infinity ag said:

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Hoyt Ag said:

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Maybe he meant conversions. You are right though, 50 and under is 7k and over 50 is 8k.

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The context is your IRA grows and grows and then you are forced to take our RMDs of 3% each year after you hit around 73. That means huge taxes also. To reduce this, I am told, there is a way to roll it over to a Roth IRA in a 'backdoor' fashion. I don't recall the intricacies but I need to look at it again.

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it is complex and I am far from an expert

but at age 53 I began to use a backdoor Roth IRA set up by my Bank of America advisor and it allows $8000 contribution a year.

so now in january will by my third year of using it.

Just my opinion as a one year retired guy. Some of y'all are so money driven that you're ignoring the time and health components of retirement. What good does all the money do if you run out of the other two? I live in a middle class golf retirement community in Arizona but see happy retirees living in much more modest houses and communities. Not everything is a dick measuring contest. Yesterday my buddies and I drove into the mountains and played a $10 municipal course that gets almost no play in the summer. Don't waste the youth of your golden years.

FatZilla said:

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Muy said:

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And the younger generations having massive debt and wanting to work less (aka "weakening tax revenues" means that Social Security going insolvent will happen at warp speed.

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Ain't no sane blue collar person expecting SS payments to be around after the boomers retire.

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A modest cut to SS benefits right now could help ensure future solvency. But God forbid the Boomers be held accountable for deciding not to have enough children to fund the system.

jja79 said:

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Just my opinion as a one year retired guy. Some of y'all are so money driven that you're ignoring the time and health components of retirement. What good does all the money do if you run out of the other two? I live in a middle class golf retirement community in Arizona but see happy retirees living in much more modest houses and communities. Not everything is a dick measuring contest. Yesterday my buddies and I drove into the mountains and played a $10 municipal course that gets almost no play in the summer. Don't waste the youth of your golden years.

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A friend recently introduced me to the concept of the youth of your retirement years. All other things being equal, you can do more earlier in your retirement than later. The average American male has a life-changing health event at 66.1 years of age. This is sobering. Makes me think taking social security at 62 is the best play.

LMCane said:

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infinity ag said:

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Hoyt Ag said:

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Maybe he meant conversions. You are right though, 50 and under is 7k and over 50 is 8k.

---

The context is your IRA grows and grows and then you are forced to take our RMDs of 3% each year after you hit around 73. That means huge taxes also. To reduce this, I am told, there is a way to roll it over to a Roth IRA in a 'backdoor' fashion. I don't recall the intricacies but I need to look at it again.

---

it is complex and I am far from an expert

but at age 53 I began to use a backdoor Roth IRA set up by my Bank of America advisor and it allows $8000 contribution a year.

so now in january will by my third year of using it.

---

Hmm... I am not an expert but I will look into it more but the IRA typically grows to many millions over decades. An RMD of 3% still is a lot to pay tax on. Before I say something wrong, let me ask my friend the process and come back and post.

BonfireNerd04 said:

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FatZilla said:

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Muy said:

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And the younger generations having massive debt and wanting to work less (aka "weakening tax revenues" means that Social Security going insolvent will happen at warp speed.

---

Ain't no sane blue collar person expecting SS payments to be around after the boomers retire.

---

A modest cut to SS benefits right now could help ensure future solvency. But God forbid the Boomers be held accountable for deciding not to have enough children to fund the system.

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Mz R and I are boomers. We had 4 that are grown and funding the system. Did we do our part?

jja79 said:

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Just my opinion as a one year retired guy. Some of y'all are so money driven that you're ignoring the time and health components of retirement. What good does all the money do if you run out of the other two? I live in a middle class golf retirement community in Arizona but see happy retirees living in much more modest houses and communities. Not everything is a dick measuring contest. Yesterday my buddies and I drove into the mountains and played a $10 municipal course that gets almost no play in the summer. Don't waste the youth of your golden years.

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Beautiful advice.

I was curious so tried to find some statistics.

Vanguard says 14% of their participants max out 401k annually. Fidelity was lower at 9.1%. And this is just participants, not all working adults.

Households like many of us on here which are fortunate enough to have two spouses maxing their 401k plus company match are probably only a few percent of households at most.

