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Still, an extra $9k/year isn't bad.
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Feb 2, 2017 19:27
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Oh, duh. Thanks.
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Feb 2, 2017 19:33
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Twerk from Home posted:If you actually read the report, half of people report $0 in savings and that median is only among the half that has retirement savings. TBF if someone called me asking for my net worth I'd tell them zero.
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Feb 2, 2017 19:36
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SquirrelFace posted:Yeah sorry, I guess I shouldn't have said mostly their fault..... I dunno if this is getting too D&D, but Frontline also had a good episode on our potentially looming retirement poverty disaster a few years back http://www.pbs.org/wgbh/frontline/film/retirement-gamble/ Mostly echoes the stats posted in this thread (lots and lots of people with little or no retirement savings) with an examination of how we got to this sort of system. I had already been converted to the John Bogle style of investing, but there's a segment in there IIRC that really points out how much of your wealth fees can eat up over the lifetime of an account.
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Feb 2, 2017 19:47
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Twerk from Home posted:$188k puts them a good amount ahead of median Americans approaching retirement: Goddamn America. At the risk of a humble brag, it's really hosed up that I've only been in the work force for 40 months and I have more retirement savings than the median retirement age American. Like, how are we going to deal with this as a nation?
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Feb 2, 2017 19:48
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Gorman Thomas posted:Goddamn America. At the risk of a humble brag, it's really hosed up that I've only been in the work force for 40 months and I have more retirement savings than the median retirement age American. Like, how are we going to deal with this as a nation? You ever seen Logan's Run? That, but your hand crystal starts glowing when your net worth crosses zero
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Feb 2, 2017 19:50
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Gorman Thomas posted:Goddamn America. At the risk of a humble brag, it's really hosed up that I've only been in the work force for 40 months and I have more retirement savings than the median retirement age American. Like, how are we going to deal with this as a nation? Color me jealous as gently caress, I'm doing my best to follow the BFC retirement prep but none of the 3 adult jobs I've worked have had any 401(k) match at all. One of them had >1% fees on the lowest cost index fund available.
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Feb 2, 2017 19:54
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E: ^^I've been sheltered from the real world I think. Our 401k here charges a flat 20 bucks a quarter in fees. Previous employer covered the cost of fees, before that everything was in the TSP.Gorman Thomas posted:Goddamn America. At the risk of a humble brag, it's really hosed up that I've only been in the work force for 40 months and I have more retirement savings than the median retirement age American. Like, how are we going to deal with this as a nation? More people will work until they die, then get put into homes that they can afford on a SS payment.
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Feb 2, 2017 19:54
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Twerk from Home posted:$188k puts them a good amount ahead of median Americans approaching retirement: quote:Among those with some retirement savings, the median amount of those savings is about $104,000 for households age 55-64 and $148,000 for households age 65-74 Man, that'll be a nice 3 year retirement before grandma and grandpa get jobs at walmart or move in upstairs
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Feb 2, 2017 19:58
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Twerk from Home posted:$188k puts them a good amount ahead of median Americans approaching retirement: My father-in-law retired with maybe $30k in CD's and investments after working on a dairy farm for 40 years. He's doing alright as he owns his house and supplements his Social Security making maple syrup and occasionally haying. Not saying it's ideal, but he does anything he wants to do. If you want a nice retirement, save. But having poo poo all in the bank doesn't necessarily mean you'll be poor. Of course that's if you're not in debt up to your eyeballs and your idea of a good time is sitting in a deer stand when it's 10 degrees out.
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Feb 2, 2017 20:41
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Gorman Thomas posted:Goddamn America. At the risk of a humble brag, it's really hosed up that I've only been in the work force for 40 months and I have more retirement savings than the median retirement age American. Like, how are we going to deal with this as a nation? cool guy, thanks for the 1%er humblebrag there
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Feb 2, 2017 20:46
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Just found out that I misfiled my Canadian taxes for the 5 years we lived abroad. I shouldn't owe anything, but not having them up to date means I can't adjust my withholding for spousal support, which is a pretty big financial difference. On the bright side, the CRA is way more chill about that stuff than the IRS.
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Feb 2, 2017 20:51
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Krispy Kareem posted:your idea of a good time is sitting in a deer stand when it's 10 degrees out. This is my most likely retirement plan. I mean, I'm saving for a "proper" retirement, but this sounds like what I'll actually be doing.
