A quarter of Americans are expecting to delay their retirement due to rising consumer costs, according to a new study

Sullivan

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A quarter of Americans are expecting to delay their retirement due to rising consumer costs, according to a new study​

Retirement is the final chapter of the American dream. But the dream of the “golden years” is quickly turning into a fairy tale for a growing number of people.

A survey by the American Advisors Group found that more than a third of Americans today feel unprepared or unsure if they are on track for retirement. And nearly a third of seniors say they either plan to work through the age of 70 or never retire, according to a study by BlackRock.

“The United States is definitely facing a retirement crisis,” said Nari Rhee, a director of the retirement security program at the UC Berkeley Labor Center. “If we don’t do anything about it, years down the line you’re going to wind up with a lot more seniors in poverty and reliance on public services.”

The pandemic, a war in Europe, interest rate hikes, as well as fears of a recession have all led to significant turmoil in the market, which have drained retirement savings. But inflation is quickly shaping up to be the most disruptive force.

“If you’re retired and on a fixed income, inflation really, really hurts,” said Rhee. “We’ve come out of decades of historically low-interest inflation to all of a sudden pretty substantial inflation, especially in things that matter to people, which is food and fuel.”

One million dollars in a retirement account just two years ago is worth about $120,000 less when adjusted for inflation, and now, with that financial backdrop, a quarter of Americans say that are expecting to delay their retirement due to rising consumer costs, according to a survey by BMO Harris Bank.

Retirees like Juanita Dykes, a former factory worker living in Rural Retreat, Virginia, say more things are becoming impossible to afford.

“I like a good steak every now and then,” said Dykes. ”[’But] that’s just plumb out of the question, because you can’t afford to buy that. You just have to buy what you merely have to have and then hope that you have enough left to pay your bills.”

 

m.knox

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PaoliLion

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A quarter of Americans are expecting to delay their retirement due to rising consumer costs, according to a new study​

Retirement is the final chapter of the American dream. But the dream of the “golden years” is quickly turning into a fairy tale for a growing number of people.

A survey by the American Advisors Group found that more than a third of Americans today feel unprepared or unsure if they are on track for retirement. And nearly a third of seniors say they either plan to work through the age of 70 or never retire, according to a study by BlackRock.

“The United States is definitely facing a retirement crisis,” said Nari Rhee, a director of the retirement security program at the UC Berkeley Labor Center. “If we don’t do anything about it, years down the line you’re going to wind up with a lot more seniors in poverty and reliance on public services.”

The pandemic, a war in Europe, interest rate hikes, as well as fears of a recession have all led to significant turmoil in the market, which have drained retirement savings. But inflation is quickly shaping up to be the most disruptive force.

“If you’re retired and on a fixed income, inflation really, really hurts,” said Rhee. “We’ve come out of decades of historically low-interest inflation to all of a sudden pretty substantial inflation, especially in things that matter to people, which is food and fuel.”

One million dollars in a retirement account just two years ago is worth about $120,000 less when adjusted for inflation, and now, with that financial backdrop, a quarter of Americans say that are expecting to delay their retirement due to rising consumer costs, according to a survey by BMO Harris Bank.

Retirees like Juanita Dykes, a former factory worker living in Rural Retreat, Virginia, say more things are becoming impossible to afford.

“I like a good steak every now and then,” said Dykes. ”[’But] that’s just plumb out of the question, because you can’t afford to buy that. You just have to buy what you merely have to have and then hope that you have enough left to pay your bills.”


Weren’t you folks pushing hard for everyone to “get back to work”, now you’re whining about boomers delaying retirement?

WTF
 

RoyalT12

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Dec 3, 2020
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A quarter of Americans are expecting to delay their retirement due to rising consumer costs, according to a new study​

Retirement is the final chapter of the American dream. But the dream of the “golden years” is quickly turning into a fairy tale for a growing number of people.

A survey by the American Advisors Group found that more than a third of Americans today feel unprepared or unsure if they are on track for retirement. And nearly a third of seniors say they either plan to work through the age of 70 or never retire, according to a study by BlackRock.

“The United States is definitely facing a retirement crisis,” said Nari Rhee, a director of the retirement security program at the UC Berkeley Labor Center. “If we don’t do anything about it, years down the line you’re going to wind up with a lot more seniors in poverty and reliance on public services.”