I get concerned seeing that life altering medical event at 66 stat. But I am doing all within my power to put that off.

Just signed up for my 6th Cowtown Half Marathon in 2026. Will also be running the Texas Independence Relay again. Hopefully all the exercise will keep me healthy longer.

BonfireNerd04 said:

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FatZilla said:

---

Muy said:

---

And the younger generations having massive debt and wanting to work less (aka "weakening tax revenues" means that Social Security going insolvent will happen at warp speed.

---

Ain't no sane blue collar person expecting SS payments to be around after the boomers retire.

---

A modest cut to SS benefits right now could help ensure future solvency. But God forbid the Boomers be held accountable for deciding not to have enough children to fund the system.

---

The Boomers numbered about 76 million. Their offspring numbered around 70 million. That's a whopping 10% decrease! This has been known for decades, plenty of time to turn it around. Gen X should have had more kids, since most of those kids are now working adults or will soon enter the workforce. But they did not. Blaming the boomers for population decline is ridiculous.

Logos Stick said:

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BonfireNerd04 said:

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FatZilla said:

---

Muy said:

---

And the younger generations having massive debt and wanting to work less (aka "weakening tax revenues" means that Social Security going insolvent will happen at warp speed.

---

Ain't no sane blue collar person expecting SS payments to be around after the boomers retire.

---

A modest cut to SS benefits right now could help ensure future solvency. But God forbid the Boomers be held accountable for deciding not to have enough children to fund the system.

---

The Boomers numbered about 76 million. Their offspring numbered around 70 million. That's a whopping 10% decrease! This has been known for decades, plenty of time to turn it around. Gen X should have had more kids, since most of those kids are now working adults or will soon enter the workforce. But they did not. Blaming the boomers for population decline is ridiculous.

---

www.wtfhappenedin1971.com

Fix the money, fix the world.

Logos Stick said:

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BonfireNerd04 said:

---

FatZilla said:

---

Muy said:

---

And the younger generations having massive debt and wanting to work less (aka "weakening tax revenues" means that Social Security going insolvent will happen at warp speed.

---

Ain't no sane blue collar person expecting SS payments to be around after the boomers retire.

---

A modest cut to SS benefits right now could help ensure future solvency. But God forbid the Boomers be held accountable for deciding not to have enough children to fund the system.

---

The Boomers numbered about 76 million. Their offspring numbered around 70 million. That's a whopping 10% decrease! This has been known for decades, plenty of time to turn it around. Gen X should have had more kids, since most of those kids are now working adults or will soon enter the workforce. But they did not. Blaming the boomers for population decline is ridiculous.

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Continuously increasing the population makes it like a ponzi.

Logos Stick said:

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BonfireNerd04 said:

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FatZilla said:

---

Muy said:

---

And the younger generations having massive debt and wanting to work less (aka "weakening tax revenues" means that Social Security going insolvent will happen at warp speed.

---

Ain't no sane blue collar person expecting SS payments to be around after the boomers retire.

---

A modest cut to SS benefits right now could help ensure future solvency. But God forbid the Boomers be held accountable for deciding not to have enough children to fund the system.

---

The Boomers numbered about 76 million. Their offspring numbered around 70 million. That's a whopping 10% decrease! This has been known for decades, plenty of time to turn it around. Gen X should have had more kids, since most of those kids are now working adults or will soon enter the workforce. But they did not. Blaming the boomers for population decline is ridiculous.

---

Some of us couldn't easily repopulate

infinity ag said:

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Logos Stick said:

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BonfireNerd04 said:

---

FatZilla said:

---

Muy said:

---

And the younger generations having massive debt and wanting to work less (aka "weakening tax revenues" means that Social Security going insolvent will happen at warp speed.

---

Ain't no sane blue collar person expecting SS payments to be around after the boomers retire.

---

A modest cut to SS benefits right now could help ensure future solvency. But God forbid the Boomers be held accountable for deciding not to have enough children to fund the system.

---

The Boomers numbered about 76 million. Their offspring numbered around 70 million. That's a whopping 10% decrease! This has been known for decades, plenty of time to turn it around. Gen X should have had more kids, since most of those kids are now working adults or will soon enter the workforce. But they did not. Blaming the boomers for population decline is ridiculous.

