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(Marketwatch)   Q: I'm a 49-year-old millionaire bringing in $370K per year. I lose a lot of sleep worrying about running out of money in retirement. What should I do? A: Get a part-time job that offers family insurance   (marketwatch.com) divider line
    More: Stupid, Financial adviser, Health insurance, Investment, Anxiety, Financial planner, new job, Full-time, Part-time  
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1042 clicks; posted to Business » on 31 May 2021 at 10:30 PM (11 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



74 Comments     (+0 »)
View Voting Results: Smartest and Funniest


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2021-05-31 5:55:25 PM  
Keep voting Republican. I hear that they are tots gonna put up a replacement for Obamacare any day now.
 
2021-05-31 6:03:05 PM  
Why do you think he votes Republican?

The Democrats cater to the groups that donate to their cause; Republicans coontil recently) wanted tax-free deductions taxed as tips, as in, no tax break. But... they want to penalize churches.

Values dissonance. "My belief is more important than yours."
 
2021-05-31 6:06:38 PM  
Sell a kidney. Maybe two.
 
2021-05-31 6:08:05 PM  
He won't live to retire
 
2021-05-31 6:11:34 PM  

Jedekai: Why do you think he votes Republican?

The Democrats cater to the groups that donate to their cause; Republicans coontil recently) wanted tax-free deductions taxed as tips, as in, no tax break. But... they want to penalize churches.

Values dissonance. "My belief is more important than yours."


Lolwut.jpg
 
2021-05-31 6:14:49 PM  
Q: I'm a 49-year-old millionaire bringing in $370K per year. I lose a lot of sleep worrying about running out of money in retirement


My advice is to convert everything to cryptocurrency. You won't worry about running out of money in retirement. You'll worry about it happening when you're 50.
 
2021-05-31 6:21:57 PM  
Eat the Rich
 
2021-05-31 6:42:54 PM  

I am Tom Joad's Complete Lack of Surprise: Lolwut.jpg


The Farkfilter thought Jedekai was trying to sneakily type See You Next Thursday with the open parentheses symbol followed immediately by unt...il

/been caught that way more than a few times over the years
 
2021-05-31 7:09:59 PM  
Budget as if you make 150K/year and put the rest in safe investments?
 
2021-05-31 7:12:46 PM  
jealousio showthyselfio prestissimo
 
2021-05-31 7:42:15 PM  

Recoil Therapy: I am Tom Joad's Complete Lack of Surprise: Lolwut.jpg

The Farkfilter thought Jedekai was trying to sneakily type See You Next Thursday with the open parentheses symbol followed immediately by unt...il

/been caught that way more than a few times over the years


That was the ONLY part of the word salad that made sense.
 
2021-05-31 7:56:22 PM  
Enjoy your anuerism.
*sticks pins in doll*
 
2021-05-31 8:42:11 PM  
You should do butt stuff. Not for the money but just because you're an asshole.
 
2021-05-31 9:09:53 PM  

Jedekai: Why do you think he votes Republican?

The Democrats cater to the groups that donate to their cause; Republicans coontil recently) wanted tax-free deductions taxed as tips, as in, no tax break. But... they want to penalize churches.

Values dissonance. "My belief is more important than yours."


"Penalize churches" by which you mean have them pay taxes on their profits like every other money-making operation?

But I particularly enjoyed your pretense, literally incoherent as it is, that Republicans have only JUST started getting money from their supporters.

You're a hoot, dude.
 
2021-05-31 9:19:55 PM  

AliceBToklasLives: Budget as if you make 150K/year and put the rest in safe investments?


Ah yes. Safe investments.

With the US market the way that it is, put some of it abroad, I would guess.

But with that salary, I would guess that the number one investment would be the person's health and development. At 49, there are another 15 years to go before retirement, so get out and do some cardio, keep the brain healthy, and slug it out until retirement. Every extra year worked is more saving and less consumption of the nest egg.

