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SarasotaRepub
12-25-2011, 06:55 PM
A touching Christmas tale from a DUmmie... (http://www.democraticunderground.com/100267654):rolleyes:




Sat Dec 24, 2011, 01:07 PM
Turbineguy


If I had a half million in my 401K


I'd keep voting for republicans until it was all gone.
Not that this has anything to do with the story...


My teabagger Brother-in-Law got laid off earlier this year. He managed to get a driver job with Fed-Ex. Today is his last day at that job.


We became friends in 1976 which resulted in us becoming BiL's. During the Bush Adminstration we did not discuss politics by unspoken agreement. Since Obama became President we only spoke about him moving to Chile (he didn't) and having medical and dental work done in Mexico. If he has an Epiphany, I'm ready.

It would be a good Christmas for me if his route today takes him in the direction of Damascus.



Maybe a :bounce:? :D

Dan D. Doty
12-25-2011, 07:09 PM
Of course its a bouncy.

Only Moonbats keep telling everyone they'll leave the country if so & so doesn't get elected ( I have yet to see any other group do it). :rolleyes:

And who else but a Moonbat who bitch about the burdon of having half a million dollar ( which they don't have). :rolleyes::rolleyes:

djones520
12-25-2011, 07:31 PM
Of course its a bouncy.

Only Moonbats keep telling everyone they'll leave the country if so & so doesn't get elected ( I have yet to see any other group do it). :rolleyes:

And who else but a Moonbat who bitch about the burdon of having half a million dollar ( which they don't have). :rolleyes::rolleyes:

We've had some here discuss moving to Panama and other places like that. The only one who really jumps to mind though was banned a little while ago.

Starbuck
12-25-2011, 08:48 PM
The Lose - Lose mentality has been well discussed in many books. Sadly, it is alive and doing quit well.

We. Must. Lose!....We. Must. ALL. LOSE!

RobJohnson
12-26-2011, 03:54 AM
A touching Christmas tale from a DUmmie... (http://www.democraticunderground.com/100267654):rolleyes:





Maybe a :bounce:? :D

Silly DUmmy....you need a job to have a 401k :rotfl:

linda22003
12-26-2011, 07:30 AM
If he had a half a million? He says that like it's a lot. :cool:

Starbuck
12-26-2011, 10:45 AM
If he had a half a million? He says that like it's a lot. :cool:
Linda, that is just plain snarky.

$500,000 is more than most people will have. Ever. I know people who have plenty believe it is all their doing, and that they have worked for it, and if others would....etc., etc. Sometimes that's true. But Jeb Bush (for Christ's sake!) described himself as a self-made man, so obviously there is a distortion factor at work among the genetically fortunate.

Paris Hilton says she works hard to be who she is. Which is.....?:confused:

Everyone says they put themselves through college! As if they had no help.:rolleyes:

I know several people who used to have 500K, and have it no longer through no fault of their own. Maybe what you and your husband need is a nice string of real bad luck tied to your ankles to jerk you back down to the land of reality.

No, $500,000 is a lot of money. That's a fact.

Bailey
12-26-2011, 11:46 AM
Linda, that is just plain snarky.

$500,000 is more than most people will have. Ever. I know people who have plenty believe it is all their doing, and that they have worked for it, and if others would....etc., etc. Sometimes that's true. But Jeb Bush (for Christ's sake!) described himself as a self-made man, so obviously there is a distortion factor at work among the genetically fortunate.

Paris Hilton says she works hard to be who she is. Which is.....?:confused:

Everyone says they put themselves through college! As if they had no help.:rolleyes:

I know several people who used to have 500K, and have it no longer through no fault of their own. Maybe what you and your husband need is a nice string of real bad luck tied to your ankles to jerk you back down to the land of reality.

No, $500,000 is a lot of money. That's a fact.

Thank God I am not the only one to notice was a show off she is. Normally I dont wish bad luck on people but for Lindanumbers could use a string of really bad luck that would stamp some of the conceit out of her.

Rockntractor
12-26-2011, 12:41 PM
A half a million where I live would be a lot, but in Washington DC, N.York or any major city in California it might not last long.

marv
12-26-2011, 01:01 PM
Sat Dec 24, 2011, 01:07 PM
Turbineguy

My teabagger Brother-in-Law got laid off earlier this year. He managed to get a driver job with Fed-Ex. Today is his last day at that job.

