PBS Frontline : The Retirement Gamble, sorta Must See (1 Viewer)

[Smack Tripper]

This was a pretty eye opening watch to me, I really need to start DVR'ing frontline, but really a must watch for the FBG of any age that plans to not die at 50.

http://www.pbs.org/wgbh/pages/frontline/retirement-gamble/

 

[mquinnjr]

I have a defined benefit pension plan at work that I just vested in, but unless I work here another 30 years, I need to assume I won't get the full benefit I'd project it to be at that point.

Will give this video a spin, always looking for tips/tricks outside of conventional wisdom with retirement savings. Thanks!

 

[culdeus]

I was going over my wife's retirement plan. She works at a school with average income of 60k. With the min required to match 4%+4% match an 8% savings rate for 30 years won't even sniff enough money to retire on.

Then you have 50% of people that contribute 0 into any plan at all.

You want to talk about a financial crisis? This is it. You will have people that have made 100k-200k at the poverty level 10 years into retirement.

 

[Slapdash]

I was going over my wife's retirement plan. She works at a school with average income of 60k. With the min required to match 4%+4% match an 8% savings rate for 30 years won't even sniff enough money to retire on.

Then you have 50% of people that contribute 0 into any plan at all.

You want to talk about a financial crisis? This is it. You will have people that have made 100k-200k at the poverty level 10 years into retirement.

That is their own damn fault.

 

[KCitons]

just finished up watching. That guy from JP Morgan came of looking like a used car salesman.

The fees that are attached to some of these retirement accounts is ridiculous. Especially in the case of the couple that needed to withdraw the money, after the guy lost his job. They were taking money every year to manage the account, then the government took 10% and to top it off, the management company also penalized them another 9-10%. It all boils down to greed.

 

[Sarnoff]

Oh no, saving for retirement is easy and doesn't take nearly as much money as you think

[/everyone else around here]

 

[SHIZNITTTT]

financial retirement should be a required course for high school students. people just don't understand the consequences of poor or no decisions in regards to their retirement.

 

[KCitons]

Oh no, saving for retirement is easy and doesn't take nearly as much money as you think

[/everyone else around here]

This is true. If you start early and a little time at the beginning to educate yourself, and a little time each year to understand changes that are happening.

 

[lod01]

I was going over my wife's retirement plan. She works at a school with average income of 60k. With the min required to match 4%+4% match an 8% savings rate for 30 years won't even sniff enough money to retire on.

Then you have 50% of people that contribute 0 into any plan at all.

You want to talk about a financial crisis? This is it. You will have people that have made 100k-200k at the poverty level 10 years into retirement.

That is their own damn fault.

No ####. Anyone making $100k plus has only themselves to blame if they have to live in poverty in retirement.

 

[Sarnoff]

financial retirement should be a required course for high school students. people just don't understand the consequences of poor or no decisions in regards to their retirement.

I've been saying for years high schoolers get too much useless math and not enough useful stuff. Instead of putting every kid on the algebra-to-calculus path, they should teach "what credit card interest really means" and "how to calculate return on investment" and "the effect of maintenance and brokerage fees on your investments". No one should be able to get a high school diploma without being able to figure out "How much does a $1000 big-screen TV cost, if you purchase it on a credit card with 20.99% APR and you take 24 months to pay it all off?"

 

[Pick]

I think a lot of people just fail to connect the dots between retirement income and retirement costs.

 

[Pick]

financial retirement should be a required course for high school students. people just don't understand the consequences of poor or no decisions in regards to their retirement.

I've been saying for years high schoolers get too much useless math and not enough useful stuff. Instead of putting every kid on the algebra-to-calculus path, they should teach "what credit card interest really means" and "how to calculate return on investment" and "the effect of maintenance and brokerage fees on your investments". No one should be able to get a high school diploma without being able to figure out "How much does a $1000 big-screen TV cost, if you purchase it on a credit card with 20.99% APR and you take 24 months to pay it all off?"

Some states have Financial Lit as a core class. Not math concepts but general financial concepts (credit cards, taxes, investing, retirement, etc.).

 

[Mookie]

But I've got a sweet truck, and a boat.

