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PortaJohn

#133,701
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#133,703
BytorJr said:
I think the only missing part of this is that option, in particular, isn't taking into account earned value of money over time - like how much could I have now if I only was getting 5% on my return inflation adjusted. That is if I'm understanding it. Because folks that worked primarily in the 1970s - 1990s really would get the shaft.

I was all in favor of just outright doing away with SS after a certain age (or born after date). I would have been willing, up to about age 40-45, to GIVE my SS TAX back to the kitty so long as I get 100% of that SS withdrawal money back in my paycheck and no new taxes on that money that was designated for SS (so that % of your tax that is SS would become non-taxable income for investment!!) I think one can pretty much recoup that money with conservative investments over the next 20-25 years. I never did the actual math on that; but at some point, just having the SS TAX stop would allow one to retire with more money; because that money would be in private hands making money (like a 401K).

The debate against the no SS is that people don't have enough self control....ok...so make a law that says it has to go somewhere and cannot be pulled out until 65, but the individual gets a say on where the money is invested. It's not perfect due to the FED jacking with the economy, cyclic nature of stocks, bonds, gold, etc; but it's not quite the Ponzi scheme current SS is.
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I agree 100%. There should be an op-out option for SS and I would even be happy to pay a small portion of what I currently pay to help support SS. I am guessing one concern about those that would opt out is them pissing away that extra money instead or saving/investing it. That is an issue that they would have created themselves but we cannot let idiots suffer their own consequences.

The other issue with an opt-out option is where would the GOV get additional money to piss away?
 
#133,713
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#133,719
Mwalex said:
I agree 100%. There should be an op-out option for SS and I would even be happy to pay a small portion of what I currently pay to help support SS. I am guessing one concern about those that would opt out is them pissing away that extra money instead or saving/investing it. That is an issue that they would have created themselves but we cannot let idiots suffer their own consequences.

The other issue with an opt-out option is where would the GOV get additional money to piss away?
Click to expand...
Agree. Hard sell because somebody's going to piss it away and somehow that is my fault!!!! This myth that your $$ are guaranteed by "The Gubment."

Yeah, my plan would be I get to take that $$ being stolen from me from SS and not pay taxes on it (preventing Gubment from wasting it as well), invest it in a plan of some kind and not pay any taxes on any earnings of that investment either. So it'd have to be tagged as monies that are tax free in a separate account; but imagine if you were still forced somewhat to save that % currently being stolen (and that's what it is) in a self-managed account, 100% tax free? Hell, I'd even be okay had they given me free reigns on 50% of that; but imagine 100%.
 
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#133,721
theLBC said:
justthenews.com

Cop who fatally shot J6 protestor has lengthy disciplinary record that includes gun incidents

The issues in officer Michael Byrd's background included a failed shotgun qualification test, a failed FBI background check, a suspension for a lost weapon and referral to prosecutors for firing his gun at a stolen car.
justthenews.com justthenews.com
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The J6 killer is another reason that they don't want this guy confirmed as AG. They know that their killer will stand trial for murder if this nominee is going to be the next AG.

iu
 
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#133,722
TxWelder35 said:
Or how about instead of giving the government $500-750k of your money, you become allowed to put it in a Retirement account like a Roth IRA, etc and have it invested into the market your whole life. Then your 500-750k investment Gets turned into millions and create generational wealth instead of having the government dole out meager Payments.

With a 7k yearly contribution, (11% of a 60k income) for 40 years with a average of an 8% return every year, you end up with 1.8 million in the bank account. You put in 280k and and receive 1.5 mil after taxes, gov makes 300k. AND the economy grows due to constant investment in the market.

Remind me why the fuck we need the government here at all? Give me my fucking money back and let me invest the shit myself. I don’t want social security. I don’t want Medicare. I want to invest my own damn money.
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Back in the day - there were opportunities to earn pensions to support retirement. Then IRA/401K, etc. were developed to allow average citizens to invest for their retirement - take control of their own futures.

What percent of Americans make good use of the IRA/401k/etc. system to save for their futures?

