John Adams Posted October 1, 2008 Share Posted October 1, 2008 Actually I do. But to have lost $20k in the past couple of weeks you either have to have a REALLY BADLY INVESTED portfolio, or you have a lot of money. I've lost well over $20k from my 401k but not in a short time period - I am not invested in any financial stocks and my bond holdings stabilize my investments, a little anyway. But we're not talking about me. I am not a "Joe Six Pack". I am a white-collar worker who is fortunate to make a very good wage. My brother is a Joe Six Pack. He drives a 1992 Ford F150 and lives in a double-wide. Losing $20k would be a big hit for him...if he had it to lose in the first place. The market is down 20% since the beginning of the year. She lost 20K. Means she had about 100K saved...She's what, 45 or something? She'd goddamn better have 100K saved. Good lord--she's got almost nothing saved for her age. Link to comment Share on other sites More sharing options...
John Adams Posted October 1, 2008 Share Posted October 1, 2008 I hope you have a good pension plan. In all seriousness I would suggest you start talking to a financial planner. You can still do quite a lot with the almost 20 years you likely have until retirement. He's voting Dem. No worries. Link to comment Share on other sites More sharing options...
Johnny Coli Posted October 1, 2008 Share Posted October 1, 2008 I hope you have a good pension plan. In all seriousness I would suggest you start talking to a financial planner. You can still do quite a lot with the almost 20 years you likely have until retirement. Student loans, living in an area with a high cost of living, and a mortgage. Like I said, you'd be surprised how many of us white collar people live paycheck-to-paycheck. This city is loaded with them. They want to boost the economy, they should get people some student loan relief. But that's not what this thread is about. It's about Palin bullshitting us that she's just like us. She's not. Link to comment Share on other sites More sharing options...
erynthered Posted October 1, 2008 Share Posted October 1, 2008 He's voting Dem. No worries. Link to comment Share on other sites More sharing options...
Johnny Coli Posted October 1, 2008 Share Posted October 1, 2008 He's voting Dem. No worries. Link to comment Share on other sites More sharing options...
KD in CA Posted October 1, 2008 Share Posted October 1, 2008 It's not like there's a VP debate in a little over 24 hours from now. Oh, is that why there is such intelligent discourse here about major issues like what court cases she named or what newspapers she's read or how low her 401(k) balance needs to be to not be 'out of touch'? Link to comment Share on other sites More sharing options...
Chef Jim Posted October 1, 2008 Share Posted October 1, 2008 I'm 42 and have about a tenth of that. It's not as uncommon as you think. You know what I do for a living. I know absolutely how common it is. But I also know that it's not really that difficult either. Let me give you another scenario. Maybe that 25 year old can't save $5,000 a year. Ok, so I hope he can save at least $1,000. He does that for 10 years. At that point he has $14,000 (assuming an 8% return) now he's 35 and married. Between him and his wife if they ramp up the savings to $14,000 per year for 10 years now they have $230,000. Let's say they just keep that up until they're 65, now they have $1,750,000 which will generate $105,000 per year of income at 6%. Let's see SS do that. Now maybe you folks will understand why I'm in favor of privatizing SS. Link to comment Share on other sites More sharing options...
KD in CA Posted October 1, 2008 Share Posted October 1, 2008 He's voting Dem. No worries. Only evil, rich Republicans save for retirement! A pox on them! Save us Obama, save us!!! Link to comment Share on other sites More sharing options...
Chef Jim Posted October 1, 2008 Share Posted October 1, 2008 Student loans, living in an area with a high cost of living, and a mortgage. Like I said, you'd be surprised how many of us white collar people live paycheck-to-paycheck. This city is loaded with them. They want to boost the economy, they should get people some student loan relief. But that's not what this thread is about. It's about Palin bullshitting us that she's just like us. She's not. I know, she's got breasts. Link to comment Share on other sites More sharing options...
Johnny Coli Posted October 1, 2008 Share Posted October 1, 2008 Oh, is that why there is such intelligent discourse here about major issues like what court cases she named or what newspapers she's read or how low her 401(k) balance needs to be to not be 'out of touch'? If she was qualified we wouldn't be having this discourse. It's painfully obvious to even many on the right that she's not. And it becomes an even bigger issue with McCain's possible health issues. Link to comment Share on other sites More sharing options...
IDBillzFan Posted October 1, 2008 Share Posted October 1, 2008 $230k is not a huge amount for a 401k? There's a lot of JoeSixPacks that would be stoked to have $20k in a retirement fund. She's just not an average American. Not even close. Hell no, it's NOT a huge amount for a 401K for someone in her age range. Believe it or not, many "average Americans" ARE smart and started contributing to their retirement at a young age. A former employee of mine, earning $65K at the time I was her boss, had well over $375K in 401K at the age of 35 because she started contributing to a retirement plan right out of school (even while paying back her student loan) and made sure to take advantage of matching funds as well as ensuring she kept an eye on where they were invested and moving them around accordingly. My brother, a Long Island postal worker with a landscaping business on the side (you don't get more JoeSix Pack than THAT, do you?) has well over half a million in retirement saved at the age of 50. I'm 42 and have about a tenth of that. It's not as uncommon as you think. Just because some people have nothing doesn't mean that everyone like them has nothing. But there's nothing like a good, juicy generalization to get a Dem through the day. Student loans, living in an area with a high cost of living, and a mortgage. I don't understand why the government should help people who, on their own, decided to buy something they couldn't afford in an area that has a high-cost of living? Did the government MAKE them buy there? Link to comment Share on other sites More sharing options...
