Comments for My Budget 360 http://www.mybudget360.com Thu, 20 Aug 2015 16:27:37 +0000 hourly 1 http://wordpress.org/?v=4.2.4 Comment on Get used to the idea that you will never retire: GAO report shows that half of Americans 55 and older have no retirement savings at all. by Super Creepy Jon http://www.mybudget360.com/retirement-savings-55-and-older-gao-report-pensions-half-americans-no-savings/#comment-394720 Thu, 20 Aug 2015 16:27:37 +0000 http://www.mybudget360.com/?p=6360#comment-394720 Yet another assault on defined contribution retirement plans. Pray tell what is your solution?

Defined benefit pensions through the workplace? Well they have the exact same problems you describe for 401k’s don’t they? Except that even a responsible business owner who sets up the plan and makes regular and actuarially sound contributions can find themselves in the ZIRP NIRP environment sudddenly faced with an underfunded plan. Then they have to pay for these promises out of current cash flow cutting the amounts they can use for Capex.

Or perhaps you rather let the good old government do it. No brochures, no sunny beaches there. They will absolutely take care of you in your old age . . . look at the giant TrustFund they have. Full of IOU’s.

Maybe 401ks won’t work but they are order of magnitudes better than your precious defined benefit models.

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Comment on Get used to the idea that you will never retire: GAO report shows that half of Americans 55 and older have no retirement savings at all. by Dennis Roubal http://www.mybudget360.com/retirement-savings-55-and-older-gao-report-pensions-half-americans-no-savings/#comment-394654 Wed, 19 Aug 2015 21:42:08 +0000 http://www.mybudget360.com/?p=6360#comment-394654 Everyone I know that invested year-in and year-out is a millionaire.
The biggest problem is that most people just don’t invest. Probably because they came from families that did not invest.

Starting at 50 is too late, you have to have the saving-investing gene I guess.

Problems in particular markets, like high yield bonds, or gold or diamonds (I know someone who lost a lot in diamonds) should not have resulted in major loss of wealth. These people were speculating in investments they did not understand. If they just invested in the S&P 500 for 30 or 40 years they did well.

That may not be as effective in the future. Globalization has changed everything.

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Comment on Get used to the idea that you will never retire: GAO report shows that half of Americans 55 and older have no retirement savings at all. by Mr. Z http://www.mybudget360.com/retirement-savings-55-and-older-gao-report-pensions-half-americans-no-savings/#comment-394619 Wed, 19 Aug 2015 13:26:38 +0000 http://www.mybudget360.com/?p=6360#comment-394619 I’m the owner of a 2nd generation Mom & Pop shop. Our retirement policy is you retire at age 82. Suck it up buttercup.

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Comment on Get used to the idea that you will never retire: GAO report shows that half of Americans 55 and older have no retirement savings at all. by wkevinw http://www.mybudget360.com/retirement-savings-55-and-older-gao-report-pensions-half-americans-no-savings/#comment-394618 Wed, 19 Aug 2015 12:54:58 +0000 http://www.mybudget360.com/?p=6360#comment-394618 I always have a mixed view of this.

Basically, I do think retirement is a luxury, and a recent luxury at that. So, working in retirement is not such a terrible idea. I wish everybody was rich, but that’s not a reality of economics. Please note that if you are a US citizen, most of the time, your worst day at work is better than about 75% of the rest of the world’s best day.

Enjoy what you have in the US; it’s not that good, unless you compare it to everywhere else.

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Comment on Get used to the idea that you will never retire: GAO report shows that half of Americans 55 and older have no retirement savings at all. by WW http://www.mybudget360.com/retirement-savings-55-and-older-gao-report-pensions-half-americans-no-savings/#comment-394601 Wed, 19 Aug 2015 07:36:05 +0000 http://www.mybudget360.com/?p=6360#comment-394601 Build a small cabin on a piece of junk land and start a mini urban farm. That way you will have a roof overhead and food.

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