Retirement Targets

[BDAL23]

I didn’t start investing until I was 30. I just turned 49 this year. I was 30 with $0 in retirement savings I didn’t start maxing out my 401K until I was 37.
My 401K now has enough for me to retire as I made some very good stock buys. This year I’m up over 40% and 55% in my self directed fund

Also about 6 years ago my company went to a high deductible health insurance plan. We started an HSA and maxed it out as well. My wife and I do not withdraw from this account and invested everything we can. I am amazed at how many people under estimate this benefit

 

[1SEIACLONE]

Not sure I agree, the wealthy are always going to get the better bargain because they have wealth and do not need the extra thousand a month, but how much would that extra money help the average and middle class is the question.

We might find out that after getting a UBI that many poor people decide they have to go out and work instead of living off the government, which has become a problem. People may begin to realize its better to stay together as a couple and get more money than leaving your family and it would also slow down the practice of having another kid to get another check.

You are correct the people hurt the most under a UBI would those already getting a government check, but how much would it help those not receiving one.

 

[Stormin]

Not sure I agree, the wealthy are always going to get the better bargain because they have wealth and do not need the extra thousand a month, but how much would that extra money help the average and middle class is the question.

We might find out that after getting a UBI that many poor people decide they have to go out and work instead of living off the government, which has become a problem. People may begin to realize its better to stay together as a couple and get more money than leaving your family and it would also slow down the practice of having another kid to get another check.

You are correct the people hurt the most under a UBI would those already getting a government check, but how much would it help those not receiving one.

Expand EIC. But why write checks to those who are not poor? Limited pool of money divided by a larger number of people means less for the truly needy. It is math.

 

[BCClone]

Expand EIC. But why write checks to those who are not poor? Limited pool of money divided by a larger number of people means less for the truly needy. It is math.

Do you consider yourself poor?

 

[Stormin]

Do you consider yourself poor?

No. Not rich either. But we need to give help to those with greatest need. Instead of checks to everyone. Expand EIC. Provide free preschool. Subsidized Daycare. Help Families with Children.

 

[BCClone]

No. Not rich either. But we need to give help to those with greatest need. Instead of checks to everyone. Expand EIC. Provide free preschool. Subsidized Daycare. Help Families with Children.

Then maybe they should means test SS and take checks from non poor people like yourself and do that. Seems hypocritical to post what you did.

 

[Stormin]

Then maybe they should means test SS and take checks from non poor people like yourself and do that. Seems hypocritical to post what you did.

I am fine with means testing. Great. Tell HOW that makes me a hypocrite.

 

[BCClone]

I am fine with means testing. Great

Lol, so what’s the difference in giving checks to everyone when you consider those that are wealthy will pay nearly all of it back in taxes and the poor will keep 100% of it?

 

[Stormin]

Lol, so what’s the difference in giving checks to everyone when you consider those that are wealthy will pay nearly all of it back in taxes and the poor will keep 100% of it?

UBI and SS are separate issues. UBI does not eliminate SS. And not writing a check to the wealthy eliminates the hiring of accountants and lawyers to scheme of a way to keep. Don’t write the wealthy a check

 

[BCClone]

UBI and SS are separate issues. UBI does not eliminate SS. And not writing a check to the wealthy eliminates the hiring of accountants and lawyers to scheme of a way to keep. Don’t write the wealthy a check

Not in the discussion here. SS would be eliminated and replaced with UBI. Seems like you are fine helping others as long as it doesn’t affect your check from the govt.

If you pay any amount in income taxes, you are in the top half and wealthy

If you live in Iowa, you pay nothing on retirement income, whereas someone making poverty level wages pays something, so in that instance, you took money from the poor.

 

[1SEIACLONE]

Expand EIC. But why write checks to those who are not poor? Limited pool of money divided by a larger number of people means less for the truly needy. It is math.

They may end up with less income, but for some, living off the government has become a way of life. We need to come up with a solution that forces people that can work to go out and get a job, but does not penalize them for doing so. Currently if they are receiving government aid, by working they lose that benefit, under a UBI, they would not be harmed. I tend to think a lot of those receiving welfare and other payments would work if they are not penalized for doing so.

My wife and I were talking about UBI's this morning, and she said that at a thousand a month we would be getting less than we currently get from SS. I said that is true, but how much better off would be been if we had been getting an extra 2K a month for the past 40 years?
People currently above a certain age could remain on SS, those say 55 and below would be switched over to a UBI. Those on SS now would not receive a UBI, they are getting SS.

