/biz/ - Business & Finance

>>56676678
Just lock your money up and hope it's still there and worth something in 30 years!

At that point in your life with that amount, you might as well cash out and take the tax hit, then proceed to gamble it and hope for the best.

Boomers really did a toll on all of us.

Most of human history people have worked themselves to death. Return to the mean

>>56676678
>>56676693
>>56676695
>>56676705
Not a mutt, but 200k for 20 years aka 10k per year sounds ok, no?
If you have your own house

>>56676678
WTF! Im 54 and have exactly 189,323 in my account. are they fucking with me? maybe im there only mid-50s client?

>>56676678
yep. we knew this 20 years ago. but it's okay:
we're sending millenials and zoomers to war lmao

>>56676727
In mutt land? You can afford about 5 years of gas, potatoes, and utilities with that.

>>56676737
I inherited 400K at 19

>>56676678
>gen X is in their 50's
holy fuck, millennial bros I don't feel so good

>401k
scam
the fact that there's even any money in that shit is way more concerning
total absolute scam

>>56676785
You're retarded. It's just an investment account.

>>56676678
Yep. They got divorced, sold the bottom of the housing crisis, and wasted all of their inheritance on funko pop. Gen X are mentally children.

>>56676793
yes but it's limited at 401K

>>56676678
That's understandable no? 401ks didn't become common until the turn of the century as most jobs paid out a pension

I'd be more concerned about their IRA balance; 401k can be AIDS a lot of the time because it's locked into whatever garbage funds they offer.

>>56676727
Depends what your social security checks look like and if you own your home. Even then things will be pretty tight with healthcare costs, utilities, and food. If you don’t own a house then you’re pretty much fucked, and even then property taxes are an expense that never goes away.

>>56676727
You'd spend half of that on property tax alone for the average house. And that's considering IF you own a home. People who rent are fucked.
Maybe old people can still dip into social security, but will that still be around when Millennials and Zoomers retire?

>>56676678
My dad is almost twice my age but only has twice what I do in his retirement account.

>>56676803
>limited at 401K
kek

>>56676862
>locked into whatever garbage funds they offer
When you leave/retire you can roll them into a brokerage account. I have a couple.

>>56676897
>social security checks
Always planned for SSI to be bankrupt before I could collect.
t. GenX

>>56676737
That's bizarre! I'm 189,323 and have exactly $54 in my account

>>56676678
Joke's on them, thanks to the crash back in 2009 I have about five bucks left in my IRA accounts.

Thank god I bought Bitcoin.

>>56676727
>10k per year
This hasn't been a sustainable annual expenditure the US since the 1970s.

>>56676779
the old ones maybe. most are still in their 40s

>>56676727
You can live absolutely humbly, with zero extras, for 40k in the US, IF you own a home.

You may be able to survive on 30k.

>>56677137
That's nuts, I'm 5.4 and have 189.323 in my account.

>>56677267
>zero extras
That might work for a single dude with no hobbies/family obligations to simply exist. Add any family and grandchildren and watch it double.

>>56677458
The numbers listed are actually pretty unworkable, it's the absolute minimum to exist with a semblance of dignity.

The point is that people act like they can live on 30k - the reality is that it's pretty much rice & beans tier. It literally involves hiding away from society. It also assumes perfect discipline on top of great genetics to avoid health issues and other costs.

>>56677267
>>56677499
What if you move to a country like Mexico or Thailand? 30K a year might give you a good quality of life

>>56676727
i'm not a yuro-Muhammad, but it's not bad anon!

zamn gen x really did just give up didn't they

>>56676727
You can't own a house in muttland. You can rent it from the government but you have to pay every year for it.

>>56676793
>an investment account
no it's a ponzi scheme
they're not buying anything, they're paying old investors
you are a platinum tier clown

>>56678018
You seem deeply confused on what a 401k is.

Millenials have 30 years (7.5 halvenings) to make it

>>56676727
Probably be smarter to put it all on a good 10% yield divvy stock and live off 18k a year. Risky as fuck tho, keep a stop loss in place to sell if it even goes near a price that skims your principal.

>>56676759
in 10 years the fist system won't even exist.

>>56676678
A lot of them took out money during covid to buy houses or pay off their house. Not any better but it is what it is.

>>56676678

401ks don't make sense to me. Why would I lock up my pre-tax money so I can withdraw it later at a lower tax rate than taking the cash now? 1. I plan on making MORE money when I'm older than when I'm younger. My portfolio is gonna clear a million, easy. Those dividends hit like heroin. 2. Tax rates always go up historically anyway so who's to fucking say what the rate is gonna be when I'm 65?
I think I would rather have the flexibility of the cash now and invest as I please.

