Warning

 

Close

Confirm Action

Are you sure you wish to do this?

Confirm Cancel
BCM
User Panel
skd
troy
silencerShop
magpul
laRue
vortex
fightlite
Hit
Franklin
JRH
palmetto
delton
CA
RS
midwest
aim
brownells
geissele
primaryArms
jt
bravocompany
springfield
VP
GS

geissele
Faxxon
palmetto
ar15com
THBRD
brownells
fightlite
Pro2A
LAPG
springfield
bravocompany
silencerShop
JRH
LAPG
jt
CA
RS
SAS
blackhills
cmmg
dsa
primaryArms
gray
bravocompany
cmmg
tnvc
trijicon
bravocompany
Users Online4024 Online
bravocompany missing Hydra
Page General » General Discussion
Archived [ARCHIVED THREAD] - Lots of retired folks are going bankrupt and 401k's suck (Page 1 of 14)
Arrow Left Previous Page
Page / 14
Next Page Arrow Left
Posted: 8/17/2018 10:26:20 AM EDT
"According to the report from the CBP, the rate of bankruptcy among seniors has increased between 200 and 300 percent since 1991. Seniors now account for 12.2 percent of all bankruptcy filers, a significant increase from 2.1 percent in 1991." "The move toward defined contribution retirement plans, like 401(k)s, is not the sole cause of the increasing rate of bankruptcy among seniors, but it is a contributing factor. The sharp rise in bankruptcy is occuring in a context where more risk is being shifted to the individual"

https://protectpensions.org/2018/08/16/americans-going-bankrupt-retirement/
Link Posted: 8/17/2018 10:27:38 AM EDT
[#1]
I'm sure that news source is unbiased.
Link Posted: 8/17/2018 10:27:55 AM EDT
[#2]
Now people have to actually pay in to/plan for their own retirement? Oh my stars!

It does blow my mind how many people in my workplace either don't contribute to our matching 401K, or contribute less than the maximum matched amount. It's literally free money.

Link Posted: 8/17/2018 10:28:25 AM EDT
[#3]
Don't overspend.
Don't use your house as a piggy bank.
Live within your means.

What is the difference between money and currency?
Link Posted: 8/17/2018 10:28:30 AM EDT
[#4]
Good.  This is the bed Boomers made for themselves.  After decades of profligacy, they are reaping what they’ve sowed.

Link Posted: 8/17/2018 10:29:51 AM EDT
[#5]
So many older people at my work simply don’t put money into their 401k.

Link Posted: 8/17/2018 10:30:22 AM EDT
[#6]
There used to be a book called "How To Die Dead Broke" that encouraged racking up as much debt as possible, hiding the money/stuff, then filing bankruptcy.
Link Posted: 8/17/2018 10:30:23 AM EDT
[#7]
The 401(k) system required decent monetary policy and laws to protect pensions from the likes of Carl Icahn.

We had neither.
Link Posted: 8/17/2018 10:31:05 AM EDT
[#8]
It's almost like in the time period described in the article Americans experienced significant growth in expenses and cost of living without an equivalent increase in average wages.

Or it could just be poor planning and lack of savings.

Or people retiring earlier than they could realistically sustain.

Or a million other things.

Probably a combination of factors. Pensions are awesome, though.

Link Posted: 8/17/2018 10:31:17 AM EDT
[#9]
Why does CBP Customs Border Protection care?  

Link Posted: 8/17/2018 10:32:26 AM EDT
[#10]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
I'm sure that news source is unbiased.
View Quote
LOL .... this ..... I'd love to hear more about what they think should be done.

Link Posted: 8/17/2018 10:32:28 AM EDT
[#11]
Discussion ForumsJump to Quoted PostQuote History
Quoted:

The 401(k) system required decent monetary policy and laws to protect pensions from the likes of Carl Icahn.

We had neither.
View Quote
The creator of the 401K regrets it and says it a shit system.
Link Posted: 8/17/2018 10:32:49 AM EDT
[#12]
Unfortunately there's a lot of people that are getting ready to retire that are using bankruptcy as a means of getting rid of all their debt not because they're so much broke as they are just to get rid of the debt. I know one guy who was bragging about it.
Link Posted: 8/17/2018 10:33:02 AM EDT
[#13]
so many "boomers" watched their parents ("greatest generation") with their parent's "pensions" (read: Pyramid/Ponzy schemes...) and thought they would be able to work 20 years then retire at 40 just like dad did and live to be 90.

