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Old 01-10-2017, 09:59 PM
 
Location: Tennessee
23,800 posts, read 17,725,620 times
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Quote:
Originally Posted by NewbieHere View Post
So is LA area.
You're correct in the context of those markets. However, only a few wealthy, prestigious, and well-paying coastal metros will pay anywhere near that. You're forgetting the payscales in the many 2-5 million metros in the heart of the country in which many people live, not even counting smaller towns and rural areas.

Whether someone making $80k in SFO is doing much better than someone making $40k here in TN, I don't know, but it's probably closer than many realize.
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Old 01-10-2017, 10:04 PM
 
Location: SoCal
13,474 posts, read 6,441,185 times
Reputation: 10085
Quote:
Originally Posted by Serious Conversation View Post
You're correct in the context of those markets. However, only a few wealthy, prestigious, and well-paying coastal metros will pay anywhere near that. You're forgetting the payscales in the many 2-5 million metros in the heart of the country in which many people live, not even counting smaller towns and rural areas.

Whether someone making $80k in SFO is doing much better than someone making $40k here in TN, I don't know, but it's probably closer than many realize.
Yes but you have to take in cost of living. To say in absolute term that at most secretaries make $15 an hour, otherwise people are exaggerating is downright ignorant. That person ignores cost of living. $17 an hour in LA can afford 1/2 room share with another person, almost dorm like in LA area.
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Old 01-10-2017, 11:40 PM
 
Location: Cushing OK
14,547 posts, read 17,607,925 times
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Quote:
Originally Posted by Serious Conversation View Post
Problems go way beyond student loans. It's a problem, but for early Millennials like myself, the recession retarded or even stopped careers. Kids graduating today into a healthy economy will fare much better.
I should have been fine. Born in 52, I had the best of it as a kid. We were the generation our parents didn't know if they'd ever have, and they wanted us to have the best life possible. They were savers too, as kids living though the Great Depression. My dad went from living on a farm to the Navy and after the war, into aerospace. He worked on all the capsules which took us to space and was very proud. But he grew up on a farm, and I got lots of 'stuff'. But mostly I wanted books, paper and stuff for crafts. Dad and Mom were proud about how I did in school. Dad and I argued a lot, since I'm him, but they also gave me the gift of a firm, and supportive family.

My health wasn't great as a kid, and just after my teens got worse. I did get a job as a programmer, and loved it. But I was sitting on the old tech, and the new wave was coming in. But with all of it together I didn't qualify for social security with the continuing health problems.

I hit all the best spots if you want to lose, but never got to where I qualified as having worked long enough, and the disability didn't pay much. But nobody asks for multiple health problems. Nor do we imagine the world will change and leave you behind. Five years before, I'd have been doing great in my chosen job. I'd have been noting the way things changed, but just bit by bit and could adjust. I'd have not pushed aside the one really good opportunity I didn't take since I didn't know if I could manage it. But all of this was already water over a bridge.

At least the stuff I've done I did well, with horrible timing. But it wasn't a 'choice' I did wrong, just a random missle which was unanticipated.

In a few months my status switches to social security. I'll get medicare. I'll get the same, just a slightly different label on it. It will still be the bottom of the list. But, in part because I had come to understand, I found living with my fate wasn't too hard. My costs of living *are* low, but I had already arrainged it that way. But I'm looking down that 'basic minimum' road.

My son had great dreams, and I wish for him they all come true. He is just starting his carrear. He's got a good job and a house and family. I have a house since I have a family, but what I want my son to have is the chance to do as well as he can with his own. I'm pretty sure I'd have if it hadn't been the sudden leap in technology and I'd had good health. But if those goals happen or they don't, don't mourn how things went, but find new connections. It's okay to wonder, sometimes, but don't make your life a pitty party. The first rule of life is you should never expect it to stay the same.