When you do the math (when do I want to retire, how long do I expect to live, what expenses will I have, what income will I have, what other resources do I have), it gets really scary, yet people still go out and buy the shiny new toy instead. As a result, there are going to be considerably more elderly people working than in prior generations.

 

[Bull Dozier]

Oh no, saving for retirement is easy and doesn't take nearly as much money as you think

[/everyone else around here]

I don't think I've ever read a reasonable argument that saving for retirement doesn't take much money.

 

[Smack Tripper]

But I've got a sweet truck, and a boat.

When you do the math (when do I want to retire, how long do I expect to live, what expenses will I have, what income will I have, what other resources do I have), it gets really scary, yet people still go out and buy the shiny new toy instead. As a result, there are going to be considerably more elderly people working than in prior generations.

If there are even opportunities for them. Thats what I was taken with. I didn't realize til later the guy hosting the show OWNED his own company when he said, "well Ive calculated I'll work til 70 and part time til 75". I thought, who's to say corporate America, or more pertinently the media world, will want you.

I do think a feature like this shows the tremendous value of PBS to present this information a concise, deliverable method. When you look at the sheer ad buys retirement companies do, I have no faith you'd see anything like this on the modern 60 minutes.

 

[culdeus]

That being said there has been tremendous pressure on fund fees the last several years. Expense ratios are starting to become more reasonable across the board.

At one time those lifestyle 20xx funds were a bargain and pushed by Ormond and co. Now people mainly push you on ETF style funds and blended ETFs which have 80% less fees.

 

[NCCommish]

But I've got a sweet truck, and a boat.

When you do the math (when do I want to retire, how long do I expect to live, what expenses will I have, what income will I have, what other resources do I have), it gets really scary, yet people still go out and buy the shiny new toy instead. As a result, there are going to be considerably more elderly people working than in prior generations.

Here's the thing you have no idea what is going to be happening 10,20, 30 years from now. My parents did everything right. They didn't take vacations, they didn't buy fancy new cars, they scrimped and saved. All while tut tutting their friends who did the opposite. I'd say "you know you guys can have a little fun" and they'd say "oh no we need to be ready to retire then we'll have fun" and then the universe stepped in. They got creamed twice in market downturns that eviscerated their accounts when they haad no time left to really fund them back up. Now they get to live a little better than someone just on SS but not much. And they didn't get to enjoy their lives when they were younger. Sometimes the ant and the grasshopper both end up in the same place.

 

[[icon]]

But I've got a sweet truck, and a boat.

When you do the math (when do I want to retire, how long do I expect to live, what expenses will I have, what income will I have, what other resources do I have), it gets really scary, yet people still go out and buy the shiny new toy instead. As a result, there are going to be considerably more elderly people working than in prior generations.

Here's the thing you have no idea what is going to be happening 10,20, 30 years from now. My parents did everything right. They didn't take vacations, they didn't buy fancy new cars, they scrimped and saved. All while tut tutting their friends who did the opposite. I'd say "you know you guys can have a little fun" and they'd say "oh no we need to be ready to retire then we'll have fun" and then the universe stepped in. They got creamed twice in market downturns that eviscerated their accounts when they haad no time left to really fund them back up. Now they get to live a little better than someone just on SS but not much. And they didn't get to enjoy their lives when they were younger. Sometimes the ant and the grasshopper both end up in the same place.

Bingo.

 

[Ned]

But I've got a sweet truck, and a boat.

When you do the math (when do I want to retire, how long do I expect to live, what expenses will I have, what income will I have, what other resources do I have), it gets really scary, yet people still go out and buy the shiny new toy instead. As a result, there are going to be considerably more elderly people working than in prior generations.

Here's the thing you have no idea what is going to be happening 10,20, 30 years from now. My parents did everything right. They didn't take vacations, they didn't buy fancy new cars, they scrimped and saved. All while tut tutting their friends who did the opposite. I'd say "you know you guys can have a little fun" and they'd say "oh no we need to be ready to retire then we'll have fun" and then the universe stepped in. They got creamed twice in market downturns that eviscerated their accounts when they haad no time left to really fund them back up. Now they get to live a little better than someone just on SS but not much. And they didn't get to enjoy their lives when they were younger. Sometimes the ant and the grasshopper both end up in the same place.

