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Forum ยป Is anybody else's mind blown as to how much they have to save for retirement?
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Thread: Is anybody else's mind blown as to how much they have to save for retirement?

post 1460611753 09-03-2016, 02:22 PM
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Originally Posted By ANumber1⏩
...so it's a Roth account.
A Roth IRA contribution is taxed at the taxpayer's current income tax rate
from wiki. stocks and shares ISA is not a retirement account where taxman touches anything going in. i won't go into specifics as it's late and im tired

also
Flexibility: You can withdraw your contributions at any time without taxes or penalty. Although you normally must hold the Roth account for at least five years and be at least 59 before you can tap the earnings tax-free and penalty-free,
ISA's in UK have no such limits and we can withdraw tax free when ever we like whether it was contributions or earnings
post 1460612163 09-03-2016, 02:27 PM
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Originally Posted By ANumber1⏩
If you're low-income - and OP is, or he'd realize he needs more than $30k at retirement - you want to Roth dat chit.
If you're poor, then can confirm, your tax rate is ****ingnothing. Would Roth whatever I could.

If you're stuffing away 30K a year, you can defer that with a 401k and be growing a massive amount of money, while paying poverty taxes on the money you're currently spending to live. Win-win.
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post 1460612383 09-03-2016, 02:29 PM
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Originally Posted By aaron501⏩
from wiki. stocks and shares ISA is not a retirement account where taxman touches anything going in. i won't go into specifics as it's late and im tired
Right, contributions are taxed at the current income tax rate. So I paid taxes on the income, but then those dollars have been "bought and paid for" and are never taxed again, not when I put them into the account, not when I take them out, and not on the earnings accrued with them over the years. This is identical to my reading of the Stocks and Shares ISA.

This differs from the Traditional account, which are paid for with "pre-tax" dollars instead of "after-tax" dollars: I deposit them BEFORE I am taxed, thereby reducing my income and deferring some tax on the highest bracket of my income, until a later date (retirement) when I will presumably have no wages and be at a lower tax bracket.
Nah, fukk that. Iโ€™m not doing that.
post 1460612613 09-03-2016, 02:31 PM
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Originally Posted By ANumber1⏩
This differs from the Traditional account, which are paid for with "pre-tax" dollars instead of "after-tax" dollars: I deposit them BEFORE I am taxed, thereby reducing my income and deferring some tax on the highest bracket of my income, until a later date (retirement) when I will presumably have no wages and be at a lower tax bracket.
oh i see, so roths take the money directly from your paycheck before taxation? that makes more sense, not bad not brad
post 1460612953 09-03-2016, 02:34 PM
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I will have 2 pensions so will be bringing home about $2500 per month after taxes.

Plus about 100k in savings so i should be ok. this wont happen until 62-63 or so.

that should be fine for me. Not like I need a lavish lifestyle. dont have one now so really cant imagine i will need one then.

to be quite honest, my plan is to move to vegas or laughlin. get a place within striking range of a casino. go there a couple times per week to party and bet on horses. i will alot $400 per month for this so that 100k will last me about 20 years.

of course thats if I do this every week and dont take time away from it plus not factoring in any money i save through me pensions.
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post 1460612963 09-03-2016, 02:34 PM
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Originally Posted By Droz88⏩
The entire monetary system in america is a complete fuking scam.

BRB I have a million dollars "invested" (in what exactly??) and I get 50k/year for doing absolutely nothing.

Think about that. You are not producing. You are not adding value to society or actively improving others lives. But, "the system" is giving you 50k/year to sit around on your fat ass and live. Meanwhile young people are working their asses off to get 50k/year.

Lol it's a scam boyo.
I don't think you know how capitalism or investing works ya damn hippie.

Investing does contribute to society ya big dum dum
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post 1460613003 09-03-2016, 02:35 PM
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Originally Posted By FA*******⏩
Hope it's still around by then.

A family friend used to work at a company that threw huge severance packages around like they were ****ing candy. 200K, 300K type offers. A lot of those guys couldn't even justify working any more because there was so much money on the table.

That was in the early 2000s. The guy is in his 50s now and just got a severance package offered for 30K.

