link social security into the stock market. All that will do is line up their wall st pals with more money to play with and more to lose to their cronies
I am one of the Wall Street guys.
How does this work? Linking SS to the stock market?
 
Old 09-20-2011, 03:45 PM
 
Location: SW MO
23,605 posts, read 31,492,863 times
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Quote:
Originally Posted by Texas User View Post
I expect my 401K and Roth IRA to be major part of my retirement.

69% will not rely on SS then, that is good.

SS is chump change.

What is the age group of these polls?

You just stated the problem and that was the credit card.
They bought something they could not afford. This is their problem.

USA is already on a track to reduce the debt.
YAWN! Wake me when you've tired of impressing yourself. Should be a long sleep.
 
Old 09-20-2011, 04:50 PM
 
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Have you seen 'Too Fail to Fail' and 'Inside Job'?

All those CEO's who got bailed out my the gov't walked out with millions in bonus even Lehman Bros CEO.

Most folks in USA do NOT make even close to $250K a year though.

Making $250K a year anywhere in USA is luxury.

Latest news showed that Buffett paid like 17% in taxes only but he agrees with Obama.

What about the professional players in sports? Some of them get paid multi million dollar per year for sitting on the bench all year along.

The wars did not benefit us overall. Too many innocents dead and too many casualties.




Quote:
Originally Posted by anifani821 View Post
You hit on something that I have been watching carefully the last year . . . seems the "blame" for our economy is being assigned to the wealthy.

I believe that the scions of wallstreet who were so greedy as to sell derivatives that sent our whole economy into a downward spiral are no less than criminals. I am still mad as hell that folks are not serving prison terms over this mess!

But it seems to me that the national discussion has somehow shifted to "the wealthy" as some kind of demonic group of people who are denying the rest of us middleclass folks the life "we deserve."

This is troubling, as most people who Obama has tagged as making over $250K a year are by no means "wealthy." Now, look at folks making millions a year - like Oprah and Bill Gates and Warren Buffett - those are the wealthy amongst us. But those folks, and studies show - the majority of others at the top of the earnings pile in this country - do a lot of charity work and give back to their communities (indeed, all of society). They HAVE shared their wealth, first by providing over 50% of the taxes.

So I am concerned why the emphasis is not being put on kicking the moochers and system-gamers off the welfare rolls instead of beating up those who have managed to make the most money (and contribute the most to our tax coffers).

I find this perplexing.

Seems to me that everyone would agree that we have way too many people getting way too many handouts who don't legitimately deserve them . . . and get that aspect of the equation under control . . . while figuring out ways to raise revenue by getting folks back to work.

Our federal piggybank didn't break b/c the wealthy weren't paying enough taxes - clearly they ARE paying the bulk of taxes! The bank is bellyup b/c we have overspent on programs that should not even exist . . . and we have troops deployed all over the globe.

Instead of concentrating on such things as changes in rules for HUD vouchers . . . politicians cut Medicare and talk about upping the retirement age for future workers to receive SS. Now, maybe Medicare should be cut! Maybe people should work longer! But at the same time . . . let's take a hard look at all the OTHER entitlement programs out there, wh/ are perpetuating dependency on Uncle Sam's coffers.

For ex: HUD vouchers. Why should a person who gets a high dollar voucher in NYC be allowed to transfer that high dollar voucher to a low cost city, and still keep the same dollar amount for that voucher? That is sheer insanity. The voucher should be reduced to the same amount local residents get. These are the outrageous provisions that cost taxpayers billions a year, yet no one is examining.
 
Old 09-20-2011, 04:52 PM
 
12,671 posts, read 21,062,238 times
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Quote:
Originally Posted by oddstray View Post
Benefits have already been cut for people who need them, at least in California.
Aren't they letting out females inmates who have like 2 or less years left in sentence?
 
Old 09-20-2011, 05:08 PM
 
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401K is an Investment not fixed income. The people who lost money in there did not know what they were doing.

There is no such as protecting your Stocks but there are strategies where you can lower your risk.

You only lose the money in the market when you sell on a loss. If you bailed out of the market in the 2008 crash then YOU LOST money!

Its good to have a little bit of Gold in a portfolio.



Quote:
Originally Posted by Shooting Stars View Post
I have no idea what the plan is called, but I also have friends who lost a lot of money that I think was in their 401k when stocks fell, and they switched to the same type of plan my relatives told me about.

Now they can't lose their investment no matter what happens to the stocks. They will gain if stocks go up, but they won't lose anything from their initial investment.

Of course, it's too late to bring back the money that was lost, but at least they can't lose more.

No idea on the particulars. It's hard to question someone too closely about their personal finances beyond what they volunteer.

Anyway, I would have invested in gold myself. According to the alternative sources I read, hyperinflation is most likely going to make any wealth held in dollars worth very little.
 
Old 09-20-2011, 05:09 PM
 
12,671 posts, read 21,062,238 times
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Quote:
Originally Posted by Curmudgeon View Post
OK! That's two. I think we get it. You're a liberal Democrat. Big deal! Both parties are responsible for the horrible financial condition of the country and neither has a lock on the necessary fix. If either one did, the other would explore every available, internecine way to see to it the other didn't succeed. They're all more interested in preserving their "power," positions and party than they are in the good of our country.
We only need one gov't not a divided Rep/Dem.
 
Old 09-20-2011, 05:13 PM
 
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Quote:
Originally Posted by anifani821 View Post
I don't live in California (tried to move there 40 years ago - love many areas of that beautiful state!) . . . so refresh my memory . . . but isn't the state of California broke?
Texas is doing the best out of all states budget wise.

I grew up in CA, its awesome but very expensive.
 
Old 09-20-2011, 05:14 PM
 
12,671 posts, read 21,062,238 times
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Quote:
Originally Posted by oddstray View Post
It's in pretty bad shape economically, but it's not the worst of all the states (last time I read about it). Not broke yet. Trying hard not to get there.

I get a double-dose of it, though, living in San Diego. San Diego is also not broke ... yet. Plus we have politicians who are in bed with developers, and nobody in power seems to give a damn about the people.

I use to live in San Jose for a long time.
 
Old 09-20-2011, 05:47 PM
 
Location: California Mountains
1,448 posts, read 2,589,054 times
Reputation: 2334
Quote:
Originally Posted by Curmudgeon View Post
For Pete's sake, knock off the patronizing, multiple, incendiary and demeaning posts.
I believe that's the only attitude and formula the OP has, based on all the threads I've read (only since I joined CD, but it could have been that way since he joined CD for what we know) in which he either started or participated. No matter the subject. All are the same. Some people are so much in love with the sound of their own voices.
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