Bingo.

Just like everything else in life, there's a fine balance between the two. Both extremes are being depicted here to make points. The answer lies somewhere in between.

 

[jwb]

The problem is also that somehow, some way, "retirement" became some right of passage.

It's not, and it never really was considered such until very recently. But truthfully, this notion of not working / playing for 20+ years is simply unworkable for most people

 

[Slapdash]

The problem is also that somehow, some way, "retirement" became some right of passage.

It's not, and it never really was until very recently. This notion of not working / playing for 20+ years is simply unworkable for most people

It is very workable if people do their homework and don't expect retirement to mean 6 figure incomes like Sarnoff.

 

[KCitons]

But I've got a sweet truck, and a boat.

When you do the math (when do I want to retire, how long do I expect to live, what expenses will I have, what income will I have, what other resources do I have), it gets really scary, yet people still go out and buy the shiny new toy instead. As a result, there are going to be considerably more elderly people working than in prior generations.

Here's the thing you have no idea what is going to be happening 10,20, 30 years from now. My parents did everything right. They didn't take vacations, they didn't buy fancy new cars, they scrimped and saved. All while tut tutting their friends who did the opposite. I'd say "you know you guys can have a little fun" and they'd say "oh no we need to be ready to retire then we'll have fun" and then the universe stepped in. They got creamed twice in market downturns that eviscerated their accounts when they haad no time left to really fund them back up. Now they get to live a little better than someone just on SS but not much. And they didn't get to enjoy their lives when they were younger. Sometimes the ant and the grasshopper both end up in the same place.

I disagree. If they were that close to retirement, then they should have been moving their savings into a less volatile fund.

I admit, I payed very little attention to our retirement until the bubble burst in 2008. Fortunately, my wife wasn't managing her TSP account. Since she is ultra conservative, all the money was in conservative funds. Thankfully, we lost very little. Since that time, we have diversified the money and follow up at least twice a year to make sure we are comfortable with where our money is.

 

[NCCommish]

But I've got a sweet truck, and a boat.

When you do the math (when do I want to retire, how long do I expect to live, what expenses will I have, what income will I have, what other resources do I have), it gets really scary, yet people still go out and buy the shiny new toy instead. As a result, there are going to be considerably more elderly people working than in prior generations.

Here's the thing you have no idea what is going to be happening 10,20, 30 years from now. My parents did everything right. They didn't take vacations, they didn't buy fancy new cars, they scrimped and saved. All while tut tutting their friends who did the opposite. I'd say "you know you guys can have a little fun" and they'd say "oh no we need to be ready to retire then we'll have fun" and then the universe stepped in. They got creamed twice in market downturns that eviscerated their accounts when they haad no time left to really fund them back up. Now they get to live a little better than someone just on SS but not much. And they didn't get to enjoy their lives when they were younger. Sometimes the ant and the grasshopper both end up in the same place.

Bingo.

Just like everything else in life, there's a fine balance between the two. Both extremes are being depicted here to make points. The answer lies somewhere in between.

Sure but see my parents didn't make a 100K. They worked their asses off and some "professional" was telling them they'd have to be very,very cautious and spend no money just to have a chance to retire comfortably. And where did it get them? Nowhere really but a life of always getting ready for down the road when the only thing down the road for them was more of the same. And they were hardly alone.

Now I am not saying you shouldn't save. I'm not saying you shouldn't try to prepare. I am saying that maybe the occasional toy or fancy trip isn't that bad because the reality is you could do everything right and still end up with a lousy situation.

 

[NCCommish]

But I've got a sweet truck, and a boat.

When you do the math (when do I want to retire, how long do I expect to live, what expenses will I have, what income will I have, what other resources do I have), it gets really scary, yet people still go out and buy the shiny new toy instead. As a result, there are going to be considerably more elderly people working than in prior generations.

Here's the thing you have no idea what is going to be happening 10,20, 30 years from now. My parents did everything right. They didn't take vacations, they didn't buy fancy new cars, they scrimped and saved. All while tut tutting their friends who did the opposite. I'd say "you know you guys can have a little fun" and they'd say "oh no we need to be ready to retire then we'll have fun" and then the universe stepped in. They got creamed twice in market downturns that eviscerated their accounts when they haad no time left to really fund them back up. Now they get to live a little better than someone just on SS but not much. And they didn't get to enjoy their lives when they were younger. Sometimes the ant and the grasshopper both end up in the same place.

