The retirement gamble

[ActionfigureJoe]

Long but good 

 

[ActionfigureJoe]

If people only understood how they’re being financially raped in their 401k’s 

[DriftBusta]

26 minutes ago, ActionfigureJoe said:

If people only understood how they’re being financially raped in their 401k’s 

oh please.  Listen to the public sector guy living off peoples taxes.  How much do you know about ERISA laws?

[ActionfigureJoe]

1 minute ago, DriftBusta said:

oh please.  Listen to the public sector guy living off peoples taxes.  How much do you know about ERISA laws?

How long have you been living off of other people’s retirement? 

[Mainecat]

1 hour ago, ActionfigureJoe said:

How long have you been living off of other people’s retirement? 

Boom…lol

[DriftBusta]

2 hours ago, ActionfigureJoe said:

How long have you been living off of other people’s retirement? 

I've made millions for people.  Me and people like me get to live on a few basis points of those millions, and it pays very well.  As usual you didn't answer the question.  Claiming people are getting raped in their 401ks is an absurd statement and why I commented.

[ActionfigureJoe]

4 minutes ago, DriftBusta said:

I've made millions for people.  Me and people like me get to live on a few basis points of those millions, and it pays very well.  As usual you didn't answer the question.  Claiming people are getting raped in their 401ks is an absurd statement and why I commented.

Brokers and financial advisers aren’t obligated by law to place their client’s needs in front of their own. Few know this. Of course you know that Trump killed fiduciary rule set under Obama.  

[Ez ryder]

2 hours ago, ActionfigureJoe said:

How long have you been living off of other people’s retirement? 

If not for guys like him you would not have a retirement and you know it . Just look at the post office if you need a example

[teamgreen02]

I'll watch it later when I have time but let me guess, the solution is more government programs, handouts, and control?

[DriftBusta]

39 minutes ago, ActionfigureJoe said:

Brokers and financial advisers aren’t obligated by law to place their client’s needs in front of their own. Few know this. Of course you know that Trump killed fiduciary rule set under Obama.  

That is not true.  I am still bound under fiduciary standard, the standards are just up for review, because the ones Obama added were not realistic.  There is a litle nuance in that some front loaded investments are not and were not subject to the standard to my understanding, which makes no sense at all, but that wasn't on Trump either.  And now there is Reg BI, that did happen during Trumps admin.  They should have repealed Gramm Leach Blilley, it would have been a much better benefit to the public.

Best Execution | FINRA.org

[ActionfigureJoe]

23 minutes ago, DriftBusta said:

That is not true.  I am still bound under fiduciary standard, the standards are just up for review, because the ones Obama added were not realistic.  There is a litle nuance in that some front loaded investments are not and were not subject to the standard to my understanding, which makes no sense at all, but that wasn't on Trump either.  And now there is Reg BI, that did happen during Trumps admin.  They should have repealed Gramm Leach Blilley, it would have been a much better benefit to the public.

Best Execution | FINRA.org

I’m sure that you do keep your client’s interests first. Knowing you as I do, I’d trust you with my dough. So my comment was out of line. You have to admit that there are some advisers that aren’t mindful of putting the client first. I’m a follower of Jack Vogel’s wisdom with index funds and long term growth. My first investment was through vanguard. The slow, steady growth of that fund over the years allowed me the advantage of early retirement. 

[ActionfigureJoe]

2 hours ago, Ez ryder said:

If not for guys like him you would not have a retirement and you know it . Just look at the post office if you need a example

Yes and no. I’ve always been frugal with my spending. It was that main aspect of my choices that allowed me to be in the position I’m in. 

[ActionfigureJoe]

2 hours ago, teamgreen02 said:

I'll watch it later when I have time but let me guess, the solution is more government programs, handouts, and control?

Nope. It highlights the pitfalls of some 401K's. It's very informative. 

[Rigid1]

7 minutes ago, ActionfigureJoe said:

Yes and no. I’ve always been frugal with my spending. It was that main aspect of my choices that allowed me to be in the position I’m in. 

I try to be too, but as we all know, we are by far a minority

[ActionfigureJoe]

2 minutes ago, Rigid1 said:

I try to be too, but as we all know, we are by far a minority

Indeed we are. The way people misuse their money is scary as fuck. Part of the problem is poor education by many investment specialists. I remember looking around the room as the investment guy was explaining 401k's at my first hospital job out of school. Everyone was totally lost. Very few of those guys are able to break it down into layman's. The excuse that they always use is that it's too complicated to make simple. That of course is bullshit. 

[Sleepr2]

3 hours ago, Mainecat said:

Boom…lol

Says the tax dodging parasite on society 

[SkisNH]

42 minutes ago, ActionfigureJoe said:

Indeed we are. The way people misuse their money is scary as fuck. Part of the problem is poor education by many investment specialists. I remember looking around the room as the investment guy was explaining 401k's at my first hospital job out of school. Everyone was totally lost. Very few of those guys are able to break it down into layman's. The excuse that they always use is that it's too complicated to make simple. That of course is bullshit. 

The problem is 2 fold...one people give the responsibility of money management to someone else, instead of managing their money manager. Secondly,  many choose insurance sales people to invest their money, these people will often recommend high commission insurance products to pad their own pockets.  

 

[teamgreen02]

2 hours ago, ActionfigureJoe said:

I’m sure that you do keep your client’s interests first. Knowing you as I do, I’d trust you with my dough. So my comment was out of line. You have to admit that there are some advisers that aren’t mindful of putting the client first. I’m a follower of Jack Vogel’s wisdom with index funds and long term growth. My first investment was through vanguard. The slow, steady growth of that fund over the years allowed me the advantage of early retirement. 

