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(Think Progress)   62% of workers 45-60 will continue to compete with you for jobs because they can no longer afford to retire   (thinkprogress.org) divider line 67
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1341 clicks; posted to Politics » on 02 Feb 2013 at 4:30 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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Archived thread
2013-02-02 04:34:29 PM
5 votes:
When were 45-60 year-olds retiring in the first place?
2013-02-02 04:01:14 PM
5 votes:
What percentage of 45 year olds were retiring 20 years ago?
2013-02-02 05:06:10 PM
3 votes:

Droog8912: Result: job market changes, everyone will have to work longer and for less. Once again, the problems of past generations are kicked down the road to the next.


you left out 30 years of stagnant wages for most people. If wages grew up between 1980 and today like they did between 1947 and 1980 people would have a lot easier time saving and also government at all levels wouldn't be having revenue issues. Also the economy would be a good deal bigger.
2013-02-02 08:10:12 PM
2 votes:
Retired Jan 1st

Now my plan is to haunt FARK and dispense my wisdom to the masses.
2013-02-02 06:55:09 PM
2 votes:

Notabunny: I read that today a new GM employee starts at $14/hr, which, when adjusted for inflation, is .03 less than Henry Ford paid in the 19teens before he instituted his $5/day plan.

So while dad and grandpa can't retire, it's ok because it's not like you're going to get a job that pays enough for you to move out, anyway.


Im supporting a family of 4 on less than $14/hr. Sure we get food stamps but thats it, no cash or housing assistance. It can be done, you just have to forget about things like eating out, several hundred channel TV, etc.
2013-02-02 06:17:46 PM
2 votes:

alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early. Plus every single one of the 50+ co-workers around here advise it.

Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.


If your "handy" with home improvement projects, it will be a plus as you can buy the most economical home in any neighborhood and not get buried in repair costs.  Good economy or bad, my last four homes resulted in positive returns due to my sweat equity (improvements made without paying someone else to do them).  Take advantage of Fannie May homes, repo's, etc.  Not having any debt by 32 is good if you've paid your debt off, you're a crapshoot for financial institutesif you have no history.  Having longetivity in your current job and a verifiable history of paying off your utilities on time is thing in your favor.  Having little to no debt verifies that you live within your means.  DO NOT request a credit report more than necessary as each request will lower your rating a little bit- even if you are just verifying that your name isn't on a post box in Barbados or verifying that it had since been removed (personal expirience). Regarding loans- there is mixed data out there as to whether purchasing an item on credit such as a motorbike or electronics really establishes credit history or not.  Showing a hhistory of prompt payments probably won't hurt, but having car payments while applying for a home loan does not help.  Home loans nowadays seem to be based on a percentage of your income.  If 50% of your wages are tied up in rent and utilities, you may find yourself either without a loan or paying a higher percentage in interest charges.  Talk to you lending instute and determine what you can afford- rule of thumb on a Fannie Mae or a fixer upper is to set aside 15% (below your max eligibility)for repairs.  Better yet- try to find a home 10-15% below the highest amount you are eligible for.  They say you can afford 100k- look for a home in the 85-90k region.  Unexpected costs inevitably will eat up the rest.  Also always have a plan B in the event you lose you job.  Without family, you could probably eek by on a minimum waged job in a 90K home long enough to keep up payments while you sell it or get a roomie to help cover the mortgage- or until you settle into your next career.

You can never get started too early on a retirement account.  If going through work (401/403 plans), try to find one that offers you flexibility so that you can increase or decrease your contributions as life changes occur.  With some luck, your employer will contribute a percentage of your wages into the account annually as well.

As changes (increases) occur in your wages, do not adjust your budget accordingly, increase your savings and contributions and try to remain in your current means.  If you're single now- this is your time to shine.  Without the obligations of family, you should set your savings goals much higher and spend only what you need on yourself.  Once family is in the picture, you may not see another opportunity present itself until the kids clear college.  Establish yourself a list of desires- separate them into wants and needs.  develope a budget focusing on the needs and visit the want list only ocaisionally when a savings milestone or goal is reached.  Learn to purchase things that are of quality and last- avoid the trendy unless absolutely necessary or when rewarding yourself.

Don't be afraid to talk to a real fiinancial planner rather than advice on the net.  Best to find one through family or close contacts.  Research, research, research...
2013-02-02 06:05:34 PM
2 votes:
Health Care is a big part of this.   There may be plenty of workers in their late 50's early 60's who might consider starting to live off their savings only they can't possibly afford the health insurance premiums.
2013-02-02 05:20:42 PM
2 votes:

alwaysjaded: I'm 32 and figure it's never too early.


