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Hoodwinker posted:While I know it's not cheaper than living in somewhere like Des Moines, Chicago is comparatively much cheaper compared to the other big cities like Seattle, New York, SF, Denver, or Austin. It's a good city to work in as a programmer without having to deal with tech city prices. Please don't blow our cover
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Jul 30, 2018 15:07
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Barry posted:Please don't blow our cover
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Jul 30, 2018 15:17
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Hoodwinker posted:Sorry, uh, Chicago is a deathtrap where you're guaranteed to be shot and it's literally mad max over here
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Jul 30, 2018 15:19
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Duckman2008 posted:All the mid west cities are pretty cheap outside of Chicago. It wasn’t the reason I moved, but moving from east coast the the mid west has been a noticeable change in cost of living. RIP beaches though. Cleveland has beaches!
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Jul 30, 2018 15:23
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Hoodwinker posted:Sorry, uh, Chicago is a deathtrap where you're guaranteed to be shot and it's literally mad max over here This actually makes it very GWM, because you can reduce your necessary retirement savings to zero simply by moving to Chicago and planning to be murdered before you get too old.
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Jul 30, 2018 15:27
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mandatory lesbian posted:Beaches exist on the lakes, I miss the ocean tho which I think is what you meant What I miss most about Des Moines, if anything, is the surfing
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Jul 30, 2018 15:31
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Look at this guy who never surfed on Lake Superior in a blizzard. Just need lots of wetsuit.
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Jul 30, 2018 15:50
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Beaches are a required part of life. Portland is on the edge of "too far from the ocean".
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Jul 30, 2018 18:10
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Ashcans posted:This actually makes it very GWM, because you can reduce your necessary retirement savings to zero simply by moving to Chicago and planning to be murdered before you get too old. This is unironically what I tell people when they comment on my less than ideal diet. Like yeah being healthy and promoting your own longetivity is generally A Good Thing but is it really in current day US? Zero retirement savings + stupid, stupid healthcare system makes living to a ripe old age sound exremely not worth it. Instead I'll indulge in what peak humanity has to offer, at least before the downfall gains too much momentum and we're all forced into forming local raiding mini tribes Now if you'll excuse me, I saw a burger bar during my morning commute that I've yet to patronize, and I bet they'll slap on a fried egg if I ask nicely
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Jul 30, 2018 18:14
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Have you considered saving for retirement
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Jul 30, 2018 18:15
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Fried eggs are healthy You know there's a difference between battered and oil dipped "fried" and put on a hot pan "fried" I hope?!
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Jul 30, 2018 18:16
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Spokes posted:Have you considered saving for retirement Hey, I'm working on it! Never had a job that offers any sort of retirement despite having some pretty solid, well-paying gigs that have given me world-class credentials I guess my next job should really be one with real benefits now that I've been tried, tested, and mom-approved...but this is probably a discussion for another thread around these parts
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Jul 30, 2018 18:17
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Indeed it is a shame that there is no sort of... "Individual" Retirement Account 
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Jul 30, 2018 18:18
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GoGoGadgetChris posted:Indeed it is a shame that there is no sort of... "Individual" Retirement Account They would be the vanguard of a new industry if someone developed one
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Jul 30, 2018 18:27
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The idea that you can retire solely on a $5.5k/yr maxed IRA is the joke of the century. The limits are so insultingly low.
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Jul 30, 2018 18:35
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Thus making it pointless to even try *nods sagely*
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Jul 30, 2018 18:38
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…and don't call me Ross said with a lisp
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Jul 30, 2018 18:39
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Bhodi posted:The idea that you can retire solely on a $5.5k/yr maxed IRA is the joke of the century. The limits are so insultingly low. who has this idea
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Jul 30, 2018 18:41
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KYOON GRIFFEY JR posted:who has this idea
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Jul 30, 2018 18:53
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I have met people who think IRA is for your own retirement and a 401k is how you fund your employer's pension payouts to current retirees
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Jul 30, 2018 18:55
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The problem is that lots of people don't understand the difference between the tax structure of an account (ira, 401k) and the mutual fund/investment options in the account. And that you can invest money outside of a 401k or IRA. I don't really have a point other than people are kind of amazingly stupid.
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Jul 30, 2018 19:40
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Droo posted:I don't really have a point other than people are kind of amazingly stupid. And a lot of people seem to be bizarrely proud of their willful ignorance around finances.
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Jul 30, 2018 19:44
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Speaking of retirement, I hate to say it, but I think my mom qualifies as BWM. She's 55, and just revealed that her retirement plan is to work until she dies. Considering her current health, it is much more likely that she will be physically unable to work that long and have to retire early. She contributes 1%  of her pay to her 401k. She said she's nervous to contribute more in case there is a downturn like what happened in 2008 (so she's missed a decade of market growth). She's worked relatively low paying jobs most of her life, so social security won't be that much. She also recently took out a car loan with a 12% apr. I'm pregnant, so when she dropped this bombshell I'm terrified for her now. She didn't say anything but I really hope she's not expecting me to be her retirement plan. I have my own retirement to plan for, and not to mention my own family to provide for. I love my mom, but I refuse to take money from my children's future to provide for someone who already had their opportunities and made poor choices. Luckily, I will not have to worry about this for a while, but i know that she's not going to suddenly see the light and have retirement figured out. She also won't take advice from me, the one whose diapers she used to change. 
