Thanks again Boomers

[racer254]

22 hours ago, Crnr2Crnr said:

You mean the generation of sex, drugs and rock & roll, the flower children, John Kerry and Jane Fonda?  They figured out capitalism and how to suck the next generation (mine) dry just like the 'greatest generation' before them.  Our day is coming though, maybe we can run the well dry.  

There is a difference between good, hard working boomers and the people you speak of.  Many of those people got into public jobs or politics and why do you think we are in the situation this country is in.

[DriftBusta]

1 hour ago, Doomxz600 said:

Remember 9-11 when those 401K's tanked but all the companies ran around saying the market will come back so don't panic. That sounds like solid advice unless your the person who just retired and took a huge hit and was to old to wait for the market to recover. That happened to one of my supervisors and he was far to old to recover from it, lesson learned.

All they had to do is ride that out and spend less.  The huge mistake many people make at times like this is cashing out when the market is at the bottom.  For the past 100 years it comes back, every single time.  

[Doomxz600]

3 minutes ago, DriftBusta said:

All they had to do is ride that out and spend less.  The huge mistake many people make at times like this is cashing out when the market is at the bottom.  For the past 100 years it comes back, every single time.  

Not if you are to God dam old ! 

[Mainecat]

Major Trust fund babies are coming…lol

[Skidooski]

30 minutes ago, Mainecat said:

Major Trust fund babies are coming…lol

[Angry ginger]

2 hours ago, Doomxz600 said:

happened a few times, gonna happen again

and?   you change your investments based on risk,  people who were fully invested in stocks on 9/11 or 2088 and retired were foolish.  those who had a decent blend like my parents who retired in 2011 have more now than they did then if they didn't panic.  it's not a smooth line but over time nothing creates wealth like the stock market.  

 

 

 

[Doomxz600]

14 minutes ago, Angry ginger said:

and?   you change your investments based on risk,  people who were fully invested in stocks on 9/11 or 2088 and retired were foolish.  those who had a decent blend like my parents who retired in 2011 have more now than they did then if they didn't panic.  it's not a smooth line but over time nothing creates wealth like the stock market.  

 

 

 

You make it sound like people live forever, got news for you sparky everyone gets old stops working and dies. Ask those people who worked for edron how that worked out.

You think someone can return to work after 67-72 to recover from a stock market reset ? At that age you just don't have the time.

[Big Crappie]

4 hours ago, Doomxz600 said:

Remember 9-11 when those 401K's tanked but all the companies ran around saying the market will come back so don't panic. That sounds like solid advice unless your the person who just retired and took a huge hit and was to old to wait for the market to recover. That happened to one of my supervisors and he was far to old to recover from it, lesson learned.

Smart people that are nearing retirement lower their level of risk usually about 5 years before retirement. Granted not all are that smart. Also nobody lost it all. Worst case I know of was about 40%. Lots left when the markets come back. Mine dropped about 20% and over the last 10 years has recovered that 20% and added damn near another 75%.

You have no idea what you are talking about and I'm guessing missing out on a lot of money.

[Angry ginger]

1 hour ago, Doomxz600 said:

You make it sound like people live forever, got news for you sparky everyone gets old stops working and dies. Ask those people who worked for edron how that worked out.

You think someone can return to work after 67-72 to recover from a stock market reset ? At that age you just don't have the time.

Your comprehensions not real good eh as i never said anything of the sort.  You should not be stock heavy at that point.  Enron employees were fucking idiots for having all their investments in it,  never have all your eggs in one basket.  I worked for a company that went BK.  I never took more than my match in the stock and rebalanced regularly so exposure was always minimal.  At my current job i participate in the 401k but not the deferred comp plan because i am in an industry that's a roller coaster so throwing 50k a year into something i can lose if it goes BK is not a risk i will take at my age.  At 30 though I would have taken it all day as banking 70k a year tax deferred quickly adds up   

At 50 i've already started moving to more dividend producing stocks esp with the market being at highs that are not sustainable.   I can afford to live through one more cycle but i am in protect mode to a certain point as I want the option to go anytime between now and 65.   People need to take responsibility for their actions,  401k/IRA is a fine retirement vessel but only if one manages it and if the don't know how pay a bit for some help. 