That retirement money's not going to be around forever brah. Hope you grab it while you can.
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post 1460613133 09-03-2016, 02:37 PM
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Originally Posted By Yachty⏩
the best way to combat this is to just make a fukktonne of monet'
No chit son.

Brb, starving to death - Sounds like you just need some more food
Brb, suicidal due to misc - Just be more outgoing and confident bro!

I think this is more relevant than anything else posted in here

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post 1460613213 09-03-2016, 02:37 PM
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Originally Posted By FA*******⏩
If you're poor, then can confirm, your tax rate is ****ingnothing. Would Roth whatever I could.

If you're stuffing away 30K a year, you can defer that with a 401k and be growing a massive amount of money, while paying poverty taxes on the money you're currently spending to live. Win-win.
tIRA or Roth IRA - traditional (pre tax) is better if you predict you'll pay lower taxes in retirement.

Also, if you have a pre-tax 401k and a Roth IRA, then shift equities towards the Roth and bonds to the 401k.
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post 1460613223 09-03-2016, 02:37 PM
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Just have kids, treat them well and do a lot of **** for them and make sure they know it, then spend your money freely and when you decide to retire go and live with 1 of your little investments
post 1460613843 09-03-2016, 02:43 PM
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The part that gets me is what it takes to start making those huge contributions. Unless you land a huge windfall or are able to make six figure, ****-you type money for decades on end,

-You're going to have to be working a STEM or similarly high-paying job.

-You're never going to be able to "downshift" to a lower paying job or industry.

-You're going to have to never get divorced. This may mean never getting married in the first place.

-You're going to never have kids

-You're going to have to never get into medical trouble

-You're going to have to never get into legal trouble

-You're going to have to live poverty during the best decades of your life

-You likely won't be able to travel

etc etc

Just if you want to retire before 60 or so.

Now again, being FA makes a lot of those pretty easy, so I'm probably going to go for it. But it takes a LOT of sacrifices to be able to rack up the kind of investments you'll need.
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post 1460614063 09-03-2016, 02:45 PM
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Originally Posted By aaron501⏩
oh i see, so roths take the money directly from your paycheck before taxation? that makes more sense, not bad not brad
Other way around: Traditional 401k/IRA takes from your paycheck before taxation. It's also common for an employer to provide a "match" up to a certain amount in additional tax-deferred dollars. This is the typically the primary retirement vehicle for ordinary Americans - those who have one at all - since the decline of "defined benefit" pensions.

Roth 401k/IRA is an alternative retirement vehicle that takes from your paycheck after taxation, but in exchange, never taxes either the principle or the earnings again. This, from what I read about the ISA, seems to be essentially identical?

Because of where I am in my career (early 30s but relatively high-earning), my pattern is to get my 4% match from my employer using a Traditional 401k, max out my allowable Roth contribution, then put more into my Traditional. Those Roth dollars will be sweet to pull out and spend without having to pay any higher-bracket taxes after 40 years of compounding.
Nah, fukk that. Iโ€™m not doing that.
post 1460614153 09-03-2016, 02:46 PM
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Originally Posted By FA*******⏩
The part that gets me is what it takes to start making those huge contributions

-You're going to have to be working a STEM or similarly high-paying job.

-You're never going to be able to "downshift" to a lower paying job or industry.

-You're going to have to never get divorced

-You're going to never have kids

-You're going to never have to get into medical trouble

-You're going to have to get into legal trouble.

-You're going to have to live poverty during the best years of your life

-You likely won't be able to travel

etc etc

Just if you want to retire before 60 or so.

Now again, being FA makes a lot of those pretty easy so I'm probably going to go for it. But it takes a LOT of sacrifices to be able to rack up the kind of investments you'll need.
Being FA is supposed to be as bad for your health as obesity or smoking.

I still think the best way is to use your money to enjoy yourself and then once you've had enough, run up to the Reaper and give him a hug.
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post 1460614363 09-03-2016, 02:46 PM
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Originally Posted By FA*******⏩
The part that gets me is what it takes to start making those huge contributions

-You're going to have to be working a STEM or similarly high-paying job.

