cnf
Ruby
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Post by cnf on Oct 11, 2021 18:25:17 GMT -6
cnf I think the teachers get paid decently in our district but I still have been sending amazon packages to my son's K teacher after every paycheck because she has her Amazon wishlist in her email signature. My H was like I hope she doesn't think you're trying to buy good treatment for our kid lol. I hadn't even thought of that. My love language is receiving/giving gifts so I honestly just am compulsory about buying the stuff and hadn't even considered that it may appear otherwise, lol. Oh, yeah, no, we don't get shit for a budget. I still buy a substantial amount of things every year out of pocket. Just spend all the extra we make here on the shit I need for my room. I send stuff to my kid's schools too, because I totally get it. I primed DD1's teacher a class set of glue sticks and headphone last year 🤷🏻♀️
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cnf
Ruby
Posts: 20,797 Likes: 100,277
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Post by cnf on Oct 11, 2021 18:33:17 GMT -6
The 401(k) was originally started for the upper management at Eastman Kodak, they lobbied to have a tax advantaged plan that they could stuff extra money into, so line 401(k) of the tax code was written. Read again, executives at eastman kodak wanted to pay less taxes, and had money to burn so they lobbied for the 401(k). It was never ever meant to be the sole retirement plan for most of the country; those execs also had pensions, just like every other worker in the US. And here's the thing, those huge pension payouts for the execs are usually the reason that pensions fail. So now almost everyone has a 401(k) or equivalent instead of pensions, and we haven't truly seen the fallout from it yet, I'd say we are at least 10 years out from that; the average retiree has less than 90k saved for retirement. Pensions for everyone; it could be done, and they could be portable. 😳 90k?! That was my same thought. I'm pretty sure my H has close that in his 403B already and he's only 38. My financial planner has run my tentative numbers and if I retire at 57 with the increases I typically get every year, between my pension and the projected amount for my 403B I should be at like 95% of my final average salary when I actually do retire. I'm talking like in the realm of a six figure salary. From being a teacher. I will never ever utter a single complaint if she's right. Never. I can't fathom 90k to live off forever. My gosh, that sounds hard and stressful. Like the opposite of retirement. Woof.
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AmyG
Ruby
Posts: 15,258 Likes: 33,688
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Post by AmyG on Oct 11, 2021 18:59:01 GMT -6
That was my same thought. I'm pretty sure my H has close that in his 403B already and he's only 38. My financial planner has run my tentative numbers and if I retire at 57 with the increases I typically get every year, between my pension and the projected amount for my 403B I should be at like 95% of my final average salary when I actually do retire. I'm talking like in the realm of a six figure salary. From being a teacher. I will never ever utter a single complaint if she's right. Never. I can't fathom 90k to live off forever. My gosh, that sounds hard and stressful. Like the opposite of retirement. Woof. well hopefully 90k plus some kind of social security. If you are lucky to get your house paid off before retirement, it may be doable. or not
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cnf
Ruby
Posts: 20,797 Likes: 100,277
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Post by cnf on Oct 11, 2021 19:00:27 GMT -6
That was my same thought. I'm pretty sure my H has close that in his 403B already and he's only 38. My financial planner has run my tentative numbers and if I retire at 57 with the increases I typically get every year, between my pension and the projected amount for my 403B I should be at like 95% of my final average salary when I actually do retire. I'm talking like in the realm of a six figure salary. From being a teacher. I will never ever utter a single complaint if she's right. Never. I can't fathom 90k to live off forever. My gosh, that sounds hard and stressful. Like the opposite of retirement. Woof. well hopefully 90k plus some kind of social security. If you are lucky to get your house paid off before retirement, it may be doable. or not How much per month is social security even? Is my youths showing yet?
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AmyG
Ruby
Posts: 15,258 Likes: 33,688
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Post by AmyG on Oct 11, 2021 19:07:19 GMT -6
well hopefully 90k plus some kind of social security. If you are lucky to get your house paid off before retirement, it may be doable. or not How much per month is social security even? Is my youths showing yet? Dh was supposed to work at least 3 more years, which would have paid off the kid's school (they still took their own student loans $$$) and paid off our own debt (car paid off, and most of house) but heart attack, laid off, pandemic yadda yadda So he took early retirement. He get $ss. That will either pay our house payment, electricity and water bill, OR it will pay everything else.
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AmyG
Ruby
Posts: 15,258 Likes: 33,688
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Post by AmyG on Oct 11, 2021 19:10:08 GMT -6
I will prob delete that. lol
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AmyG
Ruby
Posts: 15,258 Likes: 33,688
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Post by AmyG on Oct 11, 2021 19:12:39 GMT -6
As of May 2021, the average check is $1,430.73
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cnf
Ruby
Posts: 20,797 Likes: 100,277
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Post by cnf on Oct 11, 2021 19:29:20 GMT -6
As of May 2021, the average check is $1,430.73 For a month? Oof, that is not a lot.
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Post by Uncaripswife on Oct 11, 2021 19:43:17 GMT -6
That was my same thought. I'm pretty sure my H has close that in his 403B already and he's only 38. My financial planner has run my tentative numbers and if I retire at 57 with the increases I typically get every year, between my pension and the projected amount for my 403B I should be at like 95% of my final average salary when I actually do retire. I'm talking like in the realm of a six figure salary. From being a teacher. I will never ever utter a single complaint if she's right. Never. I can't fathom 90k to live off forever. My gosh, that sounds hard and stressful. Like the opposite of retirement. Woof. Millions of retired Americans live off the pittance they get from social security and nothing else.
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Post by notblanche on Oct 12, 2021 6:28:40 GMT -6
There's a point behind the memes that say, "My retirement plan is societal collapse." Because, welp.
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