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Message
re: What are people living on?
Posted on 4/4/22 at 7:35 am to Deactived
Posted on 4/4/22 at 7:35 am to Deactived
quote:
No one ever has a solution to this besides just pay more while ignoring everything else that goes along with that 'solution'
Just stumbled onto a Sowell quote that made me think of this thread.
quote:
'In the tragic vision, individual sufferings and social evils are inherent in the innate deficiencies of all human beings, whether these deficiencies are in knowledge, wisdom, morality, or courage. Moreover, the available resources are always inadequate to fulfill all the desires of all the people. Thus there are no "solutions" in the tragic vision, but only trade-offs that still leave many unfulfilled and much unhappiness in the world.'
0
Posted on 4/4/22 at 7:38 am to elprez00
quote:
As far as professional positions, I think a lot of people cashed out 401ks. I think you’re also seeing fallout from the way some of these places treated employees during Covid.
Cashed out 401ks and sold housing in expensive areas.
Like with most perceived crises, the long-lasting effects will not be as pronounced as how it feels during the crunch. We always perceive things as a paradigm-changer, but in hindsight, that's rarely the case (and especially rare when the transition is so quick).
Posted on 4/4/22 at 7:40 am to SuperSaint
quote:
i don’t know anyone sitting on their asses at home and not working unless they are retired. What sort of crowd you running with Baw?
This is the equivalent of ellishughtiger telling us he doesn't feel unsafe so NOLA doesn't have a crime problem
Posted on 4/4/22 at 8:33 am to Basura Blanco
quote:
In four years, when their high school classmates are graduating college with >$100K in student loan debt, the high school grad can be making $50K a year and on a path to owning his own business before he is 30 years old.
I wish this trope would die. Yes, this is an option and it happens, but without knowledge of how to properly run a business, you're looking at a HVAC shop held together by shoestring and bubblegum unless the person is naturally a great businessperson.
The more likely scenario is their counterpart who maintained a high GPA and went to college graduates with around $40k in debt, a useful degree, and then out earns every HVAC person in their area that didn't manage to start a successful business, over the long-term.
Posted on 4/4/22 at 8:34 am to SlowFlowPro
Isn't there a huge penalty for cashing out 401ks?
Posted on 4/4/22 at 8:39 am to Magnus
quote:
Isn't there a huge penalty for cashing out 401ks?
Typically a 10% penalty.
My line of thinking is that many of the people that cashed out their 401ks were young professionals who didn't have much accumulated to begin with. Cashing out a 401k that's been growing for a few years and has more than 4 digits is a crazy move. Even crazier if its nearing 6 digits.
I also wonder if the articles includes people rolling over to other plans the same as cashing out.
Posted on 4/4/22 at 8:41 am to Odysseus32
Another generation who will be unprepared for retirement in 30 years.
Posted on 4/4/22 at 8:45 am to Odysseus32
quote:
Isn't there a huge penalty for cashing out 401ks?
Typically a 10% penalty.
They take 20% off the top for taxes, *then* there is typically a 10% penalty .
Dont ask me how i know .
Posted on 4/4/22 at 8:48 am to BK Lounge
quote:
They take 20% off the top for taxes
True, however the tax is the tax if contributions were traditional. The tax man gets his regardless (in general). The only "penalty" is the extra 10%.
This post was edited on 4/4/22 at 8:54 am
Posted on 4/4/22 at 9:21 am to Odysseus32
While I agree it’s a really foolish move, I have basically zero confidence my 401K will exist in 25yrs, so I can only imagine the mindset of someone 10yrs younger.
Posted on 4/4/22 at 9:37 am to LSUfan20005
quote:
I have basically zero confidence my 401K will exist in 25yrs,
Just out of curiosity why do you believe that?
Posted on 4/4/22 at 9:37 am to LSUfan20005
quote:
I have basically zero confidence my 401K will exist in 25yrs, so I can only imagine the mindset of someone 10yrs younger.
Truly just curious, can you elaborate on this? What do you think is going to happen? I've never heard anyone be worried about their 401k not existing. I've heard of people worried about a huge market correction, but even then you're balance will usually correct itself over a decade or so.
If you're talking about an inevitable switch from fiat, sure that is possible, but your dollar will still hold its value even if usurped by the likes of BTC (Doubtful, IMO).
If you're talking about your brokerage closing, there will be a payout for the value of your account.
This post was edited on 4/4/22 at 9:38 am
Posted on 4/4/22 at 11:25 am to Odysseus32
My bet is that he is worried about politicians getting their hands on it via something like the proposal Pelosi floated a while back where it would be confiscated in exchange for additional SS later.
Posted on 4/4/22 at 11:26 am to Odysseus32
quote:
What do you think is going to happen?
Eventually the social engineers will come after retirement accounts to cover unfunded liabilities.
Posted on 4/4/22 at 11:47 am to doya2
quote:
government doing this with free stuff
Posted on 4/4/22 at 11:53 am to Odysseus32
A lot of the people that did this had ~$5K in their plans. That $500-600 penalty a year forward didn't mean anything to them. Just a $500 reduction in their refund the next year. And that $5-8K they had in their 401k and contributing $30-50 per month wasn't going to do anything for them in retirement anyway. Those types of individuals (and there are a lot of them...we have about 75 like that in our small company alone) were always going to be working in some form until they were lowered into the dirt.
Posted on 4/4/22 at 11:55 am to RogerTheShrubber
quote:
Eventually the social engineers will come after retirement accounts to cover unfunded liabilities.
They've been trying to do this in some form since the late 80s/early 90s.
Posted on 4/4/22 at 11:59 am to Colonel Angus
quote:
They've been trying to do this in some form since the late 80s/early 90s.
I don’t think they’ll be successful with it any time soon because all except the most hardcore lefty understands that stealing this money directly would result in an actual revolution.
That won’t stop them from trying, talking about it, or inflating it away though.
Posted on 4/4/22 at 12:02 pm to LSUfan20005
quote:
I have basically zero confidence my 401K will exist in 25yrs,
I will join the chorus of those wondering what makes you think this (besides just overall negativity and pessimism).. ill also ask a second question: Which do you think has a better chance of being solvent in 25 yrs- ur 401k or SS ?
Posted on 4/4/22 at 12:02 pm to NOLAVOL16
They won't come after 401ks anytime soon, but I certainly expect Social Security to be means-tested in the next few years.
It's why the wife and I do all our retirement planning under the assumption we won't see a single penny that we put in to SS.
It's why the wife and I do all our retirement planning under the assumption we won't see a single penny that we put in to SS.
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