PeoplesElbow
Well-Known Member
In a planning for retirement class, I can't believe how many older people in it are clueless about their retirement benefits. This is truly scary.
Can't believe this
- Thread starter PeoplesElbow
- Start date
Homer J
Power Chord
I've been trying to get my 30 year old son to take a more active roll in planning for his future. We set him up with the same financial advisor that I use, but he can never seem to 'find the time' to make an appointment. If I knew at his age, what I know now, I'd already be retired and living the good life.
That's why we have to have confiscation programs like SS and Med.
But people are clueless in general.
Clem72
Well-Known Member
I always found it to be true across the board. The CSRS guys didn't care since they had no real options (supplemental TSP, okay sure). The young guys thought they would be TSP millionaires if they only invested enough for the 5% matching. Which admittedly might have been the case if they 100% stuck it in the C fund but most spread it around or didn't even touch it and didn't realize it goes into the G fund by default. I technically came on board under CSRS but was less than 5 years so they converted me to FERS. CSRS was a much better deal since they didn't have to pay social security.
I told everyone in the early 90s to max out their TSP and put it all in the C fund and don't touch it until you retire (no tsp loans to buy a car or for down payment on a house). I didn't take my own advice and spread it out and thought I could time the market. If I had done so I figure I would have had $4-5M
PeoplesElbow
Well-Known Member
I been planning since I was less than a year out of graduate school, been putting in the max since 2005. 
How YOU doin'?I been planning since I was less than a year out of graduate school, been putting in the max since 2005.
I've been doing that when I got my first real job. My company had a limit of 14%, the first 4% was company matched. Basically free money, but so few took advantage of it. Dummies. Some I had the tax taken out as it was put in the 401k, and the rest as untaxed 401k contributions.
Anyway, When I moved to MD, I needed cash for the down payment on the house, so I grabbed the already taxed money, about $30k, and used that. Had I left that $30k in the account, it would have made a HUGE difference in the current balance now.
LightRoasted
If I may ...
For your consideration ...
This is because people are conditioned to allow others to deal with the monotony of their financial planning. Just leave it to us they say. Nothing to worry about. They actually put, into strangers hands, their entire financial future trusting that everything is just fine and dandy. They are clueless deadheads. Rather, focusing on bread and circus things and living in the moment than their very livelihood and well being in the future. Also, are the first to blame others, rather than themselves for any shortcomings or problems that arise later on.
This is because people are conditioned to allow others to deal with the monotony of their financial planning. Just leave it to us they say. Nothing to worry about. They actually put, into strangers hands, their entire financial future trusting that everything is just fine and dandy. They are clueless deadheads. Rather, focusing on bread and circus things and living in the moment than their very livelihood and well being in the future. Also, are the first to blame others, rather than themselves for any shortcomings or problems that arise later on.
HemiHauler
Well-Known Member
More broadly, it’s amazing how many people are clueless about basic personal finance.
PeoplesElbow
Well-Known Member
How YOU doin'?
PeoplesElbow
Well-Known Member
True, it kills me, it isn't difficult either.
People in their late 50s early 60s being clueless on retirement just blows my mind though.
HemiHauler
Well-Known Member
That’s precisely why one should retire. Work to live, man — NEVER the other way around.
Bart is 30?!?!?! Where did the time go?
PeoplesElbow
Well-Known Member
Unless you are actually a wizard, I'm sorry.
I'm a worker too. Some people have hobbies - I like to make money. If I didn't have a job I'm not sure what I'd do with myself.
I like making money also, but I like challenges even more. Work for me is a daily puzzle solving game.
Clem72
Well-Known Member
Are you a baggage loader at the airport?
I think you have to have Hobbies, if you don't you'll go crazy! Or drive the wife crazy. That could be fun! I wouldn't need to worry about retirement!