Ha!

Never to early, but at 32 it might be too late!

I'm 29 and I've been maxing my Roth IRA every year since I was 21.

I've been hoping that whole "fiscal cliff" thing would temporarily tank the market again so I could make my 2012 contribution really count, but it looks like that isn't happening.

AlwaysRightBoy: To be honest. Youts are not that smart.


Said the man who can neither spell nor make complete sentences?
2013-02-02 05:15:39 PM
2 votes:
When were 45-60 year-olds retiring in the first place?

THIS !

There's something seriously wrong when people who are in the prime of their working life are retiring instead of working.
2013-02-02 05:00:54 PM
2 votes:

Chelsea Clinton Is Carrot Top's Lost Twin: realmolo: sammyk: It's not a competition. Experience will always win.

Not necessarily. Experience wins when it *really matters*. But the vast majority of jobs can be done competently by any moderately intelligent adult if they get a little bit of training. Which means most businesses go for the cheapest employee. And that means the youngest, and least experienced.

I Laughed OL'd at your dream world.


Experience matters, but too much experience (re: being too old, basically) is as bad for your job market prospects as having no experience.
2013-02-02 04:46:42 PM
2 votes:
a) consumer-driven culture: most people are too stupid to plan for retirement accordingly, as they need the iPhone 5, iPad2, or 65" LED TV because the previous model doesn't have the feature they want
b) many people are still screwed by the housing bubble
c) housing prices will continue to stagnate as boomers try to "cash out" on the massive houses they purchased but have a reduced demand for such housing
d) recessions delay retirements
e) medical technology means longer lifespans, lower infant mortality rate for those with crippling birth defects, illness, etc. leading to higher medical costs
f) longer lifespans mean medical expenses skyrocket, high cost of living
g) higher costs of living mean less consumable income (and conspicuous consumption will have to drop)
h) overly generous benefits/pensions and poor planning to pay for them, particularly of state/local government unfunded liabilities, will weigh heavily upon he economy in the future
i) excessive executive compensation

Result: job market changes, everyone will have to work longer and for less.  Once again, the problems of past generations are kicked down the road to the next.

/yes, I am an economist
2013-02-02 04:40:39 PM
2 votes:

alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early.


It's actually a bit late. Start now. Just open an IRA and start depositing money routinely. If you can have your employer send a fixed amount or % automatically (via a split direct deposit if you use that) even better. Traditional IRA's = tax deduction now, pay taxes on earnings when you take them. Roth IRA = pay taxes now, no taxes when you take it later. I went with traditional since I figure tax rates will be lower for me when I retire and have no income.
2013-02-02 04:40:14 PM
2 votes:
I read that today a new GM employee starts at $14/hr, which, when adjusted for inflation, is .03 less than Henry Ford paid in the 19teens before he instituted his $5/day plan.

So while dad and grandpa can't retire, it's ok because it's not like you're going to get a job that pays enough for you to move out, anyway.
2013-02-02 04:35:55 PM
2 votes:
I thought we're supposed to work til we're 70 now right?  Isn't that what Romney and supporters were saying during the election?  The SS age is needs to be raised is all the rage.  I mean since we live to be 72 now, we should be cool with 2 years..
2013-02-04 11:24:53 AM
1 votes:

Frozboz: mayIFark: sammyk: It's not a competition. Experience will always win.

After you turn on their computer for them.

A 60 YO has no chance of being up to date on most of the demanding position these days.

See this is what worries me as a late 30s software engineer.  What should I be doing at 60?  I can't see myself writing code then, but who knows.  No one in a tech position at my company is over 45ish, and all the management types have always been managers.  What do software people do when they get older?  Transition into management?

/that sounds like a really stupid question, I know.


It's not a stupid question.  I am 53 and I still do coding and analysis.  There is a role for the senior engineer/technical specialist.  I also go out to client sites.  I fill-in do to end-user training when needed, and I do some database management.  The variety of skills and experience keeps me employed. Management is not the only route - maybe not at your company, but certainly at others.
2013-02-03 07:51:39 AM
1 votes:

HaywoodJablonski: alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early. Plus every single one of the 50+ co-workers around here advise it.

Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.

How many times do you have to be told to pay for everything with a credit card but pay it off each month?


