At 65: A House Paid for and low bills > 401k Retirement Fund

[jaydawg08]

I have a pension and TSP waiting for me when I retire

That pension is gonna be around 100k a year, and the TSP really just depends but hopefully around $1 million when I retire at 53-56

Lots of potential to lose out on retirement benefits tho, as this administration has tried to get rid of the Social Security Supplement Income that I would get when I retire as well, until SS age checks in

People really should be more aware of their retirement plans and what it looks like. That’s why I took the job I did

 

[Ezekiel 25:17]

You still need a lot more financial stability to buy a house at 3% down than to rent.

When you own, if something happens to the house its on you.

And at 3% down you aren't hardly doing better than renting. You are paying principal only for like 10 years aren't you?

I can understand renting and staying flexible compared to buying with that 3% down. Its probably better to buy, but not a slam dunk.

Folks got two choices:

1)Remain poor and working till death. or 2) Get it out the mud and buy a house and actually retire.

Ain't none of this easy. Folks can't afford a house? What are they doing about it instead of complaining?

 

[who_better_than_me]

I had almost a quarter mill in my 401 k and Roth before all this Trump fukkery. But I’m keep it a buck, if it wasn’t for my company match, wouldn’t fukk with it.

 

[Givethanks]

One of my boy's said retirement is a scam, no one can afford houses because they all cost +1M and pensions are a thing of the past

I wish I could live like how he does

 

[Ricky Fontaine]

40??? Lol sounds like the average American not taking life seriously if it takes til 40

Here we go with this shyt again

Out of touch old nikka who went to the military or some shyt talking down on the less fortunate

 

[Strapped]

You forgot to post a $ amount in the 401k . How much do you really need . Is 1.5 million enough to retire on , house paid for .

 

[Ezekiel 25:17]

One of my boy's said retirement is a scam, no one can afford houses because they all cost +1M and pensions are a thing of the past

I wish I could live like how he does

Sounds like your Man's retirement plan is a .45 acp

 

[Dorian Breh]

Folks got two choices:

1)Remain poor and working till death. or 2) Get it out the mud and buy a house and actually retire.

Ain't none of this easy. Folks can't afford a house? What are they doing about it instead of complaining?

The point is that in the modern economy everyone can't just get it out the mud.

If you aren't actually smarter and more talented than the average person, and you're starting out from worse socioeconomic conditions where you couldn't afford college or went and now have serious debt, then there just might not be room for you to be a homeowner in a world where so much wealth is concentrated in the 0.01%.

Everyone can't be a middle manager or an entrepreneur or even a tradesman.

Now is there a little more room for hustle, particularly for someone to pick up a trade and have a path to homeownership? Sure.

But there fundamentally is not enough money in the economy for everyone in the mud to get out of it. On a case by case basis almost everyone could hustle a little harder and improve their standing in the economy.

But on a macro level if every single person hustled as hard as they could... no one would really move up in the world. Because most of the wealth they created would still be going to the top of the pyramid.

And since everyone was hustling as hard as possible, the only differentiator that might get you ahead of the next man would be your wits and circumstances. And again, everyone can't be above average in terms of intelligence or acumen or networking ability its just not how averages work.

 

[Richard Glidewell]

You got an interest free mortgage breh?

Hell naw, but I get significant veterans discounts that I then apply to the mortgage anyway.......

 

[Conan]

Max out your 401k contributions for 30 years and you'll have over 5 million (which at a 4% withdrawal rate is 200k per year) . How the fukk is that inferior to owning a home (that you're still paying property taxes and maintaining)?

Reagan was the worst. Gutted inner city school education and nikkas don't understand compound interest now.

 

[Ezekiel 25:17]

The point is that in the modern economy everyone can't just get it out the mud.

Unless you're mentally or physically disabled, I don't believe that.

If what you say is indeed true, why even try at life? You might as well tell teenagers to drop out of highschool and live on section 8 and food stamps because some will never make it.

 

[jaydawg08]

Folks got two choices:

1)Remain poor and working till death. or 2) Get it out the mud and buy a house and actually retire.

Ain't none of this easy. Folks can't afford a house? What are they doing about it instead of complaining?

This is actually true

I’m one of those people who doesn’t have a house yet, I like to live far below my means, and eventually I gotta just make the decision and jump due to “old age” purposes like you said

Every house that I want on my area is 500k+ with 6.5%+ interest.

I keep hearing all this talk about how people need to make 180k a year household income in order to buy a house in this current market, and I have no idea how people are gonna do it that make the median salary.

 

[Dorian Breh]

Unless you're mentally or physically disabled, I don't believe that.

If what you say is indeed true, why even try at life? You might as well tell teenagers to drop out of highschool and live on section 8 and food stamps because some will never make it.

Two things can be true:

1.) the economy is fundamentally broken and there is not enough money for everyone to own a house. globally but also just in america.

2.) you can improve your individual circumstances by working harder and/or smarter than the next person

 

[Ezekiel 25:17]

This is actually true

I’m one of those people who doesn’t have a house yet, I like to live far below my means, and eventually I gotta just make the decision and jump due to “old age” purposes like you said

Every house that I want on my area is 500k+ with 6.5%+ interest.

I keep hearing all this talk about how people need to make 180k a year household income in order to buy a house in this current market, and I have no idea how people are gonna do it that make the median salary.

You might have to end up moving. Sucks, but that's the way it works when it comes to wealth.

I've always said the goal for us younger folks are to find an up-and-coming city that's not well known.

 

[Ezekiel 25:17]

Two things can be true:

1.) the economy is fundamentally broken and there is not enough money for everyone to own a house. globally but also just in america.

2.) you can improve your individual circumstances by working harder and/or smarter than the next person

There's enough money and housing. We just haven't figured it out yet. It's just one of many humanity problems that needs solving.