We are finding out now as my Boomer generation with pensions ends and the IRA/401k/etc. generation begins to retire.
 
#133,723
Lightning8 said:
Back in the day - there were opportunities to earn pensions to support retirement. Then IRA/401K, etc. were developed to allow average citizens to invest for their retirement - take control of their own futures.

What percent of Americans make good use of the IRA/401k/etc. system to save for their futures?

We are finding out now as my Boomer generation with pensions ends and the IRA/401k/etc. generation begins to retire.
Click to expand...
The last numbers I saw stated that only 25% of the people working at companies with 401Ks contributed to them. Only 25% of that number contributed enough to max out the company match. Working through the math indicates that very few people contribute and maximize their return on a 401K. A company match is FREE money and a higher return than the stock market.
 
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#133,728
some real doozies in the news today:

redstate.com

WILD: Denver Mayor Threatens 'Tiananmen Square Moment' If Trump Deports Illegal Immigrants

redstate.com redstate.com

redstate.com

Joe the Blasphemer: Biden Takes Parting Shot at Catholics With His Vile Medal of Freedom Choice

redstate.com redstate.com

and a world first

www.thegatewaypundit.com

Russia Strikes Ukrainian Defense Plant in Dnepropetrovsk Using Intercontinental Ballistic Missiles for the First Time in Warfare (VIDEOS) | The Gateway Pundit | by Paul Serran

As we stare into the future of the war in Ukraine, we now have daily escalations from both sides, each scarier than the next.
www.thegatewaypundit.com www.thegatewaypundit.com

with non-nuclear MIRV!
 
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#133,730
Mwalex said:
The last numbers I saw stated that only 25% of the people working at companies with 401Ks contributed to them. Only 25% of that number contributed enough to max out the company match. Working through the math indicates that very few people contribute and maximize their return on a 401K. A company match is FREE money and a higher return than the stock market.
Click to expand...
Not necessarily. The realized rate of return depends on several factors:
1. The length of time it has been put into a 401K vs the real inflation rate. The longer, the lower the real return. This is especially true in the 2000s.
2. What the 401K is invested in. Whatever it is invested in will determine the actual return, which then still gets eaten away by inflation.
3. Investment losses, which do happen.
4. Any premature withdrawals, which usually have to be paid back with interest.
5. Taxes. Traditional 401K's are taxed as regular income at retirement while only the employer contribution is taxed in a Roth 401K since you contribution is post-taxation.
6. The actual matching by the employer. This can be variable, based on the company, and is optional.
7. Maximum yearly contribution ceilings.

401K's are not a panacea and it must be remembered that this money is effectively tied up until retirement within the financial sector of the economy. Taxes, inflation and risk eat away at the return and most people never consider these aspects, never realizing that the rate of return they think they are getting is higher than what they actually receive.
 
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#133,736
lariat said:
Not necessarily. The realized rate of return depends on several factors:
1. The length of time it has been put into a 401K vs the real inflation rate. The longer, the lower the real return. This is especially true in the 2000s.
2. What the 401K is invested in. Whatever it is invested in will determine the actual return, which then still gets eaten away by inflation.
3. Investment losses, which do happen.
4. Any premature withdrawals, which usually have to be paid back with interest.
5. Taxes. Traditional 401K's are taxed as regular income at retirement while only the employer contribution is taxed in a Roth 401K since you contribution is post-taxation.
6. The actual matching by the employer. This can be variable, based on the company, and is optional.
7. Maximum yearly contribution ceilings.

401K's are not a panacea and it must be remembered that this money is effectively tied up until retirement within the financial sector of the economy. Taxes, inflation and risk eat away at the return and most people never consider these aspects, never realizing that the rate of return they think they are getting is higher than what they actually receive.
Click to expand...
What? If a company matches 50% for the first 6% then that is a 50% return on the employees money, right off the bat. Even is that money is held in a money market account that is still a 50% return on "investment". You took my last statement and made it more complicated than it has to be.
 