I disagree. If they were that close to retirement, then they should have been moving their savings into a less volatile fund.

I admit, I payed very little attention to our retirement until the bubble burst in 2008. Fortunately, my wife wasn't managing her TSP account. Since she is ultra conservative, all the money was in conservative funds. Thankfully, we lost very little. Since that time, we have diversified the money and follow up at least twice a year to make sure we are comfortable with where our money is.

They were working with a professional financial planner the whole time. They are just light blue collar folks. Paying someone who is supposed to know things they don't. And he didn't give any out there weird advice. They still got screwed.

 

[Slapdash]

But I've got a sweet truck, and a boat.

When you do the math (when do I want to retire, how long do I expect to live, what expenses will I have, what income will I have, what other resources do I have), it gets really scary, yet people still go out and buy the shiny new toy instead. As a result, there are going to be considerably more elderly people working than in prior generations.

Here's the thing you have no idea what is going to be happening 10,20, 30 years from now. My parents did everything right. They didn't take vacations, they didn't buy fancy new cars, they scrimped and saved. All while tut tutting their friends who did the opposite. I'd say "you know you guys can have a little fun" and they'd say "oh no we need to be ready to retire then we'll have fun" and then the universe stepped in. They got creamed twice in market downturns that eviscerated their accounts when they haad no time left to really fund them back up. Now they get to live a little better than someone just on SS but not much. And they didn't get to enjoy their lives when they were younger. Sometimes the ant and the grasshopper both end up in the same place.

I disagree. If they were that close to retirement, then they should have been moving their savings into a less volatile fund.

I admit, I payed very little attention to our retirement until the bubble burst in 2008. Fortunately, my wife wasn't managing her TSP account. Since she is ultra conservative, all the money was in conservative funds. Thankfully, we lost very little. Since that time, we have diversified the money and follow up at least twice a year to make sure we are comfortable with where our money is.

They were working with a professional financial planner the whole time. They are just light blue collar folks. Paying someone who is supposed to know things they don't. And he didn't give any out there weird advice. They still got screwed.

That is the point of this piece. Financial planners are not on your side. It doesn't mean that you shouldn't save money, it means you shouldn't trust the financial industry to do anything but screw you over.

 

[KCitons]

But I've got a sweet truck, and a boat.

When you do the math (when do I want to retire, how long do I expect to live, what expenses will I have, what income will I have, what other resources do I have), it gets really scary, yet people still go out and buy the shiny new toy instead. As a result, there are going to be considerably more elderly people working than in prior generations.

Here's the thing you have no idea what is going to be happening 10,20, 30 years from now. My parents did everything right. They didn't take vacations, they didn't buy fancy new cars, they scrimped and saved. All while tut tutting their friends who did the opposite. I'd say "you know you guys can have a little fun" and they'd say "oh no we need to be ready to retire then we'll have fun" and then the universe stepped in. They got creamed twice in market downturns that eviscerated their accounts when they haad no time left to really fund them back up. Now they get to live a little better than someone just on SS but not much. And they didn't get to enjoy their lives when they were younger. Sometimes the ant and the grasshopper both end up in the same place.

I disagree. If they were that close to retirement, then they should have been moving their savings into a less volatile fund.

I admit, I payed very little attention to our retirement until the bubble burst in 2008. Fortunately, my wife wasn't managing her TSP account. Since she is ultra conservative, all the money was in conservative funds. Thankfully, we lost very little. Since that time, we have diversified the money and follow up at least twice a year to make sure we are comfortable with where our money is.

They were working with a professional financial planner the whole time. They are just light blue collar folks. Paying someone who is supposed to know things they don't. And he didn't give any out there weird advice. They still got screwed.

I sympathize with your parents, but their case may have been more the fault of the adviser. And, may not apply to everyone else in the same situation.

 

[gruecd]

People saving 2-3% of their earnings and blaming other people that they can't retire because "the fees are too high." LOFL

 

[gruecd]

That is the point of this piece. Financial planners are not on your side. It doesn't mean that you shouldn't save money, it means you shouldn't trust the financial industry to do anything but screw you over.

