How Much for Retirement

[Al]

Originally Posted By: Pablo
his is the hate the rich [censored] that passes for logic in USA today.

Sadly the overwhelming number of Americans find it easier to bash the rich than push themselves to join them. It took hundreds of years for America to devolve from the rich gene pool that brought the Pioneers here 200 years ago. We have finally become what Europe became in the pre 18 century.

Unfortunately there is no "New World" where those with a work ethic can go. People then came here to succeed by helping themselves..today they come here (in many cases) to be taken care of.

I certainly am a bit jealous and covetous of Rich people. But not to the extent that I want them to give away their money to the Government to redistribute it.

To bad we don't have work and poor houses for folks anymore might motivate some. Note I support taking care of those who can't work.

 

[Al]

If you fit in here you are good to go. Til the system collapses.

Quote:
COLUMBUS, Ohio (AP) — After nearly 40 years in public education, Patrick Godwin spends his retirement days running a horse farm east of Sacramento, Calif., with his daughter.
His departure from the workaday world is likely to be long and relatively free of financial concerns, after he retired last July at age 59 with a pension paying $174,308 a year for the rest of his life.
Such guaranteed pensions for relatively youthful government retirees — paid in similar fashion to millions nationwide — are contributing to nationwide friction with the public sector workers. They have access to attractive defined-benefit pensions and retiree health care coverage that most private sector workers no longer do.

http://news.yahoo.com/public-retirement-ages-come-under-greater-scrutiny-170140955.html

The barn door should have been closed a long time ago. This country can no longer afford this in light of huge increases in all government worker money. We'll be looking at "Real" class warfare when there really is no way to pay for this. Unfortunately there are no winners and only one loser...the entire country.

But just look at medical costs and its the same senario: The increasing resources used to keep alive a person..times tens of millions. Jost no way to balance the books.

And then just for fun add Social Security and other entitlement programs.

People like me (Baby Boomer, born on day 56 of that generation) had the best life on the planet, should be grateful...I am. Unfortunately I'll be a Titanic Passenger without a life boat like everyone else.

 

[Drew99GT]

You know what, I wouldn't feel ANY empathy at all for people like that if their pensions were raided. What a crock of [censored]. That is such an absurd burden on taxpayers who get shafted so some public school retiree gets to live like a king. Half of high school kids can't even point to the USA on a map, and this guy gets 4 times what I make in a year for his pension annuity? That is corruption, pure and simple. California...

 

[Pablo]

Originally Posted By: Drew99GT
You know what, I wouldn't feel ANY empathy at all for people like that if their pensions were raided. What a crock of [censored]. That is such an absurd burden on taxpayers who get shafted so some public school retiree gets to live like a king. Half of high school kids can't even point to the USA on a map, and this guy gets 4 times what I make in a year for his pension annuity? That is corruption, pure and simple. California...


Don't get me started on public unions.

 

[Vikas]

Anybody know gets pension of $174K was NOT an union employee. He was the *management*. It is amazing how you quick you are to blame the union.

 

[Al]

Originally Posted By: Vikas
Anybody know gets pension of $174K was NOT an union employee. He was the *management*. It is amazing how you quick you are to blame the union.


"A rank-and-file policeman at the George Washington Bridge has made more than $200,000 so far this year, along with dozens of other police officers for the agency that patrols New York City's airports, the tunnels under the Hudson River and the new World Trade Center site."

http://news.yahoo.com/public-retirement-ages-come-under-greater-scrutiny-170140955.html

 

[Drew99GT]

Originally Posted By: Vikas
Anybody know gets pension of $174K was NOT an union employee.


Reading that gave me a pounding headache.

 

[Al]

Originally Posted By: Drew99GT
Originally Posted By: Vikas
Anybody know gets pension of $174K was NOT an union employee.


Reading that gave me a pounding headache.

He meant to say an Onion Employee.

 

[Pablo]

Originally Posted By: Vikas
Anybody know gets pension of $174K was NOT an union employee. He was the *management*. It is amazing how you quick you are to blame the union.


Not sure what you just said, but if it's something trying to defend PUBLIC EMPLOYEE UNIONS, then don't waste your breath defending this scourge. The ridiculous power they hold over the people and the complete leech effect they have is insane. Dude - read up. For a start, read what FDR had to say about government employee unions. Trust me, they are a terrible thing for the country as a whole. Sure, great for the government "workers".

http://www.nytimes.com/roomfordebate/201...c-sector-unions

Anyway from the originally linked article, not me:

Quote:
Experts say eligible retirement ages have fallen over the past two decades for many reasons, including contract agreements between states and government labor unions that lowered retirement ages in lieu of raising pay.

 

[2002 Maxima SE]

I have a Roth IRA with my broker. My new job (just started a few months back) offer 401k and a Roth IRA. I know there is a max contribution to Roth IRA of $5000 (50 yo and under) but is there a limit on the number of Roth IRAs you can contribute too?

 

[CivicFan]

No, as long as the annual contribution is at $5,000 or below, the quantity is irrelevant. But you might want to keep the number of them within a manageable range.

 

[2002 Maxima SE]

Nevermind, found my answer...yes but you can only contribute the max amount combined not per account.

http://www.getrichslowly.org/blog/2007/07/12/questions-and-answers-about-roth-iras/

 

[2002 Maxima SE]

Tks CivicFan....you beat me to it!

 

[Drew99GT]

The median wealth (net worth) of US households is only $20,000. The vast majority of people aren't going to retire in the traditional sense, in the future. I'm actually surprised median net worth isn't negative these days.

 

[Dave Hess]

I ask many people around my age (50 years old) when they will retire and most people say they will be working until they die.

They are not kidding and 100% serious. But I do think some factors play into their situation why they have very little retirement saved (illness, loss of job(s), divorce.... etc...)

 

[SteveSRT8]

Originally Posted By: Drew99GT
The median wealth (net worth) of US households is only $20,000. The vast majority of people aren't going to retire in the traditional sense, in the future. I'm actually surprised median net worth isn't negative these days.


Same here. Our heirs are going to be saddled with our poor debt management for years to come!

 

[stockrex]

depends how healty are you or will you be.
I will not need much when I retire, but the big unknown is healthcare cost, most people are not thinking about retirement but signing on the .... line to take on more debt and get more stuff to sell in summer at a garage sale.

 

[65cuda]

I have a friend that is 62 that works all the overtime that he can because he can't make it on a 40 hr. check even though we make pretty decent money. He admits that he never will be able to retire, but when asked what happens if he can't work? Then he just says he will deal with it then. I don't think that I want to work or at least have to work until I die or just can't work. I want to be able to do something other than work full time my last years.