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1059 clicks; posted to Business » and Main » on 05 Jul 2022 at 11:35 AM (4 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2022-07-05 10:41:19 AM  
Given how old many farkers are, and that many are in computer related fields, I wouldn't be surprised if many farkers had over a million if you count 401Ks etc.
 
2022-07-05 10:47:50 AM  

SpectroBoy: Given how old many farkers are, and that many are in computer related fields, I wouldn't be surprised if many farkers had over a million if you count 401Ks etc.


And one had better if retirement is in the plans.

Net worth is a nice thing and all but income is what pays the bills. Your net worth can be part of building more wealth/retirement cushion. Probably shouldn't be living off that until you're old and approaching the end game.
 
2022-07-05 10:57:53 AM  

edmo: SpectroBoy: Given how old many farkers are, and that many are in computer related fields, I wouldn't be surprised if many farkers had over a million if you count 401Ks etc.


And one had better if retirement is in the plans.


THIS.

I have used MANY of the online retirement calculators (to leverage The Wisdom of Crowds) and it is shocking how much we will need to retire.

SpectroGirl and I are in pretty good shape since we are both from "poor" families and good savers. But I look at some of my friends in their 40s with nearly nothing saved and just feel stressed for them. Like :Now what?".
 
2022-07-05 11:09:32 AM  

SpectroBoy: edmo: SpectroBoy: Given how old many farkers are, and that many are in computer related fields, I wouldn't be surprised if many farkers had over a million if you count 401Ks etc.


And one had better if retirement is in the plans.

THIS.

I have used MANY of the online retirement calculators (to leverage The Wisdom of Crowds) and it is shocking how much we will need to retire.

SpectroGirl and I are in pretty good shape since we are both from "poor" families and good savers. But I look at some of my friends in their 40s with nearly nothing saved and just feel stressed for them. Like :Now what?".


I have over a million and retirement is a little more than decade away.  I am still a little nervous, feel I have to double it.
 
2022-07-05 11:13:53 AM  

EvilEgg: SpectroBoy: edmo: SpectroBoy: Given how old many farkers are, and that many are in computer related fields, I wouldn't be surprised if many farkers had over a million if you count 401Ks etc.


And one had better if retirement is in the plans.

THIS.

I have used MANY of the online retirement calculators (to leverage The Wisdom of Crowds) and it is shocking how much we will need to retire.

SpectroGirl and I are in pretty good shape since we are both from "poor" families and good savers. But I look at some of my friends in their 40s with nearly nothing saved and just feel stressed for them. Like :Now what?".

I have over a million and retirement is a little more than decade away.  I am still a little nervous, feel I have to double it.


Everybody has a different situation. (cost of living, mortgage, etc.)

I have found the online planning tools helpful. Even if you don't "trust" them blindly, they at least offer perspective.

Since I use Schwab I use their detailed financial planning tool and it seems to be pretty good.
 
2022-07-05 11:33:48 AM  

SpectroBoy: EvilEgg: SpectroBoy: edmo: SpectroBoy: Given how old many farkers are, and that many are in computer related fields, I wouldn't be surprised if many farkers had over a million if you count 401Ks etc.


And one had better if retirement is in the plans.

THIS.

I have used MANY of the online retirement calculators (to leverage The Wisdom of Crowds) and it is shocking how much we will need to retire.

SpectroGirl and I are in pretty good shape since we are both from "poor" families and good savers. But I look at some of my friends in their 40s with nearly nothing saved and just feel stressed for them. Like :Now what?".

I have over a million and retirement is a little more than decade away.  I am still a little nervous, feel I have to double it.

Everybody has a different situation. (cost of living, mortgage, etc.)

I have found the online planning tools helpful. Even if you don't "trust" them blindly, they at least offer perspective.

Since I use Schwab I use their detailed financial planning tool and it seems to be pretty good.


Fidelity's is good too.  According to them we're on track with even their most conservative numbers.

We took a hit early on because student loans, house, child, then house expansion.  Fortunately my employer put money into my retirement regardless of what I put in.  By the time I could really start saving there was a good amount already in there.
 
2022-07-05 11:43:36 AM  
Fark user imageView Full Size
 
2022-07-05 11:48:12 AM  

enry: SpectroBoy: EvilEgg: SpectroBoy: edmo: SpectroBoy: Given how old many farkers are, and that many are in computer related fields, I wouldn't be surprised if many farkers had over a million if you count 401Ks etc.


