Gold Member BOHICA Posted December 28, 2019 Gold Member Share Posted December 28, 2019 Fucking peanuts compared to what is paid in! They need to allow people to opt out of this bullshit and let this program die. Fucking theft on the grandest scale. 1 1 Quote Link to comment Share on other sites More sharing options...
Zambroski Posted December 28, 2019 Share Posted December 28, 2019 You pay 7.65% towards retirement and Medicare. Your employer is required to match that. Do that math, figure in what basic investment returns would pay and then, understand why DC is able to pilfer this money right out from under our noses all the time. Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted December 28, 2019 Author Gold Member Share Posted December 28, 2019 58 minutes ago, Zambroski said: You pay 7.65% towards retirement and Medicare. Your employer is required to match that. Do that math, figure in what basic investment returns would pay and then, understand why DC is able to pilfer this money right out from under our noses all the time. What my employer pays is mine.... not theirs. It’s part of my compensation package. So I put 12.4% of my income into SS. Next year I will be forced put around $17000 into my social security account.... the return on that 17k at retirement time is shit! Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted December 28, 2019 Share Posted December 28, 2019 its social security tax- designed to help society not just you. While you and i may be responsible enough to manage our retirement many are not and end up in their 60's having little to nothing either through ignorance or bad choices. 2 Quote Link to comment Share on other sites More sharing options...
Voodoo Posted December 28, 2019 Share Posted December 28, 2019 Canada has a "pension" plan. You, and your employer pay into it all your working life. When you die, that money just goes back into the pot., you don't have any say where it goes and to whom. It's more of a ponzi scheme than a pension plan. Quote Link to comment Share on other sites More sharing options...
1jkw Posted December 28, 2019 Share Posted December 28, 2019 Seems to be more of a necessary evil, I live in a county where SS is the only thing many people live on. Sad but true most companies had very small if any pensions unless they worked for the government SS and some savings is all they have. Quote Link to comment Share on other sites More sharing options...
racer254 Posted December 28, 2019 Share Posted December 28, 2019 3 hours ago, BOHICA said: Fucking peanuts compared to what is paid in! They need to allow people to opt out of this bullshit and let this program die. Fucking theft on the grandest scale. God damn right. They need to allow people to opt out. That would stop the fraud and freeloaders. 1 Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted December 28, 2019 Share Posted December 28, 2019 7 minutes ago, racer254 said: God damn right. They need to allow people to opt out. That would stop the fraud and freeloaders. SMH how exactly would that stop fraud. Quote Link to comment Share on other sites More sharing options...
ManOnManOral Posted December 28, 2019 Share Posted December 28, 2019 2 hours ago, Voodoo said: Canada has a "pension" plan. You, and your employer pay into it all your working life. When you die, that money just goes back into the pot., you don't have any say where it goes and to whom. It's more of a ponzi scheme than a pension plan. We have survivor benefits for the spouse as well. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 28, 2019 Share Posted December 28, 2019 2 hours ago, BOHICA said: What my employer pays is mine.... not theirs. It’s part of my compensation package. So I put 12.4% of my income into SS. Next year I will be forced put around $17000 into my social security account.... the return on that 17k at retirement time is shit! Have said this many times but the fact most are total fucknobs with investments or lack thereof AG is correct below. 2 hours ago, Angry ginger said: its social security tax- designed to help society not just you. While you and i may be responsible enough to manage our retirement many are not and end up in their 60's having little to nothing either through ignorance or bad choices. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 28, 2019 Share Posted December 28, 2019 1 hour ago, 1jkw said: Seems to be more of a necessary evil, I live in a county where SS is the only thing many people live on. Sad but true most companies had very small if any pensions unless they worked for the government SS and some savings is all they have. I opted out of any company corp pension plan, matching or not. This way I always maintained control of where my investments went. Since the wife has a government pension, that maintains the fixed income portion of the portfolio so the rest is 100% equity. Its a shame most can't grasp even a basic understanding of how to plan financially. It really is rather simple. Quote Link to comment Share on other sites More sharing options...
