Retirement accounts being drained, inflation runs rampant, wages dropping according to Indeed

[Harpy Eagle]

We now have more than half of Americans struggling,

Once again, this is not anything new. In 2019 78% of people reported living paycheck to paycheck.

This is what America is

 

[Harpy Eagle]

Oh bullshit.....no they are not.
That doesn't mean Trump has the answers either. What it does mean is that quality of life is crashing quickly for America in general and that the government is lying more than ever about the real economy....also not new.

And we are stuck with either Trump or Biden as our next POTUS. Nothing will change, nothing will get better.

As long as people care more about their party than their country we are going to keep sinking

 

[justoffal]

We now have more than half of Americans struggling, all due to a 20% inflation over Biden’s years in office. It wasn’t always half.

Denial is a River in Mexico, as Biden would say.

OH LISA! YOU POOR THING! DO YOU NEED SOME FOOD LISA? YOU MUST BE VERRRRY POOR!
WHAT IS IT LIKE TO SLEEP UNDER A BRIDGE LISA? I AM DOING SOOOO WELL LISA! I AM DRINKING MAI TAIS AND BBQ'ING PRIME RIB UNDER MY JOE BIDEN POSTER ON MY 500 ACRE THIRD HOME IN BEVERLY HILLS LISA! I HAVE AN EMPTY SERVANT'S QUARTERS ON THE PROPERTY YOU POOR THING!

Did I do it right?

 

[Harpy Eagle]

Oh bullshit.....no they are not.
That doesn't mean Trump has the answers either. What it does mean is that quality of life is crashing quickly for America in general and that the government is lying more than ever about the real economy....also not new.

So, let me ask you....do you think your daily thread on this on a forum in which 75% of the people fall in line with your political views is going to do anything to help the problem?

 

[Harpy Eagle]

OH LISA! YOU POOR THING! DO YOU NEED SOME FOOD LISA? YOU MUST BE VERRRRY POOR!
WHAT IS IT LIKE TO SLEEP UNDER A BRIDGE LISA? I AM DOING SOOOO WELL LISA! I AM DRINKING MAI TAIS AND BBQ PRIME RIB UNDER MY JOE BIDEN POSTER ON MY 500 ACRE THIRD HOME IN BEVERLY HILLS LISA! I HAVE AN EMPTY SERVANT'S QUARTERS ON THE PROPERTY YOU POOR THING!

Did I do it right?

She is suffering, she told us so. She cannot even afforded to have two egg for breakfast any longer. The poor girl is starving as she drinks her 2 buck cup of coffee while driving to the golf course.

 

[1srelluc]

There will always be a demand for precious metals.....

Can't eat gold and silver.....Hell when things get really bad you would be better off with a case of soap to barter with.

 

[Lisa558]

OH LISA! YOU POOR THING! DO YOU NEED SOME FOOD LISA? YOU MUST BE VERRRRY POOR!
WHAT IS IT LIKE TO SLEEP UNDER A BRIDGE LISA? I AM DOING SOOOO WELL LISA! I AM DRINKING MAI TAIS AND BBQ'ING PRIME RIB UNDER MY JOE BIDEN POSTER ON MY 500 ACRE THIRD HOME IN BEVERLY HILLS LISA! I HAVE AN EMPTY SERVANT'S QUARTERS ON THE PROPERTY YOU POOR THING!

Did I do it right?

You sure did! The mocking, the insulting, and the bragging about yourself. Here’s your “I am a superior leftist” card!

 

[Mikeoxenormous]

Can't eat gold and silver.....Hell when things get really bad you would be better off with a case of soap to barter with.

Oh dont worry, i have plenty of emergency food on hand, but if needing to trade for other commodities, gold and silver will do the trick, since the dawn of civilization.

 

[Harpy Eagle]

gold and silver will do the trick, since the dawn of civilization.

only as long as there was still some form of Govt. in anarchy it will be worthless.

 

[Harpy Eagle]

You sure did! The mocking, the insulting, and the bragging about yourself. Here’s your “I am a superior leftist” card!

were you able to scrap together enough money for two eggs this morning before running off to the golf course?