Unfortunately, the math caught up with them.
Link Posted: 8/17/2018 10:33:33 AM EDT
[#14]
It starts with parenting and teaching how to manage money
Link Posted: 8/17/2018 10:33:38 AM EDT
[#15]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
There used to be a book called "How To Die Dead Broke" that encouraged racking up as much debt as possible, hiding the money/stuff, then filing bankruptcy.
View Quote
Yep this is the plan.i see it a lot now.
Link Posted: 8/17/2018 10:33:38 AM EDT
[#16]
gotta pay that 20% medicare doesn't
Link Posted: 8/17/2018 10:34:19 AM EDT
[#17]
Some are saying Fuck it, live it up, declare bankruptcy and laugh their way to the grave.

Link Posted: 8/17/2018 10:35:08 AM EDT
[#18]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Yep this is the plan.is see it a lot now.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:
There used to be a book called "How To Die Dead Broke" that encouraged racking up as much debt as possible, hiding the money/stuff, then filing bankruptcy.
Yep this is the plan.is see it a lot now.
Where are they gonna live at when the follow this plan? Cardboard box.
Link Posted: 8/17/2018 10:36:27 AM EDT
[#19]
The fact that someone like Dave Ramsey can get filthy fucking rich by saying "don't go in debt" should tell you all you need to know.
Link Posted: 8/17/2018 10:37:04 AM EDT
[#20]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
gotta pay that 20% medicare doesn't
View Quote
Retired people should have supplement insurance, if they don't and aren't  really well off they are financial idiots.

Working people should have disability insurance but that's a different topic.
Link Posted: 8/17/2018 10:37:45 AM EDT
[#21]
More ammo for the government to step in and seize 401k funds belonging to private citizens.

Link Posted: 8/17/2018 10:38:00 AM EDT
[#22]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
The fact that someone like Dave Ramsey can get filthy fucking rich buy saying "don't go in debt" should tell you all you need to know.
View Quote
Well to be fair, he learned it the hard way. Most all of his advise is good.
Link Posted: 8/17/2018 10:38:27 AM EDT
[#23]
doesn't count as "bankrupt" when the government has dramatically under-funded liabilities...

Link Posted: 8/17/2018 10:38:58 AM EDT
[#24]
Discussion ForumsJump to Quoted PostQuote History
Quoted:

Well to be fair, he learned it the hard way. Most all of his advise is good.
View Quote
Not saying it isn't.  But it's also common sense.
Link Posted: 8/17/2018 10:39:49 AM EDT
[#25]
It is not a conspiracy.  Simply put, people are living longer and are outliving their retirement plans.  I have no plans for retiring at 70.  I simply am planning on working as long as I can.  And yes I am still building a 401k retirement.

Most people should consider at least part time work after retirement.  It would ease the financial burden and keep you alert and active in your old age.
Link Posted: 8/17/2018 10:39:52 AM EDT
[#26]
Discussion ForumsJump to Quoted PostQuote History
Quoted:

Where are they gonna live at when the follow this plan? Cardboard box.
View Quote
Nope in Florida in a nice condo fishing all day
Link Posted: 8/17/2018 10:39:53 AM EDT
[#27]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Not saying it isn't.  But it's also common sense.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:

Well to be fair, he learned it the hard way. Most all of his advise is good.
Not saying it isn't.  But it's also common sense.
Yep, you are correct.
Link Posted: 8/17/2018 10:39:56 AM EDT
[#28]
Discussion ForumsJump to Quoted PostQuote History
Quoted:

Not saying it isn't.  But it's also common sense.
View Quote
"Common" sense, is not.

Link Posted: 8/17/2018 10:40:46 AM EDT
[#29]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Nope in Florida in a nice condo fishing all day
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:

Where are they gonna live at when the follow this plan? Cardboard box.
Nope in Florida in a nice condo fishing all day
Don't many of those rental condos check credit these days?
Link Posted: 8/17/2018 10:41:13 AM EDT
[#30]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
The fact that someone like Dave Ramsey can get filthy fucking rich buy saying "don't go in debt" should tell you all you need to know.
View Quote


No one ever went bankrupt underestimating the stupidity of the general public.
Link Posted: 8/17/2018 10:41:17 AM EDT
[#31]
In some states it is financially beneficial to be broke when you get old. Do you want to guess where?