Ignorant, stereotypical comment.

 

[Slapdash]

That is the point of this piece. Financial planners are not on your side. It doesn't mean that you shouldn't save money, it means you shouldn't trust the financial industry to do anything but screw you over.

Ignorant, stereotypical comment.

 

[Dentist]

i watched this.

if you keep up with financial news, it was nothing new.

just a statement on how fund fees are terrible and you should buy index funds. any personal finance book worth its salt has been saying that for over 15 years.

Basically it was a sob story on how there's going to be a retirement crisis because the burden for retirement got shifted from it being done for them via pension, to having to do it themselves via 401k.

The story was spot on.. but i always hate how frontline angles their stories.

People could be in great shape financially if they just took the time to read one good personal finance book and then did a little keeping up.

Admittedly the financial world can be intimidating. but it's hilarious that people will work hard making money, work hard spending hours researching a TV to buy or clothes to wear... but don't give a crap about the tens or hundreds of thousands in their retirement accounts because it's not fun.

Pound foolish, penny smart.. typical coupon clipping american

 

[IvanKaramazov]

I was going over my wife's retirement plan. She works at a school with average income of 60k. With the min required to match 4%+4% match an 8% savings rate for 30 years won't even sniff enough money to retire on.

Then you have 50% of people that contribute 0 into any plan at all.

You want to talk about a financial crisis? This is it. You will have people that have made 100k-200k at the poverty level 10 years into retirement.

That is their own damn fault.

This. There's no excuse for someone with a six-figure income to be insecure in retirement other than personal irresponsibility.

 

[Slapdash]

i watched this.

if you keep up with financial news, it was nothing new.

just a statement on how fund fees are terrible and you should buy index funds. any personal finance book worth its salt has been saying that for over 15 years.

Basically it was a sob story on how there's going to be a retirement crisis because the burden for retirement got shifted from it being done for them via pension, to having to do it themselves via 401k.

The story was spot on.. but i always hate how frontline angles their stories.

People could be in great shape financially if they just took the time to read one good personal finance book and then did a little keeping up.

Admittedly the financial world can be intimidating. but it's hilarious that people will work hard making money, work hard spending hours researching a TV to buy or clothes to wear... but don't give a crap about the tens or hundreds of thousands in their retirement accounts because it's not fun.

Pound foolish, penny smart.. typical coupon clipping american

Not rocket science, but you need to do your homework.

 

[Dentist]

I was going over my wife's retirement plan. She works at a school with average income of 60k. With the min required to match 4%+4% match an 8% savings rate for 30 years won't even sniff enough money to retire on.

Then you have 50% of people that contribute 0 into any plan at all.

You want to talk about a financial crisis? This is it. You will have people that have made 100k-200k at the poverty level 10 years into retirement.

That is their own damn fault.

true.

But you'd better believe that when shows like this one on Frontline are on good morning america and E! News and you have constant sob story after sob story that politicians will begin running for office on a platform of "saving the retirement population" and they'll get elected because people will love it.

then who's going to pay? someone who did everything right.

 

[Sarnoff]

But I've got a sweet truck, and a boat.

When you do the math (when do I want to retire, how long do I expect to live, what expenses will I have, what income will I have, what other resources do I have), it gets really scary, yet people still go out and buy the shiny new toy instead. As a result, there are going to be considerably more elderly people working than in prior generations.

Here's the thing you have no idea what is going to be happening 10,20, 30 years from now. My parents did everything right. They didn't take vacations, they didn't buy fancy new cars, they scrimped and saved. All while tut tutting their friends who did the opposite. I'd say "you know you guys can have a little fun" and they'd say "oh no we need to be ready to retire then we'll have fun" and then the universe stepped in. They got creamed twice in market downturns that eviscerated their accounts when they haad no time left to really fund them back up. Now they get to live a little better than someone just on SS but not much. And they didn't get to enjoy their lives when they were younger. Sometimes the ant and the grasshopper both end up in the same place.

I disagree. If they were that close to retirement, then they should have been moving their savings into a less volatile fund.