 

 

[Big Crappie]

8 minutes ago, Angry ginger said:

Your comprehensions not real good eh as i never said anything of the sort.  You should not be stock heavy at that point.  Enron employees were fucking idiots for having all their investments in it,  never have all your eggs in one basket.  I worked for a company that went BK.  I never took more than my match in the stock and rebalanced regularly so exposure was always minimal.  At my current job i participate in the 401k but not the deferred comp plan because i am in an industry that's a roller coaster so throwing 50k a year into something i can lose if it goes BK is not a risk i will take at my age.  At 30 though I would have taken it all day as banking 70k a year tax deferred quickly adds up   

At 50 i've already started moving to more dividend producing stocks esp with the market being at highs that are not sustainable.   I can afford to live through one more cycle but i am in protect mode to a certain point as I want the option to go anytime between now and 65.   People need to take responsibility for their actions,  401k/IRA is a fine retirement vessel but only if one manages it and if the don't know how pay a bit for some help. 

 

 

Great post. Everything I wanted to say but every time I started typing a response it started with calling him a dumb ass so I backed off. LOL

[ArcticCrusher]

29 minutes ago, Angry ginger said:

Your comprehensions not real good eh as i never said anything of the sort.  You should not be stock heavy at that point.  Enron employees were fucking idiots for having all their investments in it,  never have all your eggs in one basket.  I worked for a company that went BK.  I never took more than my match in the stock and rebalanced regularly so exposure was always minimal.  At my current job i participate in the 401k but not the deferred comp plan because i am in an industry that's a roller coaster so throwing 50k a year into something i can lose if it goes BK is not a risk i will take at my age.  At 30 though I would have taken it all day as banking 70k a year tax deferred quickly adds up   

At 50 i've already started moving to more dividend producing stocks esp with the market being at highs that are not sustainable.   I can afford to live through one more cycle but i am in protect mode to a certain point as I want the option to go anytime between now and 65.   People need to take responsibility for their actions,  401k/IRA is a fine retirement vessel but only if one manages it and if the don't know how pay a bit for some help. 

 

 

Good post.  

[steve from amherst]

1 hour ago, Angry ginger said:

Your comprehensions not real good eh as i never said anything of the sort.  You should not be stock heavy at that point.  Enron employees were fucking idiots for having all their investments in it,  never have all your eggs in one basket.  I worked for a company that went BK.  I never took more than my match in the stock and rebalanced regularly so exposure was always minimal.  At my current job i participate in the 401k but not the deferred comp plan because i am in an industry that's a roller coaster so throwing 50k a year into something i can lose if it goes BK is not a risk i will take at my age.  At 30 though I would have taken it all day as banking 70k a year tax deferred quickly adds up   

At 50 i've already started moving to more dividend producing stocks esp with the market being at highs that are not sustainable.   I can afford to live through one more cycle but i am in protect mode to a certain point as I want the option to go anytime between now and 65.   People need to take responsibility for their actions,  401k/IRA is a fine retirement vessel but only if one manages it and if the don't know how pay a bit for some help. 

 

 

The only thing I would add is that at age 65 , if market tanks when you have $750k in it is 

you will still have 400-500k left. it will come back within 3 yrs. 

Be a little more conservative for those 3 yrs. Im not talking snotty conservative . Just not living like a baller. 

If ya croak before it comes back, who gives a fuck , your dead.

[Mainecat]

How can anyone really lose money on their 401k? Unless you have a hardship or make a stupid move and cash out when you change jobs you can’t lose. Yeah it goes up and down but if you have a large investment and don’t cash out when you retire you will be fine. The bottom,line is invest in your companies plan as much as you can and take advantage of your companies match.

[steve from amherst]

2 hours ago, Mainecat said:

How can anyone really lose money on their 401k? Unless you have a hardship or make a stupid move and cash out when you change jobs you can’t lose. Yeah it goes up and down but if you have a large investment and don’t cash out when you retire you will be fine. The bottom,line is invest in your companies plan as much as you can and take advantage of your companies match.

Idiots get scared and sell off after a crash. Therby turning a paper loss into a real loss.

[DriftBusta]

7 hours ago, Doomxz600 said:

Not if you are to God dam old ! 

Are they still alive?  Did they cash out or not?  I have a tool that could tell me exactly how much they left on the table, based on the date they cashed out and the the investments they had.  Sorry friend you’re wrong in this.  Just follow the DJIA for the past 20-30 years.  the evidence is in plain sight.   

[Angry ginger]

1 hour ago, steve from amherst said:

Idiots get scared and sell off after a crash. Therby turning a paper loss into a real loss.

yup

[Doomxz600]

4 hours ago, Angry ginger said:

Your comprehensions not real good eh as i never said anything of the sort.  You should not be stock heavy at that point.  Enron employees were fucking idiots for having all their investments in it,  never have all your eggs in one basket.  I worked for a company that went BK.  I never took more than my match in the stock and rebalanced regularly so exposure was always minimal.  At my current job i participate in the 401k but not the deferred comp plan because i am in an industry that's a roller coaster so throwing 50k a year into something i can lose if it goes BK is not a risk i will take at my age.  At 30 though I would have taken it all day as banking 70k a year tax deferred quickly adds up   

At 50 i've already started moving to more dividend producing stocks esp with the market being at highs that are not sustainable.   I can afford to live through one more cycle but i am in protect mode to a certain point as I want the option to go anytime between now and 65.   People need to take responsibility for their actions,  401k/IRA is a fine retirement vessel but only if one manages it and if the don't know how pay a bit for some help. 