By the way, the source for the story sucks.
Link Posted: 8/17/2018 10:41:38 AM EDT
[#32]
given the population bubble of baby boomers, dont seniors make up a larger share than they did in 1991 for just about every freakin economic category?

personal fiscal responsibility just aint their thing. also explains why they're so wedded to social security

Link Posted: 8/17/2018 10:42:16 AM EDT
[#33]
Discussion ForumsJump to Quoted PostQuote History
Quoted:

The creator of the 401K regrets it and says it a shit system.
View Quote
Information overload!

So the "creator", whoever that is, says that investing PRE-TAX $ where it grows TAX DEFERRED so the govt. doesn't get its grubby mitts on it until much later is a bad thing.  Who is this guy?

Also, as has been posted previously, note the source of the article.

Link Posted: 8/17/2018 10:42:47 AM EDT
[#34]
I wonder what percentage of this is medical bill related.

Link Posted: 8/17/2018 10:42:59 AM EDT
[#35]
I'm lucky I have been working at a company who still offers a 100% funded company pension plus a matching 401K

Link Posted: 8/17/2018 10:43:53 AM EDT
[#36]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
It is not a conspiracy.  Simply put, people are living longer and are outliving their retirement plans.  I have not plans for retiring at 70.  I simply am planning on working as long as I can.  And yes I am still building a 401k retirement.
View Quote
As you should

Link Posted: 8/17/2018 10:44:27 AM EDT
[#37]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
The fact that someone like Dave Ramsey can get filthy fucking rich by saying "don't go in debt" should tell you all you need to know.
View Quote
True.

Hey, don't drink and drive.  Don't smoke.  Don't have children out of wedlock.  Don't get fat.  Don't marry the wrong person.

Where my money at?

Link Posted: 8/17/2018 10:44:29 AM EDT
[#38]
Discussion ForumsJump to Quoted PostQuote History
Quoted:

Don't many of those rental condos check credit these days?
View Quote
Well so far he hasn't had any problem at all as a matter of fact he's telling me that he's getting applications for credit cards every day.
Link Posted: 8/17/2018 10:45:01 AM EDT
[#39]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
so many "boomers" watched their parents ("greatest generation") with their parent's "pensions" (read: Pyramid/Ponzy schemes...) and thought they would be able to work 20 years then retire at 40 just like dad did and live to be 90.

Unfortunately, the math caught up with them.
View Quote


How about providing us with a list of U.S. based corporations which ever offered a pension plan that permitted workers or management to retire at age 40 with 20 years of service.

Link Posted: 8/17/2018 10:46:59 AM EDT
[#40]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
There used to be a book called "How To Die Dead Broke" that encouraged racking up as much debt as possible, hiding the money/stuff, then filing bankruptcy.
View Quote
The gheys of the '80s must have read it.  They used to rack up the debt, give it to their friends and die penniless.  This was before some medicine was found to stave off HIV deaths.  Insurance companies caught on and did blood tests before selling life insurance polices.  Credit card companies got f*cked though.
Link Posted: 8/17/2018 10:47:14 AM EDT
[#41]
Ask the employees of Enron about how their pensions turned out.  With a 401(k) you have a lot a more control over your retirement and can turn it into a pension when you retire.  Management changes, economies change, and your pension needs to last a long time.

Link Posted: 8/17/2018 10:47:34 AM EDT
[#42]
Discussion ForumsJump to Quoted PostQuote History
Quoted:

Not saying it isn't.  But it's also common sense.
View Quote
Which is obviously in very short supply among the general population. Sometimes you have to hit 'em up side the head with a 2X4 to get their attention.
Link Posted: 8/17/2018 10:48:33 AM EDT
[#43]
Discussion ForumsJump to Quoted PostQuote History
Quoted:

Information overload!

So the "creator", whoever that is, says that investing PRE-TAX $ where it grows TAX DEFERRED so the govt. doesn't get its grubby mitts on it until much later is a bad thing.  Who is this guy?