The pandemic, a war in Europe, interest rate hikes, as well as fears of a recession have all led to significant turmoil in the market, which have drained retirement savings. But inflation is quickly shaping up to be the most disruptive force.

“If you’re retired and on a fixed income, inflation really, really hurts,” said Rhee. “We’ve come out of decades of historically low-interest inflation to all of a sudden pretty substantial inflation, especially in things that matter to people, which is food and fuel.”

One million dollars in a retirement account just two years ago is worth about $120,000 less when adjusted for inflation, and now, with that financial backdrop, a quarter of Americans say that are expecting to delay their retirement due to rising consumer costs, according to a survey by BMO Harris Bank.

Retirees like Juanita Dykes, a former factory worker living in Rural Retreat, Virginia, say more things are becoming impossible to afford.

“I like a good steak every now and then,” said Dykes. ”[’But] that’s just plumb out of the question, because you can’t afford to buy that. You just have to buy what you merely have to have and then hope that you have enough left to pay your bills.”

Good article that points out why prices are what they are . The global impacts have been tough on every country. It is a shame Republicans keep voting against measures to stop price gauging by the gas producers and big pharma/ the whores only care about their financial supporters and not the American people. I’m not sure how any average American thinks the Republican Party will ever do anything for them . It is a great con. That’s what they are good at. Thanks for posting this article.
 

Sullivan

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Nov 24, 2001
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Good article that points out why prices are what they are . The global impacts have been tough on every country. It is a shame Republicans keep voting against measures to stop price gauging by the gas producers and big pharma/ the whores only care about their financial supporters and not the American people. I’m not sure how any average American thinks the Republican Party will ever do anything for them . It is a great con. That’s what they are good at. Thanks for posting this article.

You must have missed the CPI this morning. Excluding food and energy, inflation is up 6.6%. A 40-year high.

Boom...
 

RoyalT12

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Dec 3, 2020
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You must have missed the CPI this morning. Excluding food and energy, inflation is up 6.6%. A 40-year high.

Boom...
No I didn’t miss it/ it’s very high , as I said the world is dealing with this due to world wide issues. And sadly Republicans offer no solutions and vote against measures to stop price gauging. And it’s weird how excited you seem to be about bad news for the country. Republicans seem to only care about power and politics and not the American people/ really disgraceful don’t you think?
 

LioninHouston

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Dec 12, 2005
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No I didn’t miss it/ it’s very high , as I said the world is dealing with this due to world wide issues. And sadly Republicans offer no solutions and vote against measures to stop price gauging. And it’s weird how excited you seem to be about bad news for the country. Republicans seem to only care about power and politics and not the American people/ really disgraceful don’t you think?
You may not have heard this, but Biden sucks. He is brain dead. Obama warned everyone, but you radicals didn’t listen. Did you hear Biden say his son died in Iraq? He is asleep at the wheel! So are you.
 

rutgersdave

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Jan 23, 2004
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How many on this board are retired? I suspect most since so many post continually during working hours. Are they hurt from the stock market decline?
 

Online Persona

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No I didn’t miss it/ it’s very high , as I said the world is dealing with this due to world wide issues. And sadly Republicans offer no solutions and vote against measures to stop price gauging. And it’s weird how excited you seem to be about bad news for the country. Republicans seem to only care about power and politics and not the American people/ really disgraceful don’t you think?
The biggest worldwide issue is liberal policies. You democrats want to use the economic problems elsewhere to not take any responsibility for destroying our economy.

But it is a horrible argument to say democrats aren't at fault for our economy failing because the EU and other places are doing really poorly as a result of years of liberal policies there. And- because liberal policies are failing everywhere and it's not just the US, we should vote for more of those failing policies.
 
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pioneerlion83

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SouthernMD, by way of NJ and PSU
I am in CSRS, and the COLA announced today works for me, as it does for those already on Social Security. Its good that our Senior Citizens have a COLA to help supplement rising costs due to inflation. Its not a cure-all, but it helps.

