Log In
Home
6 Oct ’15
Offline
Good article on how unprepared most people are for retirement. The 401k system is flawed, not all employees have access to one and like my place you have to be there 1 year before you can participate. Sucks. With Soc Sec tanking and no fix in sight, the future looks very bleak for many. This scenario looks like it will push our country more to the left and increase the demand and need for more socialized support from the Govt.
...and we have yet to see the huge impact of aging Baby Boomers on Medicare and Soc Sec and Long Term Care and increased need/demand for medical services...the age wave is going to be a tsunami like event...I still like the idea of shoring up Soc Sec for Retirees by adding a 'tax' (I hate the idea, but the need is here) to gasoline where that a few cents per gallon of gas goes right to the retiree Soc Sec coffers and it is still managed (or starts to be) managed in a fiscally responsible manner. There was a study on this years ago and it concluded this would be a so called 'saving grace' and effective avenue. I just don't see the Fed being responsible enough to actually put the money/revenue into the right place and not fool around with it.
15 Feb ’12
Offline
I have to figure out where the heck I am going to put my IRA yet
6 Oct ’15
Offline
Did you check out State Farm for Roths?
15 Feb ’12
Offline
waiting to see what our tax returns are like
6 Oct ’15
Offline
We got a small amount back...but we also claimed zero for our state and fed withholdings through the year...tough to look at our net vs gross income...it is gross...learn a skill that is needed and in demand then pay so much in taxes...hmm...the founding father's are rolling over in their graves at such atrocities.
15 Feb ’12
Offline
For us it depends on how much the IRA will lessen our tax liability, If I have to pay in 12,000 and by putting into the IRA brings that down to 5-6000 we will max out the IRA's, it's making 50 percent for us right off the bat but I think we should be getting a return this year, cost of goods and labor crushed us last year
21 Feb ’12
Offline
Yeah retirement and SS are hard issues right now. The market has been on a huge bull run since 2009 or so... and it's due for a correction. Add to that the bubbles in the student loan market, and the loans in the oil production market and it makes for a pretty scary situation. Then add to that the situation with the baby boomer retirement and things look even worse.
With all the volatility, I'd almost prefer to take my losses I've paid in over the last 20 years and stop paying in. I could easily do better for myself if I took that 300+ and put it into a 403b, especially when you consider there really might not be anything for me in 30 years when I'm ready to retire.
6 Oct ’15
Offline
I have seen a few trends in retirement planning.
1) do nothing.
2) Roth IRA to help offset annual
3) Max out 401/403
4) Store cash at home
Lately most people I know are no longer funding the 401/403 and are just doing the Roth and what money is left after that they are either paying off mortgage and other debt or investing in their homes or homesteads.
Most people we know have an uneasy feeling about the market and related retirement investments. A few have even took the tax hit and dumped their retirement funds entirely.
Fun times we live in.
The following users say thank you to Gravel Road for this useful post:
DangerDuke
Most Users Ever Online: 698
Currently Online:
72 Guest(s)
Currently Browsing this Page:
1 Guest(s)
Top Posters:
easytapper: 2149
DangerDuke: 2030
groinkick: 1667
PorkChopsMmm: 1515
Gravel Road: 1455
Newest Members:
Forum Stats:
Groups: 1
Forums: 12
Topics: 11482
Posts: 58640
Member Stats:
Guest Posters: 2
Members: 19842
Moderators: 0
Admins: 1
Administrators: K