1jkw Posted December 28, 2019 Share Posted December 28, 2019 Just now, ArcticCrusher said: I opted out of any company corp pension plan, matching or not. This way I always maintained control of where my investments went. Since the wife has a government pension, that maintains the fixed income portion of the portfolio so the rest is 100% equity. Its a shame most can't grasp even a basic understanding of how to plan financially. It really is rather simple. While it is a shame there are only so many government jobs to go around, I don't think there is a single trade union or privately owned union company in our county. Low wage jobs and little or no pension for most jobs is the norm in many rural areas. I think where you are might be easier, the healthcare costs alone would make a big difference here, very few if any private companies pay for family healthcare, most only pay the employee and even then most don't pay 100% My wife and I did without the latest and greatest things through our lives so we could retire with enough, glad we did. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 28, 2019 Share Posted December 28, 2019 3 minutes ago, 1jkw said: While it is a shame there are only so many government jobs to go around, I don't think there is a single trade union or privately owned union company in our county. Low wage jobs and little or no pension for most jobs is the norm in many rural areas. I think where you are might be easier, the healthcare costs alone would make a big difference here, very few if any private companies pay for family healthcare, most only pay the employee and even then most don't pay 100% My wife and I did without the latest and greatest things through our lives so we could retire with enough, glad we did. Here you would not be paying HC although our tax rates are much higher than yours. I'm over 54% marginal and the wife is almost at 50%, so if you can sock away the excess and invest it wisely over the years you guys would be much further ahead. Procrastination is a real killer though. Also, wife has a masters degree in science so she likely took a good pay cut working in the public sector. Quote Link to comment Share on other sites More sharing options...
SSFB Posted December 28, 2019 Share Posted December 28, 2019 People should be able to opt out if they show a level of fiscal responsibility over a sustained period. The entire system depends on the collective putting money into it so if you let everyone opt out they will whether they’re fiscally responsible or not. I’ll gladly “roll the dice” and take the money to invest as I see fit. If I get to the point where my quality of life sucks I’ll go take a long walk in the woods and if I become a vegetable then take me off the ventilator. 1 1 Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted December 28, 2019 Share Posted December 28, 2019 18 minutes ago, SSFB said: People should be able to opt out if they show a level of fiscal responsibility over a sustained period. The entire system depends on the collective putting money into it so if you let everyone opt out they will whether they’re fiscally responsible or not. I’ll gladly “roll the dice” and take the money to invest as I see fit. If I get to the point where my quality of life sucks I’ll go take a long walk in the woods and if I become a vegetable then take me off the ventilator. unfortunately quality means nothing with todays med system. we need to let people die fuck I don't care that your kids got to spend another 6 months with grandma when she's miserable. I hate that my memories of my grandmother are polluted by seeing her waste away, we treat our pets better than our parents. 1 1 Quote Link to comment Share on other sites More sharing options...
