Hi All.
New to this forum but not to the world of investments.
My one burning question that seems to be getting answered daily, as I write is.....does anyone else see the scam/con in the whole " Save for retirement".. it's a mirage of hope being sold by the financial industry.
I mean, the % likelyhood of Joe Public actually HAVING, say, a million at aged 65 is pretty slim. Then the crunch comes when Joe figures out that his financial planner forgot to mention that in 35 yrs time, a million would only feel like $200k, if he's lucky. Really lucky.
So how does Joe....who has scrimped & saved for 35 yrs, live on his 200k without burning through it, while being taxed out the barn?
4% annual withdrawals yeah, that'll buy a lot.
Don't forget that SS will be rationed on a means-tested basis.
Has to be. Poor folks have a greater need than us morons who actually saved throughout our lives. Lots of them with votes...gotta keep them happy to stay in Washington.
Also, this concept of 80% of "work income" as retirement needs
Another scam....people will "need" more than 100%....I mean if Joe spends all he earns WHEN he's working....what's he supposed to cut out when he has all day to fill Obviously anyone at retirement must have no mortgage & no kids at home.
How can it all end in amything but tears? Oceans of them.
When has anyone on TV ever explained this...showing the reducing buying power of money?
But what is the answer?
New to this forum but not to the world of investments.
My one burning question that seems to be getting answered daily, as I write is.....does anyone else see the scam/con in the whole " Save for retirement".. it's a mirage of hope being sold by the financial industry.
I mean, the % likelyhood of Joe Public actually HAVING, say, a million at aged 65 is pretty slim. Then the crunch comes when Joe figures out that his financial planner forgot to mention that in 35 yrs time, a million would only feel like $200k, if he's lucky. Really lucky.
So how does Joe....who has scrimped & saved for 35 yrs, live on his 200k without burning through it, while being taxed out the barn?
4% annual withdrawals yeah, that'll buy a lot.
Don't forget that SS will be rationed on a means-tested basis.
Has to be. Poor folks have a greater need than us morons who actually saved throughout our lives. Lots of them with votes...gotta keep them happy to stay in Washington.
Also, this concept of 80% of "work income" as retirement needs
Another scam....people will "need" more than 100%....I mean if Joe spends all he earns WHEN he's working....what's he supposed to cut out when he has all day to fill Obviously anyone at retirement must have no mortgage & no kids at home.
How can it all end in amything but tears? Oceans of them.
When has anyone on TV ever explained this...showing the reducing buying power of money?
But what is the answer?