 

[sealybobo]

Now I hate to be a negative person but this sounds a lot more like what I am hearing from friends and family. I keep seeing these glowing reports from the Government sector about a blinding good economic outlook but so far I have yet to meet anyone in REAL LIFE that feels that way except for the
water carrying propagandists here on the board.

MSN

www.msn.com

It really is bugging me my buddy retired last year in his mid 50's and my brother just did too.

I found this: While the average retirement age is 61, some Americans choose to retire at 62. You need to save less than $1 million to retire at this age. The average American can't afford to retire at 62 comfortably.

How much should a 62 year old have in retirement?

$50,000 salary you should have $435,000 - $530,000

$200,000 salary you should have $2,420,000 - $2,945,000 saved.

Lucky for me, my bills are more like a person who makes $50K. So I should easily have $500K CASH by the time I'm 62. Maybe a million god willing.

When I'm 62 I'm going to tell my boss I will keep doing what I do now but I don't want to be micromanaged. So he might lower my salary but increase the commissions so I still make the same money, but only if I sell. Which I will. I just won't want to be tied down 5 days a week for 9 hours a day. That's going to end when I'm 62. Because I'll need insurance till 65. So maybe I'll wait till 65 to get social security so it's a bigger monthly payment.

A middle-age Millionaires' Row: Average 50-something now has net worth over $1 million

Sometime around age 50, the average American can now expect a net worth exceeding $1 million. How did so many 50-somethings become millionaires?

www.usatoday.com

The “median” American household – picture the middle number in a long list of numbers – achieves a net worth of about $300,000 in the 50-to-59 age range, a far cry from $1 million.

Net worth means including the house.

50-somethings​

• Average net worth: $1,132,532 (ages 50-54), $1,442,075 (ages 55-59)
• Median net worth: $272,800 (ages 50-54), $320,700 (ages 55-59)

60-somethings​

• Average net worth: $1,675,214 (ages 60-64), $1,836,884 (ages 65-69)
• Median net worth: $394,010 (ages 60-64), $394,300 (ages 65-69)

So the average 60 year old only has $400K and that includes their home. No wonder people do reverse mortgages.

 

[justoffal]

It really is bugging me my buddy retired last year in his mid 50's and my brother just did too.

I found this: While the average retirement age is 61, some Americans choose to retire at 62. You need to save less than $1 million to retire at this age. The average American can't afford to retire at 62 comfortably.

How much should a 62 year old have in retirement?

$50,000 salary you should have $435,000 - $530,000

$200,000 salary you should have $2,420,000 - $2,945,000 saved.

Lucky for me, my bills are more like a person who makes $50K. So I should easily have $500K CASH by the time I'm 62. Maybe a million god willing.

When I'm 62 I'm going to tell my boss I will keep doing what I do now but I don't want to be micromanaged. So he might lower my salary but increase the commissions so I still make the same money, but only if I sell. Which I will. I just won't want to be tied down 5 days a week for 9 hours a day. That's going to end when I'm 62. Because I'll need insurance till 65. So maybe I'll wait till 65 to get social security so it's a bigger monthly payment.

A middle-age Millionaires' Row: Average 50-something now has net worth over $1 million

Sometime around age 50, the average American can now expect a net worth exceeding $1 million. How did so many 50-somethings become millionaires?

www.usatoday.com

The “median” American household – picture the middle number in a long list of numbers – achieves a net worth of about $300,000 in the 50-to-59 age range, a far cry from $1 million.

Net worth means including the house.

50-somethings​

• Average net worth: $1,132,532 (ages 50-54), $1,442,075 (ages 55-59)
• Median net worth: $272,800 (ages 50-54), $320,700 (ages 55-59)

60-somethings​

• Average net worth: $1,675,214 (ages 60-64), $1,836,884 (ages 65-69)
• Median net worth: $394,010 (ages 60-64), $394,300 (ages 65-69)

So the average 60 year old only has $400K and that includes their home. No wonder people do reverse mortgages.

You need to be liquid for a about 1 mil....

 

[sealybobo]

You need to be liquid for a about 1 mil....

