Should the Social Security and Medicare Age be Raised

[Lesh]

The goal is compounded interest over years of saving not what the interest you make in one year

You really don't understand money at all.

Point being...if you take that refund and invest it...you GET that compound effect.

Try to save by putting away dimes and you spend em and end up with Bupkus.

It's not the most efficient way to save but it can work.

Of course emergencies often come up when you make such a low salary that eats up what could have been savings

 

[Blues Man]

Again you have me there.. But it's a start

No he doesn't.

The goal is compound interest that grows over time.

In any long term investment strategy the interest that is reinvested and then compounded ( interest earning interest) always always always is greater than the sum total of the contributions

 

[Lesh]

Not a lot. That's why you save some money and sign up with a reputable investment company. Let them handle it. All you have to do is make any contribution when and if you can.

I have done that and they lost me thousands...

Ya know what they said?

"Oh well...there's no guarantee...thanks for the commission"

 

[Blues Man]

Point being...if you take that refund and invest it...you GET that compound effect.

Try to save by putting away dimes and you spend em and end up with Bupkus.

It's not the most efficient way to save but it can work.

Of course emergencies often come up when you make such a low salary that eats up what could have been savings

No you don't.

You save that 10% every week and not only to you get compounding interest at a higher frequency you also take advantage of dollar cost averaging.

 

[Lesh]

No you don't.

You save that 10% every week and not only to you get compounding interest at a higher frequency you also take advantage of dollar cost averaging.

Again...most people can not get BY on only 90% of their paycheck. Of course if you make six figures...you HAVE that extra cash since your basic needs ARE covered.

 

[Blues Man]

I have done that and they lost me thousands...

Ya know what they said?

"Oh well...there's no guarantee...thanks for the commission"

Then you're just a moron.

You don't have to hire an investment company to start an IRA and you can buy mutual funds on your own with little or no sales fees.

Even when there was no internet you could go to the library and get books that would have educated you on that

Now there is absolutely no excuse.

Shit if all you're smart enough to do is buy DOW indexed fund you'd still be better off

 

[Mr Natural]

Problem is that the interest earned on that small amount of money doesn't add up to much and it takes a lot of discipline (that most people don't have) you save that on your own.

Let's say you make minimum wage of $15 and hour at a full time job. That's roughly $450 a week take home. Forty five dollars of that goes right into the bank. That's $193 a month or $2322 a year.

At 3% interest that's roughly $175000 after 40 years. And that's assuming you never make more than $15 an hour!

 

[Mr Natural]

Again...most people can not get BY on only 90% of their paycheck. Of course if you make six figures...you HAVE that extra cash since your basic needs ARE covered.

If you can't get by on 90%, you probably can't get by on 100% so you may as well do yourself a favor and save that 10%.

 

[Lesh]

Then you're just a moron.

You don't have to hire an investment company to start an IRA and you can buy mutual funds on your own with little or no sales fees.

Even when there was no internet you could go to the library and get books that would have educated you on that

Now there is absolutely no excuse.

Shit if all you're smart enough to do is buy DOW indexed fund you'd still be better off

Look dingbat...as I got older and began to make real money I DID have the ability to buy stock in the company I worked for and fund a 401K.

Between that AND my Social Security benefits, I'm living a decent retired life.

2008 cut my 401K in HALF but luckily I wasn't retiring for another 20 years and it built back up

But...Social Security is the rock I built everything else around

 

[rightwinger]

So where is it written government of the people, for the people, by the people mean government support these people?

We have the right to life, liberty and the pursuit of happiness, not a guarantee of it by the government.

Lincolns Gettysburg Address
Back when Republicans cared about We the People

Now, they only care about pandering to the rich

 

[Blues Man]

Again...most people can not get BY on only 90% of their paycheck. Of course if you make six figures...you HAVE that extra cash since your basic needs ARE covered.

Again that is pure and utter bullshit.

People waste more than 10% of their pay every month on shit they do not need.

 

[Blues Man]

Look dingbat...as I got older and began to make real money I DID have the ability to buy stock in the company I worked for and fund a 401K.

Between that AND my Social Security benefits, I'm living a decent retired life.

2008 cut my 401K in HALF but luckily I wasn't retiring for another 20 years and it built back up

But...Social Security is the rock I built everything else around

Then you're an idiot because you have no control over social security

 

[Mr Natural]

Again that is pure and utter bullshit.

People waste more than 10% of their pay every month on shit they do not need.

Ten percent at least!

 

[beagle9]

SS and MC were started in 1934 and 1965 respectfully. In 1934 job were much more physical and people’s bodies broke down starting in their 50s. Nowadays go to any company and you see people working well into their 70s… heck even construction are less strenuous on the person’s body. The trend is only going to increase. In addition, medicine is getting better and people are living longer. This reality should be recognized.

In addition it is much easier to take care of oneself and eat better and feel better at older ages.

Our safety nets need to reflect this new reality.

What ? More ideas to crap people out of what's coming to them, and hopefully before they croak ? Do tell.....

 

[rightwinger]

SS and Medicare are so fucked up that they need to be wiped out.

And what do you do with the millions of people who rely on SS and Medicare to survive?

 

[Blues Man]

Ten percent at least!

Cut out the Dunkin Donuts coffee and bagel in the morning, the lunch bought every day, the bottled water, soda and other shit and then save that money

 

[Wyatt earp]

Let's say you make minimum wage of $15 and hour at a full time job. That's roughly $450 a week take home. Forty five dollars of that goes right into the bank. That's $193 a month or $2322 a year.

At 3% interest that's roughly $175000 after 40 years. And that's assuming you never make more than $15 an hour!

What's up with USMB lately, First G500 starts talking normal and now Mr. Clean?

 

[gipper]

No one will miss 10 cents on the dollar.

And how much are these people overpaying every week in income taxes so they can get a "refund" of an interest free loan the gave to the fucking government?

Save 10% a year. Okay sure but if you’re poor, 10% of a very small number won’t do much. Many Americans make less than $20k a year.

 

[Foolardi]

I don't know about that Ray. What it boils down to I think is personal discipline and determination to achieve a goal. I never took a finance class in college and neither did my wife. There are courses in economics, but they are theoretical. Courses in managing debt, investing wisely and saving money would be far more useful IMO but they don't exist as far as I know. And of course, all of this CRT and White Privilege crap is not only useless, but also damaging.

The biggest and most blatant example of the last couple
decade is a course that was required learning and even
partially memorized.That course being ... Civics.
Those of my era { Baby boomers { 50's,60's }
Knew all too well what it meant.It meant in order to be
an American Citizen one must know about Civics
or The Study of the Rights and Obligations of
Citizens in Society.
Most notably The United States Society.
Virtually all problems we face with this joke of a
POTUS stem from an obnoxious refusal to honor
civics.I mean,like it's Legion.

 

[Ray From Cleveland]

I aske people if they would pay 30% more for everything so they can get their own money back next year with no interest and they begin to understand that overpaying taxes is no different

It's all on the personality of the people.

I was listening to the radio one day and they were talking about a study some institution did. They went to young children in school and gave each one a piece of candy. They told the kids they could eat their treat, or if they hold out for 15 minutes, they could get another piece of candy and have two. They kept the experiment going with more candy and earning it by longer and longer wait times.

Several years after the kids graduated school they took a look at how they were doing as adults. The kids that ate their candy immediately were struggling financially. The kids that didn't eat any candy to get more candy were pretty successful.