4 ms·

$1 million will be a king's ransom compared to Gen X's retirement plans last time I checked known stats on Gen X retirement savings, the national average was u

$1 million will be a king's ransom compared to Gen X's retirement plans last time I checked known stats on Gen X retirement savings, the national average was under $100k...Gen X is the first generation that is almost entirely dependent on 401k for bonus points, Gen Xers in large cities are more likely renters than owners, so they won't even be able to sell a property to prop up the low 401k balance the Gen X retirement bailout is probably already unavoidable and will be in the trillions everyone says its fine because they love what they do and will do it forever...do they really think there will be a hot market for 67 year old React devs?

JackFr 4y ago
Say’s Law. Supply will create demand. You don’t need a hot market. You just need a market.
dmm 4y ago
> the Gen X retirement bailout is probably already unavoidable and will be in the trillions State governments are going to get huge bailouts too. Most state pension funds are way underfunded. The my state's DOT pension is <60% funded, and that's assuming 7+% average returns.
- ragnot 4y ago
  So expect massive inflation in the future?
  - jmoak3 4y ago
    Yes. We’ve written too many checks that we can’t possibly hope to cash. If the fed gets in the way of the fiscal policy makers and their spending, they will obliterate it - it only exists because of a law passed by congress anyway. Here’s a taste: https://www.rickscott.senate.gov/2023/3/sens-rick-scott-and-elizabeth-warren-lead-legislation-to-establish-independent-ig-oversight-at-the-federal-reserve https://www.rickscott.senate.gov/2023/3/sens-rick-scott-and-... Edit: That SAID, anything can happen. These breakthroughs with AI could very likely change all of that.
    - dsfyu404ed 4y ago
      >If the fed gets in the way of the fiscal policy makers and their spending, they will obliterate it "The enemy of my enemy is my ally" -Rand Paul, probably.
      - jmoak3 4y ago
        This will be a bipartisan movement, that oversight plan is led by Elizabeth Warren and Rick Scott. EDIT: Would be fun to see Rand Paul crusading for the Fed in defense of spending cuts.
  - scottLobster 4y ago
    That or much higher taxes and austerity. Max out your Roth account while you can.
    - dsfyu404ed 4y ago
      They can always change the law and tax your Roth withdrawals... I think the best bet is to do what everyone else is doing. They can't fuck everyone and keep their heads and keep their jobs. What do Millenials and Gen Z's retirement contributions look like? How's the picture gonna change as the Boomers die? Gen Z? You don't wanna be the minority with a 401k when everybody else has a Roth and you don't wanna be the minority with a Roth when everyone else has a 401k. When push comes to shove the political minority will get fucked first. Alternatively, you can do something so off the wall and uncommon that you're a "small fish" and they don't care to tax you.
bradDonniger 4y ago
That’s fine we’ll just expropriate the Boomers hoarded wealth as they churn. The fiat currency numbers are not a fundamental, immutable feature of reality. The obsession with loss of hallucinated values is a bit unsettling. As if entirely ephemeral fiat economics has latched onto the same biological nature as religious conviction in gods. Better to legislate the fake money as needed than let hundreds of millions get disenfranchised, especially in the country of 3 guns per adult.
fortyseven 4y ago
> do they really think there will be a hot market for 67 year old React devs? To be fair, if you're in this industry and not constantly revising your skillset to learn new things, that's on you.
thomascgalvin 4y ago
This could be fixed by: 1. Eliminating income tax on 401k distributions 2. Eliminating tax on social security income 3. Increasing social security benefits None of these will happen.
- scottLobster 4y ago
  1. Giant tax cut, inflationary 2. Giant tax cut, inflationary 3. Without corresponding tax increase or cuts elsewhere, inflationary Taxes are the last reason people don't have enough in retirement. If you only have 100k saved up in a traditional 401k, and say you're doing pretty well in the 22% income tax bracket overall so that over time gets taxed down to 78k, over the course of a 20 year retirement that's just $1100.00/year in taxes. That's what, a few weeks' groceries? Taking those taxes away by contrast will be extremely inflationary and lead to people losing more money to inflation than they saved in taxes.
  - danielrpa 4y ago
    Stating that tax cuts are inflationary assumes that the government is able to put the money to better use than individuals. Have in mind that when the government taxes your money, it also spends it - but instead of spending in productive pursuits, it often spends it in a way that doesn't lead to increase production and, thus, inflation.
    - scottLobster 4y ago
      No, it's assuming whatever the government does with it won't cause a generalized inflation spike. Let's say the government wastes all the tax revenue building a next-generation aircraft carrier that's so incompetently constructed it collapses in drydock before it can ever set sail. That won't cause the price of everything to go through the roof, except perhaps locally where the money is spent. And actually, the government can often put the money to better use than individuals. Is there incompetence, corruption, and wasteful government spending? Of course. But two things can be true at the same time. I'd like to see an individual try to build a bridge, repair a road, or open a public school off of their tax savings.