Normally yes but I think I could survive even if I only had $500K. I live in a cheap condo. The taxes and bills are low.

Here's another thing. I have always been concerned about tapping into what I have. I want to live off social security and interest on my money. But now I'm starting to re think that. I have no kids. My nephews should be set with their educations and what their parents will leave them. So why shouldn't I tap into the principle if it means living it up in my final years?

I'm thinking about taking all the money and putting it into an annuity. One that pays out a large monthly portion and will last at least till I'm 90. Because no way I make it to 90. The point is, why should I only live off the interest? You can't take it with you right?

 

[sealybobo]

You need to be liquid for a about 1 mil....

How come so many poor people who have nothing are able to retire with just social security? Somehow they figure it out. So I find it odd to hear you NEED to have $1 million.

What percent of 65 year olds have $1 million? So how are the ones who don't retired?

My brother told me 1.5 million but he even admitted for me I probably don't need that much.

What will be my expenses when I retire?

I hunt and it's not cheap
A car
My boat is not cheap
An expensive trip once a year
Condo dues/bills
Healthcare

 

[justoffal]

How come so many poor people who have nothing are able to retire with just social security? Somehow they figure it out. So I find it odd to hear you NEED to have $1 million.

What percent of 65 year olds have $1 million? So how are the ones who don't retired?

My brother told me 1.5 million but he even admitted for me I probably don't need that much.

What will be my expenses when I retire?

I hunt and it's not cheap
A car
My boat is not cheap
An expensive trip once a year
Condo dues/bills
Healthcare

1.5 prolly more accurate

 

[sealybobo]

1.5 prolly more accurate

I hate to say it, but I really hope my dad doesn't have to go into an expensive home that eats up his life savings. He's got about $800k in total assets so $400K to me.

Right now his life savings is growing. He doesn't want to do ANYTHING since ma died. He has one main hobby. Going to parks and collecting cans. So he makes $10 to $30 a day. Now he may be eating up a lot of gas but what the hell. So what? Not only is he getting exercise he's bringing home cash.

He plays the Michigan lotto. Says the Mega lottos are for suckers. Too many numbers. So he plays the Lotto 47 which is still impossible to win, but a lot easier than the Mega. And a lot of times he wins $10 or one time he even came one away from $7 million and he got something like $2500. If he only plays 1 ticket twice a week, that's $4 a week. 52 weeks that's only $200 a year. To me it's worth it. I love fantasizing what I would do if I won $1 million or more dollars. Probably not much would change but I'd have FU money.

My dad wants to go to the most expensive senior living community. Celebs go there. That's his dream. He literally tells me he doesn't go now because I'm not rich like my brother. If I were he'd go now. I tell him to go I'll be fine. I even encourage it because I don't think it's healthy to live by himself and have so little interaction with other people besides us. He needs friends.

 

[Harpy Eagle]

You need to be liquid for a about 1 mil....

or have other sources of lifetime income.

 

[sealybobo]

or have other sources of lifetime income.

Yea but those things have a value. Like, my cop buddy has a pension. That's worth something. The longer you live the more it's worth. He's a young healthy 50. His pension is probably worth $1 million if he lives to be 80. 30 years.

My friends dad who was in the FBI said you don't go to the FBI for the pay. You go for the pension.

My cop buddy is now a politician. If he wins re election once, which he will, and makes it to the end of his second term, so 8 total years, his politician pension will be just as big as his cop pension. So at 60 years old if he wants to stop working he could retire with a cop and politicians pension. Double. Good for him!

 

[justoffal]

or have other sources of lifetime income.

Yes....like income property

 

[justoffal]

Yea but those things have a value. Like, my cop buddy has a pension. That's worth something. The longer you live the more it's worth. He's a young healthy 50. His pension is probably worth $1 million if he lives to be 80. 30 years.

My friends dad who was in the FBI said you don't go to the FBI for the pay. You go for the pension.

My cop buddy is now a politician. If he wins re election once, which he will, and makes it to the end of his second term, so 8 total years, his politician pension will be just as big as his cop pension. So at 60 years old if he wants to stop working he could retire with a cop and politicians pension. Double. Good for him!

Planning