Probably the driver that tossed the TV over the fence.........:p

Bailey
12-26-2011, 01:41 PM
Probably the driver that tossed the TV over the fence.........:p

I understand people who work in the package areas who are getting laid off due to the hoilday season being over but they dont hire seasonal drivers....I smell bullshit in this story.

linda22003
12-26-2011, 02:23 PM
Linda, that is just plain snarky.

$500,000 is more than most people will have. Ever. I know people who have plenty believe it is all their doing, and that they have worked for it, and if others would....etc., etc. Sometimes that's true. But Jeb Bush (for Christ's sake!) described himself as a self-made man, so obviously there is a distortion factor at work among the genetically fortunate.

Paris Hilton says she works hard to be who she is. Which is.....?:confused:

Everyone says they put themselves through college! As if they had no help.:rolleyes:

I know several people who used to have 500K, and have it no longer through no fault of their own. Maybe what you and your husband need is a nice string of real bad luck tied to your ankles to jerk you back down to the land of reality.

No, $500,000 is a lot of money. That's a fact.

It'd not snarky. It's just a fact. People can be self made and do better than that; the fact is that most start late, or borrow from the accounts, or take money out and pay huge penalties. It takes discipline to see it through. They haven't "lost" anything unless they cashed out when the market was down. As Dave Ramsey says, the only way you can get hurt on a roller coaster is if you jump off.

My parents put me through college because they knew it was an important advantage. It's an expense you have eighteen years to save for, not a sudden emergency. When I see the pathetic stats on what people have saved - or more likely have NOT saved - for the future, I am sorry for them, but $500k is not enough to retire on unless you retire at an advanced age. I'm sorry if the truth sounds "snarky" but that doesn't keep it from being the truth.

Big Guy
12-26-2011, 04:00 PM
It'd not snarky. It's just a fact. People can be self made and do better than that; the fact is that most start late, or borrow from the accounts, or take money out and pay huge penalties. It takes discipline to see it through. They haven't "lost" anything unless they cashed out when the market was down. As Dave Ramsey says, the only way you can get hurt on a roller coaster is if you jump off.

My parents put me through college because they knew it was an important advantage. It's an expense you have eighteen years to save for, not a sudden emergency. When I see the pathetic stats on what people have saved - or more likely have NOT saved - for the future, I am sorry for them, but $500k is not enough to retire on unless you retire at an advanced age. I'm sorry if the truth sounds "snarky" but that doesn't keep it from being the truth.

Linda is correct, I hired a inancial advisor last year. She showed me that for me to retire and maintain my target life style I need $2,000,000.00. Put in prespective $500k is not much for a retirement account. It is a large ammount if it's annual income or a simple savings account.

linda22003
12-26-2011, 05:06 PM
Linda is correct, I hired a inancial advisor last year. She showed me that for me to retire and maintain my target life style I need $2,000,000.00. Put in prespective $500k is not much for a retirement account. It is a large amount if it's annual income or a simple savings account.

Thanks for the endorsement. I was just being honest about it.

linda22003
12-26-2011, 05:08 PM
Thank God I am not the only one to notice was a show off she is. Normally I dont wish bad luck on people but for Lindanumbers could use a string of really bad luck that would stamp some of the conceit out of her.

Well, maybe you'll get your wish and I'll have terminal cancer. Merry Christmas to you, too. If it's a problem money can solve, though, I'll be fine.

Big Guy
12-26-2011, 05:14 PM
Thanks for the endorsement. I was just being honest about it.

You are welcome, I am also a graduate of Financial Peace University. I have been debt free for quite a while now, living like no-one else so I can live like no-one else. :D

linda22003
12-26-2011, 05:18 PM
As I said on the "Resolutions" thread, we were debt free long before we ever heard of Dave Ramsey. We were both raised by parents who were very good investors and savers, and they set a good example.

JB
12-26-2011, 05:44 PM
As I said on the "Resolutions" thread, we were debt free long before we ever heard of Dave Ramsey.But you're DINKs and had your college education paid for.