1jkw Posted December 28, 2019 Share Posted December 28, 2019 43 minutes ago, ArcticCrusher said: Here you would not be paying HC although our tax rates are much higher than yours. I'm over 54% marginal and the wife is almost at 50%, so if you can sock away the excess and invest it wisely over the years you guys would be much further ahead. Procrastination is a real killer though. Also, wife has a masters degree in science so she likely took a good pay cut working in the public sector. Healthcare for the 2 of us will be over $1700.00 a month when the wife retires until we are 65 add that to our state fed and local taxes we are probably around that 50% mark or better, I really don't even want to know. The best option here is one spouse with a government job, neither of us have had though, covers healthcare, retirement, and gets all holidays and sick time. Many of my friends have no, I mean zero retirement savings and they are between 55 and 63 years old and still owe on their homes, some have a wife or husband who has a government job and rely on them to keep working until 65 to cover healthcare. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 28, 2019 Share Posted December 28, 2019 1 hour ago, Angry ginger said: unfortunately quality means nothing with todays med system. we need to let people die fuck I don't care that your kids got to spend another 6 months with grandma when she's miserable. I hate that my memories of my grandmother are polluted by seeing her waste away, we treat our pets better than our parents. What if that decision was for your kid? Bit easier than grandma and one I could never make. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 28, 2019 Share Posted December 28, 2019 37 minutes ago, 1jkw said: Healthcare for the 2 of us will be over $1700.00 a month when the wife retires until we are 65 add that to our state fed and local taxes we are probably around that 50% mark or better, I really don't even want to know. The best option here is one spouse with a government job, neither of us have had though, covers healthcare, retirement, and gets all holidays and sick time. Many of my friends have no, I mean zero retirement savings and they are between 55 and 63 years old and still owe on their homes, some have a wife or husband who has a government job and rely on them to keep working until 65 to cover healthcare. The only reason for that is procrastination on the upfront savings and the attitude that the government will take care of you. You can do far better yourself if you have the discipline. I'll be banking over 7 figures in retirement cause I got my shit together, the wife's pension is just icing on the cake. Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted December 29, 2019 Share Posted December 29, 2019 7 minutes ago, ArcticCrusher said: The only reason for that is procrastination on the upfront savings and the attitude that the government will take care of you. You can do far better yourself if you have the discipline. I'll be banking over 7 figures in retirement cause I got my shit together, the wife's pension is just icing on the cake. Agreed but most don't have the discipline. look at the number of people who don't have their shit together are in their 40's 50's 60's with nothing significant saved and big mortgages still hanging over their head. Quote Link to comment Share on other sites More sharing options...
1jkw Posted December 29, 2019 Share Posted December 29, 2019 12 minutes ago, ArcticCrusher said: The only reason for that is procrastination on the upfront savings and the attitude that the government will take care of you. You can do far better yourself if you have the discipline. I'll be banking over 7 figures in retirement cause I got my shit together, the wife's pension is just icing on the cake. That's great for you. Here as in many rural areas a great percentage of people make $15.00 per hour or less and pay a percentage of their healthcare. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted December 29, 2019 Platinum Contributing Member Share Posted December 29, 2019 3 hours ago, racer254 said: God damn right. They need to allow people to opt out. That would stop the fraud and freeloaders. What happens to the people who opted out and spent the money drinking and gambeling? During their retirement they would be criminals, costing even more. It's easy to say " I don't give a fuck about them " well neither do I but they will live among us and steal from us. 1 Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 1 minute ago, 1jkw said: That's great for you. Here as in many rural areas a great percentage of people make $15.00 per hour or less and pay a percentage of their healthcare. I understand all that, but who fault is it exactly? The days of plowing through life uneducated/unskilled with a six figure income relying on someone else is over. Quote Link to comment Share on other sites More sharing options...
1jkw Posted December 29, 2019 Share Posted December 29, 2019 6 minutes ago, Angry ginger said: Agreed but most don't have the discipline. look at the number of people who don't have their shit together are in their 40's 50's 60's with nothing significant saved and big mortgages still hanging over their head. Perfect example of many people in my area, most blame illegals for their lack of wealth. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted December 29, 2019 Share Posted December 29, 2019 4 minutes ago, steve from amherst said: What happens to the people who opted out and spent the money drinking and gambeling? During their retirement they would be criminals, costing even more. It's easy to say " I don't give a fuck about them " well neither do I but they will live among us and steal from us. Too many deadbeats. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted December 29, 2019 Platinum Contributing Member Share Posted December 29, 2019 Just now, ArcticCrusher said: Too many deadbeats. unfortunately , yes. I had a dude work for me in his 40's. Yr he lost his house he spent $6k on Bruins tix. Nigga poleese. Quote Link to comment Share on other sites More sharing options...
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