You're right. My personal portfolio is proof of that and it's only been around a bit more than 20 years and has another decade + before I'd be even be eligible to use any of it. I could liquidate it all right now and put it in something completely safe and still come out way ahead. But yes, this year it's down a bundle.
Yes, and a big part of the reason is that too many people rely too heavily on social security to fund their retirement. It was supposed to be a supplement to savings and instead the savings piece went out the window.
And I don't want to hear the nonsense about not having any extra to save. I started fresh out of college with $50 a month. Became a stay at home mom at age 29. The sum total of my investment is about $13,000 invested over a period of about 8 years. We made saving for retirement a priority early in our earning years. That $13,000 invested over an 8 year period when I earned anywhere from $13,000 to about $45,000 a year was worth almost a quarter million earlier this year (about 20 years later with at least another dozen before retirement). So now I'm down about 100K in that account. Still not a bad rate of return for a $13,000 investment with many more years ahead to grow.
I know a number of people with similar stories. Not enough though. Play around with a savings calculator. The power of compounding interest is amazing. You can save a little and then stop saving and it's amazing what it will grow to in 20, 30 or 40 years.
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Mom, I'm not here to propose a complete program with all details addressed including excerpts from Congressional testimony...
Authorize me to run a Congressional commission and I'll dot all the "i"'s and cross all the "t"s.
first of all note the comment:
the net present value of such payments would be $940 billion
In other words, over the entire life of the program (75 years) the cost would be $940 billion.
Yes, and a big part of the reason is that too many people rely too heavily on social security to fund their retirement. It was supposed to be a supplement to savings and instead the savings piece went out the window.
And I don't want to hear the nonsense about not having any extra to save. I started fresh out of college with $50 a month. Became a stay at home mom at age 29. The sum total of my investment is about $13,000 invested over a period of about 8 years. We made saving for retirement a priority early in our earning years. That $13,000 invested over an 8 year period when I earned anywhere from $13,000 to about $45,000 a year was worth almost a quarter million earlier this year (about 20 years later with at least another dozen before retirement). So now I'm down about 100K in that account. Still not a bad rate of return for a $13,000 investment with many more years ahead to grow.
I know a number of people with similar stories. Not enough though. Play around with a savings calculator. The power of compounding interest is amazing. You can save a little and then stop saving and it's amazing what it will grow to in 20, 30 or 40 years.
Yes. We had lived here previously when my Dh was in the Air Force, left for several years, and then moved back in 2006.
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