 

 

What I learned once I looked into it was if you had big money you could make big money if you didn't, big money played with yours. I'm working man,I don't toss 50k at anything to see if it works. After going over a 401K heads up with a pension in the same time frame the pension was 11 times greater and not a wage deduction. It never cost me anything to bet on the outcome. 

All that ever did was grow as long as I went to work and if I stayed in the union as I drove for three companies it all went into the same pot, every hour. The accrual rate increased every contract and we were never underfunded. Health problems forced me to get out of the truck earlier than I had planed by about 5 years and if I had a 401 I would not be living like I am today. 

Problems with retirement are not always the money it the health insurance that's huge hit for most folks and It just so happens the wife has excellent coverage and unlike most companies I'm in for peanuts. I'm not sure how other folks are handling that, I feel that is why they return to work.

[Mainecat]

4 minutes ago, Doomxz600 said:

What I learned once I looked into it was if you had big money you could make big money if you didn't, big money played with yours. I'm working man,I don't toss 50k at anything to see if it works. After going over a 401K heads up with a pension in the same time frame the pension was 11 times greater and not a wage deduction. It never cost me anything to bet on the outcome. 

All that ever did was grow as long as I went to work and if I stayed in the union as I drove for three companies it all went into the same pot, every hour. The accrual rate increased every contract and we were never underfunded. Health problems forced me to get out of the truck earlier than I had planed by about 5 years and if I had a 401 I would not be living like I am today. 

Problems with retirement are not always the money it the health insurance that's huge hit for most folks and It just so happens the wife has excellent coverage and unlike most companies I'm in for peanuts. I'm not sure how other folks are handling that, I feel that is why they return to work.

The only pension that’s safe is a municipal (maybe) of the federal one.

 

[Doomxz600]

Just now, Mainecat said:

The only pension that’s safe is a municipal (maybe) of the federal one.

 

Nope and I am well aware of the what shape the general fund is in, feel bad for the guys in the mid west.

[Angry ginger]

8 minutes ago, Doomxz600 said:

Nope and I am well aware of the what shape the general fund is in, feel bad for the guys in the mid west.

yup,  cause the PBGC is only protecting part of it.  Plenty with pensions have lost some of what they expected.  Especially med coverage

 

[Doomxz600]

Two of my friends retired with municipal pensions, one has returned to work. What I asked them few years ago was why at their ages did they choose to tap out and it was the pension wasn't going to grow and it did not matter if they stayed any longer or changed jobs.  That explained why the town's employees were voting to go with the teamsters instead of the state. Even the school bus drivers wanted in.
About 12 years ago we had a run of DPW, fire and police voting to go with us. My hunting buddy is a retired cop and one day asked me about my rate, since he is a friend I gave him my numders his response was "fuck I should drive a truck"

Edited December 22, 2021 by Doomxz600

[Mainecat]

42 minutes ago, Angry ginger said:

yup,  cause the PBGC is only protecting part of it.  Plenty with pensions have lost some of what they expected.  Especially med coverage

 

I know a whole slew of Appleton paper employees who lost their pensions.

[Doomxz600]

37 minutes ago, Mainecat said:

I know a whole slew of Appleton paper employees who lost their pensions.

I remember talking to a little old lady about 90 years old 30 years ago the had a pension from a mill that was stand alone, not backed by a national. That was common decades ago. As they closed or moved away the funds they had dried up. She out lived about everyone else but her pension was $58 monthly plus her SS. 

At that time she had been retired 40 years so early 1950's it worked and I thought she owned the three family house as well. Saw that house empty about 20 years later and wondered if it ran out before she died.

[Mainecat]

12 minutes ago, Doomxz600 said:

I remember talking to a little old lady about 90 years old 30 years ago the had a pension from a mill that was stand alone, not backed by a national. That was common decades ago. As they closed or moved away the funds they had dried up. She out lived about everyone else but her pension was $58 monthly plus her SS. 

At that time she had been retired 40 years so early 1950's it worked and I thought she owned the three family house as well. Saw that house empty about 20 years later and wondered if it ran out before she died.

Enron is another example.

[steve from amherst]

I thought pensions had to be insured by the fed gvmt?  Read somewhere ( maybe here ) that is why the gvmt had to bail GM . Because it was cheaper then letting them sink and owning those pensions.