I admit, I payed very little attention to our retirement until the bubble burst in 2008. Fortunately, my wife wasn't managing her TSP account. Since she is ultra conservative, all the money was in conservative funds. Thankfully, we lost very little. Since that time, we have diversified the money and follow up at least twice a year to make sure we are comfortable with where our money is.

They always say "don't try to time the market", but retirement planning is the biggest market-timing move of all.

 

[culdeus]

I was going over my wife's retirement plan. She works at a school with average income of 60k. With the min required to match 4%+4% match an 8% savings rate for 30 years won't even sniff enough money to retire on.

Then you have 50% of people that contribute 0 into any plan at all.

You want to talk about a financial crisis? This is it. You will have people that have made 100k-200k at the poverty level 10 years into retirement.

That is their own damn fault.

true.

But you'd better believe that when shows like this one on Frontline are on good morning america and E! News and you have constant sob story after sob story that politicians will begin running for office on a platform of "saving the retirement population" and they'll get elected because people will love it.

then who's going to pay? someone who did everything right.

Not if their money is in tax free accounts #winning

 

[Dentist]

I decided a while ago that I'll probably keep working at my profession (software) until I'm really old. If it's in a consulting capacity or my own small business or whatever. I will have some kind of income from it. First of all, I love it. Second, I don't think there's any way I'm saving $2mil+ or whatever my ING number is to stop working at 65.

no shame in continuing to work if you are going in and enjoying it.

But I'm doing whatever it takes not to have to roll into the office and fill more teeth after age 62 unless my attitude shifts by then and somehow I wake up just ecstatic to glove up.

 

[Ned]

I was going over my wife's retirement plan. She works at a school with average income of 60k. With the min required to match 4%+4% match an 8% savings rate for 30 years won't even sniff enough money to retire on.

Then you have 50% of people that contribute 0 into any plan at all.

You want to talk about a financial crisis? This is it. You will have people that have made 100k-200k at the poverty level 10 years into retirement.

That is their own damn fault.

This. There's no excuse for someone with a six-figure income to be insecure in retirement other than personal irresponsibility.

Dangerous statement, without knowing the COL for their area. 100K in TN <> 100K in NYC.

 

[KCitons]

But I've got a sweet truck, and a boat.

When you do the math (when do I want to retire, how long do I expect to live, what expenses will I have, what income will I have, what other resources do I have), it gets really scary, yet people still go out and buy the shiny new toy instead. As a result, there are going to be considerably more elderly people working than in prior generations.

Here's the thing you have no idea what is going to be happening 10,20, 30 years from now. My parents did everything right. They didn't take vacations, they didn't buy fancy new cars, they scrimped and saved. All while tut tutting their friends who did the opposite. I'd say "you know you guys can have a little fun" and they'd say "oh no we need to be ready to retire then we'll have fun" and then the universe stepped in. They got creamed twice in market downturns that eviscerated their accounts when they haad no time left to really fund them back up. Now they get to live a little better than someone just on SS but not much. And they didn't get to enjoy their lives when they were younger. Sometimes the ant and the grasshopper both end up in the same place.

I disagree. If they were that close to retirement, then they should have been moving their savings into a less volatile fund.

I admit, I payed very little attention to our retirement until the bubble burst in 2008. Fortunately, my wife wasn't managing her TSP account. Since she is ultra conservative, all the money was in conservative funds. Thankfully, we lost very little. Since that time, we have diversified the money and follow up at least twice a year to make sure we are comfortable with where our money is.

They always say "don't try to time the market", but retirement planning is the biggest market-timing move of all.

I'm not talking about timing the market. If your young, you can gamble more than someone 5 years away from retirement. The risk is too great.

 

[Ned]

But I've got a sweet truck, and a boat.

When you do the math (when do I want to retire, how long do I expect to live, what expenses will I have, what income will I have, what other resources do I have), it gets really scary, yet people still go out and buy the shiny new toy instead. As a result, there are going to be considerably more elderly people working than in prior generations.

Here's the thing you have no idea what is going to be happening 10,20, 30 years from now. My parents did everything right. They didn't take vacations, they didn't buy fancy new cars, they scrimped and saved. All while tut tutting their friends who did the opposite. I'd say "you know you guys can have a little fun" and they'd say "oh no we need to be ready to retire then we'll have fun" and then the universe stepped in. They got creamed twice in market downturns that eviscerated their accounts when they haad no time left to really fund them back up. Now they get to live a little better than someone just on SS but not much. And they didn't get to enjoy their lives when they were younger. Sometimes the ant and the grasshopper both end up in the same place.