Pension w/ COLA >>>> pure stock/IRA/etc.-based retirement plans. And the key to the defined benefit retirement plan (Gov or private) is to retire, and let the benefits of the retirement plan + pension + COLA kick in. I retired from Federal Civil Service back in 2016, and it was a good decision.

I get that "saving for retirement" vs. defined pensions is now more dominant, but that only works if the financial investments pay off and are not volatile and subject to sudden declines. Stock market is always volatile, and the bull market of the past 10 years was due for correction, in addition to the effects of the pandemic and Great Resignation. And obviously returns are not guaranteed, so using the stock market as "savings"s can be dubious.

For me my stock portfolio is a supplement to my CSRS pension, not a the other way around. And I live within the means provided by my CSRS pension.
 
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rutgersdave

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Jan 23, 2004
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I am in CSRS, and the COLA announced today works for me, as it does for those already on Social Security. Its good that our Senior Citizens have a COLA to help supplement rising costs due to inflation. Its not a cure-all, but it helps.

Pension w/ COLA >>>> pure stock/IRA/etc.-based retirement plans. And the key to the defined benefit retirement plan (Gov or private) is to retire, and let the benefits of the retirement plan + pension + COLA kick in. I retired from Federal Civil Service back in 2016, and it was a good decision.

I get that "saving for retirement" vs. defined pensions is now more dominant, but that only works if the financial investments pay off and are not volatile and subject to sudden declines. Stock market is always volatile, and the bull market of the past 10 years was due for correction, in addition to the effects of the pandemic and Great Resignation. And obviously returns are not guaranteed, so using the stock market as "savings"s can be dubious.

For me my stock portfolio is a supplement to my CSRS pension, not a the other way around. And I live within the means provided by my CSRS pension.
Your pension also has COLA? Do all federal pension have COLA.
 

rutgersdave

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Jan 23, 2004
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There are so few Americans that had enough assets to retire so 50% between 30-50 years old will work forever. They never saved properly. In my family, my parents saved for their kids and provided us a cushion, a few millions, if we didn’t save enough. My siblings and I have saved a few millions for the next generation. In the future, the middle class will not be able to retire unless their previous generation saved for them. The standard of living in the US is changing for the worst.

When companies started eliminating defined pension plans and replaced them with 401k was the start of eliminating retirement. Luckily, my generation still have a company pension.
 
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m.knox

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I am in CSRS, and the COLA announced today works for me, as it does for those already on Social Security. Its good that our Senior Citizens have a COLA to help supplement rising costs due to inflation. Its not a cure-all, but it helps.

Pension w/ COLA >>>> pure stock/IRA/etc.-based retirement plans. And the key to the defined benefit retirement plan (Gov or private) is to retire, and let the benefits of the retirement plan + pension + COLA kick in. I retired from Federal Civil Service back in 2016, and it was a good decision.

I get that "saving for retirement" vs. defined pensions is now more dominant, but that only works if the financial investments pay off and are not volatile and subject to sudden declines. Stock market is always volatile, and the bull market of the past 10 years was due for correction, in addition to the effects of the pandemic and Great Resignation. And obviously returns are not guaranteed, so using the stock market as "savings"s can be dubious.

For me my stock portfolio is a supplement to my CSRS pension, not a the other way around. And I live within the means provided by my CSRS pension.

I wish working for the government had the same effect on you as it did Thomas Sowell. He was a Marxist going in and conservative coming out.....
 
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m.knox

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The standard of living in the US is changing for the worst.

When companies started eliminating defined pension plans and replaced them with 401k was the start of eliminating retirement. Luckily, my generation still have a company pension.

Courtesy of the democratic party.
 

bdgan

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May 29, 2008
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Pension w/ COLA >>>> pure stock/IRA/etc.-based retirement plans.
SS is a ponzi scheme that is putting the screws to future generations. Your CSRSC pension is invested in stocks that you think are too volatile.

Here's the DOW over a 35 year career that started in 1985 and ended in 2020. This period includes many recessions including Black Monday, the .com bubble, and the mortgage crisis. In 1985 the Dow closed near 1,500 and in 2020 it closed near 30,000. Put that into a compound annual growth calculator and let me know how the returns compare to a government subsidized plan.
 

