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Heads up. If you find a CD that pays an acceptable rate, read the fine print carefully. Many of those shorter CDs roll over automatically at the end of the year into a long term CD with a much lower rate. You have to be very careful that you don't miss the anniversary date, because you must instruct them to remove the money from the CD when it matures so that it doesn't roll into a CD that doesn't suit you.
Pay attention and you will be OK. Cross your fingers and hope and it might not go the way that you plan.
What you describe would be very uncommon. Rolling into a similar dated maturity length might be an auto thing but a longer term? Can you provide a link to a place that does that?
The point is that we need means testing for Social Security, to prevent millionaires from collecting.
And I agree - the point is off topic.
Why?
Because someone else was more responsible and was able to save $500k during their working career whereas I can only surmise that you chose not to do that?
As it is, Social Security is already far from 1:1. High income earners pay in much more than they take out, low income earners take out much more than they pay in. Now you want people who chose to plan ahead and save for retirement not to be able to collect it because you chose not to? Million isn't difficult. Start at 25 making $50k/yr, save 20% of income, millionaire by retirement at 6% growth. But that person shouldn't get social security because they chose to live within their means whereas someone else chose not to.
i think we should push your retirement age for collecting up a few more years .
you want to retire earlier , great but you don't collect until later . perhaps if you own a home you even get a reduction . or maybe those with 401k's available to them should get a cut .
there is no end to who and what you take away once you start
Well, some kind of cut or new taxes is necessary. I'd be more for the pain being shared by everyone than just soak the people who are already over contributing some more though.
Maybe you could look at type of work. For example, desk jobs there really no reason you can work until 75-80 in a lot of cases. Sure, some people lose their marbles and are too batty to work by 80 but plenty of others don't. The batty ones can go on social security disability until they reach retirement age for their occupation (say 75). Meanwhile laborers you could lower the retirement age to say 60. I'm pretty sure doing my job would be easier at 75 than doing ironwork at 60. That'd fix it. Wouldn't be beneficial to me (or Geek, who is if I remember correctly an engineer) but it would fix it.
Because someone else was more responsible and was able to save $500k during their working career whereas I can only surmise that you chose not to do that?
As it is, Social Security is already far from 1:1. High income earners pay in much more than they take out, low income earners take out much more than they pay in. Now you want people who chose to plan ahead and save for retirement not to be able to collect it because you chose not to? Million isn't difficult. Start at 25 making $50k/yr, save 20% of income, millionaire by retirement at 6% growth. But that person shouldn't get social security because they chose to live within their means whereas someone else chose not to.
Beergeek also thinks someone with a million dollars qualifies as super rich. I wouldn't know where to begin explaining reality to someone that thinks that,
Just an idea and I haven't tried it myself, but I do know several people that have purchased a collection of rentals as passive retirement income. People do it all the time.
Beergeek also thinks someone with a million dollars qualifies as super rich. I wouldn't know where to begin explaining reality to someone that thinks that,
anything more then they have is to much , you don't need so much in their view
Just an idea and I haven't tried it myself, but I do know several people that have purchased a collection of rentals as passive retirement income. People do it all the time.
i got rid of almost all ours . last thing we want in retirement is a job and dealing with tenants and their bull .
Beergeek also thinks someone with a million dollars qualifies as super rich. I wouldn't know where to begin explaining reality to someone that thinks that,
I'm still wondering how a couple with 500k between them are millionaires.
"Umpqua Bank" offers 2% interest on 5-year CDs, but there is 3% penalty on withdrawals, be it partial or complete.
The interest is free to be withdrawn every month.
They are located in California, Oregon and Washington states only. FDIC insured up to 250 K per person.
If you go with something like this, split your money into several CDs. That way, should you need to break one, you don't pay the penalty on your entire 500k.
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