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Feb 2, 2017 21:50
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brugroffil posted:I dunno if this is getting too D&D, but Frontline also had a good episode on our potentially looming retirement poverty disaster a few years back This was a great, terrifying, documentary.
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Feb 2, 2017 22:53
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Sepherothic posted:This was a great, terrifying, documentary. lol accurate summary of pretty much every episode of Frontline ever
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Feb 2, 2017 22:55
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Gorman Thomas posted:Goddamn America. At the risk of a humble brag, it's really hosed up that I've only been in the work force for 40 months and I have more retirement savings than the median retirement age American. Like, how are we going to deal with this as a nation? It took you 40 months? 
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Feb 3, 2017 00:03
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Subjunctive posted:Just found out that I misfiled my Canadian taxes for the 5 years we lived abroad. I shouldn't owe anything, but not having them up to date means I can't adjust my withholding for spousal support, which is a pretty big financial difference. Do Canadians have to file taxes on income earned abroad like Americans do?
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Feb 3, 2017 00:38
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Last I heard America is the only country in the world that does that.
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Feb 3, 2017 00:40
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Krispy Kareem posted:My father-in-law retired with maybe $30k in CD's and investments after working on a dairy farm for 40 years. He's doing alright as he owns his house and supplements his Social Security making maple syrup and occasionally haying. As long as social security isn't slashed or passively diluted into an unaffordable living stipend in the next 30-50 years sure yeah having no meaningful retirement savings and just figuring it out then is a fine plan
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Feb 3, 2017 00:45
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Switchback posted:Do Canadians have to file taxes on income earned abroad like Americans do? Don't have to *pay* taxes if non-resident, but apparently I didn't correctly file the thing that said I wasn't a resident for those years. As a resident I have to pay taxes on income from sources anywhere in the world.
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Feb 3, 2017 00:46
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Doc Hawkins posted:Last I heard America is the only country in the world that does that. There are huge exemptions that wipe out the theoretical income tax owed for the great majority of US citizens living and working abroad; in a real sense the point of the code is it make it difficult for highly taxed rich people to claim a tax home outside of the US for the primary purpose of avoiding US income taxes.
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Feb 3, 2017 00:53
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All true, though a slight non-sequitur from my claim. Also, I can't help but wonder how well it actually works to that purpose; are super-wealthy Americans falling over themselves to renounce their citizenship?
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Feb 3, 2017 00:57
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Doc Hawkins posted:All true, though a slight non-sequitur from my claim. Also, I can't help but wonder how well it actually works to that purpose; are super-wealthy Americans falling over themselves to renounce their citizenship? Im not entirely sure, but if it's determined that you are renouncing citizenship to avoid taxes, you aren't allowed back inside the country.
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Feb 3, 2017 01:01
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Doc Hawkins posted:All true, though a slight non-sequitur from my claim. Also, I can't help but wonder how well it actually works to that purpose; are super-wealthy Americans falling over themselves to renounce their citizenship? There are thousands per year that renounce US citizenship, obviously not all but certainly some of them for tax reasons. There is also a large processing fee and a potentially extremely large exit tax levied on your assets to renounce, again all of this primarily designed to keep high barriers around the US tax system. Generally it is much easier to just hire professionals to help you abuse tax loopholes than it is to actively exit the US tax system.
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Feb 3, 2017 01:28
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Doc Hawkins posted:Last I heard America is the only country in the world that does that. Yes, but if you're paying a higher tax in your guest country I think your domestic liability is zero. At least that's how it was explained by my coworker who is the only person I've seen actually go ahead with moving to Canada because of Trump. Since Canada has higher income tax, he won't owe money in the US.
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Feb 3, 2017 01:28
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Doc Hawkins posted:All true, though a slight non-sequitur from my claim. Also, I can't help but wonder how well it actually works to that purpose; are super-wealthy Americans falling over themselves to renounce their citizenship? I think one of the Facebook billionaires was mad about being taxed after the big IPO.
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Feb 3, 2017 01:32
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Krispy Kareem posted:Yes, but if you're paying a higher tax in your guest country I think your domestic liability is zero. This is correct. You still have to file every year in the US, though. Or they will hit you with penalties even if your liability is zero.
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Feb 3, 2017 01:53
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Reminds me of a favorite bitcoin moment where some vaguely high profile bitcoiner renounced his US citizenship with lots of taxes outstanding and went to live on St kitts or something. Eventually he wanted back in and sent a cheque for the amount along with his visa application, and they took his back taxes but rejected his visa application 
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Feb 3, 2017 01:59
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Gorman Thomas posted:Goddamn America. At the risk of a humble brag, it's really hosed up that I've only been in the work force for 40 months and I have more retirement savings than the median retirement age American. Like, how are we going to deal with this as a nation? Your post sucks nobody gives a gently caress.