>>56678779
401ks help prop up the stock market by adding tens of millions of buyers

>>56676678
we're just going to sell our house for a million and move to ecuador where we'll live like gods

or get on SNAP, LEAP, SSI, disability, and every other program around while we do a reverse mortgage and live comfortably right here.

or stay h

>>56676678
Gen X and Millenials should kill themselves already, another generation that sold out.

>>56679773
They also radically fuck up the stock market by adding tens of millions of price-agnostic buyers

>>56678018
He's right retard, those 401k money are a Ponzi scheme, they invest it in degenerate gambling and promise back a return, the problem is that the debt accrued surpasses the gains, therefore your 401k deposits are used to pay old 401k creditors.


You're all fucking stupid, I'm not even American and even i know this.

>>56678138
>good 10% yield

retard

unsustainable

you are gonna lose it all

>>56676678
all they had to do is buy crypto, sad

>>56676779
No shit, anon. Gen X started in the mid 60s and it's already almost the mid 2020s. So they're literally pushing 60 years old now.

Bright side-
When the boomers are gone there'll be less wealth disparity between the generations.

That's a slight silver lining, RIGHT?

>>56677267
I live by myself in a $350k home (technically a condo) in a nice suburb in the PNW and a lot of my expenses are much lower than this. Property tax was only $3.5k this year since it uses the assessed value, not market value. Home insurance, electricity are way less. You don't need full coverage car insurance if you drive a cheap car. If I didn't have a mortgage and expensive hobbies I could live on $30k a year easy.

>>56676759
tf you need gas for if you're retired?

>>56679895
Nigger what the fuck are you talking about. It's just an investment account.

>>56680235
No it's not just 1 investment account, it's hundred of thousands of them with a yield promise on your 401k deposit that has to be met.

If it's not met they take from other 401k deposits, same if the market crashes.

It's the definition of a Ponzi, and all the mongoloids that are putting their money into it will lose it all within this decade

>>56680252
>yield promise on your 401k deposit that has to be met.
No.

>>56680262
Ok let's say the market crashes tomorrow, and stays depressed for 5 years.
What happens to the 401ks?

>>56680267
What happens to any investment account when the market crashes? Your portfolio value goes down. Dumbass.
>what happens to the 401ks
They sit there as normal.

>>56680252
You have literally no idea what you're talking about

>>56680252
You're thinking of a pension. We don't get those anymore.

>>56676678
The MEDIAN boomer only has $200k of retirement savings too.

The average social security retirement check is $1700, can't find the median for that one.

But basically, over half of the boomers are too retarded financially to survive their 22y(m)or 25y(f) of estimated retirement without going into the negative unless social security doubles or triples up.

I'm proud of my dad for reaching the 7 figure mark, yeah he's boomer as fuck and probably developing a thought disorder but he did so much better than a lot of your guys parents.

>>56676727
10k per year?
Haha, money loses it's value by 2 to 6% every year depending on what you do with it
And 10k is very basic, a boomer will spend more than that

>>56676678
already DID.
PAY ME MY MONEY.

>>56677267
You would like a king in a 2nd world country with 40k. Better than living like a poorfag in the usa

I started my job at exxon about 5 years ago, 36 now. Plan to get married in january, will have my house paid off ideally in a few years. Am I going to have enough at this rate to retire?

>>56676678
You have a very skewed perspective on how much money you need to live an average life

>>56676727
don't listen to these neets anon. i worked and went to college while making roughly 15k annually, with maybe 4k max in loans. and that's with me going out and drinking. it's doable. but your gonna have to live really fucking humble

>>56680146
In America? For driving your gigantic truck 25 minutes to the nearest shop

>>56681242
But the shop is 3 minutes away.

>>56681294
Then it's for driving your fat american arse 3 minutes to the nearest shop.

>>56676678
Retire? I will never even work, I'm 33, never wagekeked.

>>56681321
Bro you have a 30 BMI.

>>56681542
I can deadlift your bedridden diabetic dad, mutt

>>56676678
They dont need to retire, they will just have sex like the porn addicted animals they are, and will die to a drug overdose.

>>56681793
>I'm not fat I'm a powerlifter!!
Lmfao

>>56676705
This isn't the case.

>>56677267
>10,000 is 2% of $400,000
anyway thats not how property tax works. $10k would be exorbitant unless your house is $2M in some ultra desirable shithole like LA

>>56676737
you are as average as it gets and it doesn't surprise me you browse 4chan at 50

>>56678779
A lot of employers will match whatever you put in there so it's just kind of a safe investment for people who are too low IQ to invest it themselves

>>56676727
kek. you euros are funny. utilities (gas/electric/water/sewer/trash) on a small home are $350/month. property taxes and property insurance are like $500/month. food for one person is like $350/month. that's $1200/month right there. now add in healthcare costs not covered by medicare, or the costs of maintaining and using a car, or the cost of using a cellphone or internet access.