Countless. I'm starting from zero basically. Spent my growing years getting my ass kicked by life and most of my 20's in a steamy love affair with narcotics. Got clean years ago, took a few years to dig out of that crater sized hole and now it's time get serious about my finances.

Plus, first time I've even HAD money that didn't immediately go to a dealer.
2013-02-03 03:01:06 AM
1 votes:

Lawnchair: Notabunny: "The average monthly Social Security benefit for a retired worker was about $1,230 at the beginning of 2012." That's $300 per week.

The others are scary.  This one, though? Poor, but not impossibly so.

Maybe it's just because of where my retired relatives live (smaller town Plains).  But:

Couple 1: Smaller town in KS. Still a few years out of paying off a $45k house, but mortgage/tax/insurance is ~$450 a month.  Two SS checks of around $1000 each.
Widow 2: Smaller town KS. HUD-subsidized senior apartment ~$350 out of her ~$1000.
Couple 3: Paid off in SD. Tax/insurance ~$200 (but utilities are more)
Couple 4: HUD/town senior apartment in rural MN. Only $250 out of their combined $1500 SS checks (that granny almost never worked outside the home).

So, $700-$1000 per person per month in general expenses.  Not impossible. Easier with a partner or roommate.

Remember, you're on Medicare at this point.  Yes, you're screwed six ways if you have to go into longer-term care, but you're broke anyway.

Remember... literally millions of people in this country DO live on nothing but a Social Security check.  They may have pretty boring lifestyles. But, by and large, they aren't starving in the streets either.


I wonder if the millions of elderly living in poverty and bankruptcy share your view
2013-02-03 02:23:15 AM
1 votes:

coeyagi: I apparently work with the 38%.

"Why can't I open the files in the zip file?"

"Did you extract the files first?"

"........."


That has nothing to do with age. I've had to tell people both older and younger than myself that kind of thing on a regular basis. There are people in their 20s and in their 60s who think that computers are some kind of magic destructo weapon that will implode upon being given the wrong command...and people in both age groups who evidently believe that there are little people inside the computer who hide files so they cannot find them later.
2013-02-02 11:44:51 PM
1 votes:

alwaysjaded: Krieghund: alwaysjaded: Anyone know of any good books or podcasts about finances?

Marketplace Money and the Motley Fool are my two favorite sources for financial advice.

Heh. Got beat on one. Will add Motley Fool. Thanks.




You might also subscribe to Naked Capitalism daily email. It's a commentary on economics and financial news. http://www.nakedcapitalism.com/
2013-02-02 11:32:59 PM
1 votes:

Linux_Yes: Pope Larry II: alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early. Plus every single one of the 50+ co-workers around here advise it.

Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.

I started at 25. I have a set amount automatically transfered each month. It has worked well for me so far. I should be able to retire nicely, thanks to this and my company's pension plan.

till the bottom drops out and bread costs 25 bucks/loaf.


And 'Till the pension gets looted, like they always seem to.

I started when I was 6, I stopped when I was 18, I wasn't able to start again until 26, and had to stop again 2 years later.  I'm 30 and might be able to start again 5 years from now IF I don't get wiped out by another major accident, layoff in the family, or similar very-likely-to-occur hammer of hateful reality in an economy that is perpetually "bad" enough that it can be used as an excuse to not give anyone raises.

Mad_Radhu: Sounds like the makings of a great age discrimination lawsuit. These practices probably exist out there, but hiring managers can't be overt about it because they open themselves up to hungry lawyers raping them in court. Small companies might be able to pull a lot of that crap, but larger companies are pretty strict with their hiring policies because they don't want to be open to the threat of a lawsuit.


Are you  farking kidding?  Right-to-work legislation buddy, they can fire your ass for any god-damn thing and you ain't winnin' that lawsuit unless you ARE the lawyer, and a damn good one.  It's already in too many states and the Neofeudalists lobby every day to get it passed in the rest.
2013-02-02 11:17:00 PM
1 votes:

sammyk: It's not a competition. Experience will always win.


Welcome to my world. My retirement plans went down the tubes, so I expect to be working well into my retirement years. And, I'm actually OK with that, because I've seen my competition, and I'm pretty much unconcerned.
2013-02-02 08:52:21 PM
1 votes:
My stepfather passed away at 76. He had a decent pension from his job and social security.  Pensions are largely a thing of the past for the rest of us.
2013-02-02 08:46:46 PM
1 votes:

Notabunny: "The average monthly Social Security benefit for a retired worker was about $1,230 at the beginning of 2012." That's $300 per week.