-You're never going to be able to "downshift" to a lower paying job or industry.

-You're going to have to never get divorced

-You're going to never have kids

-You're going to never have to get into medical trouble

-You're going to have to get into legal trouble.

-You're going to have to live poverty during the best years of your life

-You likely won't be able to travel

etc etc

Just if you want to retire before 60 or so.

Now again, being FA makes a lot of those pretty easy so I'm probably going to go for it. But it takes a LOT of sacrifices to be able to rack up the kind of investments you'll need.
True, if you wanna retire early you either gotta get real lucky or work your ass off in your youth.

That's what grinds my gears about women and dating. I've worked hard to invest and save, and most women out there come waltzing in with debt expecting some man to pick up the tab. Women who have lived it up, while I've made sacrifices - dunno maybe I'm just bitter.
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post 1460614383 09-03-2016, 02:47 PM
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Originally Posted By Droz88⏩
The entire monetary system in america is a complete fuking scam.

BRB I have a million dollars "invested" (in what exactly??) and I get 50k/year for doing absolutely nothing.

Think about that. You are not producing. You are not adding value to society or actively improving others lives. But, "the system" is giving you 50k/year to sit around on your fat ass and live. Meanwhile young people are working their asses off to get 50k/year.

Lol it's a scam boyo.
Damn you must be trolling or a complete moron
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post 1460614623 09-03-2016, 02:49 PM
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Lol if anyone in our age bracket thinks they are retiring when they are 55-65. We are all ****ed.
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post 1460614993 09-03-2016, 02:51 PM
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Originally Posted By Luc1fer⏩
True, if you wanna retire early you either gotta get real lucky or work your ass off in your youth.

That's what grinds my gears about women and dating. I've worked hard to invest and save, and most women out there come waltzing in with debt expecting some man to pick up the tab. Women who have lived it up, while I've made sacrifices - dunno maybe I'm just bitter.
Don't blame you at all brah.

The best way to do it would be to find a wife who earns good money herself and throws it at your retirement fund. Brb living expenses stay close to the same, brb way more disposable income, brb big tax breaks, brb faster and richer retirement with less sacrifices today.

But I've probably got as good of a chance at finding a career woman who wants to stay childfree and retirement-grind as I do of ****ing a Victoria's Secret model.
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post 1460615213 09-03-2016, 02:53 PM
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#78
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Originally Posted By Droz88⏩
The entire monetary system in america is a complete fuking scam.

BRB I have a million dollars "invested" (in what exactly??) and I get 50k/year for doing absolutely nothing.

Think about that. You are not producing. You are not adding value to society or actively improving others lives. But, "the system" is giving you 50k/year to sit around on your fat ass and live. Meanwhile young people are working their asses off to get 50k/year.

Lol it's a scam boyo.
Having that initial million implies you have already paid your dues.
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post 1460615313 09-03-2016, 02:54 PM
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That's what social security is for bruh. Lol @ saving for retirement when Social Security's got your back.

Just save up enough to get you from 55 to 65 and then live off dat dere SSI
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post 1460615433 09-03-2016, 02:54 PM
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When social security rolled out, mortality rates were right around the retirement age. My dadmightbe able to retire at 65. House is paid off, all us kids are out of the house and both him & mom work (engineer and programmer). Realistically we're all going to need to work until 75 at least, even with savings and 401ks (here's to hoping there's not another 9/11 where everyone's mutual funds drop 40%+).

Edit: S.S. was meant to let you die comfortably in a few months, not live off of for 20 more years.
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post 1460615763 09-03-2016, 02:57 PM
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Originally Posted By FA*******⏩
Don't blame you at all brah.

The best way to do it would be to find a wife who earns good money herself and throws it at your retirement fund. Brb living expenses stay close to the same, brb way more disposable income, brb big tax breaks, brb faster and richer retirement with less sacrifices today.