If this person's net worth is a million now, well, great, but four or five times that income will be flowing through this person's hands in the next 15 years. Manage the flow, not the stock.
 
2021-05-31 9:21:25 PM  
Good!! I hope you die at your desk psychopath
 
2021-05-31 10:41:19 PM  
Kill yourself now
 
2021-05-31 10:50:08 PM  
Stop worrying; it's not good for you. The long-term growth of the American economy is 4-5%. Yes, there are some ups and downs, but the long outlook has always been good. You are way ahead of 7.4999 of the 7.5000 billion people on earth. You are a big winner in the Rawlesian lottery. Stay calm, don't do anything stupid. Everything will be fine.
 
2021-05-31 11:09:34 PM  

AliceBToklasLives: Budget as if you make 150K/year and put the rest in safe investments?


Send his kids to state schools?

Retire to a civilized country with single payer health care like the UK or even Canada?

Sell the BMW 7 series and buy a used Honda Civic LX?

Work part time for your town to get the health insurance until you turn 65?

/He's old and has two toddlers. Give up on retirement already, that ship has sailed bruh.  You got 20 years before they graduate college and begin the mess that is their mid-20s.
//Its a great day for bannanafish.
 
2021-05-31 11:13:11 PM  
Try delivering pizza, it'll get your mind off those things and then you'll just worry about getting robbed.
 
2021-05-31 11:14:42 PM  
"I'm a 49yo millionaire bringing in $370k/yr, and I have a hot 34yo wife too"

Why are you telling me?

"I'm telling everyone!"
 
2021-05-31 11:17:39 PM  

2fardownthread: AliceBToklasLives: Budget as if you make 150K/year and put the rest in safe investments?

Ah yes. Safe investments.

With the US market the way that it is, put some of it abroad, I would guess.

But with that salary, I would guess that the number one investment would be the person's health and development. At 49, there are another 15 years to go before retirement, so get out and do some cardio, keep the brain healthy, and slug it out until retirement. Every extra year worked is more saving and less consumption of the nest egg.

If this person's net worth is a million now, well, great, but four or five times that income will be flowing through this person's hands in the next 15 years. Manage the flow, not the stock.


He's making $6k/month in profit from 8 rental units (after property tax and expenses).  That's on top of his salary.  If he didn't have two toddlers, he could easily retire early especially if he or his spouse take a part time job that gives health insurance.
It's a darn shame he can't retire early due to health insurance costs.  If only there were some alternative to bankruptcy, one that older Americans like himself didn't vote against every few years since the 1940s.
 
2021-05-31 11:25:13 PM  
He's spending 10-12 k a month. Bring that down and he's set.
 
2021-05-31 11:28:19 PM  
He can absolutely retire right now.  Trade down to a smaller place and smaller town, send the kids to public school, easily pull $70k a year. Put enough for four years' state-school college on ice now... tell them you're not paying for private, grad school, or lollygagging for 7. On the health, qualify for basically free PPACA coverage after subsidies.  High deductible, hope you're healthy most years.

Problem is, if he tries to downshift his $300k/year family to a $70k/year lifestyle, Mrs. 15-years-his-junior will be filing for divorce and child support x 4 before the end of this summer, and that child support will based on his previous income.
 
2021-05-31 11:47:02 PM  

Buckerlin: Stop worrying; it's not good for you. The long-term growth of the American economy is 4-5%. Yes, there are some ups and downs, but the long outlook has always been good. You are way ahead of 7.4999 of the 7.5000 billion people on earth. You are a big winner in the Rawlesian lottery. Stay calm, don't do anything stupid. Everything will be fine.


This.

The Position of Fuck You (John Goodman in The Gambler)
Youtube xdfeXqHFmPI


Fark user imageView Full Size


He's within a hair's breadth of "Fark You" money, and if he doesn't, he just has to stick to his job another year or two and let the system take care of the rest.
 
2021-05-31 11:48:53 PM  

Mugato: You should do butt stuff. Not for the money but just because you're an asshole.


