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Old 10-16-2016, 08:14 AM
 
110 posts, read 133,852 times
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Quote:
Originally Posted by Nightengale212 View Post
Also consider if you have grand kids that could squeeze the budget too!! Yesterday we took our two grand daughters ages 3 & 6 to a local corn maze and then out for lunch. It cost $50 entry fee for the 4 of us to take a hay ride, a trip through the corn maze, and the girls to go on couple of small rides. Lunch was at a pub, the girls had pizza and chicken tenders and us burgers. Adding two chocolate milks for them and sodas for us with tip that was another $50. Fortunately they wanted no trinkets or face painting because that would have been another $50!!
Thank you. Yeah I've accounted for smaller items like this already but even these need to be kept in check. Also buying a new car at retirement is another item I don't need to do but would be nice to have traveling around instead of always renting or flying.
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Old 10-16-2016, 08:20 AM
 
Location: Central IL
15,250 posts, read 8,572,788 times
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Quote:
Originally Posted by MCNE View Post
Thank you. Yeah I've accounted for smaller items like this already but even these need to be kept in check. Also buying a new car at retirement is another item I don't need to do but would be nice to have traveling around instead of always renting or flying.
Yes, many people think one car can last them from retirement start to finish (25 years?!). If you DO drive because there's not public transportation you likely need to build in the cost of a replacement or maybe even two during all those years.
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Old 10-16-2016, 09:12 AM
 
110 posts, read 133,852 times
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Yeah we know better than that but if we weren't going to be doing a lot of driving I would probably wait a few years. Cars are expensive and I need to learning to drive a more reasonable vehicle. Caddy's are NOT cheap to repair
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Old 10-16-2016, 09:32 AM
 
26,591 posts, read 52,392,336 times
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25 years would be a long time to keep a car for daily use.

Grandma and Mom tend to keep cars 20+ years.

Grandma passed in her 90's and her Olds Cutlas has 23,000 miles, looked showroom new and was 22 years old... California weather and garage kept...

Mom had to change cars late in life... she was injured by a dog attack and no power steering and a stickshift was too much for her... esp no power steering after her shoulder dog injury...

Even the best of plans change.
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Old 10-16-2016, 09:52 AM
 
10,604 posts, read 14,232,720 times
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Quote:
Originally Posted by lieqiang View Post
You're still making a really big leap to take it from a COLA reduction to actually taking money from someone's retirement account. None of the IRA changes is anywhere in the same league either, like I said irrational fear mongering that one sees on infowars type conspiracy websites... the government is not going to take the money you've put in your 401k.



I'm not underestimating anything, you're making the astounding jumps from one thing to something entirely different. Congress passing something that reduces a cost of living adjustment for retirees younger than 62 has become something you point out at to just let your imagination run wild. If congress would reduce a COLA then they would surely put us in FEMA camps! Don't underestimate congress!
Are we still pretending that the excise tax of 40% starting in 2018 on health plans whose value is more than $10,200 for individual coverage doesn't mean the government is taking my healthcare/resources?

Just trying to keep up.

Hyperbolizing or wordsmithing the concept to "taking the money you've put in" is Govspeak.

All I said is they will be GOING FOR your 401K. Then you conflated that to an overt confiscation. Everybody KNOWS that's not how they do things, they insidiously enact small changes or make promises they have no intention of keeping.

I assume you know the history of the Income Tax as a perfect example.

You cannot dispute they've been looking at it in various ways as per the links I provided which you couldn't factually refute. And they weren't "Infowars" sites.

TAXING "the money you've put it" is GOING FOR the money you've put in.

JUST LIKE they're going for MY healthcare with a 40% tax. Why do you think the UNIONS all protested unless they got a special exemption? BTW my plan IS a UNION "Cadillac plan". Why do you think the trend was predicted that companies will dump corporate people like me onto Obamacare to get out of the healthcare conundrum?

Of course we probably won't have to worry about that, since Obamacare is FAILING at an alarming rate - as planned.

I think people with cash should be diversifying to the extent possible to at least try to consider all future scenarios. And all future scenarios point to an ever growing big corporatist government not a smaller one. And to feed that beast they need ever growing revenue. And the pot of 401K money just sitting there is driving them crazy.

Last edited by runswithscissors; 10-16-2016 at 10:04 AM..
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Old 10-16-2016, 11:37 AM
 
6,902 posts, read 7,308,990 times
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Thank you, Runwith. You get it.
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Old 10-16-2016, 12:20 PM
 
110 posts, read 133,852 times
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Quote:
Originally Posted by runswithscissors View Post
Are we still pretending that the excise tax of 40% starting in 2018 on health plans whose value is more than $10,200 for individual coverage doesn't mean the government is taking my healthcare/resources?

Just trying to keep up.

Hyperbolizing or wordsmithing the concept to "taking the money you've put in" is Govspeak.