Sullivan

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There are so few Americans that had enough assets to retire so 50% between 30-50 years old will work forever. They never saved properly. In my family, my parents saved for their kids and provided us a cushion, a few millions, if we didn’t save enough. My siblings and I have saved a few millions for the next generation. In the future, the middle class will not be able to retire unless their previous generation saved for them. The standard of living in the US is changing for the worst.

When companies started eliminating defined pension plans and replaced them with 401k was the start of eliminating retirement. Luckily, my generation still have a company pension.

Sadly, a few million isn't what it used to be.
 

bdgan

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When companies started eliminating defined pension plans and replaced them with 401k was the start of eliminating reretirement.
You should try doing the math. 10% of a salary enhanced by a company kicking in another 4%. Invest that in a broad market index for 35 years and tell me what you wind up with.
 
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pioneerlion83

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SS is a ponzi scheme that is putting the screws to future generations. Your CSRSC pension is invested in stocks that you think are too volatile.

Here's the DOW over a 35 year career that started in 1985 and ended in 2020. This period includes many recessions including Black Monday, the .com bubble, and the mortgage crisis. In 1985 the Dow closed near 1,500 and in 2020 it closed near 30,000. Put that into a compound annual growth calculator and let me know how the returns compare to a government subsidized plan.
Actually, CSRS does not invest directly in securities. It is funded by a 7.5% contribution from existing CSRS employees (<4% of Fed employees), and receives an annual supplement from the Dept of Treasury. Gov't CSRS fund managers may invest in Treasury issued bonds/t-bills and other Fed Gov backed securities, but not in stocks.

You might be thinking of the Thrift Savings Plan, which FERS participants contribute to and invest in. Remaining CSRS Feds (who have not yet retired) also can invest in TSP, but without the Fed matching that FERS participants enjoy. FERS covered employees receive a limited pension (up to 40% (for most Fed employees) of high 3 avg pay, plus the TSP savings/investments. I paid into TSP in my latter years of Fed Service, but its pretty small...might someday pay for some of the needed new windows in my home, but that's about it. And I'm still years away from drawing any funds from it.

The market has done well, but doing well is a relative thing for those that haven't yet drawn those gains, or have seen stock gains disappear. Gains are not guaranteed, and depend greatly on timing of when one buys/contributes and when they sell/take out. Given the volatility of the stock market, putting all of one's "savings" into stocks is not IMHO a sound diversified retirement plan. And for many people in the workforce, stock based "savings" are the only alternatives available.
 

pioneerlion83

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SouthernMD, by way of NJ and PSU
You should try doing the math. 10% of a salary enhanced by a company kicking in another 4%. Invest that in a broad market index for 35 years and tell me what you wind up with.
Less than what I receive now on an annualized basis from CSRS, and much less than the total I will receive based on my expected life expectancy of at least 20+ more years. And its guaranteed, and along with portions of health care, vision care, and dental benefits being paid for.

I've done the math.
 

RoyalT12

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Dec 3, 2020
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The biggest worldwide issue is liberal policies. You democrats want to use the economic problems elsewhere to not take any responsibility for destroying our economy.

But it is a horrible argument to say democrats aren't at fault for our economy failing because the EU and other places are doing really poorly as a result of years of liberal policies there. And- because liberal policies are failing everywhere and it's not just the US, we should vote for more of those failing policies.
The pandemic and Russian invasion have no impact- don’t be ridiculous.
 
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rutgersdave

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You should try doing the math. 10% of a salary enhanced by a company kicking in another 4%. Invest that in a broad market index for 35 years and tell me what you wind up with.
I have a 401k and defined pension. Why is everybody complaining about the stock market if it’s so easy? I was smart enough to move to cash in February when they mention they were increasing interest rates.

you must believe in the buy and hold that everyone was told when they started investing. I think for myself and move in and out when I think it’s right. OUT IN 2008 also and retired in 2009 at 53.
 

bdgan

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I have a 401k and defined pension. Why is everybody complaining about the stock market if it’s so easy? I was smart enough to move to cash in February when they mention they were increasing interest rates.

you must believe in the buy and hold that everyone was told when they started investing. I think for myself and move in and out when I think it’s right. OUT IN 2008 also and retired in 2009 at 53.
It's great that you were able to retire at age 53 but that's not the point.