#133,738
Mwalex said:
What? If a company matches 50% for the first 6% then that is a 50% return on the employees money, right off the bat. Even is that money is held in a money market account that is still a 50% return on "investment". You took my last statement and made it more complicated than it has to be.
Click to expand...
You are not listening. The immediate return is there, but time fucks it all up. Even money markets are not insulated - they lose money over time as they are almost always lower than the inflation rate. Safe, yes, but that safety comes at a lower yield which gets eaten away by inflation over time and taxes. Money market funds forego risk and create guaranteed savings erosion over time. Inflation erodes all fiat money over time, that's how this entire world economy works. That's how debt is paid off with cheaper dollars. But if you invest in stocks in your 401K you are still taking the risk inherent in the stock market. 401Ks in no way guarantee a preservation of capital, that's your job by way of making correct investment decisions.

What I said is not complicated. But most people don't know about it and therefore do not consider the implications. Go ask your CFP and they will tell you that these conditions exist. Your 401K is part of the system, not a workaround.
 
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#133,740
lariat said:
You are not listening. The immediate return is there, but time fucks it all up. Even money markets are not insulated - they lose money over time as they are almost always lower than the inflation rate. Safe, yes, but that safety comes at a lower yield which gets eaten away by inflation over time and taxes. Money market funds forego risk and create guaranteed savings erosion over time. Inflation erodes all fiat money over time, that's how this entire world economy works. That's how debt is paid off with cheaper dollars.

What I said is not complicated. But most people don't know about it and therefore do not consider the implications. Go ask your CFP and they will tell you that these conditions exist. Your 401K is part of the system, not a workaround.
Click to expand...
“But most people don't know about it and therefore do not consider the implications”.

I think there are a lot of people that know about it, but they just ignore it. Why ? Probably a myriad of reasons, very few of which are valid.
 
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#133,741
UKDslayer said:
Honestly, of all the groups that have come over, I mind Filipinos the least. Every single Filipino I personally have encountered is working and had a good work ethic. Still, need to do it legally!
Click to expand...
My Dentist is 1st generation Filipino and a great guy. He is a good dentist and has become a friend.
We go for our 6 month check up/cleaning as a family. His office is 30 miles from our house. The wife always goes to a Vietnamese restaurant to get egg rolls and some other dishes, Our Dentist has her get him some stuff too.
He pays for both orders! He and I get into a wide range of topics. From history to shooting to gardening and health/working out. Have not minded going to the dentist for many years!
 
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#133,742
#133,743
Threadcutter308 said:
just ignore it.
Click to expand...

Little bit of both maybe. I think lariat is right that people don't look at the supply chain aspect of money management, probably because a lot of people don't have enough money to worry about it.

An over simplified view.

Cash in savings and checking is food on the plate, rotting away by the second.

Cash in money markets food in the fridge, rots away a little slower.

Cash in investments is crops in the field, may do well, may get plowed under.
 
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#133,744
doubloon said:
Little bit of both maybe. I think lariat is right that people don't look at the supply chain aspect of money management, probably because a lot of people don't have enough money to worry about it.

An over simplified view.

Cash in savings and checking is food on the plate, rotting away by the second.

Cash in money markets food in the fridge, rots away a little slower.

Cash in investments is crops in the field, may do well, may get plowed under.
Click to expand...
Yeah, I think we’re all on the same page.
 
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#133,747
doubloon said:
Little bit of both maybe. I think lariat is right that people don't look at the supply chain aspect of money management, probably because a lot of people don't have enough money to worry about it.

An over simplified view.

Cash in savings and checking is food on the plate, rotting away by the second.

Cash in money markets food in the fridge, rots away a little slower.

Cash in investments is crops in the field, may do well, may get plowed under.
Click to expand...
I am stealing that analogy. That's gold. Easy to understand by everyone.
 
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#133,749
theLBC said:
wtf?

Click to expand...

Dude's guilty.. just a process violation.

"Specifically, we address whether a dismissal of a case by nolle prosequi allows the State to bring a second prosecution when the dismissal was entered as part of an agreement with the defendant and the defendant has performed his part of the bargain. We hold that a second prosecution under these circumstances is a due process violation, and we therefore reverse defendant’s conviction."
 
#133,750
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