Most folks don't have that living arrangement or a head start like that.

Bailey
12-26-2011, 05:46 PM
Well, maybe you'll get your wish and I'll have terminal cancer. Merry Christmas to you, too. If it's a problem money can solve, though, I'll be fine.

I know people with more money then you who dont show it off like yourself or act as you do. Your problems money can't fix but you already knew that. Actually if you were less well off you might learn some humility, I doubt it but who knows? So please spare me your rant.

Bailey
12-26-2011, 05:47 PM
As I said on the "Resolutions" thread, we were debt free long before we ever heard of Dave Ramsey. We were both raised by parents who were very good investors and savers, and they set a good example.

And I am sure they didnt give you a red cent for anything you have in life? :confused: :rolleyes:

Starbuck
12-26-2011, 05:52 PM
Linda

It'd not snarky. It's just a fact. People can be self made and do better than that; the fact is that most start late, or borrow from the accounts, or take money out and pay huge penalties. It takes discipline to see it through. They haven't "lost" anything unless they cashed out when the market was down.

My parents put me through college because they knew it was an important advantage. It's an expense you have eighteen years to save for, not a sudden emergency. When I see the pathetic stats on what people have saved - or more likely have NOT saved - for the future, I am sorry for them, but $500k is not enough to retire on unless you retire at an advanced age. I'm sorry if the truth sounds "snarky" but that doesn't keep it from being the truth.

Nonsense, says I. The NASDAQ was at 5000 in 1999. Today it's at 2600. That money is lost. We ain't talking roller coasters here.
The market it down trillions from its high. As I pointed out in another post even Bill Gates has lost 1 billion since his high in '07.
How about the people who lost so much with Bernie Ebbers, Bernie Madoff, Ken Lay, Alan Stanford? They planned, they saved and they could sure use the 500 grand you talk about.

Your comment about your parents illustrates my point about you being genetically fortunate. What if you had had parents who were not quite so visionary? Let me answer that: No one can say where you may have been in other circumstances, or for that matter, even placed back in time about 50 years, before women had meaningful careers and women's educations counted for much. No one can say, not even you.


Linda is correct, I hired a inancial advisor last year. She showed me that for me to retire and maintain my target life style I need $2,000,000.00. Put in prespective $500k is not much for a retirement account. It is a large ammount if it's annual income or a simple savings account.
Financial advisors have been saying that for years. They are wrong. There are many, many people who are happily retired on far less than that.

There are only 6.7 million people - that would be 2% of the population - in the U.S. with liquid assets (that means not counting the house) of more than 1 million, and only 840,000 with assets of more than 5 million. Good for you for wanting to succeed and out perform your peers, but your financial advisor is fulla shit.

Of course, I recognize that you referred to a "target" lifestyle, and I am assuming that you have no experience with that lifestyle just yet. Maybe you'll get there; I hope so. But there will be a component of luck involved - just ask all those ex millionaires referenced above..

But Linda is right about one thing: People do not plan. Depending upon whose statistics you believe somewhere around 1/3 of the U.S. population have a net worth of less than zero. And I suppose we could agree on one thing and that is to a person with a net worth of zero, that 500 grand looks like an awful lot of money. Because it is.

Take someone who got lucky and worked steadily and well, and got his house and cars paid for; maxed out the Social Security income at about 2000/month; retired from a job that paid 2000/month retirement. Would he think his 500K was a lot? Of course he would. And chances are he wouldn't even need it for many years, because in the process of saving for his retirement he learned to live on what was available, not what he dreamed about.

I speak from some experience: I retired last year. I have 10% more money in my IRA than I had in January when I retired, and have no plans to take any out until the IRS makes me at 70 1/2 - that's another 4 years. I keep myself well insured and in good physical condition, and that counts, but the fact is I have no need for 2 million dollars in my IRA. Just because it's something you want, doesn't mean it is something you need.

Big Guy
12-26-2011, 06:12 PM
Linda


Financial advisors have been saying that for years. They are wrong. There are many, many people who are happily retired on far less than that.

There are only 6.7 million people - that would be 2% of the population - in the U.S. with liquid assets (that means not counting the house) of more than 1 million, and only 840,000 with assets of more than 5 million. Good for you for wanting to succeed and out perform your peers, but your financial advisor is fulla shit.