And one had better if retirement is in the plans.

THIS.

I have used MANY of the online retirement calculators (to leverage The Wisdom of Crowds) and it is shocking how much we will need to retire.

SpectroGirl and I are in pretty good shape since we are both from "poor" families and good savers. But I look at some of my friends in their 40s with nearly nothing saved and just feel stressed for them. Like :Now what?".

I have over a million and retirement is a little more than decade away.  I am still a little nervous, feel I have to double it.

Everybody has a different situation. (cost of living, mortgage, etc.)

I have found the online planning tools helpful. Even if you don't "trust" them blindly, they at least offer perspective.

Since I use Schwab I use their detailed financial planning tool and it seems to be pretty good.

Fidelity's is good too.  According to them we're on track with even their most conservative numbers.

We took a hit early on because student loans, house, child, then house expansion.  Fortunately my employer put money into my retirement regardless of what I put in.  By the time I could really start saving there was a good amount already in there.


Yeah, I know the 401K system isn't perfect (since lots of people can't participate) but when it works out it works out nicely.
 
2022-07-05 11:51:43 AM  

SpectroBoy: enry: SpectroBoy: EvilEgg: SpectroBoy: edmo: SpectroBoy: Given how old many farkers are, and that many are in computer related fields, I wouldn't be surprised if many farkers had over a million if you count 401Ks etc.


And one had better if retirement is in the plans.

THIS.

I have used MANY of the online retirement calculators (to leverage The Wisdom of Crowds) and it is shocking how much we will need to retire.

SpectroGirl and I are in pretty good shape since we are both from "poor" families and good savers. But I look at some of my friends in their 40s with nearly nothing saved and just feel stressed for them. Like :Now what?".

I have over a million and retirement is a little more than decade away.  I am still a little nervous, feel I have to double it.

Everybody has a different situation. (cost of living, mortgage, etc.)

I have found the online planning tools helpful. Even if you don't "trust" them blindly, they at least offer perspective.

Since I use Schwab I use their detailed financial planning tool and it seems to be pretty good.

Fidelity's is good too.  According to them we're on track with even their most conservative numbers.

We took a hit early on because student loans, house, child, then house expansion.  Fortunately my employer put money into my retirement regardless of what I put in.  By the time I could really start saving there was a good amount already in there.

Yeah, I know the 401K system isn't perfect (since lots of people can't participate) but when it works out it works out nicely.


It's not working out great right now.
 
2022-07-05 11:54:28 AM  

SpectroBoy: EvilEgg: SpectroBoy: edmo: SpectroBoy: Given how old many farkers are, and that many are in computer related fields, I wouldn't be surprised if many farkers had over a million if you count 401Ks etc.


And one had better if retirement is in the plans.

THIS.

I have used MANY of the online retirement calculators (to leverage The Wisdom of Crowds) and it is shocking how much we will need to retire.

SpectroGirl and I are in pretty good shape since we are both from "poor" families and good savers. But I look at some of my friends in their 40s with nearly nothing saved and just feel stressed for them. Like :Now what?".

I have over a million and retirement is a little more than decade away.  I am still a little nervous, feel I have to double it.

Everybody has a different situation. (cost of living, mortgage, etc.)

I have found the online planning tools helpful. Even if you don't "trust" them blindly, they at least offer perspective.

Since I use Schwab I use their detailed financial planning tool and it seems to be pretty good.


It's what you spend that becomes the key in retirement.

That and your health.
 
2022-07-05 11:55:21 AM  

mcreadyblue: SpectroBoy: enry: SpectroBoy: EvilEgg: SpectroBoy: edmo: SpectroBoy: Given how old many farkers are, and that many are in computer related fields, I wouldn't be surprised if many farkers had over a million if you count 401Ks etc.


And one had better if retirement is in the plans.

THIS.

I have used MANY of the online retirement calculators (to leverage The Wisdom of Crowds) and it is shocking how much we will need to retire.

SpectroGirl and I are in pretty good shape since we are both from "poor" families and good savers. But I look at some of my friends in their 40s with nearly nothing saved and just feel stressed for them. Like :Now what?".