The others are scary.  This one, though? Poor, but not impossibly so.

Maybe it's just because of where my retired relatives live (smaller town Plains).  But:

Couple 1: Smaller town in KS. Still a few years out of paying off a $45k house, but mortgage/tax/insurance is ~$450 a month.  Two SS checks of around $1000 each.
Widow 2: Smaller town KS. HUD-subsidized senior apartment ~$350 out of her ~$1000.
Couple 3: Paid off in SD. Tax/insurance ~$200 (but utilities are more)
Couple 4: HUD/town senior apartment in rural MN. Only $250 out of their combined $1500 SS checks (that granny almost never worked outside the home).

So, $700-$1000 per person per month in general expenses.  Not impossible. Easier with a partner or roommate.

Remember, you're on Medicare at this point.  Yes, you're screwed six ways if you have to go into longer-term care, but you're broke anyway.

Remember... literally millions of people in this country DO live on nothing but a Social Security check.  They may have pretty boring lifestyles. But, by and large, they aren't starving in the streets either.
2013-02-02 08:38:41 PM
1 votes:

Droog8912: a) consumer-driven culture: most people are too stupid to plan for retirement accordingly, as they need the iPhone 5, iPad2, or 65" LED TV because the previous model doesn't have the feature they want
b) many people are still screwed by the housing bubble
c) housing prices will continue to stagnate as boomers try to "cash out" on the massive houses they purchased but have a reduced demand for such housing
d) recessions delay retirements
e) medical technology means longer lifespans, lower infant mortality rate for those with crippling birth defects, illness, etc. leading to higher medical costs
f) longer lifespans mean medical expenses skyrocket, high cost of living
g) higher costs of living mean less consumable income (and conspicuous consumption will have to drop)
h) overly generous benefits/pensions and poor planning to pay for them, particularly of state/local government unfunded liabilities, will weigh heavily upon he economy in the future
i) excessive executive compensation

Result: job market changes, everyone will have to work longer and for less.  Once again, the problems of past generations are kicked down the road to the next.

/yes, I am an economist


In my case, my employment since 2008 has been sporadic, and I feel the need to be easily mobile so I can "move to where the jobs are" ( to paraphrase Sam Kinison). I have chosen not to buy a house because of this.

From 1996-2008, I had solid, "permanent" employment. Today, I do not. I suspect there are many people just like me who are depressing the housing market...
2013-02-02 08:37:16 PM
1 votes:

unlikely: What percentage of 45 year olds were retiring 20 years ago?


==================

THIS

Assuming you graduated college at 22 maybe 24 or 26 years old with an advanced degree, someone made enough money to live on, pay off college, help put their kids through school, maybe take care of elderly parents and retire at 45, with enough money for you and your spouse to live on maybe another 30 to 40 years, with no other income?


/never has, and never will be done legally
2013-02-02 08:19:47 PM
1 votes:

edmo: I was going to retire at 56.


But your dyslexia got in the way?
2013-02-02 08:14:32 PM
1 votes:

Harry_Seldon: 45-62

Isn't that the cohort which is responsible for running the whole shebang?

You do the youth thing. Discover yourself in your 20's. Hone your skills through your 30's. Step up to the decision making in your 40's. Senior management in 50's. Emeritus in your 60's. Retire, and know your turned things over in good shape. Early retirement is irresponsible.


That was the whole classic Japanese 'salaryman' model.  Which somewhat worked through the 1960-70s when, due to a baby boom and lots of the older guys having been killed off in wars, there were twice as many 30-something "honing their skills" guys as 50-something "senior management" guys.

This fails pretty badly in demographic structures like today's Japan/Korea (and going that way in Italy, Germany, Greece, etc) where there's actually a lot more 50-somethings than 30-somethings for them to theoretically manage.  Through the early 90s, Japan (I go to them, since they're the first ones down this demographic track) kept a lot of the 50-60-somethings at their companies.  Working 60-70 hour weeks. Substantial numbers of them ended up doing just about jack-shiat but shuffling paper and getting paid.  Eventually, international competition made that untenable.  Now... they just don't hire 20-somethings.  Those 20-somethings now, to compound the problem, don't buy cars or houses any more, and can't afford to date, marry, or have kids.
2013-02-02 08:13:00 PM
1 votes:

Droog8912: Easy way to build credit: get credit card, always pay off card every month.  I had a FICO score around 810 as a result of that when I bought my house.  I simply don't spend cash, and keep track of what I'm spending on my card.  Have at least a 20% down payment ready for your house so you don't have to pay for PMI.


