Too Many Americans Will Never Be Able to Retire

[Deflatedhoopdreams]

This was a good thread until about the last two to three pages of back and forth (viewing on my Android cell phone).

Quick question: If you become so unable to pay your medical bills in your old age, doesn't the government take care of that for you? Obviously, we can't predict what the future will be like as far as health insurance, but if we use now as an example, isn't it usually the very poor and the very rich that do well when it comes to health-related costs, while the middle class struggles?

I'm in New York and it seems like most people here are at least taken care of when a big medical issue arises (even if they can't afford it).

I read or heard somewhere recently

“RICH GET RICHER, THE POOR GET POOER AND THE MIDDLE CLASS GET THE BILL”

 

[Skooby]

Damn I might actually have to go back into the military after college

Go as an officer.

 

[Krisrunner2049]

Go as an officer.

That’s my backup plan. A short 6 year contract I don’t wanna be a lifer and I’ll probably make it to 1st lieutenant before I dip not a bad deal.

 

[jaydolf spitler]

a few ppl mentioned mutual funds for investments in here which is good. ETFs tho are typically cheaper and have a lower expense ratio, less fees etc. Keep that in mind if u go the mutual fund route. Both give you nice exposure to industry sectors that mitigate volatility and risk.

I was fortunate enough to have worked at a fortune 500 company for 4 years that matched 6% in the 401k and had a trust and pension that left me a decent foundation. I would have never contributed the max if I didnt hear my coworkers talking about it and stressing how important it was.

Since I left I rolled the pension into an IRA and invested in etfs and it's already seen a 12% return over the past year. I had some excess savings in my bank account and put a bunch into a roth IRA so I can cash in on that untaxed income come retirement. I also put some in a vanguard retirement fund that I hope to see less volatility if the market gets rough. It doesn't make as much in returns but it's my safe play.

I have owned one car my entire life that cost me 8k, paid it off and have been getting it maintained regularly enjoying no payment. I talked to my wife who let me know she had retirement money sitting there earning no interest so she asked me to invest hers too and it is also making money now. Got married at a bed and breakfast with 4 ppl in attendance which saved me all kinds of money too. Weddings can be another money suck, I'm seeing the complete opposite with my brother

Once you get some disposable income just figure out what you are comfortable living off of and give it a shot. It's hard to learn investing if u dont actively do it.

The last few pages of this thread are a little much but they bring up some valid perspectives. Saving $100 a month is never a bad idea, and it may not be enough for you to retire comfortably or even at all. But at least you're doing something and it will come in handy somewhere. But most importantly if u have kids and are poor now, and have this mindset that the system is designed this way so why save, then ur doing nothing for your next generation on top of doing yourself a disservice.

 

[Reece]

Now you shouldn't invest. Officially heard it all now

If you have money in the bank, which everyone does, you losing a little bit each year. For example, if you have $5,000...take $100 to $150 out and light it on fire. Because that's essentially what inflation does. You invest to keep your purchasing power over time. Money is almost worthless if its not being used to earn more and it becomes less valuable the more they print. It's what rich people give to regular people like you and me to fight over while they take what's actually valuable. It's an IOU on green construction paper and it's pretty much a stock of your country that you're a 100% invested in that loses value each year unless you buy more of it and is only valuable if people think your country is worth a damn. So yea, you need to be investing. And please buy some Gold and later on land/real estate. Secondly, how you gonna manage hundreds of thousands of dollars if you didn't learn to manage small amounts in the beginning. Make your mistakes early on with small figures, not big amounts. Lastly, you not gonna get rich investing $100 a month but, its a good start and builds good habits and financial literacy. That's like $20,000 over ten years with a 7% return. Most black people don't have $500 to their name. If you just wanna be a passive investor for the rest of your life, then you can do that but, if you're more entrepreneurial, there's a VARIETY of things you can do with that kinda money that can help increase your cash flow. And yea....of course you need to figure out how to earn more income and learn more skills but, I don't see how saving or not saving $100 is going to affect that. Certs are cheap. Books are cheap. Schools have loans, scholarships and grants and if you go the community college route, its almost nothing. And the internet has a gazillion ways for you to make money. Saving $100 is not going to stop you from building a skill set. There are like a gazillion charts on the internet that show younger people who invest earlier have more at retirement than someone who starts later. So yea, you will need to figure out how to make and invest more but, its silly to tell people to not invest. And for the people who will never earn more than $40,000 which is a reality for a large amount of Americans, its just plain fukking stupid to tell them to not invest. Yea, they will likely struggle in retirement but, I'd much rather have $100,000 or whatever amount from a lifetime of investing than to have nothing.

 

[Deflatedhoopdreams]

Now you shouldn't invest. Officially heard it all now

If you have money in the bank, which everyone does, you losing a little bit each year. For example, if you have $5,000...take $100 to $150 out and light it on fire. Because that's essentially what inflation does. You invest to keep your purchasing power over time. Money is almost worthless if its not being used to earn more and it becomes less valuable the more they print. It's what rich people give to regular people like you and me to fight over while they take what's actually valuable. It's an IOU on green construction paper and it's pretty much a stock of your country that you're a 100% invested in that loses value each year unless you buy more of it and is only valuable if people think your country is worth a damn. So yea, you need to be investing. And please buy some Gold and later on land/real estate. Secondly, how you gonna manage hundreds of thousands of dollars if you didn't learn to manage small amounts in the beginning. Make your mistakes early on with small figures, not big amounts. Lastly, you not gonna get rich investing $100 a month but, its a good start and builds good habits and financial literacy. That's like $20,000 over ten years with a 7% return. Most black people don't have $500 to their name. If you just wanna be a passive investor for the rest of your life, then you can do that but, if you're more entrepreneurial, there's a VARIETY of things you can do with that kinda money that can help increase your cash flow. And yea....of course you need to figure out how to earn more income and learn more skills but, I don't see how saving or not saving $100 is going to affect that. Certs are cheap. Books are cheap. Schools have loans, scholarships and grants and if you go the community college route, its almost nothing. And the internet has a gazillion ways for you to make money. Saving $100 is not going to stop you from building a skill set. There are like a gazillion charts on the internet that show younger people who invest earlier have more at retirement than someone who starts later. So yea, you will need to figure out how to make and invest more but, its silly to tell people to not invest. And for the people who will never earn more than $40,000 which is a reality for a large amount of Americans, its just plain fukking stupid to tell them to not invest. Yea, they will likely struggle in retirement but, I'd much rather have $100,000 or whatever amount from a lifetime of investing than to have nothing.

Well said