Of course, I recognize that you referred to a "target" lifestyle, and I am assuming that you have no experience with that lifestyle just yet. Maybe you'll get there; I hope so. But there will be a component of luck involved - just ask all those ex millionaires referenced above..

But Linda is right about one thing: People do not plan. Depending upon whose statistics you believe somewhere around 1/3 of the U.S. population have a net worth of less than zero. And I suppose we could agree on one thing and that is to a person with a net worth of zero, that 500 grand looks like an awful lot of money. Because it is.

Take someone who got lucky and worked steadily and well, and got his house and cars paid for; maxed out the Social Security income at about 2000/month; retired from a job that paid 2000/month retirement. Would he think his 500K was a lot? Of course he would. And chances are he wouldn't even need it for many years, because in the process of saving for his retirement he learned to live on what was available, not what he dreamed about.

I speak from some experience: I retired last year. I have 10% more money in my IRA than I had in January when I retired, and have no plans to take any out until the IRS makes me at 70 1/2 - that's another 4 years. I keep myself well insured and in good physical condition, and that counts, but the fact is I have no need for 2 million dollars in my IRA. Just because it's something you want, doesn't mean it is something you need.


I could retire and maintain my current life style with quite a bit less than $500k, that is a fact. My target lifestyle involves quite a bit of travel in a RV (Bus). It also included a Lake house in Northern Michigan for the summers. (That is where I grew up).

You are correct when you assume that I have never experienced the lifestyle I seek in retirement. I choose to live a frugal lifestyle now so I can have a chance (However Slim) to meet my retirement goals. I make sacrifices now so I can retire in luxury. If I die in the process, then my children will have a decent inheritance (If they arent taxed into oblivion). So given the details of my retirement goals, two mil should do it just fine. I will be just fine with less than 1/4 of that, but two mil is my goal.

linda22003
12-26-2011, 06:36 PM
But you're DINKs and had your college education paid for.

Most folks don't have that living arrangement or a head start like that.

That's the decision their families made.

linda22003
12-26-2011, 06:37 PM
I know people with more money then you who dont show it off like yourself or act as you do. Your problems money can't fix but you already knew that. Actually if you were less well off you might learn some humility, I doubt it but who knows? So please spare me your rant.

I don't show it off. We live pretty modestly, in a four bedroom brick house that ought to be paid for by now but isn't. We all state things about our lives here. Humility is not my strong suit, and I don't know why it should be. :)

linda22003
12-26-2011, 06:38 PM
And I am sure they didnt give you a red cent for anything you have in life? :confused: :rolleyes:

I already said they paid for college. They thought parents should do that for children, and planned accordingly.

linda22003
12-26-2011, 06:46 PM
Linda

Nonsense, says I. The NASDAQ was at 5000 in 1999. Today it's at 2600. That money is lost. We ain't talking roller coasters here.
The market it down trillions from its high. As I pointed out in another post even Bill Gates has lost 1 billion since his high in '07.
How about the people who lost so much with Bernie Ebbers, Bernie Madoff, Ken Lay, Alan Stanford? They planned, they saved and they could sure use the 500 grand you talk about.

Then why didn't I lose the same percentages? We moved into cash in '08 and have been going back in gradually.


Your comment about your parents illustrates my point about you being genetically fortunate. What if you had had parents who were not quite so visionary? Let me answer that: No one can say where you may have been in other circumstances, or for that matter, even placed back in time about 50 years, before women had meaningful careers and women's educations counted for much. No one can say, not even you.

Quite right. We're talking about the here and now (although my grandmother graduated from college in 1913 and had a career). People's circumstances vary, and they also make different decisions in life which affect them in their own generation and beyond. As Chris Rock says, "People are always saying 'life is short, life is short.' Well, no it isn't. Life is LONG.... especially if you make bad decisions."

Yes, what would have happened if my parents hadn't been my parents, hadn't been professionals, if I hadn't finished high school, had babies out of wedlock? We'll never know, because those decisions weren't made.


Financial advisors have been saying that for years. They are wrong. There are many, many people who are happily retired on far less than that.