My son is working in something innovative and open to whereever the path takes him. He's started on his life. I think he'll do a lot better. But... thing is you never know. You or someone in the family can get sick. You can have your tech eclipsed and you have to start over. You have to stay flexable while being skilled and impressive in the one you use.

I didn't come in knowing that you wouldn't just find this one thing, this one job and this one narrow slice of the residental ground and stay forever. I've learned since, but there is a limit to how long you can wait. The Millenials have learned that and the next generations will. Life deals the cards. Sometimes you get the ones that don't play. But just how it is. Don't mourn life. Find new good things. Rewire the old program and find something new.

Dreams are never guarenteed, and sometimes we have to realize we've left them behind as we slip down the road. And we are doing just as everyone who's ever been down that road, but the trick is that when you know you'll never go there, maybe its time for the next pathway.

Last edited by nightbird47; 01-11-2017 at 12:04 AM..
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Old 01-11-2017, 07:23 AM
 
Location: Proxima Centauri
4,853 posts, read 2,010,029 times
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Quote:
Originally Posted by Mircea View Post
You will not see Deflation, but you will see massive Inflation in about 8 years. Get ready for double-digit Social Security COLA increases, even with a chained CPI.
I wasn't wondering if the government was going to inflate our way out of debt. I was wondering when.
I know that the early signals of this inflation will be a steady rise in the precious metal prices. What other factors will you be expecting?

What do you believe will be the trigger?
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Old 01-11-2017, 08:02 AM
 
2,451 posts, read 2,085,390 times
Reputation: 5733
Quote:
Originally Posted by Serious Conversation View Post
You're correct in the context of those markets. However, only a few wealthy, prestigious, and well-paying coastal metros will pay anywhere near that. You're forgetting the payscales in the many 2-5 million metros in the heart of the country in which many people live, not even counting smaller towns and rural areas.

Whether someone making $80k in SFO is doing much better than someone making $40k here in TN, I don't know, but it's probably closer than many realize.
I would bet the person in Tennessee is doing better with lower cost of living, cheaper insurance and less commute time.
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Old 01-11-2017, 08:38 AM
 
Location: RVA
2,179 posts, read 1,278,314 times
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Yes. But at retirement time, the person making $80k, with the same 401k w/company match will have much more saved and a much higher SS. So he can then relocate in retirement to TN (or any other low COL area) and live far better. That is typically why people move to and work where the good paying jobs are. Its a choice. If you are really lucky, you find a well paying job in fairly low COL area that you wouldn't mind staying in in retirement.
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Old 01-11-2017, 08:41 AM
 
7,580 posts, read 2,255,481 times
Reputation: 9140
Quote:
Originally Posted by NewbieHere View Post
She inherits the house from her family. Poor to me. She couldn't afford dental in most years, she went without, only recently she added on for treatment. The pension comes with her work for 30 plus years, she currently makes about $57k a year. This is HCOL area. You can wonder all you like. That's what I know about her situation. Oh, she may have small savings with her 401k at work to get matching. If I thought she was rich, I wouldn't waste my money treating her out to lunch every time I go out with her.

Maybe you can learn something without taking a jab at people. I have nothing to gain about bragging about my ex-secretary.
So she INHERITED a house. Thanks for explaining that. Why didn't you say that in your original post?

I don't consider someone pulling in 30K to 40K a year WITHOUT WORKING, in addition to another $57K annually, with a paid off house, and sitting on a $125K in the bank poor. She is well off and very confortable. If she cannot live as a single person on $87K to $97K A YEAR WITH NO MORTGAGE .... I really don't even know what to say. She is NOT POOR.

I think posters on these boards need to spend time in some homeless shelters. The concept of "poor" is very skewed.
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Old 01-11-2017, 08:57 AM
 
12,731 posts, read 10,028,358 times
Reputation: 9547
Quote:
Originally Posted by Mircea View Post
Yes, it's called the Earnings Curve. I've commented on it quite often:





As far as anyone knows, those are systemic features of an advanced 4th Level Economy.