LOL. Good luck with that in a place like the SF Bay area, where starter homes are going for >$500K and are selling for above asking. Or does everyone have $100K in cash just laying around?
2013-02-02 08:12:30 PM
1 votes:

clowncar on fire: Ran up ~$4K in loans back in the 80's during my 3 years of college. i owe it all to work study, two part time jobs while in school, working and saving all summer, used books, and keeping a cool head about spending. I wanted to go partying, I literally collected beer cans around for campus for an hour and cashed them in my first year, or jumped other people's cars during the winter as lots were cleared and cars were towed at the owner's expense. Being the chief investor into a neighbor's dormroom bar kept me in free alchohol for my last two years. Frat parties can be a moocher's best friend when you arrive politely late as well.


That was in the 80's. Times have changed.
I worked a full time job while in college, although it was still just food service crap. I technically borrowed $40K to get two degrees, which doesn't seem like a bad deal at today's prices, but then the recession happened and I spent 2 years unable to do much but make token payments and interest took care of the rest.
I didn't party, I wasn't a big spender, and I didn't even have a cell phone the first two years and then my mother bought me one so she could get ahold of me. I worked, I went to school. I had roomates. My last year there I had 5 roomates.
You can't scrimp and save and collect beer cans when a semester now costs as much as your entire 3 years did back then. Hell, my first two years I had a "full" scholarship. It paid tuition only. Not fees. Not room and board. Those two years still left me $8000 in the hole if I'm remembering right, even after the scholarships. I went for off-campus housing after that...
2013-02-02 08:02:01 PM
1 votes:
2013-02-02 08:00:45 PM
1 votes:

Sergeant Grumbles: Fark just congratulated me on my 29th birthday....
For retirement I have..... ah, -$62,000 dollars saved up.
Student loans are fun. The rest of you who actually have money to spare for an IRA have it too easy.


Ran up ~$4K in loans back in the 80's during my 3 years of college.  i owe it all to work study, two part time jobs while in school, working and saving all summer, used books, and keeping a cool head about spending.  I wanted to go partying, I literally collected beer cans around for campus for an hour and cashed them in my first year, or jumped other people's cars during the winter as lots were cleared and cars were towed at the owner's expense.  Being the chief investor into a neighbor's dormroom bar kept me in free alchohol for my last two years.  Frat parties can be a moocher's best friend when you arrive politely late as well.
2013-02-02 07:56:04 PM
1 votes:

sammyk: Low aptitude is going to limit experience in a Darwinian way for any career. IMHO, if someone has been doing something for 10 years or more they are most likely competent at it or they would have washed out by then. Sure there are exceptions, but they are rare.


Oh, I think it's frighteningly common, at least from my perspective.  I work in software development, and I've seen plenty of people with 10 years experience that really are mediocre developers who will never improve.  Getting rid of a few of them was one of the best decisions I made - their replacements were fresh college grads, and the initial loss of experience was a challenge, but in the long run it actually didn't take as long as I feared for the new hires to reach and then surpass the abilities of the ones I let go.

The really terrible people don't seem to make it (except, it seems, as consultants), but I've seen too many mediocre individuals who were able to stick around long enough to build just enough experience that their managers feared letting them go.
2013-02-02 07:52:10 PM
1 votes:
It is interesting that conservatives point to people leaving the labor force as evidence of a bad Obama economy, but at the same time they point to old people continuing to work beyond retirement age as also evidence of a bad Obama economy. Apparently the only people struggling to find jobs are in the 25-39 age group.
2013-02-02 07:51:50 PM
1 votes:

Sultan Of Herf: Im supporting a family of 4 on less than $14/hr. Sure we get food stamps but thats it,


When Republicans refer to leeches, they're talking about you.

/God forbid they encourage their buddies to pay their workers enough to not have to use food stamps.
2013-02-02 07:39:13 PM
1 votes:

sammyk: It's not a competition. Experience will always win.


I'd disagree.  When I hire, I look for aptitude over experience.

Someone with great aptitude but low experience will start off slow but rise far.  Someone with great experience but low aptitude will never be any better than the day they were hired.
2013-02-02 07:36:49 PM
1 votes:
Fark just congratulated me on my 29th birthday....
For retirement I have..... ah, -$62,000 dollars saved up.
Student loans are fun. The rest of you who actually have money to spare for an IRA have it too easy.
2013-02-02 07:22:39 PM
1 votes:

Arctic Phoenix: ghare: Arctic Phoenix: alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early. Plus every single one of the 50+ co-workers around here advise it.

Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.

Jeez, and I thought I was getting a late start in my mid-20s.  I've been contributing to my 401K now for almost 7 years and refuse to touch a dime of it...  I don't make that much money, but I put money into it every month and have emergency funds in case something happens.  I feel better about my situation all of a sudden.


Just don't get married or have kids and you'll be fine.

A little late for that on both parts!  lol

But both of my kids will be grown by the time I'm in my early-mid 40s, so that will help.  And I've already told them their options for college:  Military or go to Europe where college is free/cheap.  Don't go into debt.


Don't forget the myriad of scholarship options including work study programs or working their way through college.  Some highschools offer co-op programs where the student enslaves themself at a prt time job during their senior year with a promise of working for two years for a sponsor in return for paid tuitition.  Military is the best way to go if all other options are off the table.  Just be sure to keep up those HS gpa's high and aim for high scores on the ASVAB as that will allow them to enter the military on their terms.  Free college in europe is not an option for non-europeans unless your kids hold dual citizenship.  At 18, they will have to decide on their citizenship- If they choose the euro option, they'll get the benefits of euro citizenship and enjoy cut rate euro opportunities in education.  The problem is that they have now become foreign citizenship and no longer will enjoy the privileges of being American.
2013-02-02 07:12:21 PM
1 votes:
That people still deny that there is a problem with the distribution of wealth in this country is mind boggling.

The CEOs and heirs will be partying and playing golf while the rest of us will die on our feet at our jobs.
2013-02-02 07:03:17 PM
1 votes:

ghare: Arctic Phoenix: alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early. Plus every single one of the 50+ co-workers around here advise it.

Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.

Jeez, and I thought I was getting a late start in my mid-20s.  I've been contributing to my 401K now for almost 7 years and refuse to touch a dime of it...  I don't make that much money, but I put money into it every month and have emergency funds in case something happens.  I feel better about my situation all of a sudden.


Just don't get married or have kids and you'll be fine.


A little late for that on both parts!  lol

But both of my kids will be grown by the time I'm in my early-mid 40s, so that will help.  And I've already told them their options for college:  Military or go to Europe where college is free/cheap.  Don't go into debt.
2013-02-02 06:58:47 PM
1 votes:

Arctic Phoenix: alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early. Plus every single one of the 50+ co-workers around here advise it.

Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.

Jeez, and I thought I was getting a late start in my mid-20s.  I've been contributing to my 401K now for almost 7 years and refuse to touch a dime of it...  I don't make that much money, but I put money into it every month and have emergency funds in case something happens.  I feel better about my situation all of a sudden.



Just don't get married or have kids and you'll be fine.
2013-02-02 06:49:17 PM
1 votes:
And I am one of those old bastiches that is going to keep right on working until I can afford to retire. Now, get off my lawn, ya young punks!
2013-02-02 06:40:48 PM
1 votes:

alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early. Plus every single one of the 50+ co-workers around here advise it.

Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.


Jeez, and I thought I was getting a late start in my mid-20s.  I've been contributing to my 401K now for almost 7 years and refuse to touch a dime of it...  I don't make that much money, but I put money into it every month and have emergency funds in case something happens.  I feel better about my situation all of a sudden.
2013-02-02 06:32:42 PM
1 votes:

Linux_Yes: jack21221: Am I the only person who has no plans to ever retire?


retiring is for lightweights.   they all think they're going to play golf for 8 hours a day until they find out that retirement has its own challenges.
life isn't something you sit and watch. you have to participate.

the key is to continue working but at what YOU want to do, not some Turd boss or Turd stockholder.


Or retire and donate your time to a non-profit.
2013-02-02 06:31:41 PM
1 votes:

itsdan: alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early.

It's actually a bit late. Start now. Just open an IRA and start depositing money routinely. If you can have your employer send a fixed amount or % automatically (via a split direct deposit if you use that) even better. Traditional IRA's = tax deduction now, pay taxes on earnings when you take them. Roth IRA = pay taxes now, no taxes when you take it later. I went with traditional since I figure tax rates will be lower for me when I retire and have no income.


This. I got my first retirement account when I got my first real job, even though the pay sucked. Compound interest is a powerful force, but it needs time to do its magic.