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Feb 3, 2017 02:05
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I stumbled upon a facebook argument and, well... Well done green guy. I don't know most of these people but I guess blue also has a kid who does competitive cheer on a touring team 
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Feb 3, 2017 02:22
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pig slut lisa posted:Worried American Mother Mods
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Feb 3, 2017 03:58
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ate all the Oreos posted:
That needs to be someone's username.
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Feb 3, 2017 04:07
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My PIN is 4826 posted:Reminds me of a favorite bitcoin moment where some vaguely high profile bitcoiner renounced his US citizenship with lots of taxes outstanding and went to live on St kitts or something. He never actually moved to St Kitts. He was, and still is, living in Japan and his visa was denied because he has no significant ties to the place that issued him a passport.  Also, he's a felon.
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Feb 3, 2017 04:17
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MisterOblivious posted:He never actually moved to St Kitts. He was, and still is, living in Japan and his visa was denied because he has no significant ties to the place that issued him a passport. That is sweet enough to pour on pancakes.
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Feb 3, 2017 04:28
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Doc Hawkins posted:Last I heard America is the only country in the world that does that. Eritrea does as well. Taxes based on citizenship instead of residency are bullshit.
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Feb 3, 2017 04:30
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Guest2553 posted:Eritrea does as well. Taxes based on citizenship instead of residency are bullshit. If the benefits of US citizenship aren't worth it, renouncing your citizenship is easy. Plenty of other people want to come to America and get that sweet citizenship so more room for them. The foreign earned income exclusion exempts everyone except like the richest 10% from double-taxation anyway and even then you have to be super loving rich before a six-figure exclusion ceases to matter to you so excuse me if I don't shed any tears for Scrooge McDuck and his slightly-smaller swimming pool of gold coins. IRS posted:If you are a U.S. citizen or a resident alien of the United States and you live abroad, you are taxed on your worldwide income. However, you may qualify to exclude from income up to an amount of your foreign earnings that is adjusted annually for inflation ($92,900 for 2011, $95,100 for 2012, $97,600 for 2013, $99,200 for 2014 and $100,800 for 2015). In addition, you can exclude or deduct certain foreign housing amounts.
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Feb 3, 2017 05:01
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You're not really getting much of those benefits if you're living and working in another country...
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Feb 3, 2017 05:27
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VitalSigns posted:If the benefits of US citizenship aren't worth it, renouncing your citizenship is easy. Plenty of other people want to come to America and get that sweet citizenship so more room for them. This is also how I see it. It's a huge pain in the rear end for everyone else (there are banks who don't want to have any US citizens or spouses thereof as customers because of the reporting requirements), but if a country has the balls and the leverage to do things which benefit it without like, uhh, invading anywhere or killing anyone, I find it hard to focus my anger on them.  I assume tax evasion will become a hobby with even broader appeal over the next few years, as barriers are lowered and new ideological groups find themselves looking for ways to hold out from the government.
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Feb 3, 2017 05:47
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ohgodwhat posted:You're not really getting much of those benefits if you're living and working in another country... Hey if the legal right to come back whenever you want isn't worth it, renounce away. Plenty of other people around the world would love the legal right to come to the US whenever they want so more room for them, win-win all around. And anyway since you can exclude the fist ~$100,000 of foreign income from US taxes if you're living and working in another country the whole year, I'm betting that the top 10%-ers who do pay a small double tax and the top 1%-ers who still owe a significant amount are probably still benefiting from things like the US Navy keeping worldwide supply chains from getting hosed with.
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Feb 3, 2017 05:54
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BEHOLD: MY CAPE posted:There are huge exemptions that wipe out the theoretical income tax owed for the great majority of US citizens living and working abroad; in a real sense the point of the code is it make it difficult for highly taxed rich people to claim a tax home outside of the US for the primary purpose of avoiding US income taxes. 100k isn't that much if you're a highly skilled worker demanded by overseas companies. tons of normal people get hit by this. that's not to say they're hurting or anything, the ones i talk to see it as a dumb thing but can joke about it. anyway I'm not american but i do enjoy making fun of my american buddies about this!
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Feb 3, 2017 06:21
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