But I've probably got as good of a chance at finding a career woman who wants to stay childfree and retirement-grind as I do of ****ing a Victoria's Secret model.
I want a woman who wants a family and adheres to traditional gender roles with regards raising children though. So my situation is even tougher; I want an educated debt free woman who's financially savvy, but will drop it and place family > career when the time comes.
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post 1460615873 09-03-2016, 02:58 PM
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Originally Posted By BostonRockets⏩
Fuark always heard "save for retirement" and I was like lol fuk that sh!t.

Actually did some math and holy fuk (not even accounting for inflation and all that).

Say I wanted to retire at 55 (considered early these days but whatever) and live off of 30k a year for 30 years. I'd need 900k... and since I'm in my 20s I'd basically need 30k/year saved up.

Even if I wanted to retire at 65 and live off of 20k for 20 years, I'd still need 10k a year saved up. Hardly possible unless you are living like a peasant in your prime (might as well just LDAR then) or you are on that STEMcel time.
You do not need to save 30k a year lmao. That would mean you aren't earning any interest.

Save 10% of your salary each year and start early. Invest it into index funds/etfs and a percentage into bonds relative to your risk assessment.

brb can easily retire with one million dollars if done right.
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post 1460616163 09-03-2016, 02:59 PM
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Originally Posted By Luc1fer⏩
I want a woman who wants a family and adheres to traditional gender roles with regards raising children though. So my situation is even tougher; I want an educated debt free woman who's financially savvy, but will drop it and place family > career when the time comes.


Kids, only one income, and looking to retire. I wouldn't be too optimistic mane.

And to think - that wouldn't have been all that much to ask for 30-40 years ago.
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post 1460617223 09-03-2016, 03:07 PM
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Originally Posted By FA*******⏩
Don't blame you at all brah.

The best way to do it would be to find a wife who earns good money herself and throws it at your retirement fund. Brb living expenses stay close to the same, brb way more disposable income, brb big tax breaks, brb faster and richer retirement with less sacrifices today.

But I've probably got as good of a chance at finding a career woman who wants to stay childfree and retirement-grind as I do of ****ing a Victoria's Secret model.
If things ever fail between the Oneitis and I, my plan is work remotely from countries that allow Americans without a visa for 90 days and rotate frequently enough to evade all income tax liability, driving as much into my retirement funds as possible while plowing through a personally curated blend of Thai-Czech escorts.

Nah, fukk that. Iโ€™m not doing that.
post 1460617473 09-03-2016, 03:10 PM
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The amount of financial ignorance itt is astounding.
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post 1460618163 09-03-2016, 03:17 PM
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[QUOTE=FA******* post_id=1460616163][youtube]gjVmeKWOsEU[/youtub]

Kids, only one income, and looking to retire. I wouldn't be too optimistic mane.[/QUOTE]I intend to buy a home somewhere cheap. Rack up savings now, invest, rent, and then buy a nice home <$350k in a few years. If I do have a stay at home family, I can say goodbye to any saving each month.

I probably won't retire young though. Kids vs. retire young.
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post 1460618303 09-03-2016, 03:18 PM
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#87
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Half of the millinials do not have $1,000 saved up for a rainy day.


We are fukt yo lol at investing in cash money for retirements.
post 1460618413 09-03-2016, 03:19 PM
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#88
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Originally Posted By Luc1fer⏩
I intend to buy a home somewhere cheap. Rack up savings now, invest, rent, and then buy a nice home <$350k in a few years. If I do have a stay at home family, I can say goodbye to any saving each month.

I probably won't retire young though. Kids vs. retire young.
Doubt I'm able to have kids even if I wasn't FA, due to some medical issues. It sucks, ngl, but it makes that an easy call for me.
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post 1460618523 09-03-2016, 03:20 PM
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#89
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Originally Posted By Broooseph⏩
Start early and take advantage of compounding interest to offset inflationary forces.

In Canada we have TFSA and RRSP's. Not sure where you live, but look into similar financial instruments to help get tax breaks (either now or later, depending on needs).
TFSA and the .5% interest llololol
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post 1460618833 09-03-2016, 03:23 PM
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#90
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Did this for stats class as a homework, found out how much I needed 30 years from now, adjusting for inflation, growth, etc. etc. I realized I will never retire (srs)

At least I live in Hawaii.
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