Liberal Forum

Fuelman » 17 Aug 2023, 4:42 pm » wrote: ↑

17 Aug 2023, 4:42 pm

That may very well be the case but why are they finding out so late in life?

There is the flip side to this, **** happens! There are so many things that can and do go wrong that financially wipe people out, and just plain bad luck.

because people are dumb...live for today and who gives a **** about tomorrow...the gubment will take care of me....

i do agree with your second statement...luck of the draw I guess....

Fuelman » 17 Aug 2023, 4:36 pm » wrote: ↑

17 Aug 2023, 4:36 pm

I've looked at dozens of articles on the subject. Most government numbers put the average in the $250-290k range. Some of the large investment companies, Schwab, Fidelity, etc. Have published averages in the $400-450k range.

Again, these numbers are just one line item of retirement plans people use. There are still people who haven't saved a lot but still managed to generate a pretty decent income outside of a 401k, IRA.

You have to admit though, those median numbers are not good

they aren't...between my SSI, a small pension and dividends from my 401k as a supplement, my income is more than when I was working without the bills...life is good...

ROG62 » 17 Aug 2023, 6:43 pm » wrote: ↑

17 Aug 2023, 6:43 pm

they aren't...between my SSI, a small pension and dividends from my 401k as a supplement, my income is more than when I was working without the bills...life is good...

Congratulations, getting to that point of debt free is a significant milestone. Medical debt, mortgage debt, school loan debt, car debt, it all puts a damper on retirement.

I just started getting S.S. at 62 and have been getting a pension for the last 12 years. The wife is still working part time (I don't know if she will ever stop working) with full time benefits. Couple of more years till she is 62. Healthcare can be quite expensive when trying to bale early from society. Barring any future disaster, we shouldn't have to withdraw any funds from retirement accounts till RMD age, another decade plus.

So two guys on the Internet managed to survive and it turned out ok, there are millions of households out there where the story didn't end the same.
 

The markets are struggling this week!
How much you think this guy is ahead with $1.6 billion in Puts?
 

Fuelman » 18 Aug 2023, 9:41 am » wrote: ↑

18 Aug 2023, 9:41 am

Congratulations, getting to that point of debt free is a significant milestone. Medical debt, mortgage debt, school loan debt, car debt, it all puts a damper on retirement.

I just started getting S.S. at 62 and have been getting a pension for the last 12 years. The wife is still working part time (I don't know if she will ever stop working) with full time benefits. Couple of more years till she is 62. Healthcare can be quite expensive when trying to bale early from society. Barring any future disaster, we shouldn't have to withdraw any funds from retirement accounts till RMD age, another decade plus.

So two guys on the Internet managed to survive and it turned out ok, there are millions of households out there where the story didn't end the same.

Finances isn't rocket science....but a lot of common sense goes a long way...

bought second (last) house at 33 in '89 for 84,900 / 30 yr @11%....I thought I'll be 63 when paid off and got a pit  in my gut...this was during the "no fee refinance craze"...I started paying extra right away, got statement and all extra monies were going into escrow...WTF? I went round and round with the idiot on the other end for like 30 as he couldn't figure out why I wouldn't want extra in escrow if something happened...  

i ended up refinancing to 9% and had to convince the wife to refinance...she kept asking why until the lady at the bank said we'd save 80k in interest...the wife says, "where do I sign ?"     

refinanced again to 7.5% and went  from 30 to 15 for $75 more per month...I asked for an amortization and they mistakenly sent me one for 10yr @200 more than 30 yr.... I never looked back and paid it off in 12 yrs...

peoeple at work were asking why I was so obsessed in paying it off when the interest was "tax deductible"...
I laughed and asked them why would they like to  give $1000 in interest to the lender to save $200 in taxes...crickets...

SSI is another good one...I did that math and figured out I'd have to live to 84 before I'd start seeing the return in increased monthly benefits of $184...I said screw that and started collecting as soon as possible....

you're correct about insurance...it depends upon if you use it a lot or not...

 I signed up under a Christian based self insurer for less than half of what my ex employer offered it for...

i am by no means a financial wizard nor were we well off...hell, we didn't have a pot to piss in while first married and a "honeymoon baby"...  

it can all be taught in school coupled with some grit and determination...

 

ROG62 » 18 Aug 2023, 4:51 pm » wrote: ↑

18 Aug 2023, 4:51 pm

Finances isn't rocket science....but a lot of common sense goes a long way...

bought second (last) house at 33 in '89 for 84,900 / 30 yr @11%....I thought I'll be 63 when paid off and got a pit  in my gut...this was during the "no fee refinance craze"...I started paying extra right away, got statement and all extra monies were going into escrow...WTF? I went round and round with the idiot on the other end for like 30 as he couldn't figure out why I wouldn't want extra in escrow if something happened...  

i ended up refinancing to 9% and had to convince the wife to refinance...she kept asking why until the lady at the bank said we'd save 80k in interest...the wife says, "where do I sign ?"     

refinanced again to 7.5% and went  from 30 to 15 for $75 more per month...I asked for an amortization and they mistakenly sent me one for 10yr @200 more than 30 yr.... I never looked back and paid it off in 12 yrs...

peoeple at work were asking why I was so obsessed in paying it off when the interest was "tax deductible"...
I laughed and asked them why would they like to  give $1000 in interest to the lender to save $200 in taxes...crickets...