Also, get a credit card. You don't have to carry any debt, but the mortgage market it tight now and you need credit history.
2013-02-02 06:31:28 PM
1 votes:

James F. Campbell: AlwaysRightBoy: To be honest. Youts are not that smart.

At my ad agency, we go through them like a cord of wood.

You don't strike me as particularly bright, yourself.


People, when on the internet who feel the need to berate people are rather dull to me.
2013-02-02 06:13:24 PM
1 votes:
they call that thar' Freedom!!


....as the wealthiest 2% continue laughing all the way to the bank and continue to enjoy the widening gap between the rich and everyone else in America(tm)
2013-02-02 06:02:28 PM
1 votes:

shanteyman: When were 45-60 year-olds retiring in the first place?

THIS !

There's something seriously wrong when people who are in the prime of their working life are retiring instead of working.


Seconded.
2013-02-02 06:02:23 PM
1 votes:

alwaysjaded: Droog8912: alwaysjaded: Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.

Easy way to build credit: get credit card, always pay off card every month.  I had a FICO score around 810 as a result of that when I bought my house.  I simply don't spend cash, and keep track of what I'm spending on my card.  Have at least a 20% down payment ready for your house so you don't have to pay for PMI.  (Also note: FHA loans require PMI and are subsequently rarely worth getting unless you don't have much of a down payment).  I also recommend the IRA/401k/403b route someone suggested upthread.  Even if it's only $20 a paycheck, get used to putting money away and gradually increase it as you can.

I'm close to having 12k for a down payment for a 115k house (in Houston so good housing is cheap). Started a credit card just like you mentioned through my bank, I just don't know how long it will take to repair my score. Really want to stop renting but don't wanna rush. I need to learn more about IRA's. Thanks for your input.


I went from a 418 FICO to close to a 700 in about 4 years. It takes time, but there are somethings you can do. If you are diligent you can actually get some negative items removed from your report (legitimately). I spent a LOT of time reading this forum http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/bd-p/rebuildin g credit  . There are some very bright and helpful people there that know the system.

Time and money heals a FICO score.
2013-02-02 05:58:26 PM
1 votes:

Droog8912: alwaysjaded: Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.

Easy way to build credit: get credit card, always pay off card every month.  I had a FICO score around 810 as a result of that when I bought my house.  I simply don't spend cash, and keep track of what I'm spending on my card.  Have at least a 20% down payment ready for your house so you don't have to pay for PMI.  (Also note: FHA loans require PMI and are subsequently rarely worth getting unless you don't have much of a down payment).  I also recommend the IRA/401k/403b route someone suggested upthread.  Even if it's only $20 a paycheck, get used to putting money away and gradually increase it as you can.


I'm close to having 12k for a down payment for a 115k house (in Houston so good housing is cheap). Started a credit card just like you mentioned through my bank, I just don't know how long it will take to repair my score. Really want to stop renting but don't wanna rush. I need to learn more about IRA's. Thanks for your input.
2013-02-02 05:52:55 PM
1 votes:

itsdan: alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early.

It's actually a bit late. Start now. Just open an IRA and start depositing money routinely. If you can have your employer send a fixed amount or % automatically (via a split direct deposit if you use that) even better. Traditional IRA's = tax deduction now, pay taxes on earnings when you take them. Roth IRA = pay taxes now, no taxes when you take it later. I went with traditional since I figure tax rates will be lower for me when I retire and have no income.


Oops. Spent my 20's screwing up so yea, I might be starting really late. First time I've ever had money to play with so I'm trying to do it right. Will look into IRA since I'm a contractor. Thanks.

And LiquidTester, made a note of that book and will read it. Thanks.
2013-02-02 05:51:41 PM
1 votes:

AlwaysRightBoy: To be honest. Youts are not that smart.

At my ad agency, we go through them like a cord of wood.


You don't strike me as particularly bright, yourself.
2013-02-02 05:49:41 PM
1 votes:

Chelsea Clinton Is Carrot Top's Lost Twin: realmolo: sammyk: It's not a competition. Experience will always win.

Not necessarily. Experience wins when it *really matters*. But the vast majority of jobs can be done competently by any moderately intelligent adult if they get a little bit of training. Which means most businesses go for the cheapest employee. And that means the youngest, and least experienced.

I Laughed OL'd at your dream world.


If the part in bold weren't true elementary school teachers wouldn't need a union.
2013-02-02 05:40:40 PM
1 votes:

sammyk: It's not a competition. Experience will always win.