It depends entirely on your vision of retirement. If you want to stay at home all the time in a cheap area of the country/world, great. If you want to continue to travel the way we do, you have to plan accordingly.



But Linda is right about one thing: People do not plan. Depending upon whose statistics you believe somewhere around 1/3 of the U.S. population have a net worth of less than zero. And I suppose we could agree on one thing and that is to a person with a net worth of zero, that 500 grand looks like an awful lot of money. Because it is.

And if they're like the people on DU, they'll think they're entitled to make up for their lack of planning at the expense of those who DID plan. :cool:


I speak from some experience: I retired last year. I have 10% more money in my IRA than I had in January when I retired, and have no plans to take any out until the IRS makes me at 70 1/2 - that's another 4 years. I keep myself well insured and in good physical condition, and that counts, but the fact is I have no need for 2 million dollars in my IRA. Just because it's something you want, doesn't mean it is something you need.

Good for you! Living the way you WANT to in retirement is the goal. I had hoped to retire at 60, now it looks like 62. We'll see.

Bailey
12-26-2011, 06:52 PM
I already said they paid for college. They thought parents should do that for children, and planned accordingly.

Thats all well and good for your DNA donors but how much rougher would life have been if you had to pay for a 4 year degree? (assuming thats all the education you have)

Bailey
12-26-2011, 06:54 PM
I don't show it off. We live pretty modestly, in a four bedroom brick house that ought to be paid for by now but isn't. We all state things about our lives here. Humility is not my strong suit, and I don't know why it should be. :)

Well there you go proving my point yet again :)

JB
12-26-2011, 06:55 PM
That's the decision their families made.That's fine but it's your pretension that puts people off.

A lot of folks would be more than happy with $500k to retire. To them it is a lot. Can they, or do they want to, live like you? Probably not. So when you see someone that believes $500k is a lot of money (for them) perhaps you should practice a bit of humility. Those on here with wealth greater than yours do.

Starbuck
12-26-2011, 10:00 PM
Linda

Then why didn't I lose the same percentages? You got lucky. Or else you knew something that Gates doesn't know.We moved into cash in '08 and have been going back in gradually.See? I beat you; I moved into cash in '07:)

Good for you! Living the way you WANT to in retirement is the goal. I had hoped to retire at 60, now it looks like 62.
GO FOR IT! But just one word; I have known an awful lot of people who planned to retire at age....whatever, but were unable to do so simply because of the cost of health insurance. Seems those who made out best were retirees from the government of one form or another....The rest of us were all too afraid to go uninsured and could not by insurance for one reason or another. Not talking about the cost of insurance; talking about availability.
We'll see.

Starbuck
12-26-2011, 10:05 PM
That's fine but it's your pretension that puts people off.

A lot of folks would be more than happy with $500k to retire. To them it is a lot. Can they, or do they want to, live like you? Probably not. So when you see someone that believes $500k is a lot of money (for them) perhaps you should practice a bit of humility. Those on here with wealth greater than yours do.

Just for the record - and I don't know Linda - I wouldn't live in the DC area no matter how much money I had. If I understand, that is where she lives, and I am pretty sure she wouldn't like my little town. My only issue is the one you addressed, which is, no one should sneer at $500,000. It's a lot of money.

Many people have left California for cheaper pastures after taking $500,000 out of their property prior to '08. and they are doing just fine wherever they went. Unless they bought in Las Vegas.:eek:

Starbuck
12-26-2011, 10:06 PM
....... two mil should do it just fine. I will be just fine with less than 1/4 of that, but two mil is my goal....
Oops, my bad. I misunderstood what you were saying.:o

linda22003
12-27-2011, 09:02 AM
Thats all well and good for your DNA donors but how much rougher would life have been if you had to pay for a 4 year degree? (assuming thats all the education you have)

It is not. I took care of the graduate degree myself (shared half and half with my employer, a university which paid half the tab for any job related degree).
Back when I went to college, at a private university, the tab was about $6K per semester, so it would have been manageable - although paying it would have seemed expensive at the time, no doubt.

linda22003
12-27-2011, 09:05 AM
Starbuck: "GO FOR IT! But just one word; I have known an awful lot of people who planned to retire at age....whatever, but were unable to do so simply because of the cost of health insurance. Seems those who made out best were retirees from the government of one form or another....The rest of us were all too afraid to go uninsured and could not by insurance for one reason or another. Not talking about the cost of insurance; talking about availability."