JackFr 4y ago

Say’s Law. Supply will create demand. You don’t need a hot market. You just need a market.

dmm 4y ago

> the Gen X retirement bailout is probably already unavoidable and will be in the trillions State governments are going to get huge bailouts too. Most state pension funds are way underfunded. The my state's DOT pension is <60% funded, and that's assuming 7+% average returns.

ragnot 4y ago
So expect massive inflation in the future?
- jmoak3 4y ago
  Yes. We’ve written too many checks that we can’t possibly hope to cash. If the fed gets in the way of the fiscal policy makers and their spending, they will obliterate it - it only exists because of a law passed by congress anyway. Here’s a taste: https://www.rickscott.senate.gov/2023/3/sens-rick-scott-and-elizabeth-warren-lead-legislation-to-establish-independent-ig-oversight-at-the-federal-reserve https://www.rickscott.senate.gov/2023/3/sens-rick-scott-and-... Edit: That SAID, anything can happen. These breakthroughs with AI could very likely change all of that.
  - dsfyu404ed 4y ago
    >If the fed gets in the way of the fiscal policy makers and their spending, they will obliterate it "The enemy of my enemy is my ally" -Rand Paul, probably.
    - jmoak3 4y ago
      This will be a bipartisan movement, that oversight plan is led by Elizabeth Warren and Rick Scott. EDIT: Would be fun to see Rand Paul crusading for the Fed in defense of spending cuts.
- scottLobster 4y ago
  That or much higher taxes and austerity. Max out your Roth account while you can.
  - dsfyu404ed 4y ago
    They can always change the law and tax your Roth withdrawals... I think the best bet is to do what everyone else is doing. They can't fuck everyone and keep their heads and keep their jobs. What do Millenials and Gen Z's retirement contributions look like? How's the picture gonna change as the Boomers die? Gen Z? You don't wanna be the minority with a 401k when everybody else has a Roth and you don't wanna be the minority with a Roth when everyone else has a 401k. When push comes to shove the political minority will get fucked first. Alternatively, you can do something so off the wall and uncommon that you're a "small fish" and they don't care to tax you.

bradDonniger 4y ago

That’s fine we’ll just expropriate the Boomers hoarded wealth as they churn. The fiat currency numbers are not a fundamental, immutable feature of reality. The obsession with loss of hallucinated values is a bit unsettling. As if entirely ephemeral fiat economics has latched onto the same biological nature as religious conviction in gods. Better to legislate the fake money as needed than let hundreds of millions get disenfranchised, especially in the country of 3 guns per adult.

fortyseven 4y ago

> do they really think there will be a hot market for 67 year old React devs? To be fair, if you're in this industry and not constantly revising your skillset to learn new things, that's on you.

thomascgalvin 4y ago

This could be fixed by: 1. Eliminating income tax on 401k distributions 2. Eliminating tax on social security income 3. Increasing social security benefits None of these will happen.

scottLobster 4y ago
1. Giant tax cut, inflationary 2. Giant tax cut, inflationary 3. Without corresponding tax increase or cuts elsewhere, inflationary Taxes are the last reason people don't have enough in retirement. If you only have 100k saved up in a traditional 401k, and say you're doing pretty well in the 22% income tax bracket overall so that over time gets taxed down to 78k, over the course of a 20 year retirement that's just $1100.00/year in taxes. That's what, a few weeks' groceries? Taking those taxes away by contrast will be extremely inflationary and lead to people losing more money to inflation than they saved in taxes.
- danielrpa 4y ago
  Stating that tax cuts are inflationary assumes that the government is able to put the money to better use than individuals. Have in mind that when the government taxes your money, it also spends it - but instead of spending in productive pursuits, it often spends it in a way that doesn't lead to increase production and, thus, inflation.
  - scottLobster 4y ago
    No, it's assuming whatever the government does with it won't cause a generalized inflation spike. Let's say the government wastes all the tax revenue building a next-generation aircraft carrier that's so incompetently constructed it collapses in drydock before it can ever set sail. That won't cause the price of everything to go through the roof, except perhaps locally where the money is spent. And actually, the government can often put the money to better use than individuals. Is there incompetence, corruption, and wasteful government spending? Of course. But two things can be true at the same time. I'd like to see an individual try to build a bridge, repair a road, or open a public school off of their tax savings.