Jack Bogel is one of the greatest people in modern times to help level the playing field for the average investor.  I only invest in broad market, low cost index funds.  No bonds, no annuities, no "advisors".

That being said, fees are generally not the problem.  It's typically not investing in the right asset classes, not putting enough away, starting too late, constantly getting in and out of the market, borrowing from a 401k, etc.  It really isn't as difficult or complicated as people make it out to be.  They just think if they are putting some money from every paycheck in a 401k that their retirement is taken care of and it isn't.

Got a kick out of the "economist" who had racked up $40k in student loans and had $8k in retirement savings.

The real crooks are the ones selling whole life and annuities outside of very specific products and circumstances.

[SSFB]

2 hours ago, ActionfigureJoe said:

Yes and no. I’ve always been frugal with my spending. It was that main aspect of my choices that allowed me to be in the position I’m in. 

Just curious, what percentage of your income would you say you averaged in retirement, investments and saving?

 

[DriftBusta]

3 hours ago, ActionfigureJoe said:

I’m sure that you do keep your client’s interests first. Knowing you as I do, I’d trust you with my dough. So my comment was out of line. You have to admit that there are some advisers that aren’t mindful of putting the client first. I’m a follower of Jack Vogel’s wisdom with index funds and long term growth. My first investment was through vanguard. The slow, steady growth of that fund over the years allowed me the advantage of early retirement. 

No doubt there are people in the business giving the industry a bad name.  Why working with a broker dealer or reputable national wirehouse is the best bet for the avg investor, merely because of the oversight that we are subject to.

[ActionfigureJoe]

44 minutes ago, SSFB said:

Just curious, what percentage of your income would you say you averaged in retirement, investments and saving?

 

I have more cash on hand then many in the investment industry claim is prudent. I really don't care because it gives me a sense of emotional and mental security. I don't touch that money. In fact, I've been saving in semi-retirement. With all investments, pension, SS, and after taxes I'm at 116% of my working wage not including my side gig. Other than many at my age, I have a home mortgage. I'd rather carry a 2.5% mortgage than give up my cash on hand and/or investments. It's my personal choice. It's the only debt that I have. My health insurance premium is actually more than the mortgage. Health insurance is a killer. It's the #1 expense. I also have some cash in Roth IRA's that reach maturity at several intervals over the next 3-4 years. 

[DriftBusta]

31 minutes ago, ActionfigureJoe said:

I have more cash on hand then many in the investment industry claim is prudent. I really don't care because it gives me a sense of emotional and mental security. I don't touch that money. In fact, I've been saving in semi-retirement. With all investments, pension, SS, and after taxes I'm at 116% of my working wage not including my side gig. Other than many at my age, I have a home mortgage. I'd rather carry a 2.5% mortgage than give up my cash on hand and/or investments. It's my personal choice. It's the only debt that I have. My health insurance premium is actually more than the mortgage. Health insurance is a killer. It's the #1 expense. I also have some cash in Roth IRA's that reach maturity at several intervals over the next 3-4 years. 

Bold is biggest change in cost for most retirees.   

[Ez ryder]

2 hours ago, SkisNH said:

The problem is 2 fold...one people give the responsibility of money management to someone else, instead of managing their money manager. Secondly,  many choose insurance sales people to invest their money, these people will often recommend high commission insurance products to pad their own pockets.  

 

I am guilty of the first . But then I am not fooling my self to think I know Jack shit about investing . I don't have 8 hrs a day for a decade to acctualy learn the trade .  But I make my money delegating work to professionals masters of of there trade if you will . No diff than investing . Yes I can plumb a house and prob pass inspection but it will cost me more to do it and it won't look as good . Same with investing 

Que up go kill yourself Ben he fancied him self a investment guru 

[SSFB]

34 minutes ago, ActionfigureJoe said:

I have more cash on hand then many in the investment industry claim is prudent. I really don't care because it gives me a sense of emotional and mental security. I don't touch that money. In fact, I've been saving in semi-retirement. With all investments, pension, SS, and after taxes I'm at 116% of my working wage not including my side gig. Other than many at my age, I have a home mortgage. I'd rather carry a 2.5% mortgage than give up my cash on hand and/or investments. It's my personal choice. It's the only debt that I have. My health insurance premium is actually more than the mortgage. Health insurance is a killer. It's the #1 expense. I also have some cash in Roth IRA's that reach maturity at several intervals over the next 3-4 years. 

Maybe I didn’t explain my question right. I was more wondering what your average rate of savings was during your working years. Retirement, investments and general savings. 
 

Good stuff though and good for you.

 

[ActionfigureJoe]

6 minutes ago, SSFB said:

Maybe I didn’t explain my question right. I was more wondering what your average rate of savings was during your working years. Retirement, investments and general savings. 
 

Good stuff though and good for you.

 

It varied. I diverted 10% of my gross toward a retirement plan during the 18 years I worked private practice. I did that from the beginning and never missed the cash. When I had an opportunity to go into public health I had to take a fairly significant wage cut, but I liked regular hours and the family time it provided. I had to do some math because the 10% didn't work. I chopped it down to 6% knowing that I'd be in the Wisconsin Retirement System. It was basically a trade off of less wage and better retirement funding with more family time. I did have to adjust my spending, but I knew retirement would come sooner.