While I agree that stocks tend to do better during periods of declining rates I also think it's very difficult to time the market. The best part is you don't have to. Pick virtually any 35 year period and you come out way ahead.
 
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rumble_lion

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A quarter of Americans are expecting to delay their retirement due to rising consumer costs, according to a new study​

Retirement is the final chapter of the American dream. But the dream of the “golden years” is quickly turning into a fairy tale for a growing number of people.

A survey by the American Advisors Group found that more than a third of Americans today feel unprepared or unsure if they are on track for retirement. And nearly a third of seniors say they either plan to work through the age of 70 or never retire, according to a study by BlackRock.

“The United States is definitely facing a retirement crisis,” said Nari Rhee, a director of the retirement security program at the UC Berkeley Labor Center. “If we don’t do anything about it, years down the line you’re going to wind up with a lot more seniors in poverty and reliance on public services.”

The pandemic, a war in Europe, interest rate hikes, as well as fears of a recession have all led to significant turmoil in the market, which have drained retirement savings. But inflation is quickly shaping up to be the most disruptive force.

“If you’re retired and on a fixed income, inflation really, really hurts,” said Rhee. “We’ve come out of decades of historically low-interest inflation to all of a sudden pretty substantial inflation, especially in things that matter to people, which is food and fuel.”

One million dollars in a retirement account just two years ago is worth about $120,000 less when adjusted for inflation, and now, with that financial backdrop, a quarter of Americans say that are expecting to delay their retirement due to rising consumer costs, according to a survey by BMO Harris Bank.

Retirees like Juanita Dykes, a former factory worker living in Rural Retreat, Virginia, say more things are becoming impossible to afford.

“I like a good steak every now and then,” said Dykes. ”[’But] that’s just plumb out of the question, because you can’t afford to buy that. You just have to buy what you merely have to have and then hope that you have enough left to pay your bills.”


Wages are not going up as fast as inflation. It appears inflation is not being driven by increases in wages.
 

We_Are

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May 29, 2001
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A quarter of Americans are expecting to delay their retirement due to rising consumer costs, according to a new study​

Retirement is the final chapter of the American dream. But the dream of the “golden years” is quickly turning into a fairy tale for a growing number of people.

A survey by the American Advisors Group found that more than a third of Americans today feel unprepared or unsure if they are on track for retirement. And nearly a third of seniors say they either plan to work through the age of 70 or never retire, according to a study by BlackRock.

“The United States is definitely facing a retirement crisis,” said Nari Rhee, a director of the retirement security program at the UC Berkeley Labor Center. “If we don’t do anything about it, years down the line you’re going to wind up with a lot more seniors in poverty and reliance on public services.”

The pandemic, a war in Europe, interest rate hikes, as well as fears of a recession have all led to significant turmoil in the market, which have drained retirement savings. But inflation is quickly shaping up to be the most disruptive force.

“If you’re retired and on a fixed income, inflation really, really hurts,” said Rhee. “We’ve come out of decades of historically low-interest inflation to all of a sudden pretty substantial inflation, especially in things that matter to people, which is food and fuel.”

One million dollars in a retirement account just two years ago is worth about $120,000 less when adjusted for inflation, and now, with that financial backdrop, a quarter of Americans say that are expecting to delay their retirement due to rising consumer costs, according to a survey by BMO Harris Bank.

Retirees like Juanita Dykes, a former factory worker living in Rural Retreat, Virginia, say more things are becoming impossible to afford.

“I like a good steak every now and then,” said Dykes. ”[’But] that’s just plumb out of the question, because you can’t afford to buy that. You just have to buy what you merely have to have and then hope that you have enough left to pay your bills.”

As Joe Biden would say..."two words"...build back better!...lulz
 

rutgersdave

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Jan 23, 2004
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It's great that you were able to retire at age 53 but that's not the point.

While I agree that stocks tend to do better during periods of declining rates I also think it's very difficult to time the market. The best part is you don't have to. Pick virtually any 35 year period and you come out way ahead.
I think you have to have a decent income to be able to take advantage of the matching 401k. Households making about 50-60k probably have a difficult time saving anything in a 401k or not enough to really retire at any time. That’s why 50% shouldn’t even think about retirement.