Also, as has been posted previously, note the source of the article.
View Quote
Google that shit, the sources and his statements are abundant.

https://www.marketwatch.com/story/the-inventor-of-the-401k-says-he-created-a-monster-2016-05-16

https://www.csmonitor.com/Business/2017/0104/Why-Father-of-the-401-k-says-he-regrets-pushing-the-retirement-plan

https://www.npr.org/2017/01/03/508075236/retirement-account-pioneers-regret-what-they-started
Link Posted: 8/17/2018 10:48:35 AM EDT
[#44]
I've been in the retirement business for 32 years.    Blaming a 401k is like blaming the gun.

Link Posted: 8/17/2018 10:48:55 AM EDT
[#45]
Discussion ForumsJump to Quoted PostQuote History
Quoted:

The gheys of the '80s must have read it.  They used to rack up the debt, give it to their friends and die penniless.  This was before some medicine was found to stave off HIV deaths.  Insurance companies caught on and did blood tests before selling life insurance polices.  Credit card companies got f*cked though.
View Quote
Or take out large insurance policies on themselves and name somebody a friend or a relative as a beneficiary
Link Posted: 8/17/2018 10:50:35 AM EDT
[#46]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
It does blow my mind how many people in my workplace either don't contribute to our matching 401K, or contribute less than the maximum matched amount. It's literally free money.
View Quote
It's not "free money". Its PROFIT from YOUR WORK, and it should have been left in your pocket from the beginning.
Link Posted: 8/17/2018 10:50:58 AM EDT
[#47]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Good.  This is the bed Boomers made for themselves.  After decades of profligacy, they are reaping what they’ve sowed.
View Quote
And so is everyone else.
Link Posted: 8/17/2018 10:51:47 AM EDT
[#48]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Unfortunately there's a lot of people that are getting ready to retire that are using bankruptcy as a means of getting rid of all their debt not because they're so much broke as they are just to get rid of the debt. I know one guy who was bragging about it.
View Quote
Donald Trump?
Link Posted: 8/17/2018 10:51:49 AM EDT
[#49]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
I'm sure that news source is unbiased.
View Quote
Lol this.  As pension systems all across the us go bankrupt the answer is more pensions and more benefits.

Link Posted: 8/17/2018 10:51:50 AM EDT
[#50]
Quoted:
Good.  This is the bed Boomers made for themselves.  After decades of profligacy, they are reaping what they’ve sowed.
View Quote
Yeah I am failing to come up with any cares after their general voting habits for decades creating the entire countries financial woes

I would go a step further and cut as much of the safety net they voted in for themselves

Should be stiff consequences for humans with such poor judgement, not a support system to create more of those types

Arrow Left Previous Page
Page / 14
Next Page Arrow Left
Archived [ARCHIVED THREAD] - Lots of retired folks are going bankrupt and 401k's suck (Page 1 of 14)
Page General » General Discussion
Close Join Our Mail List to Stay Up To Date! Win a FREE Membership!

Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!

You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.


By signing up you agree to our User Agreement. *Must have a registered ARFCOM account to win.
primaryArms
blackhills
LAPG
JRH
dsa
SAS
gray
Faxxon
bravocompany
LAPG
RS
fightlite
jt
palmetto
springfield
geissele
silencerShop
brownells
THBRD
CA
ar15com
Pro2A
cmmg
missing
AR-15 AK-47 Handgun Precision Rifles Armory Training Competitive Shooting General Outdoors Archery Hometown Industry

About AR15.COM

Become an AR15.COM Team Member

AR15.COM is the world's largest firearm community and is a gathering place for firearm enthusiasts of all types.

From hunters and military members, to competition shooters and general firearm enthusiasts, we welcome anyone who values and respects the way of the firearm.

Stay Connected

AR15.COM Facebook AR15.COM Twitter AR15.COM YouTube AR15.COM Instagram
Pepperjam Verification

Newsletter

Subscribe to our monthly Newsletter to receive firearm news, product discounts from your favorite Industry Partners, and more.

Contact Us

Advertising
[email protected]
General
[email protected]

Copyright © 1996-2024 AR15.COM LLC. All Rights Reserved.
Any use of this content without express written consent is prohibited.

AR15.Com reserves the right to overwrite or replace any affiliate, commercial, or monetizable links, posted by users, with our own.

Advertising Memberships ARFCOM Shop Gear Deals Virtual Weapon Build Discussion Forums Help Privacy DMCA About Mobile Site View Your Privacy Choices California Consumer Privacy Act (CCPA) Opt-Out Icon   Goat Signal
** When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs include, but are not limited to, the eBay Partner Network and Amazon.
Top Top