Government can always levy a tax on technology to effect changes via social engineering and drive the US back to a 2nd or 3rd Level Economy, if you prefer.

Contact your local legislative representatives to get the ball rolling.



Then they need to pay an higher tax rate to ensure those programs will be solvent for them.

The Silent Generation suffered a 520% tax increase to make sure Social Security was there for them.

The Boomers handled a 72% tax increase to make sure Social Security would be there for them.

The Millennials and Generation Y can pay an extra 2.1% FICA Payroll Tax. That would represent a minor 27% tax increase.



You will not see Deflation, but you will see massive Inflation in about 8 years. Get ready for double-digit Social Security COLA increases, even with a chained CPI.



In theory, the "insane wealth" of the Boomers will be passed onto the Millennials via inheritance.

Great wealth transfer will be $30 trillion—yes, that's trillion with a T

Great wealth transfer will be $30 trillion

If the Millennials squander that Wealth, then that's on them.



I think it's a little premature to assume there will be no safety net, or that Generation Y will not inherit anything from Generation X.



You might want to look at the actual statistics as published by the Social Security Administration.

https://www.ssa.gov/news/press/facts...icfact-alt.pdf
Please explain what a 4th level economy is. Over the years you keep referring to things like 2nd level economy, 3rd level economy, etc.

Googling these terms brings me right back to your posts here on C-D.

Maybe you should write a textbook.
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Old 01-11-2017, 09:07 AM
 
5,827 posts, read 13,350,848 times
Reputation: 9305
Quote:
Originally Posted by in_newengland View Post
They get decent pensions but that is not filthy rich. The older boomers that I see who have money have inherited it from their Greatest Generation parents. Usually the person is an only child.
I am an older boomer and did not inherit anything from my parents, who both died young. I served 20 + years in the military and another 20 in the civilian world, saved and invested my money. My spouse was a single parent who raised two children, put them both through college and worked and saved her money. We are comfortably retired because we worked hard and thought ahead. Our children were raised to work hard, no credit card debt and if you can't pay cash or afford the payments, you can't buy it.

IMO the millennials will have difficulty when they retire not because of SS or lack of pensions but due to their attitude that they want their own way but aren't willing to accept the fact they can't have everything handed to them.
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Old 01-11-2017, 10:37 AM
 
Location: SoCal
13,474 posts, read 6,441,185 times
Reputation: 10085
Quote:
Originally Posted by newtovenice View Post
So she INHERITED a house. Thanks for explaining that. Why didn't you say that in your original post?

I don't consider someone pulling in 30K to 40K a year WITHOUT WORKING, in addition to another $57K annually, with a paid off house, and sitting on a $125K in the bank poor. She is well off and very confortable. If she cannot live as a single person on $87K to $97K A YEAR WITH NO MORTGAGE .... I really don't even know what to say. She is NOT POOR.

I think posters on these boards need to spend time in some homeless shelters. The concept of "poor" is very skewed.
Again, you didn't ask to clarify. I mentioned that as part of her retirement assets. You like to jump to conclusion again. I said she has a pension as if when she retires she has a pension, until then she only makes $57k.
She is poor in my book because she was almost moved to tears when she told me they were going to raise rent on her. Her house is in another location for her to use when she retires but right now she pays high rent for close proximity to her job. The minute she retires, she has a house, a pension about $30-$40k and her small savings. She is poor in my book, can't afford dental are for about $20 a month.
Please don't lecture me about homeless to be poor, is this thread retirement for the homeless? This thread is about poor retirees, not poor homeless, that's a different category.
It's also like a strawman argument, you are not poor until you are homeless. My duh moment.

Perhaps, you need to ask questions to clarify online comments before you get all emotional, that would be what I suggest you do in the future.

Last edited by NewbieHere; 01-11-2017 at 10:51 AM..
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