I have over a million and retirement is a little more than decade away.  I am still a little nervous, feel I have to double it.

Everybody has a different situation. (cost of living, mortgage, etc.)

I have found the online planning tools helpful. Even if you don't "trust" them blindly, they at least offer perspective.

Since I use Schwab I use their detailed financial planning tool and it seems to be pretty good.

Fidelity's is good too.  According to them we're on track with even their most conservative numbers.

We took a hit early on because student loans, house, child, then house expansion.  Fortunately my employer put money into my retirement regardless of what I put in.  By the time I could really start saving there was a good amount already in there.

Yeah, I know the 401K system isn't perfect (since lots of people can't participate) but when it works out it works out nicely.

It's not working out great right now.


If I were retiring in the next few years, you're right.  I have another 15 years to go and my rebalancing gets more conservative by the year.
 
2022-07-05 11:58:59 AM  
If a 65 year old is just breaking through the 1 million barrier with all of the retirement accounts and home equity included, they are far from rich.
 
2022-07-05 12:03:42 PM  
Elmer J Fudd, Millionaire
Youtube j7dCTwlAI8Y
 
2022-07-05 12:17:13 PM  

enry: mcreadyblue: SpectroBoy: enry: SpectroBoy: EvilEgg: SpectroBoy: edmo: SpectroBoy: Given how old many farkers are, and that many are in computer related fields, I wouldn't be surprised if many farkers had over a million if you count 401Ks etc.


And one had better if retirement is in the plans.

THIS.

I have used MANY of the online retirement calculators (to leverage The Wisdom of Crowds) and it is shocking how much we will need to retire.

SpectroGirl and I are in pretty good shape since we are both from "poor" families and good savers. But I look at some of my friends in their 40s with nearly nothing saved and just feel stressed for them. Like :Now what?".

I have over a million and retirement is a little more than decade away.  I am still a little nervous, feel I have to double it.

Everybody has a different situation. (cost of living, mortgage, etc.)

I have found the online planning tools helpful. Even if you don't "trust" them blindly, they at least offer perspective.

Since I use Schwab I use their detailed financial planning tool and it seems to be pretty good.

Fidelity's is good too.  According to them we're on track with even their most conservative numbers.

We took a hit early on because student loans, house, child, then house expansion.  Fortunately my employer put money into my retirement regardless of what I put in.  By the time I could really start saving there was a good amount already in there.

Yeah, I know the 401K system isn't perfect (since lots of people can't participate) but when it works out it works out nicely.

It's not working out great right now.

If I were retiring in the next few years, you're right.  I have another 15 years to go and my rebalancing gets more conservative by the year.


I'm retiring in the next few years, and it's worked out pretty great. Obviously, it's unhelpful to count the chickens I seemed to have at the beginning of this year and bemoan the losses since then. But it's never been about returns over a single year (or three). If I take a rational look back at everything I've contributed over the decades and the balance even after this year's ongoing declines, it's clearly worked out very well.

And while my balance settings have also been moving more conservative for a few years, I am still buying. Which I've no doubt will also work out well in the decades to come.

But to TFA, yeah, I would not consider a person in the US to be "wealthy" with a net worth of $1 million. Possibly set for life, but even that will be an edge case. No stress about living expenses, sure. Maybe even "set for retirement". But "wealthy" has meaning far beyond that to me.
 
2022-07-05 12:20:48 PM  

enry: mcreadyblue: SpectroBoy: enry: SpectroBoy: EvilEgg: SpectroBoy: edmo: SpectroBoy: Given how old many farkers are, and that many are in computer related fields, I wouldn't be surprised if many farkers had over a million if you count 401Ks etc.


And one had better if retirement is in the plans.

THIS.

I have used MANY of the online retirement calculators (to leverage The Wisdom of Crowds) and it is shocking how much we will need to retire.

SpectroGirl and I are in pretty good shape since we are both from "poor" families and good savers. But I look at some of my friends in their 40s with nearly nothing saved and just feel stressed for them. Like :Now what?".

I have over a million and retirement is a little more than decade away.  I am still a little nervous, feel I have to double it.

Everybody has a different situation. (cost of living, mortgage, etc.)

I have found the online planning tools helpful. Even if you don't "trust" them blindly, they at least offer perspective.

