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Please, don't be "that guy"

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Please, don't be "that guy"

Old 05-04-2018, 03:39 PM
  #41  
Typical Buck
 
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I myself prefer 401k or cash plans. I worked in a big steel mill that went bankrupt. I quit today, they wrtie me a check.



There are probably people who get by on miitary pensions, low cost areas and modest lifestyles. But I suspect of the younger people they get a job.
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Old 05-04-2018, 04:53 PM
  #42  
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Phil, I started at 62 as well. I don't regret it the difference isn't all that much. The government wins if you wait till 66 and die prior to that, I won because I took it when it was available. I have been paying SS since I was 15 years old and I wanted to make darn sure I collected.
I have paid into it from being 16 years old before that I couldn't work a job because of the laws here.. I did do odd jobs and the like.. I even blueberry raked even though I had a dislike for that. But my mom raised 6 of us and if you wanted any money you darn well earned it..

The issue with pensions is they die when you die. They only pay out while you're alive. Well, a spouse gets reduced amount but that does with them too. Saving that nest egg in a 401k, IRA, Roth continues to grow during retirement and after you're gone, you get to will it to someone else.
No doubt about the pension plans dying after you and your wife does. But, even when everything else fails they have to maintain a minimum amount for you.. 401k plans have to be moved to an IRA or some other investments if you live to be beyond 70 years old. No option other than to take it all out.. Also there is no real guarantee that the stock markets will be in your favor so invest wisely even if that means some of it doesn't get the percentage you would like. You still want gain from your money even if it is small sometimes. I know some years ago now that some people used to get good yield on bank CDs.. But, I am afraid those days are pretty much over with now..
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Old 05-05-2018, 07:13 AM
  #43  
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Maybe laws changed, but not all that long ago companies did not have to be fully vested. So that put pensions at risk.
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Old 05-05-2018, 05:29 PM
  #44  
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Originally Posted by Phil from Maine View Post
I have paid into it from being 16 years old before that I couldn't work a job because of the laws here.. I did do odd jobs and the like.. I even blueberry raked even though I had a dislike for that. But my mom raised 6 of us and if you wanted any money you darn well earned it..



No doubt about the pension plans dying after you and your wife does. But, even when everything else fails they have to maintain a minimum amount for you.. 401k plans have to be moved to an IRA or some other investments if you live to be beyond 70 years old. No option other than to take it all out.. Also there is no real guarantee that the stock markets will be in your favor so invest wisely even if that means some of it doesn't get the percentage you would like. You still want gain from your money even if it is small sometimes. I know some years ago now that some people used to get good yield on bank CDs.. But, I am afraid those days are pretty much over with now..
Five year stretch in the stock market is + almost 100% of the time.

I've stated this before and will say it again because many here are seniors and enjoying their grandchildren. If you want to to do one thing to change your grand children's lives, set them up with a retirement account. Get them the IRA in good growth mutual funds. It only takes $1000 /year for ever year they are alive and they will retire a multimillionaire. Get them started today and teach them the value of saving and compounding interest. Teach them to avoid debt and they become the master.

Last edited by Fieldmouse; 05-05-2018 at 05:34 PM.
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Old 05-05-2018, 05:39 PM
  #45  
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Originally Posted by flags View Post
Did you take a goofy pill this morning? Have you been drinking or are you really this clueless? Here's a little newsflash: I TEACH NJROTC!!!!!!!!!!!!!! In order to teach that you have to be retired from the military! No "kid or young adult" is able to do what I do! So tell me Genius, just how am I taking a job away from someone who is not qualified to do the job in the first place? Please answer that question!

Very few people can fully retire on a military pension. Most begin working again soon after retiring. That is a simple fact of life. Right now I get $2409 a month Navy pension and I pay taxes out of that. On a pure wage basis that would come to $15 an hr based on 4 work weeks of 40 hrs per week. How many people do you know that fully support their families on $15 an hr and have any sort of quality of life?

You sound like the typical jealous clown crying because someone else made a better plan than you did. I guess you think I should also just give up all the $$$ I paid into SS as well? This is the last idiotic post of your's I will ever reply to. Welcome to "the list" that cannot be mentioned.
Oh no rem 7600, I hope your feelings aren't hurt. He says he won't reply to another of your posts. Congratulations

For some of us, the $15/ hr at retirement after military told us we could do better.

Last edited by Fieldmouse; 05-05-2018 at 05:42 PM.
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Old 05-05-2018, 08:51 PM
  #46  
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FM,

I'm fortunate and proud to say, I'm doing it now and I also did it for my 28 year old. I made a mistake there though... I handed over 25 grand when she turned 25, thinking she'd be grown up enough to invest it or use it responsibly. UHHHH, I learned from that experience! Don't!

Now for my step-daughter, it is going to an account in my name "for now" with an aggressive growth ratio. Compounding interest is a TOOL for which everyone should be familiar.

REM7600

Originally Posted by Fieldmouse View Post
Five year stretch in the stock market is + almost 100% of the time.

I've stated this before and will say it again because many here are seniors and enjoying their grandchildren. If you want to to do one thing to change your grand children's lives, set them up with a retirement account. Get them the IRA in good growth mutual funds. It only takes $1000 /year for ever year they are alive and they will retire a multimillionaire. Get them started today and teach them the value of saving and compounding interest. Teach them to avoid debt and they become the master.
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Old 05-06-2018, 08:12 AM
  #47  
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With respect to CDs and such, I agree with Dave Ramsey, you are not going to retire tomorrow and don't want inflation to outpace your money.
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Old 05-07-2018, 05:39 AM
  #48  
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Originally Posted by Fieldmouse View Post
Five year stretch in the stock market is + almost 100% of the time.

I've stated this before and will say it again because many here are seniors and enjoying their grandchildren. If you want to to do one thing to change your grand children's lives, set them up with a retirement account. Get them the IRA in good growth mutual funds. It only takes $1000 /year for ever year they are alive and they will retire a multimillionaire. Get them started today and teach them the value of saving and compounding interest. Teach them to avoid debt and they become the master.
Make sure you check out any and all laws, earned income will be your first issue but you seem to have a plan by somehow getting them into modeling. Would also need to check into other laws and possibilities. Here is one article that touches on this subject and provides some ideas if you go this route.

http://natalimorris.com/blog/2015/09...rs-should-too/

or this article

https://www.investopedia.com/article...your-child.asp
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Old 05-07-2018, 04:08 PM
  #49  
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I havn't yet, but at some point I will talk to a pro. Though I think you should be able to have an intelligent conversation with and know some stuff yourself.
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Old 05-08-2018, 02:31 AM
  #50  
Dominant Buck
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Originally Posted by olsaltydog View Post
Make sure you check out any and all laws, earned income will be your first issue but you seem to have a plan by somehow getting them into modeling. Would also need to check into other laws and possibilities. Here is one article that touches on this subject and provides some ideas if you go this route.

http://natalimorris.com/blog/2015/09...rs-should-too/

or this article

https://www.investopedia.com/article...your-child.asp
Thanks, that's what I had in mind. We have a business which could easily work in baby pictures into our advertising theme. That would mean earned income and the small amount of taxes now would reap big rewards in the end.
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