SSI is another good one...I did that math and figured out I'd have to live to 84 before I'd start seeing the return in increased monthly benefits of $184...I said screw that and started collecting as soon as possible....

you're correct about insurance...it depends upon if you use it a lot or not...

 I signed up under a Christian based self insurer for less than half of what my ex employer offered it for...

i am by no means a financial wizard nor were we well off...hell, we didn't have a pot to piss in while first married and a "honeymoon baby"...  

it can all be taught in school coupled with some grit and determination...

There should be more stories on the Internet of people who did it right!
The house being paid for was a relief for us. Have been in the position of carrying a Jumbo loan before, not fun. I intentionally made the house we just built painful, wrote a **** of checks. Banks are not your friend! I read an article today about the number of boomers retiring with another 20 years left on the mortgage. That's a lot of extra pressure.
If only we could bottle common sense!

 

Fuelman » 18 Aug 2023, 5:40 pm » wrote: ↑

18 Aug 2023, 5:40 pm

There should be more stories on the Internet of people who did it right!
The house being paid for was a relief for us. Have been in the position of carrying a Jumbo loan before, not fun. I intentionally made the house we just built painful, wrote a **** of checks. Banks are not your friend! I read an article today about the number of boomers retiring with another 20 years left on the mortgage. That's a lot of extra pressure.
If only we could bottle common sense!

I couldn't imagine having a mortgage being retired...

the nice part is having most of your income as fun money...it's what retirement was meant to be...
 

Fuelman » 17 Aug 2023, 9:58 am » wrote: ↑

17 Aug 2023, 9:58 am

I guess this is one person who doesn't agree with Bidenomics!

https://www.cnn.com/2023/08/15/investin ... index.html
New YorkCNN — Michael Burry, the “Big Short” investor who became famous for correctly predicting the epic collapse of the housing market in 2008r

Most anyone with some functioning brain cells predicted that.

Fuelman » 18 Aug 2023, 9:45 am » wrote: ↑

18 Aug 2023, 9:45 am

The markets are struggling this week!
How much you think this guy is ahead with $1.6 billion in Puts?

Depends on the time duration of the puts and attendant premiums. If they are out of the money the fall may never hit his strike and he may never get ahead. If he bought them in the money the high premium may eat his profit. With puts being a wasting asset, it all depends on how long it takes the market to fall. Burry was way upside down (almost wiped out his fund) before the housing disaster finally put him in the money the last time.

It's easy to see how the global elite would cheer on/help precipitate a crash to generate sufficient fear porn to get dumb gamblers who loose 90% of their retirement betting on greedy Wall Street ****, to be begging for a global reset in which they own nothing except that which the communists/democrats wind up stealing from responsible, conservative, wealth-creators and non-gamblers, and handing to them.

Weirdly, just two nights ago The Big Short came up in our Netflix cue and neither my wife or I remember putting it in there. But we watched it again.
 
 
 

ROG62 » 18 Aug 2023, 5:48 pm » wrote: ↑

18 Aug 2023, 5:48 pm

I couldn't imagine having a mortgage being retired...

the nice part is having most of your income as fun money...it's what retirement was meant to be...

Don't you understand Rog?. Money is all on a computer? They could pull the rug out  from under you in a split second?
Just sayin! and please do not think you are smart enough  to figure these evil clowns out...   you are not!
 

sootedupCyndi » 25 Aug 2023, 1:15 pm » wrote: ↑

25 Aug 2023, 1:15 pm

Don't you understand Rog?. Money is all on a computer? They could pull the rug out  from under you in a split second?
Just sayin! and please do not think you are smart enough  to figure these evil clowns out...   you are not!

but I still don't have a mortgage...besides, who have "they" left above ground? One can die penniless and will still get burnt or buried....

freeman » 25 Aug 2023, 12:25 pm » wrote: ↑

25 Aug 2023, 12:25 pm

Depends on the time duration of the puts and attendant premiums. If they are out of the money the fall may never hit his strike and he may never get ahead. If he bought them in the money the high premium may eat his profit. With puts being a wasting asset, it all depends on how long it takes the market to fall. Burry was way upside down (almost wiped out his fund) before the housing disaster finally put him in the money the last time.

It's easy to see how the global elite would cheer on/help precipitate a crash to generate sufficient fear porn to get dumb gamblers who loose 90% of their retirement betting on greedy Wall Street ****, to be begging for a global reset in which they own nothing except that which the communists/democrats wind up stealing from responsible, conservative, wealth-creators and non-gamblers, and handing to them.

Weirdly, just two nights ago The Big Short came up in our Netflix cue and neither my wife or I remember putting it in there. But we watched it again.

Some reading on Burry and his portfolio and investment style:

https://www.newtraderu.com/2023/08/18/m ... e_vignette