>>56676727
>sounds ok, no?
Yeah, totally ok bro. Lmao have fun being that 70 year old working at Walmart.

$200k + medicare + social security payments is probably enough for most to live a humble retirement

>>56682048
People invest in 401ks because it's literally free money.

>Company offers 5% match
>You put in 5%
>You've literally doubled your money

Literally nothing is stopping you from investing the other 95% of your money in whatever you want, but you'd be stupid to pass up the free match. You can also invest your 401k in almost whatever you want.

>>56681962

The problem is the cost of modern life. We expect a large house, utilities, a car, expensive healthcare to extend our life as far as possible. That requires a lot of resources. Yes, elderly life was more humble in pre modernity, but they also had far less things. They usually lived with family, subsisted simply, and died to the first serious thing that hit them because medicine was very rudimentary. So if you're fine with living like a hermit and never getting medical help sure you too can live like an old person circa 800 BC.

>>56681853
I don't power lift, but thanks for confirming your dad is a fatty.

>>56682074
What overpriced shit hole do you live in, lol? I'm in PA. My utilities are only that bad in the coldest month or two of winter. In the summer, they're less than half of that. My insurance and property taxes are about $1,700 per year, not $6k like you're calculating. My food bill is probably close to what you're estimating but that's eating grass fed beef and other good stuff.

I FOMOed into intel. Fuck fuck fuck.

>>56676727
I'm pretty frugal and I make it on ~24k/yr. Without a mortgage, I'd be closer to 15k before property tax and house insurance.

I could cut some corners and maybe save 1k or so a year, but when I'm older I think any corners I cut would probably get eaten up by increased health care costs.

But then, I'm putting more than 25%of my income away for when I retire and I'll be getting rental income and a pension too, so I'm not particularly worried.

>>56676678
my dad is rich, has two houses in Miami. He'll definitely retire.
My mom on the other hand

What happens if social security "goes bankrupt" or stops paying out? Wouldn't we be entering mad max territory at that point?

>>56683670
>what happens
Inflation.

>>56683670
How do you figure we'd go "mad max"? I can't see anything but a bunch of old people mooching off their kids and grandkids after refusing to pay into a system that would support them.

You know, the same system they make the grandkids pay into.

>>56683832
As I understand it, inflation tends to be a consequence of too much money chasing too few goods. If all the old people are broke and retired while all the young people are just broke, where does the inflation come from?

>>56676678
i hope they kill themselves

>>56683897
The government is going to inflate the problem away. Default would be worse.

>>56684031
You think the government's solution to a single part of the system being insolvent would be to crash the whole system?

>>56684086
Its just a part of a larger chunk of liabilities that the government has to figure out how to pay down. At $$1.7 Trillion the only realistic way to do that is to inflate it away. And thanks to most home owners locked into fixed rate mortgages its more politically viable to fuck around with monetary policies. I forsee a decade of stagflation.

>>56682019
This. My county has my house valued at $550k and my property tax is $5500.

>>56683897
>old people used to get money from working jobs that produce goods, thus increasing supply of goods and creating no net increase to money since it comes from consumers
>now they retire and live off social security, thus no longer producing goods but still consuming them
>social security does not bring in as much money through payroll taxes as they pay out, so new currency is created to fill the gap
More money circulating , fewer goods being produced. How could this be inflationary?

>>56676678
good, fuck 'em

>>56684388
>How could this NOT be inflationary?
ftfy

>>56683897
>how do you figure we'd go "mad max"?
When a third of the population can't afford to live indoors or eat, and otherwise have nothing to lose, what's going to stop widespread theft, looting, and violence? Most people today don't have families or children, so there will be nobody to take them in

>>56684388
I could see that if everyone retired at once, but the difference between people's fiscal situation means that the exodus from the workforce would probably be slower and more controlled - particularly as the worse the general financial situation becomes, the less likely people Wil be to leave their jobs.

>>56679977
I said put in a stop loss dickhead.

>>56684456
That's assuming people wouldn't do things like adopt the multigenerational households that are so common in other countries. Hell, we're already well on our way to normalizing it with so many people in their twenties and thirties living with their parents.

I think it's more likely that we'll see an economic shift instead of some sort of full-blown meltdown.

>>56685569

People don't legitimately go full riot/revolution mode until 50% are straight up hungry and we are far far from that right now. This is a regression to the mean. And it's what the voting niggercattle deserve for losing their country.

>>56676678
yeah, but my brokerage account is 4 times my 401k amount.