 

[BCClone]

They may end up with less income, but for some, living off the government has become a way of life. We need to come up with a solution that forces people that can work to go out and get a job, but does not penalize them for doing so. Currently if they are receiving government aid, by working they lose that benefit, under a UBI, they would not be harmed. I tend to think a lot of those receiving welfare and other payments would work if they are not penalized for doing so.

My wife and I were talking about UBI's this morning, and she said that at a thousand a month we would be getting less than we currently get from SS. I said that is true, but how much better off would be been if we had been getting an extra 2K a month for the past 40 years?
People currently above a certain age could remain on SS, those say 55 and below would be switched over to a UBI. Those on SS now would not receive a UBI, they are getting SS.

Would those 55-67 get? I’m under that group but think they would really be getting the rough end of it.

I’m not sure about all of them going out to work, but at that point you can’t feel sorry for someone who could go to Walmart/McDonalds and get a minimum wage job who chooses not to.

 

[1SEIACLONE]

Would those 55-67 get? I’m under that group but think they would really be getting the rough end of it.

I’m not sure about all of them going out to work, but at that point you can’t feel sorry for someone who could go to Walmart/McDonalds and get a minimum wage job who chooses not to.

I would allow them to keep SS if they wanted when they retired but not allow them to get the UBI. Have them choose, would you rather start the program at 55 and get the UBI or not, or receive what you would get now under SS when you retire. They would have to run the numbers to see which would be best for them. If currently getting SS, then you do nothing, but keep getting it until you pass but no UBI.

 

[CycloneDaddy]

Then maybe they should means test SS and take checks from non poor people like yourself and do that. Seems hypocritical to post what you did.

Why you want to means test SS when the employee and their employer is funding it? You dont want to means test IPERS and Iowa tax payers are footing 60% of it.

 

[BobTheHawkHater]

Currently 75% in VOO and 25% in their Federal Money Market. I just cant make myself push the 25% into VOO.

I'm looking for a place to park some cash for a while and VMFXX seems like a pretty good option. Just wondering what your thoughts are on this article I randomly found while looking for commentary on VMFXX:
https://www.bondsavvy.com/fixed-income-investments-blog/vmfxx-yield

 

[1SEIACLONE]

Why you want to means test SS when the employee and their employer is funding it? You dont want to means test IPERS and Iowa tax payers are footing 60% of it.

Means testing SS is a silly idea unless you are planning on doing it for those high wage earners making say a million or more in salary.
I do think that IPERS should be capped, like it was before the mid 90's, no sense in someone getting 60% of a 150K a year after they retire, like some supt. will be getting. i would say anything above 100K is capped, that would effect very few people only those bringing down large dollars like university professors or directors level at schools and AEA.

 

[BCClone]

Why you want to means test SS when the employee and their employer is funding it? You dont want to means test IPERS and Iowa tax payers are footing 60% of it.

It was in reference to the poster who talked about those getting a check from the government. Same fail to remember that.

 

[BCClone]

Means testing SS is a silly idea unless you are planning on doing it for those high wage earners making say a million or more in salary.
I do think that IPERS should be capped, like it was before the mid 90's, no sense in someone getting 60% of a 150K a year after they retire, like some supt. will be getting. i would say anything above 100K is capped, that would effect very few people only those bringing down large dollars like university professors or directors level at schools and AEA.

I say base it on the earning over the whole time. No more highest 5 years. I’ve known too many who have gamed it (mostly admins) who have changed jobs years before retirement to get a 50% in a larger school and at retirement they are basically a full salary before they changed jobs. I know a county deputy who did this so it’s not just education doing it.

 

[1SEIACLONE]

I say base it on the earning over the whole time. No more highest 5 years. I’ve known too many who have gamed it (mostly admins) who have changed jobs years before retirement to get a 50% in a larger school and at retirement they are basically a full salary before they changed jobs. I know a county deputy who did this so it’s not just education doing it.

I agree, the state does do a better job of looking out for those trying to game the system. I had a former supt, after he left, tried to do it, and rules were changed because of him. Quite a story about in the Register at the time.

Most teachers do not make enough to really game the system, its the administrators in-charge of the budget that can get a sweet heart deal and increase their wages on paper to get more in retirement. I have known teachers that did take all the extra duty pay and coaching the last 5 years to bump up their retirement take home, but they are at least working to get this bump.

 

[Mr.G.Spot]

UBI and SS are separate issues. UBI does not eliminate SS. And not writing a check to the wealthy eliminates the hiring of accountants and lawyers to scheme of a way to keep. Don’t write the wealthy a check

Define wealthy.