Bingo.

Just like everything else in life, there's a fine balance between the two. Both extremes are being depicted here to make points. The answer lies somewhere in between.

Sure but see my parents didn't make a 100K. They worked their asses off and some "professional" was telling them they'd have to be very,very cautious and spend no money just to have a chance to retire comfortably. And where did it get them? Nowhere really but a life of always getting ready for down the road when the only thing down the road for them was more of the same. And they were hardly alone.

Now I am not saying you shouldn't save. I'm not saying you shouldn't try to prepare. I am saying that maybe the occasional toy or fancy trip isn't that bad because the reality is you could do everything right and still end up with a lousy situation.

The bolded was exactly my point.

 

[Dentist]

I was going over my wife's retirement plan. She works at a school with average income of 60k. With the min required to match 4%+4% match an 8% savings rate for 30 years won't even sniff enough money to retire on.

Then you have 50% of people that contribute 0 into any plan at all.

You want to talk about a financial crisis? This is it. You will have people that have made 100k-200k at the poverty level 10 years into retirement.

That is their own damn fault.

true.

But you'd better believe that when shows like this one on Frontline are on good morning america and E! News and you have constant sob story after sob story that politicians will begin running for office on a platform of "saving the retirement population" and they'll get elected because people will love it.

then who's going to pay? someone who did everything right.

Not if their money is in tax free accounts #winning

roth IRA's only let you put 5K a year in. That's not going to get anyone to retirement.

so you have to use the 401k system which is only tax deferred... :(

 

[17seconds]

I decided a while ago that I'll probably keep working at my profession (software) until I'm really old. If it's in a consulting capacity or my own small business or whatever. I will have some kind of income from it. First of all, I love it. Second, I don't think there's any way I'm saving $2mil+ or whatever my ING number is to stop working at 65.

no shame in continuing to work if you are going in and enjoying it.

But I'm doing whatever it takes not to have to roll into the office and fill more teeth after age 62 unless my attitude shifts by then and somehow I wake up just ecstatic to glove up.

My dentist is in his 70s. He's retired Navy so he's probably doing pretty well with the dual income source. I guess he loves dentistry. He's great too - super honest, never does anything unnecessary - I'm always worried he's going to retire.

 

[gruecd]

roth IRA's only let you put 5K a year in. That's not going to get anyone to retirement.

so you have to use the 401k system which is only tax deferred... :(

Most plans now offer the option of making your deferrals on an after-tax Roth basis. If yours doesn't, it's easy to amend.

 

[Slapdash]

I was going over my wife's retirement plan. She works at a school with average income of 60k. With the min required to match 4%+4% match an 8% savings rate for 30 years won't even sniff enough money to retire on. Then you have 50% of people that contribute 0 into any plan at all. You want to talk about a financial crisis? This is it. You will have people that have made 100k-200k at the poverty level 10 years into retirement.

That is their own damn fault.

This. There's no excuse for someone with a six-figure income to be insecure in retirement other than personal irresponsibility.

Dangerous statement, without knowing the COL for their area. 100K in TN <> 100K in NYC.

Those people are choosing to do that though. They are sacrificing greater financial flexibility to purchase the amenity of a more desirable location.they are likely earning a higher income too.

 

[NCCommish]

That is the point of this piece. Financial planners are not on your side. It doesn't mean that you shouldn't save money, it means you shouldn't trust the financial industry to do anything but screw you over.

Ignorant, stereotypical comment.

Laugh all you want. My parents reality is they were both working and trying to raise 3 kids. They did what people do, they get a "professional" to help out. I don't think he really screwed them I think it's just the way things go sometimes. The universe doesn't give a tinkers damn about your plans or what book you read. And as someone mentioned the closer you get to the end of the plan the more it is like timing the market. "Oh should I stay in this one more year or should I get into something safe? I haven't made my magical number yet". Etc.

I love all the people here who are so sure in their plans. My parents were. I hope it works out for everyone better than it did them. My money is on it not going that way though for an awful lot of them.