Since I use Schwab I use their detailed financial planning tool and it seems to be pretty good.

Fidelity's is good too.  According to them we're on track with even their most conservative numbers.

We took a hit early on because student loans, house, child, then house expansion.  Fortunately my employer put money into my retirement regardless of what I put in.  By the time I could really start saving there was a good amount already in there.

Yeah, I know the 401K system isn't perfect (since lots of people can't participate) but when it works out it works out nicely.

It's not working out great right now.

If I were retiring in the next few years, you're right.  I have another 15 years to go and my rebalancing gets more conservative by the year.


This is the first time the balanced portfolio of 60% equities/40% bonds failed spectacularly.
 
2022-07-05 12:25:40 PM  
Most repubs still broke as fark and voting to stay there
 
2022-07-05 12:31:48 PM  

SpectroBoy: Given how old many farkers are, and that many are in computer related fields, I wouldn't be surprised if many farkers had over a million if you count 401Ks etc.


Just owning a home in California (or similarly-priced states) that you bought a number of years ago and have a high level of equity in gets you most of the way there even if you have no other assets. But of course unless you plan to sell it and move to North Dakota or somewhere, it's really basically just Monopoly money.
 
2022-07-05 12:35:11 PM  

EvilEgg: SpectroBoy: edmo: SpectroBoy: Given how old many farkers are, and that many are in computer related fields, I wouldn't be surprised if many farkers had over a million if you count 401Ks etc.


And one had better if retirement is in the plans.

THIS.

I have used MANY of the online retirement calculators (to leverage The Wisdom of Crowds) and it is shocking how much we will need to retire.

SpectroGirl and I are in pretty good shape since we are both from "poor" families and good savers. But I look at some of my friends in their 40s with nearly nothing saved and just feel stressed for them. Like :Now what?".

I have over a million and retirement is a little more than decade away.  I am still a little nervous, feel I have to double it.


I have one of the few remaining jobs with an actual pension plan.  I intend to work until it fully vests at my full salary (70) .  If that weren't true I would be right and proper farked at this point.  (and I will be maxing my retirement saving plan contribution (100% matched by the employer) after the scheduled raise this Jan (most disposable income is going toward the new house at present)   and just in case  carry a little over a million in LI insurance through the company just so I can breathe at night
 
2022-07-05 12:39:05 PM  
Amazes me how many retire with a mortgage on a huge home they no longer need and discover they don't have enough money to keep the lifestyle they had before retirement and are shocked to find that out.
 
2022-07-05 12:42:00 PM  
My retirement plan is to report to the nearest Soylent Green Processing Center.
 
2022-07-05 12:43:52 PM  

Cyberluddite: SpectroBoy: Given how old many farkers are, and that many are in computer related fields, I wouldn't be surprised if many farkers had over a million if you count 401Ks etc.

Just owning a home in California (or similarly-priced states) that you bought a number of years ago and have a high level of equity in gets you most of the way there even if you have no other assets. But of course unless you plan to sell it and move to North Dakota or somewhere, it's really basically just Monopoly money.


That's an important thing to understand about net worth.  You see these articles every once in a while that state "The average Boomer is totally rich" and the reality is that the median Boomer is totally broke.  Their median net worth is $206,000 and that's mostly tied up in home equity.  Unless you're reverse mortgaging the house to Tom Selleck, it's illiquid.
 
2022-07-05 12:54:08 PM  
memegenerator.netView Full Size
 
2022-07-05 1:46:03 PM  

SpectroBoy: edmo: SpectroBoy: Given how old many farkers are, and that many are in computer related fields, I wouldn't be surprised if many farkers had over a million if you count 401Ks etc.


And one had better if retirement is in the plans.

THIS.

I have used MANY of the online retirement calculators (to leverage The Wisdom of Crowds) and it is shocking how much we will need to retire.

SpectroGirl and I are in pretty good shape since we are both from "poor" families and good savers. But I look at some of my friends in their 40s with nearly nothing saved and just feel stressed for them. Like :Now what?".


I suspect this is a low income related issue, although I know lots of irresponsible people with high incomes.
Congress could do something great by starting portable pensions or requiring employers to match 100% in an IRA or 401k up to $10,000 per employee and mandate 8% of pre-tax wages for individual contributions to age 65.
Of course they won't do that.
 