All I said is they will be GOING FOR your 401K. Then you conflated that to an overt confiscation. Everybody KNOWS that's not how they do things, they insidiously enact small changes or make promises they have no intention of keeping.

I assume you know the history of the Income Tax as a perfect example.

You cannot dispute they've been looking at it in various ways as per the links I provided which you couldn't factually refute. And they weren't "Infowars" sites.

TAXING "the money you've put it" is GOING FOR the money you've put in.

JUST LIKE they're going for MY healthcare with a 40% tax. Why do you think the UNIONS all protested unless they got a special exemption? BTW my plan IS a UNION "Cadillac plan". Why do you think the trend was predicted that companies will dump corporate people like me onto Obamacare to get out of the healthcare conundrum?

Of course we probably won't have to worry about that, since Obamacare is FAILING at an alarming rate - as planned.

I think people with cash should be diversifying to the extent possible to at least try to consider all future scenarios. And all future scenarios point to an ever growing big corporatist government not a smaller one. And to feed that beast they need ever growing revenue. And the pot of 401K money just sitting there is driving them crazy.
I'll most likely need to go back an read what the context of these were but can anyone quantify with this is with links to content? This is trending a little outside of the what I was thinking but it's all good. Above in Red. As someone else stated earlier all you can do is try to focus on what you can currently control. Look out ahead is fantastic with where do you draw that line on that.
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Old 10-16-2016, 01:32 PM
 
26,591 posts, read 52,392,336 times
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It's great when all the pieces fall into place..

Many I personally know around here with 100k pensions are retired Oakland Police or local Fire Agencies.

One told me it was just dumb luck... he was discharged from the military without a clue what he was going to do and heard the police are hiring... so he applied and got right in.

In 30 years he never drew his service weapon... spent most of his career as a taxi driver... his words... transporting prisoners...

No one in my family has ever been blessed with a pension... and fathers and grandfathers worked until they dropped... small business and farmers.

Dad was quite upset when he couldn't get early morning Chemo or Dialysis treatments... he was in his 70's and had a business to run... at least he did things his way to the end.

A lot of my better off friends own Income Property and as a young kid stocking shelves I would listen to what people said... and almost all said diversify and make sure you have Income Property...
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Old 10-16-2016, 03:12 PM
 
Location: On the road
5,991 posts, read 2,914,838 times
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Quote:
Originally Posted by runswithscissors View Post
You cannot dispute they've been looking at it in various ways as per the links I provided which you couldn't factually refute. And they weren't "Infowars" sites.

TAXING "the money you've put it" is GOING FOR the money you've put in.
Why would I bother refuting links that don't prove what you're claiming?

The first link is more fear mongering from a company that sells annuities, that is far from an unbiased source. They want you to invest your money in their annuities, not in a 401k, and it says right up top CALL US NOW! They've got links to quotes from an expert at safehaven.com who also want your retirement dollars sent their way. Their expert's quote includes this gem "Over the past 50 years, the US government has trained society to believe itís the governmentís roll to be the provider of last resort" we are supposed to bow to the expertise of someone who can't spell the word role?

The second link is an opinion piece in the WSJ about how to fix 401ks, they include:
- simplify fee disclosure
- require plans to offer low-cost index funds
- automatic enrollment feature
- have those providing guidance be fiduciaries
- start a national 401k plan for small employers to offset high admin costs to small biz

Those all sound like great ideas, but I'm not sure how you think it means anyone is GOING FOR your 401k so why would I refute it?


Third link is about a proposal from an economics professor that never went anywhere.


Fourth link is a 2012 opinion piece by some "contributor" who attended a symposium on the retirement challenges women face. He takes an out of context quote from some congresswoman and decides the government is GOING FOR people's 401k, yet he offers absolutely zero chain of logic of evidence to support this. Again, nothing to refute.

Fifth link is an opinion piece where she recommends hedging your bets by spreading savings across Roth, 401k, etc. to hedge against future changes to tax codes etc. again there is nothing available to refute since it offers no indication anyone is GOING FOR any 401k.


When you're reading to actually offer something demonstrating actions GOING FOR the 401ks I'll be happy to listen, until then blog posts from companies selling anuities and opinion pieces from years ago speculating on things that never happened aren't worthy of refuting.
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Old 10-17-2016, 04:42 PM
 
110 posts, read 133,852 times
Reputation: 54
I want to thank everyone for responding. I never thought I would see this much feedback. A few extra items I'll keep top of mind due to this awesome help!

- Social Security at at 70 not 62
- Social Security payout based on early retirement
- Part-Time work - Starbucks (kidding )
- Subsidizing health care
- Working a couple of extra yrs (hopefully not)
- Rule of 55 strategy with 401k vs without in an IRA
- New vehicle
- possibility for higher incidentals
- Long term heathcare and insurance

Might have missed some but I know I cant cover all bases but will do the best that we can. 2.3 yrs and counting ��.

Last edited by MCNE; 10-17-2016 at 05:11 PM..
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