John Adams Posted October 1, 2008 Share Posted October 1, 2008 But that's not what this thread is about. It's about Palin bullshitting us that she's just like us. She's not. Palin is like a lot of people; just not like you. If she has 100K saved, she is seriously undersaved for her age and not as prepared for retirement as she should be. Any online retirement calculator can deliver that news. I have an honest recommendation: The Millionaire Next Door. It changed the way I buy and spend, and I thought I lived pretty modestly before I read that. Link to comment Share on other sites More sharing options...
taterhill Posted October 1, 2008 Share Posted October 1, 2008 You know what I do for a living. I know absolutely how common it is. But I also know that it's not really that difficult either. Let me give you another scenario. Maybe that 25 year old can't save $5,000 a year. Ok, so I hope he can save at least $1,000. He does that for 10 years. At that point he has $14,000 (assuming an 8% return) now he's 35 and married. Between him and his wife if they ramp up the savings to $14,000 per year for 10 years now they have $230,000. Let's say they just keep that up until they're 65, now they have $1,750,000 which will generate $105,000 per year of income at 6%. Let's see SS do that. Now maybe you folks will understand why I'm in favor of privatizing SS. keep in mind you live in Cali and this is a Buffalo Bills message board.... Link to comment Share on other sites More sharing options...
Chef Jim Posted October 1, 2008 Share Posted October 1, 2008 keep in mind you live in Cali and this is a Buffalo Bills message board.... And this means what exactly? Link to comment Share on other sites More sharing options...
finknottle Posted October 1, 2008 Share Posted October 1, 2008 Actually I do. But to have lost $20k in the past couple of weeks you either have to have a REALLY BADLY INVESTED portfolio, or you have a lot of money. I've lost well over $20k from my 401k but not in a short time period - I am not invested in any financial stocks and my bond holdings stabilize my investments, a little anyway. But we're not talking about me. I am not a "Joe Six Pack". I am a white-collar worker who is fortunate to make a very good wage. My brother is a Joe Six Pack. He drives a 1992 Ford F150 and lives in a double-wide. Losing $20k would be a big hit for him...if he had it to lose in the first place. I disagree. The market dropped 10% Monday - if you have 200k in something tracking the overall market, that's it right there. I would hardly call that a really badly invested portfolio. And IMO 200k is on the low end for a couple in their mid-40's saving for retirement. Link to comment Share on other sites More sharing options...
Johnny Coli Posted October 1, 2008 Share Posted October 1, 2008 I don't understand why the government should help people who, on their own, decided to buy something they couldn't afford in an area that has a high-cost of living? Did the government MAKE them buy there? People settle in an area, then lose a job. People go back to school later in life, need loans to do it, stay in an area they're familiar with. You make it sound like people shouldn't go back to school, get an education, or try and get by in the area they've settled in. The solution to you is "Fug 'em. Let them move to the sticks." That's a load of crap. Link to comment Share on other sites More sharing options...
finknottle Posted October 1, 2008 Share Posted October 1, 2008 I'm 42 and have about a tenth of that. It's not as uncommon as you think. Great. More people for me to bail out because they chose to spend instead of save. All those years that you've been hearing about the plight of social security, it never occured to you that if *you* don't suck it up for a few years and put away a lot of money now, you'll never have enough to retire on? Or do you have a pension? Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted October 1, 2008 Share Posted October 1, 2008 How long could you live off of it during retirement? Two years. Good luck....America is doomed. BTW you start saving at the age of 25 $5,000 per year in your 401k. At a return of 8% you've got $230,000 in 20 years. It's not that hard folks. Ha!... With my pension annuity... A lot of years! Yes, I hope to have more in my nest egg... But, man... Right now... I would be able to pay off my house mortgage and still have almost a buck 75 (175k left)... Remember... I am just a poor working slob that is luckier than a lot of the people out there... Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted October 1, 2008 Share Posted October 1, 2008 Great. More people for me to bail out because they chose to spend instead of save. All those years that you've been hearing about the plight of social security, it never occured to you that if *you* don't suck it up for a few years and put away a lot of money now, you'll never have enough to retire on? Or do you have a pension? I am 40 and save around 20% of my salary... I save. I don't spend. Link to comment Share on other sites More sharing options...
Chef Jim Posted October 1, 2008 Share Posted October 1, 2008 People settle in an area, then lose a job. People go back to school later in life, need loans to do it, stay in an area they're familiar with. You make it sound like people shouldn't go back to school, get an education, or try and get by in the area they've settled in. The solution to you is "Fug 'em. Let them move to the sticks." That's a load of crap. So what you're saying is that people experience life? And because they experience life they can't properly prepare for the future. Boy, I'm really glad none of that stuff every happened to me, I'd hate to see how little I'd have put aside if those things had. Link to comment Share on other sites More sharing options...
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