Interesting factoid: Here is the percentage of retirees with $1 Million dollars in savings.

[DudleySmith]

SS for low wage earners is subsidized by the others and so get a bigger payout, based on what they have contributed.

I'm an outlier, not indoctrinated by anyone.

SS is supplemental retirement income and was never intended to be the sole retirement income.

Doesn't matter, low wages have made it pretty much the main retirement income for most workers and many 'middle class' retirees. Whether it was meant be or not isn't a point any more. it feeds a lot of millennial and Gen X kids now as well. Most other bennies, including food stamps and Medicaid are managed by states, not the Feds, and they are not at all equivalent in their distributions and eligibility requirements.

 

[Woodznutz]

Where can you get interest rates like that on a savings account, dumbass? No fucking where in America.

One million dollars at 4 percent interest generates $3333 per month.
Many FDIC savings accounts are paying more than that. My money market account pays 4.40 percent. Several online banks offer 5 percent CDs. Many multi-year guaranteed annuities (MYGA's) are paying 5 percent on 3 year terms from A rated companies.

 

[DudleySmith]

One million dollars at 4 percent interest generates $3333 per month.
Many FDIC savings accounts are paying more than that. My money market account pays 4.40 percent. Several online banks offer 5 percent CDs.

Your money market ccount and CD's are all subsidized by Federal programs and insurance schemes. Like I said, most Federal bennies go to keeping the middle class fat, dumb, and happy, and voting for more.

 

[DudleySmith]

You made the claim.
You post yours; I'll double check it for you.

Keep posting your one liners; you don't know enough to do anything else.

 

[Woodznutz]

Doesn't matter, low wages have made it pretty much the main retirement income for most workers and many 'middle class' retirees. Whether it was meant be or not isn't a point any more. it feeds a lot of millennial and Gen X kids now as well. Most other bennies, including food stamps and Medicaid are managed by states, not the Feds, and they are not at all equivalent in their distributions and eligibility requirements.

Of course not. Cost of living differs across the country. My state has one of the lowest SNAP benefits because we are an agricultural state and food costs are lower here.

People generally have 40-45 working years to figure it out. If not, they can continue to work until they do.

 

[Woodznutz]

Your money market ccount and CD's are all subsidized by Federal programs and insurance schemes. Like I said, most Federal bennies go to keeping the middle class fat, dumb, and happy, and voting for more.

It's the only monetary system that I know of. If you have a better one, please let me know.

It's true that when the Fed raises rates it affects savings.

I'm dumb and happy but I watch my weight.

 

[Synthaholic]

Where can you get interest rates like that on a savings account, dumbass? No fucking where in America.

Like I'm going to help you?

I'm getting 4.50% on my savings account. I'd ask you to do the math but you're a trump supporter.

 

[Synthaholic]

One million dollars at 4 percent interest generates $3333 per month.
Many FDIC savings accounts are paying more than that. My money market account pays 4.40 percent. Several online banks offer 5 percent CDs. Many multi-year guaranteed annuities (MYGA's) are paying 5 percent on 3 year terms from A rated companies.

The Duke is an ignorant, stupid motherfucker.

 

[The Duke]

The Duke is an ignorant, stupid motherfucker.

Says an ignorant, stupid motherfucker.

 

[The Duke]

Like I'm going to help you?

I'm getting 4.50% on my savings account. I'd ask you to do the math but you're a trump supporter.

I don't know man, is that more or less than 29.6%?

 

[Synthaholic]

I don't know man, is that more or less than 29.6%?

Didn't you say this? Yes. You did. Dumbass.

Where can you get interest rates like that on a savings account, dumbass? No fucking where in America.

 

[Toddsterpatriot]

Keep posting your one liners; you don't know enough to do anything else.

I'll highlight your idiotic claims whenever I see them.

 

[DudleySmith]

Of course not. Cost of living differs across the country. My state has one of the lowest SNAP benefits because we are an agricultural state and food costs are lower here.

People generally have 40-45 working years to figure it out. If not, they can continue to work until they do.

Nah, they get laid off, savings get wiped out, family members get sick, etc.

 

[DudleySmith]

I'll highlight your idiotic claims whenever I see them.

Which means never, of course.

 

[DudleySmith]

It's the only monetary system that I know of. If you have a better one, please let me know.

What are you babbling about? CD's are hot money, and get covered by FDIC in many cases, despite the fact they are essentially bonds, not 'deposits', but that fiction allows banks to buy deposits and then cont them toward their loan capacities; it's called 'over-leveraging', the cause of nearly all bank failures and market crashes, which in turn have to be bailed out by the Govt.

 

[Toddsterpatriot]

Which means never, of course.

You trade any of your magic, one-sided derivatives lately?
DURR

 

[rampart]

Welfare bailouts of Wall Street always gets a lot of votes and makes stocks a lot more valuable. Of course if there were really 'free markets n stuff' they would have been worthless a long time ago and their bank deposits gone. Meanwhile probably 90% of them snivel over some homeless guy getting $50 a month in food stamps.

i would like to know what the ceos on wall st do that makes their work so remunerative, i'd trade the ceo of goldman sachs for a good school teacher and give you a future draft choice.

 

[Woodznutz]

What are you babbling about? CD's are hot money, and get covered by FDIC in many cases, despite the fact they are essentially bonds, not 'deposits', but that fiction allows banks to buy deposits and then cont them toward their loan capacities; it's called 'over-leveraging', the cause of nearly all bank failures and market crashes, which in turn have to be bailed out by the Govt.

I think that you are missing the overarching point, that money is a creation of government, not working people. They make the rules and we play by them. If we follow the rules we will prosper. It's just that simple.

 

[Woodznutz]

Like I'm going to help you?

I'm getting 4.50% on my savings account. I'd ask you to do the math but you're a trump supporter.

I just got an offer from my annuity company offering 6.15 on a 3-year MYGA (multi-year guaranteed annuity). I've got a CD maturing next month, I might take advantage of that.

 

[Woodznutz]

Nah, they get laid off, savings get wiped out, family members get sick, etc.

Shit happens.