---

Continuously increasing the population makes it like a ponzi.

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You mean like our fiat-based monetary system?

It's every person for themself. There is wealth to be built for a comfortable retirement. Live under your means, avoid debt like the plague and invest in appreciating assets. Don't stop until your funeral. Also, wise words were uttered by a very recent poster on retiring and enjoying time of earth while one still can. A year is more valuable than a monetary figure. As noted my Jimmy Johnson in his HOF speech. It gets down to QTL (quality time left). One billion dollars is worthless if one is bed ridden or severely limited physically. Find a number you can make it on and pull the effing trigger! I have this pep talk to myself daily. My mom has been retired for 25 years. I can buy and sell her 100 times over. She's happy and wants for nothing.

Logos Stick said:

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BonfireNerd04 said:

---

FatZilla said:

---

Muy said:

---

And the younger generations having massive debt and wanting to work less (aka "weakening tax revenues" means that Social Security going insolvent will happen at warp speed.

---

Ain't no sane blue collar person expecting SS payments to be around after the boomers retire.

---

A modest cut to SS benefits right now could help ensure future solvency. But God forbid the Boomers be held accountable for deciding not to have enough children to fund the system.

---

The Boomers numbered about 76 million. Their offspring numbered around 70 million. That's a whopping 10% decrease! This has been known for decades, plenty of time to turn it around. Gen X should have had more kids, since most of those kids are now working adults or will soon enter the workforce. But they did not. Blaming the boomers for population decline is ridiculous.

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The fact that we killed millions of our babies didn't help.

Quote:

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the ones who keep saying "work until you drop over" never actually discuss the fact that working MAY BE ENDING YOUR LIFE EARLIER.

which is more likely to lead to a longer life:

1. exercise two hours a day, no commute, no stress from the job

2. not exercising, sitting in front of a computer for 9 hours a day, stressful commute on highway, stressful job

---

I agree with you. The folks I know had an above average income but struggle to get by these days. Of course they also neglected their health so they don't have a high quality of life either.

That is exactly what I posted earlier in the thread just with less profanity.

my cousins live in Scottsdale so I would like to spend time in Arizona soon for the winters.

I never understand old people playing golf- if it destroyed the health of Tiger Woods who was a world class athlete then how can the twisting of the spine and knees be good for elderly

the equation is TIME, MONEY and HEALTH

the answer is unknown.

Its Texas Aggies, dammit said:

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jja79 said:

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Just my opinion as a one year retired guy. Some of y'all are so money driven that you're ignoring the time and health components of retirement. What good does all the money do if you run out of the other two? I live in a middle class golf retirement community in Arizona but see happy retirees living in much more modest houses and communities. Not everything is a dick measuring contest. Yesterday my buddies and I drove into the mountains and played a $10 municipal course that gets almost no play in the summer. Don't waste the youth of your golden years.

---

A friend recently introduced me to the concept of the youth of your retirement years. All other things being equal, you can do more earlier in your retirement than later. The average American male has a life-changing health event at 66.1 years of age. This is sobering. Makes me think taking social security at 62 is the best play.

---

100% concur with this sentiment!

which is why next summer at age 55 I am leaving this job (after 6 years) and heading to Europe for a few months of travel.

would like to work 2-3 more years in corporate world then fully retire by age 57/58 then start to pull from my corporate 401s at 59.5 and take social security at 62. with about a 2 million dollar portfolio should be enough to get to my late 70s or early 80s.

Tramp96 said:

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I truly believe retirement killed my father.

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That's what I'm saying

I assure you the golf we're playing doesn'til involve the torque created by pro golfers. Today's old men's adventure is riding the light rail downtown to watch the Astros and Diamondbacks game. I'm pretty sure none of my buddies have these huge sums of money posters here keep saying they'll need to be able to retire but somehow we did it.

jja79 said:

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I assure you the golf we're playing doesn'til involve the torque created by pro golfers. Today's old men's adventure is riding the light rail downtown to watch the Astros and Diamondbacks game. I'm pretty sure none of my buddies have these huge sums of money posters here keep saying they'll need to be able to retire but somehow we did it.

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great plan!