Fortunately, my employer gives its retirees health insurance on the same basis as current employees.

That's now - we'll see what happens in 2014. :confused:

linda22003
12-27-2011, 09:11 AM
That's fine but it's your pretension that puts people off.

A lot of folks would be more than happy with $500k to retire. To them it is a lot. Can they, or do they want to, live like you? Probably not. So when you see someone that believes $500k is a lot of money (for them) perhaps you should practice a bit of humility. Those on here with wealth greater than yours do.

OK, OK, OK, I'll take your word for it. $500K is plenty.
I'll still make other plans.

Bailey
12-27-2011, 09:30 AM
OK, OK, OK, I'll take your word for it. $500K is plenty.
I'll still make other plans.

Boy his point went right over your head.

linda22003
12-27-2011, 10:05 AM
Boy his point went right over your head.

No it didn't. I just made the only response to it I thought necessary. Happy New Year!

Rockntractor
12-27-2011, 10:51 AM
I can't remember where I buried it all, go to oak tree, five paces to left......crap they are all oak trees!:confused::(

Starbuck
12-27-2011, 11:00 AM
And Happy New Year to everyone!:)

One last point before we give up on this thread:
One of our finest achievements has been our seamless retirement. The transition from working to not-working is difficult enough without worrying about money, so as we approached retirement we continuously adjusted the amount we were living on so that there was no shock, so to speak, when the year came.

I am fairly frugal by nature, so it was easier for me than most. But no matter what your nature, this seamless transition needs to be done. If you do not spend enough while you are working, you will create a "savers mentality" that will work against you when the time comes to retire. And the result will be that you will tend to hunker down forever and never take advantage of the money you have saved, never feeling like you have enough.

If you spend too much during your working years you will create the disaster Linda and others have spoken of. Retirement financial planning is very serious, very important stuff. A lot of things can go wrong when you reach retirement age, and have you finances in order will allow you to deal with the other things that much easier.

Best of Luck!:):)

Starbuck
12-27-2011, 11:02 AM
.....That's now - we'll see what happens in 2014....... :confused:

:)For all those who have been paying attention, Linda just gave away her age.:):D

linda22003
12-27-2011, 11:32 AM
Good recap, Starbuck.
I've never made a secret of my age - I'm 56. My reference to 2014 was about how the healthcare law due to take full effect that year would affect my company's generous health plan.

Retread
12-27-2011, 10:29 PM
Next year and that means having to withdraw 1/26th of all my "tax-protedted" savings; i.e. traditional IRA. I took the cash and have no pension. So.. 3/4 of my net worth is in those funds. That means unca sam intends to try his best to break me.

But.... I've had good fortune and quantities of luck, retired with what is now my medicare backup insurance as part of being a retiree and preparing to pay my house off soon. With no other debts I'll go broke at 97 or higher or leave my one and only grandson some cash, stocks and bonds.

The death panels worry me as I'm living at the hand of medicare with my pacemaker and other problems so I'm depending on the guvmin to see that I'm worth more tax income to them alive than dead. :an:

Starbuck
12-27-2011, 11:44 PM
Next yeear and that means having to withdraw 1/26th of all my "tax-protedted" savings; i.e. traditional IRA............

Is that the rule; 1/26th? Always wondered, but we're not there yet. It'll be OK.

Retread
12-27-2011, 11:55 PM
The year you turn 70.5 it is 1/26, the next year it is 1/25, the next 1/24, etc., etc., ad infinitum... so all traditional (non-roth) IRA's will disappear after 26 years.

Retirement Plans FAQs regarding Required Minimum Distributions (http://http://www.irs.gov/retirement/article/0,,id=96989,00.html)

Retread
12-31-2011, 02:09 PM
I should have checked the paperwork before I opened my mouth.
The IRA Divisors are:
27.4
26.5
25.6
24.7
23.8
22.9
22.0
21.2
20.3
19.5
18.7
17.9
17.1
16.3
etc.
based on your expected lifespan from that point.