The Ongoing New Financial Era Thread

Shane
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Joined: Sun Aug 13, 2017 7:07 pm
Location: Curwensville, Pa

Re: The Ongoing New Financial Era Thread

Postby Shane » Thu Jun 06, 2019 1:51 pm

Sounds like a great opportunity, good luck with the decision. It's always good to have options.

PittGradPSUMad
Posts: 555
Joined: Fri Aug 11, 2017 8:47 pm

Re: The Ongoing New Financial Era Thread

Postby PittGradPSUMad » Thu Jun 06, 2019 9:48 pm

I get the trepidation, but it sounds too good to pass up. Nice timing as well since I assume you're about to spend a small....no...an enormous fortune in sending your kids to college.
Yeah, well, that's like your opinion, man.

Blue&White
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Re: The Ongoing New Financial Era Thread

Postby Blue&White » Wed Jun 12, 2019 1:31 pm

I just got an email from the town tax collector telling me the next round of property tax bills will be mailed July 1. And, for anyone who has trouble understanding their bill and may not be able to get to his office during busines hours, he makes house calls. Yes, you read that right - my tax collector makes house calls.

My doctor doesn't make house calls.

My lawyer doesn't make house calls.

My tax collector? Just set up a time and he'll come to your house.

I'm not sure how to feel about that.
Baseball season!!!!

psu_dad
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Joined: Sun Aug 13, 2017 6:59 pm

Re: The Ongoing New Financial Era Thread

Postby psu_dad » Wed Jun 12, 2019 2:16 pm

What is he going to explain in person that he couldn't explain over the telephone?
Fire Alex Cora

Blue&White
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Joined: Sat Aug 12, 2017 10:01 am

Re: The Ongoing New Financial Era Thread

Postby Blue&White » Wed Jun 12, 2019 2:34 pm

Good question. The note says "I make house calls to folks who are unable to figure out their taxes or those who may get confused". It gives you a lump sum number to pay so I'm not sure what the confusion could be.

Maybe he's just lonely and looking for something to do after work. But, the point is - my tax collector makes house calls. Does your tax collector make house calls?
Baseball season!!!!

psu_dad
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Joined: Sun Aug 13, 2017 6:59 pm

Re: The Ongoing New Financial Era Thread

Postby psu_dad » Wed Jun 12, 2019 2:44 pm

No. That's actually a little creepy.
Fire Alex Cora

Blue&White
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Joined: Sat Aug 12, 2017 10:01 am

Re: The Ongoing New Financial Era Thread

Postby Blue&White » Wed Jun 12, 2019 2:45 pm

You think?

I've already written my wife and asked how she feels about me having the tax collector over one night to go over our bill. No response yet, but I'm sure she's up for it.

We'll put out a spread. Make an evening of it.
Baseball season!!!!

Blue&White
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Joined: Sat Aug 12, 2017 10:01 am

Re: The Ongoing New Financial Era Thread

Postby Blue&White » Mon Jun 17, 2019 10:18 pm

Please tell me these numbers aren't accurate: Here's What the Average Worker Has Saved in a 401(k). Because, if those numbers are accurate, there is going to be a world of pain for a lot of people at some point soon. And, I have sick feeling how we will make up the slack.

One thing I do question is how these numbers are calculated. Are they accounting for 401Ks only? What about IRAs? Given how often people change jobs, that can really skew the numbers. Take me for example. My 401K has me sitting above this average for a 50 year old man, which is good. But, it's only a part of the story. I switched jobs at one point and I took my previous 401K and moved it to an IRA (where I had proceeds from a previous 401K from another job earlier in my career). If you judge my retirement savings solely by the 401K I have, you get a very different - and worse - picture than if you look at the totality. So, that's why I wonder if they are looking at both 401k and IRAs. That can change things some.

Either way, this is consistent with other articles I've seen on this topic and none of them paint a rosy picture for the future for many Americans - which is going to have cascading economic impacts on the rest of us.
Baseball season!!!!

psu_dad
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Re: The Ongoing New Financial Era Thread

Postby psu_dad » Tue Jun 18, 2019 8:23 am

Those numbers came from Vanguard's annual report on retirement savings. The actual report is 100+ pages long. After an exhaustive (10-minute) evaluation of this report, it seems pretty clear that only 401(k) and 403(b) plans currently administered by Vanguard were considered. Vanguard concedes in their report that the numbers do not reflect accounts that were rolled over to an IRA or cashed out by the participants and as such, their data only represents a "partial measure of retirement preparedness" for many of the participants included in the data.

Only 1/3 of my portfolio is in an active 401k, so only looking at that would paint a distorted picture.

-----------------

In fairness to Vanguard, it doesn't appear that they use these data to "scare" people. They tabulate this data annually to see if good/bad trends in retirement savings are emerging. Mis-using this data to scare people is the job of our illustrious media.
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LioninVa
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Re: The Ongoing New Financial Era Thread

Postby LioninVa » Tue Jun 18, 2019 10:06 am

My retirement savings is frighteningly low, probably in the range of 15K between a few 401(k) plans for the wife and I who are both in our fifties. On the bright side, assuming I love to a ripe old age, I get $1500 per month pension for having served two decades in the Navy. I may not have food or electricity when I get old, but I won’t be homeless...