Wouldn't his whole life just be butt stuff then?
 
2021-05-31 11:52:04 PM  
 
2021-05-31 11:58:23 PM  
I'm still really curious about these part time jobs that offer health insurance that people keep mentioning. The lowest I've seen recently has insurance kick in at 30 hours/week.
 
2021-05-31 11:58:58 PM  

Northern: AliceBToklasLives: Budget as if you make 150K/year and put the rest in safe investments?

Send his kids to state schools?

Retire to a civilized country with single payer health care like the UK or even Canada?

Sell the BMW 7 series and buy a used Honda Civic LX?

Work part time for your town to get the health insurance until you turn 65?

/He's old and has two toddlers. Give up on retirement already, that ship has sailed bruh.  You got 20 years before they graduate college and begin the mess that is their mid-20s.
//Its a great day for bannanafish.


My high school buddy's dad was insanely rich, but you would never freaking know it. He owned a modest (for his situation, anyway) home, wore off the rack clothes, drove a base model Honda Accord (the only 'feature' was air conditioning), etc.

Similar salary to this clown, but he just banked everything he could, set aside a little play money for him and the family, and just kept living modestly. He kept that going until he retired at 53, all three kids through college with no debt... Not sure what this dude in TFA is thinking.
 
2021-06-01 12:20:48 AM  
Quit buying so many damn candles.
 
2021-06-01 12:25:00 AM  
1. Keep saving money
2. Live beneath your means
3. Stop having kids

Other than that, I don't know what other advice to give a middle-aged millionaire who makes six figures a year. Gosh, I hope he can figure things out.
 
2021-06-01 12:36:31 AM  
I lose a lot of sleep worrying about the kinds of things you're doing to the rest of country because you're losing a lot of sleep trying to keep your wealth.
 
2021-06-01 12:41:33 AM  

Northern: Sell the BMW 7 series and buy a used Honda Civic LX?


Let's not be crazy here. Buy a used Honda Accord LX.
 
2021-06-01 12:57:35 AM  
The fact that people like the letter writer exist is why we'll never actually do anything about global warming. Hungry ghosts never have enough.
 
2021-06-01 1:22:37 AM  
Have you invested wisely, sir?
 
2021-06-01 1:28:01 AM  
This is a weird Slate article.
 
2021-06-01 1:37:45 AM  

Darth_Saltine: 1. Keep saving money
2. Live beneath your means
3. Stop having kids

Other than that, I don't know what other advice to give a middle-aged millionaire who makes six figures a year. Gosh, I hope he can figure things out.


Obamacare only includes income, not assets, so he should sell his rental properties and bank the money. Pay for COBRA for 12 months and then apply for Obamacare. With little income, he will get a subsidized plan for little cost or qualify for Medicare and lay nothing..
 
2021-06-01 1:50:07 AM  
If he's worried about his situation, he's a f*cking weak sack of shiat who should just die right now.
Worry is the display of cowards who are weak and stupid.

Yes, I know scores of PhDs who are f*cking worthless, inferior and stupid.
People who actually do things with their lives do not worry.  Weak, worthless sacks of shiat worry, regardless of thier income.
 
2021-06-01 2:00:18 AM  
I wish I had THIS guy's problems.

Jeebus, you got a trophy wife, a passel of kids and the money to support them.

What is wrong with you?

Do what I did when I had money.  Hire an accountant you've known for twenty years, a lawyer you trust, STAand a doctor who will keep you out of court.

STAPH acting like you are a victim.
I dislike people like this.
 
2021-06-01 4:47:11 AM  
Assuming that he doesn't want to get divorced from the hot wife, about 2-5 years after the youngest completes college. Realistically. Then the downsize the big family home and retire.
 
2021-06-01 5:56:03 AM  

jerryskid: If he's worried about his situation, he's a f*cking weak sack of shiat who should just die right now.
Worry is the display of cowards who are weak and stupid.