 

[17seconds]

The guy confused about investment options in his 401K is an economist?

The JP Morgan guy is like Martin Short on the 60 Minutes SNL skit from the 80s.

So glad the bulk of my 401k has always been at Vanguard in index funds.

 

[Sarnoff]

I was going over my wife's retirement plan. She works at a school with average income of 60k. With the min required to match 4%+4% match an 8% savings rate for 30 years won't even sniff enough money to retire on.

Then you have 50% of people that contribute 0 into any plan at all.

You want to talk about a financial crisis? This is it. You will have people that have made 100k-200k at the poverty level 10 years into retirement.

That is their own damn fault.

true.

But you'd better believe that when shows like this one on Frontline are on good morning america and E! News and you have constant sob story after sob story that politicians will begin running for office on a platform of "saving the retirement population" and they'll get elected because people will love it.

then who's going to pay? someone who did everything right.

Not if their money is in tax free accounts #winning

Gov't already talking about taking money out of individual's IRAs, 401ks, and every other retirement vehicle out there (except ones for federal workers, of course) because they need the $$.

 

[KCitons]

That is the point of this piece. Financial planners are not on your side. It doesn't mean that you shouldn't save money, it means you shouldn't trust the financial industry to do anything but screw you over.

Ignorant, stereotypical comment.

Laugh all you want. My parents reality is they were both working and trying to raise 3 kids. They did what people do, they get a "professional" to help out. I don't think he really screwed them I think it's just the way things go sometimes. The universe doesn't give a tinkers damn about your plans or what book you read. And as someone mentioned the closer you get to the end of the plan the more it is like timing the market. "Oh should I stay in this one more year or should I get into something safe? I haven't made my magical number yet". Etc.

I love all the people here who are so sure in their plans. My parents were. I hope it works out for everyone better than it did them. My money is on it not going that way though for an awful lot of them.

Were your parents the exception or the rule? Everyone needs to keep a watchful eye for the unexpected.

 

[17seconds]

I dislike people who make a living collecting fees for moving money around more than anybody, even lawyers.

 

[NCCommish]

That is the point of this piece. Financial planners are not on your side. It doesn't mean that you shouldn't save money, it means you shouldn't trust the financial industry to do anything but screw you over.

Ignorant, stereotypical comment.

Laugh all you want. My parents reality is they were both working and trying to raise 3 kids. They did what people do, they get a "professional" to help out. I don't think he really screwed them I think it's just the way things go sometimes. The universe doesn't give a tinkers damn about your plans or what book you read. And as someone mentioned the closer you get to the end of the plan the more it is like timing the market. "Oh should I stay in this one more year or should I get into something safe? I haven't made my magical number yet". Etc.

I love all the people here who are so sure in their plans. My parents were. I hope it works out for everyone better than it did them. My money is on it not going that way though for an awful lot of them.

Were your parents the exception or the rule? Everyone needs to keep a watchful eye for the unexpected.

My guess is since they are mid wave boomers there were an awful lot of people who got caught in the same trap with them. First downturn hurt, second one got them just as they were getting back to where they were. It was pretty damn sad. I will say they do own their house outright though so they have that going for them and it really helps. But still they always wanted to take trips and do stuff and they just figured they'd do it after the kids are out and they were living the sweet retirement life. In the end they really have little to show for a life lived to retire.

 

[Slapdash]

That is the point of this piece. Financial planners are not on your side. It doesn't mean that you shouldn't save money, it means you shouldn't trust the financial industry to do anything but screw you over.

Ignorant, stereotypical comment.

Laugh all you want. My parents reality is they were both working and trying to raise 3 kids. They did what people do, they get a "professional" to help out. I don't think he really screwed them I think it's just the way things go sometimes. The universe doesn't give a tinkers damn about your plans or what book you read. And as someone mentioned the closer you get to the end of the plan the more it is like timing the market. "Oh should I stay in this one more year or should I get into something safe? I haven't made my magical number yet". Etc.

I love all the people here who are so sure in their plans. My parents were. I hope it works out for everyone better than it did them. My money is on it not going that way though for an awful lot of them.

Nobody is laughing at your parents, dude.