2022-07-05 2:56:55 PM  
Current net worth is about half million if you count the house. My 401k is down right now, but will stabilize, and I project having well over 4-5 million at retirement between my investments, retirement accounts, and projected stake of inheritance from parents.
 
2022-07-05 3:09:55 PM  

SpectroBoy: Given how old many farkers are, and that many are in computer related fields, I wouldn't be surprised if many farkers had over a million if you count 401Ks etc.


Well, at least one.  Never got lucky with the "redhot Internet" stock option thing either. The only options I ever got had a strike price of $115 and by the time I was vested, they were at $17/share and continued downward.

Mostly, I invested in companies that I worked for over the decades if I thought the management had their heads screwed on right. Some losses, some 1000% gains. Also bought less house than I needed whenever I moved. Retired at 52, in 2004.
 
2022-07-05 3:16:22 PM  

Northern: Congress could do something great by starting portable pensions or requiring employers to match 100% in an IRA or 401k up to $10,000 per employee and mandate 8% of pre-tax wages for individual contributions to age 65.
Of course they won't do that.


In fairness, Congress already does that, although the amount it mandates is 6.2% for the employee, which the employer is required to match.  It's called "Social Security" and that was kinda the idea when it was rolled out 85 years ago.
 
2022-07-05 6:13:27 PM  

farkitallletitend: Amazes me how many retire with a mortgage on a huge home they no longer need and discover they don't have enough money to keep the lifestyle they had before retirement and are shocked to find that out.


If they sell the house, and move somewhere much less expensive, they can.
 
2022-07-05 6:46:59 PM  

PTP_Professor: Current net worth is about half million if you count the house. My 401k is down right now, but will stabilize, and I project having well over 4-5 million at retirement between my investments, retirement accounts, and projected stake of inheritance from parents.


Never ever count on an inheritance.

An extended illness + assisted living facility will drain that cash like a frat bro with a beer bong.
 
2022-07-05 7:52:36 PM  

Bonzo_1116: PTP_Professor: Current net worth is about half million if you count the house. My 401k is down right now, but will stabilize, and I project having well over 4-5 million at retirement between my investments, retirement accounts, and projected stake of inheritance from parents.

Never ever count on an inheritance.

An extended illness + assisted living facility will drain that cash like a frat bro with a beer bong.


Some well-off folks give their kids/inheritors assets well before getting to the nursing home/end of life stage. Not saying that's what will happen here, but it does happen. Pretty progressive and generous of the parents. Presumably they will be more inclined to do so if they know their offspring won't waste it all.
 
2022-07-06 6:00:33 AM  

Marksrevenge: Bonzo_1116: PTP_Professor: Current net worth is about half million if you count the house. My 401k is down right now, but will stabilize, and I project having well over 4-5 million at retirement between my investments, retirement accounts, and projected stake of inheritance from parents.

Never ever count on an inheritance.

An extended illness + assisted living facility will drain that cash like a frat bro with a beer bong.

Some well-off folks give their kids/inheritors assets well before getting to the nursing home/end of life stage. Not saying that's what will happen here, but it does happen. Pretty progressive and generous of the parents. Presumably they will be more inclined to do so if they know their offspring won't waste it all.


That's the "Transfer it to the kids as gifts and then let Medicare pay for the bed and care." Game."
 
2022-07-06 9:47:52 AM  

Izunbacol: Marksrevenge: Bonzo_1116: PTP_Professor: Current net worth is about half million if you count the house. My 401k is down right now, but will stabilize, and I project having well over 4-5 million at retirement between my investments, retirement accounts, and projected stake of inheritance from parents.

Never ever count on an inheritance.

An extended illness + assisted living facility will drain that cash like a frat bro with a beer bong.

Some well-off folks give their kids/inheritors assets well before getting to the nursing home/end of life stage. Not saying that's what will happen here, but it does happen. Pretty progressive and generous of the parents. Presumably they will be more inclined to do so if they know their offspring won't waste it all.

That's the "Transfer it to the kids as gifts and then let Medicare pay for the bed and care." Game."


That sounds slimy until you remember who profits when an elderly person gets their bank accounts leeched dry by healthcare. The C-suite at the healthcare companies, and the stockholders. No wonder some parents choose to help out their families instead.
 
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