Many places are reluctant to hire old folks due to the increased burden on their healthcare plan that eventually results in higher premiums.
2013-02-02 05:32:09 PM
1 votes:
Most youts are pretty dumb. Experience is everything. It takes at least a decade to become an expert at something, I read once. In fact, we don't hire anyone under 30 at my workplace. Well, except for the menial labor positions like toilet-cleaner or jizz-mopper. And in that case we use a temp agency for that yummy cheap payroll. Less bennies for the youts, more bennies for me :)
2013-02-02 05:31:26 PM
1 votes:

Droog8912: alwaysjaded: Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.

Easy way to build credit: get credit card, always pay off card every month.  I had a FICO score around 810 as a result of that when I bought my house.  I simply don't spend cash, and keep track of what I'm spending on my card.  Have at least a 20% down payment ready for your house so you don't have to pay for PMI.  (Also note: FHA loans require PMI and are subsequently rarely worth getting unless you don't have much of a down payment).  I also recommend the IRA/401k/403b route someone suggested upthread.  Even if it's only $20 a paycheck, get used to putting money away and gradually increase it as you can.


This.
2013-02-02 05:08:54 PM
1 votes:

alwaysjaded: That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early. Plus every single one of the 50+ co-workers around here advise it.

Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.


I started at 25. I have a set amount automatically transfered each month. It has worked well for me so far. I should be able to retire nicely, thanks to this and my company's pension plan.
2013-02-02 04:58:10 PM
1 votes:

realmolo: sammyk: It's not a competition. Experience will always win.

Not necessarily. Experience wins when it *really matters*. But the vast majority of jobs can be done competently by any moderately intelligent adult if they get a little bit of training. Which means most businesses go for the cheapest employee. And that means the youngest, and least experienced.


I Laughed OL'd at your dream world.

/has a job that takes a little bit more of training.

//doesn't check facebook every five minutes like most tweeners do.

///doesn't have a facebook account.

////will be gainfully employed for as long as I want.

////\/Cheers!
2013-02-02 04:55:42 PM
1 votes:

IlGreven: sammyk: It's not a competition. Experience will always win.

If experience even threatens to cut into profit margin, it's a liability that must be purged.  That's why these "experienced" guys are looking for jobs in the first place.


As an Experienced American, I command a higher salary because I make my employer a metric assload of money more than half a dozen rookies, and at a rate the rookies can't even imagine is possible. I identify and correct problems before the rookies even know they exist. I recognize new opportunities and exploit them for my employer's benefit while the rookies are still trying to remember where the employee break room is. Hiring an Experienced American is an investment in your company's future.
2013-02-02 04:45:21 PM
1 votes:

sammyk: It's not a competition. Experience will always win.


If experience even threatens to cut into profit margin, it's a liability that must be purged.  That's why these "experienced" guys are looking for jobs in the first place.
2013-02-02 04:39:15 PM
1 votes:

alwaysjaded: Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.


Anybody who payed attention in HS Home Ec/Finance class.
2013-02-02 04:38:52 PM
1 votes:
Damn geezers takin' our jerbs!
2013-02-02 04:37:23 PM
1 votes:

sammyk: It's not a competition. Experience will always win.


Not necessarily. Experience wins when it *really matters*. But the vast majority of jobs can be done competently by any moderately intelligent adult if they get a little bit of training. Which means most businesses go for the cheapest employee. And that means the youngest, and least experienced.
2013-02-02 04:37:01 PM
1 votes:
That's why I've been looking into starting a retirement package and really learn how to manage my money while I'm young. I'm 32 and figure it's never too early. Plus every single one of the 50+ co-workers around here advise it.

Anyone know of any good books or podcasts about finances? Looking to buy a house soon and I've got shiat credit but a good down payment on a mortgage. Who knew not having any debt, paying everything in cash and living within my means would one day bite me in the ass for a loan.
2013-02-02 04:31:56 PM
1 votes:
Die at your station, and thank the Job Creators for giving you the opportunity to do so.
2013-02-02 03:23:01 PM
1 votes:
I was going to retire at 56. Two recessions in the last decade and four years without a pay raise have changed my tune. At least I have a job.

Besides, somebody's has to pay grandma's social security.
2013-02-02 03:19:33 PM
1 votes:
It's not a competition. Experience will always win.
2013-02-02 01:55:29 PM
1 votes:
Can you regulate greed? Is that possible?
 
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