I "work" 2.5 days a week. Can take off for a week or a month if I like. I enjoy my job more than golf or fishing. Why quit?

dermdoc said:

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I "work" 2.5 days a week. Can take off for a week or a month if I like. I enjoy my job more than golf or fishing. Why quit?

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When baseball starts, please send me a new Aggie baseball shirt. Maybe some stickers for my fridge


Thanks

Tanya 93 said:

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dermdoc said:

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I "work" 2.5 days a week. Can take off for a week or a month if I like. I enjoy my job more than golf or fishing. Why quit?

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When baseball starts, please send me a new Aggie baseball shirt. Maybe some stickers for my fridge


Thanks

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Will do.

Had my profession allowed that I would have done the same but it didn't. So off to Chase Field for me today.

beerad12man said:

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FatZilla said:

---

Muy said:

---

And the younger generations having massive debt and wanting to work less (aka "weakening tax revenues" means that Social Security going insolvent will happen at warp speed.

---

Ain't no sane blue collar person expecting SS payments to be around after the boomers retire.

---

That's just fear mongering bs.

It will be around in some form or fashion. Exactly what!? No one knows. But the only insane people are ones who think it goes away altogether.

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Correct. We are already overdrawn, being more overdrawn than the year before is standard operating procedure. No politician is going to stop, or even reduce, social security payments. Yet person after person will say "I don't expect to get a dime of what I have paid in" or "social security is going to go bankrupt" or some other such nonsense.

A good friend I've made since I've been in Arizona turned 73 last month. For the past 3 years she's taken 6 month long trips to Europe, South America, etc. This past Friday she was diagnosed with pancreatic cancer which is apparently a death sentence. I saw her yesterday and we talked about the fact she didn't waste the youth of her older years. Not sure how much comfort that is but she did acknowledge she's glad she didn't chase another dollar.

BonfireNerd04 said:

---

FatZilla said:

---

Muy said:

---

And the younger generations having massive debt and wanting to work less (aka "weakening tax revenues" means that Social Security going insolvent will happen at warp speed.

---

Ain't no sane blue collar person expecting SS payments to be around after the boomers retire.

---

A modest cut to SS benefits right now could help ensure future solvency. But God forbid the Boomers be held accountable for deciding not to have enough children to fund the system.

---

Why not have that modest cut for the people further away from SS rather than those close to receiving it or actually receiving it?

That way the people that planned their retirement around receiving a certain amount of SS aren't punished and the younger people have time to plan for the reduction...

BTW, I'm not a boomer but I AM a late Gen X

jja79 said:

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A good friend I've made since I've been in Arizona turned 73 last month. For the past 3 years she's taken 6 month long trips to Europe, South America, etc. This past Friday she was diagnosed with pancreatic cancer which is apparently a death sentence. I saw her yesterday and we talked about the fact she didn't waste the youth of her older years. Not sure how much comfort that is but she did acknowledge she's glad she didn't chase another dollar.

---

I had hoped to retire late 50s or early 60s. Then go travel.

Now, I'm still going to travel (and I've been doing a decent amount lately), but I've decided that while I work I want to get some of that advanced education I didn't have time nor money for while my kids were growing up. So, I'll probably be doing that for the next 6 years. I'll be 63 then.

However, I'm also in an industry that is exploding (UAS/UAM/AAM) and for the first time in awhile I've been really excited about what I do. So, I may stay working a little longer just to see where I can help the industry go.

But, I'm hoping to do that on a part time basis so I can travel more.

jja79 said:

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A good friend I've made since I've been in Arizona turned 73 last month. For the past 3 years she's taken 6 month long trips to Europe, South America, etc. This past Friday she was diagnosed with pancreatic cancer which is apparently a death sentence. I saw her yesterday and we talked about the fact she didn't waste the youth of her older years. Not sure how much comfort that is but she did acknowledge she's glad she didn't chase another dollar.

---

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No crisis. You have either saved and invested or you have not.

Antisocial security would isolate the millennials.

Aggie95 said:

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which one is it?

this article says retirement accounts will be drained below acceptable levels

other articles say we are in a period of massive wealth transfer from baby boomers to Gen X

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Both! Younger generations licking chops at free money from boomers while complaining about inflated price of houses, the sale of which will facilitate the transfer of wealth from older boomer relatives to you guessed it, the youngsters.