Yes, I know scores of PhDs who are f*cking worthless, inferior and stupid.
People who actually do things with their lives do not worry.  Weak, worthless sacks of shiat worry, regardless of thier income.


So alpha.
 
2021-06-01 6:32:50 AM  

drogg: I'm still really curious about these part time jobs that offer health insurance that people keep mentioning. The lowest I've seen recently has insurance kick in at 30 hours/week.


Had a cashier's job at a supermarket one summer when I was in my late teens, the union managed to haggle the full benefits package down to 25hrs/wk.

The catch? The store made sure to have enough staff on hand that most of us were topping out at 21-22hrs/wk, and the floor managers would get annoyed if we ever clocked out late - no matter the reason.

/Still think about little things like that ~15 years later, and my parents wonder why I'm further left on the political spectrum than they are...
 
2021-06-01 6:36:53 AM  
Dude sounds like he knows how to make solid investments, and to save money.

He's not wealthy enough for the tax breaks the ultra wealthy enjoy.

Not really feeling the hate here.
 
2021-06-01 6:38:31 AM  

2fardownthread: AliceBToklasLives: Budget as if you make 150K/year and put the rest in safe investments?

Ah yes. Safe investments.

With the US market the way that it is, put some of it abroad, I would guess.


Even if you only bought the market tops, you'd still come out way ahead in the long run. Stop worrying.
 
2021-06-01 7:28:51 AM  

Jedekai: Why do you think he votes Republican?

The Democrats cater to the groups that donate to their cause; Republicans coontil recently) wanted tax-free deductions taxed as tips, as in, no tax break. But... they want to penalize churches.

Values dissonance. "My belief is more important than yours."


There is only one Political Party in Murca:  the Private Property Party.

it has two halves:  Democrat and Republican

which is why i'm Independent.
 
2021-06-01 7:29:45 AM  

Abe Vigoda's Ghost: Dude sounds like he knows how to make solid investments, and to save money.

He's not wealthy enough for the tax breaks the ultra wealthy enjoy.

Not really feeling the hate here.


he just needs to curb is frivolous spending.  the poor thing.
 
2021-06-01 7:30:00 AM  

freakdiablo: drogg: I'm still really curious about these part time jobs that offer health insurance that people keep mentioning. The lowest I've seen recently has insurance kick in at 30 hours/week.

Had a cashier's job at a supermarket one summer when I was in my late teens, the union managed to haggle the full benefits package down to 25hrs/wk.

The catch? The store made sure to have enough staff on hand that most of us were topping out at 21-22hrs/wk, and the floor managers would get annoyed if we ever clocked out late - no matter the reason.

/Still think about little things like that ~15 years later, and my parents wonder why I'm further left on the political spectrum than they are...


And you highlighted the other issue many people have. Yeah, there's benies, but you're not getting enough hours to qualify...
 
2021-06-01 7:30:47 AM  

freakdiablo: drogg: I'm still really curious about these part time jobs that offer health insurance that people keep mentioning. The lowest I've seen recently has insurance kick in at 30 hours/week.

Had a cashier's job at a supermarket one summer when I was in my late teens, the union managed to haggle the full benefits package down to 25hrs/wk.

The catch? The store made sure to have enough staff on hand that most of us were topping out at 21-22hrs/wk, and the floor managers would get annoyed if we ever clocked out late - no matter the reason.

/Still think about little things like that ~15 years later, and my parents wonder why I'm further left on the political spectrum than they are...


once the poop chute gets spread open wide you never forget.
 
2021-06-01 7:31:57 AM  

Gestalt: I lose a lot of sleep worrying about the kinds of things you're doing to the rest of country because you're losing a lot of sleep trying to keep your wealth.


Bingo
 
2021-06-01 7:32:50 AM  

Enigmamf: Northern: Sell the BMW 7 series and buy a used Honda Civic LX?

Let's not be crazy here. Buy a used Honda Accord LX.


nothing beats a Yoda for longevity and Value.  Honda's i would put second, though.
 
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