I agree that generally the buy and hold for S&P funds over the long haul is a good investment and most people can not time the market. However, I deviated from the rules of investing and that’s the only way I could retire early.
 

Sullivan

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Nov 24, 2001
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I think you have to have a decent income to be able to take advantage of the matching 401k. Households making about 50-60k probably have a difficult time saving anything in a 401k or not enough to really retire at any time. That’s why 50% shouldn’t even think about retirement.

I agree that generally the buy and hold for S&P funds over the long haul is a good investment and most people can not time the market. However, I deviated from the rules of investing and that’s the only way I could retire early.

NJ— you didn’t retire early. You were fired😆
 

Gnat91

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Dec 28, 2016
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Jacksonville FL.
I’m not. I still hold the same thoughts as I did when I left the military. For you guy’s that have served, I’m sure you know what TAP class is. Sitting through TAP our instructor basically told us we’ll never get a civ job, no one respects vets, we have no skills that would transfer over… dude was trying to scare us into staying in…. Anyway, I told my instructor that I would rather live in a cardboard box under a bridge than put up with this bullshit anymore. And I still hold that same attitude today.
 
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bdgan

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I think you have to have a decent income to be able to take advantage of the matching 401k. Households making about 50-60k probably have a difficult time saving anything in a 401k or not enough to really retire at any time. That’s why 50% shouldn’t even think about retirement.

I agree that generally the buy and hold for S&P funds over the long haul is a good investment and most people can not time the market. However, I deviated from the rules of investing and that’s the only way I could retire early.
SS wouldn't even be necessary if people acted responsibly and saved. Unfortunately many don't. It's even more unfortunate that the government spent the employees forced savings instead of investing it on their behalf.

I disagree that you have to make a lot if money for a 401k plan to work. It just takes discipline. If you make $60k learn to live on $55k. The employer will kick in $2.5k for a total of $7.5k. $7.5k for 30+ years at a 9.5% annual return will create a great supplement to SS.
 

pioneerlion83

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May 29, 2001
15,441
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SouthernMD, by way of NJ and PSU
No you haven't, at least not correctly.

Now let's add the fact that CSRS has a large unfunded liability that has become a burden on current and future taxpayers.
Its funded. Taken care of every year. Just like social security is always funded.
According to the most recent Congressional Research Service Report on CSRS, the following should be noted in lieu of your "claim":
"Income and Expenditures of the Civil Service Retirement and Disability Fund The CSRDF began FY2018 with a balance of $897.7 billion. By law, these assets are invested in special-issue U.S. Treasury bonds. The balance of the trust fund represents budget authority available to pay benefits under both CSRS and FERS. The fund’s end-of-FY2018 balance of Federal Employees’ Retirement System: Summary of Recent Trends Congressional Research Service 11 $915.3 billion was more than 10 times the value of the CSRS and FERS annuities paid from the fund that year. "
And, the number of CSRS annuitants keeps decreasing every year. So just keep paying your taxes, Slick. And stop with your Grover Norquist propaganda bull shit. CSRS is well taken care of.
You really should stop opining with BS alt-right-anti-tax-knuckle-head talking points, on things you know absolutely not a ****ing thing about. I suppose you like Rick Scott's plan to gut social security, by continuing to fool people into thinking "we'll never see the money" with bullshit scare tactics.
 
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pioneerlion83

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May 29, 2001
15,441
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SouthernMD, by way of NJ and PSU
yeah the very last people in csrs are like 75 years old now

weird to be bringing that up at this point in time
There are people younger than 75 in CSRS. I am in it at age 61, due to starting by Federal Service in 1983, 6 months before the Jan 1 1984 switchover to FERS. So, there hasn't been anyone new paying into in CSRS for almost 40 years. I was one of the last ones in. And the number of CSRS annuitants is getting smaller every year, and the FERS annuitants are starting to climb, and the individual pension annuity liability with FERS is less than CSRS.

But lots of people like to blab about "unfunded liabilities" like it actually is a thing. The Fed Government and Congress, and the Treasury know what they are doing, so long as people don't **** with it. But there are many people don't know what they are ****ing talking about. Just trying to divert and obstruct and lie, just to hear themselves talk.
 
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