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Jul 30, 2018 19:45
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A lot of us will be in the same situation in the next 15 years, where we decide whether to bail out our idiot parents or let 'em languish Retirement balances for the 55+ crowd are truly chilling
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Jul 30, 2018 19:47
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Ebola Roulette posted:
When you have kids, you end up treating your parents differently. You need to provide for the former first and the latter second. My dad needs a kidney and I can't give him one because of the risk it would impose on myself and my ability to care for my children (I'm also not in good enough health to give him one, but even if I were, my kids and their needs come first). It sucks but it's the way things are when you have kids.
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Jul 30, 2018 19:53
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GoGoGadgetChris posted:A lot of us will be in the same situation in the next 15 years, where we decide whether to bail out our idiot parents or let 'em languish My 68 year old father, still working and still paying debts. Dude has three (3!) pensions, collecting social security (I assume), had a 401k and somehow still needs that income to “pay debts” and “make ends meet” Being a baby boomer is bwm
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Jul 30, 2018 19:57
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GoGoGadgetChris posted:A lot of us will be in the same situation in the next 15 years, where we decide whether to bail out our idiot parents or let 'em languish We as a society seem to have collectively forgotten that this is a large part of why Social Security was enacted in the first place. Elder poverty was devastating in the 1930s-1940s, and elderly people working until they literally dropped dead was a "normal" thing. Social Security (and Medicare) were arguably the primary drivers of reversing the trend, and in the course of 50 or so years people aged 65+ went from the age cohort most likely to be impoverished to the least likely. Due to so many people being ignorant when it comes to financial planning, Social Security is literally the only thing keeping a very large number of elderly people off the streets or from dropping dead on the job when they really can't/shouldn't be working anymore. And unfortunately a vocal group of people out there, mostly older, want to dismantle SS and return to this norm.
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Jul 30, 2018 20:03
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Well yeah, they already got everyone leashed on the front end with college debt, the last grand untapped reserve of labor is the elderly and the very young
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Jul 30, 2018 20:34
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Ebola Roulette posted:Luckily, I will not have to worry about this for a while, but i know that she's not going to suddenly see the light and have retirement figured out. She also won't take advice from me, the one whose diapers she used to change. By the time you're changing her diapers she'll finally have to listen. I've bemoaned my mom's situation before, but she was flat broke at age 42 after a divorce and pinched and saved everything she could for the next 25 years until she had a more than comfortable retirement. Then she got COPD from a lifetime of smoking and is now confined to a bed. She literally got to enjoy none of it unless you count cable TV as a benefit.
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Jul 30, 2018 20:41
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Droo posted:The problem is that lots of people don't understand the difference between the tax structure of an account (ira, 401k) and the mutual fund/investment options in the account. And that you can invest money outside of a 401k or IRA. To be fair the variety and nuances and optimization strategies and stupid pointless relationship to one's employer that generally defines tax-advantaged retirement savings in United States is unnecessary complicated. It isn't really fair to call people stupid who do not intuitively understand the layers of complication involved in understanding and using all of the available vehicles. Unsurprisingly this results in a system that primarily benefits high-income educated workers.
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Jul 30, 2018 20:41
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BEHOLD: MY CAPE posted:To be fair the variety and nuances and optimization strategies and stupid pointless relationship to one's employer that generally defines tax-advantaged retirement savings in United States is unnecessary complicated. It isn't really fair to call people stupid who do not intuitively understand the layers of complication involved in understanding and using all of the available vehicles. Unsurprisingly this results in a system that primarily benefits high-income educated workers. Understanding that a 401k is different from a mutual fund is so complex that we shouldn't expect an adult living in the United States in 2018 to be able to do it?
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Jul 30, 2018 20:48
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Grind the boomers into hamburgers.
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Jul 30, 2018 20:58
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"Do 401ks get pretty good returns?" is a question I hear allllllllllll the time Very few people under 30 understand that it's a vessel and not a holding.
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Jul 30, 2018 20:59
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Also Des Moines is a totally affordable, very pleasant city in which to reside.
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Jul 30, 2018 20:59
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Krispy Wafer posted:I've bemoaned my mom's situation before, but she was flat broke at age 42 after a divorce and pinched and saved everything she could for the next 25 years until she had a more than comfortable retirement. Then she got COPD from a lifetime of smoking and is now confined to a bed. She literally got to enjoy none of it unless you count cable TV as a benefit. My inlaws did everything right and retired a bit early (59) into a very comfortable situation. Three years in and my FiL died of pancreatic cancer, just when they'd planned to start traveling extensively. Life is a real loving bitch sometimes. Meanwhile my own father has Gumped his way into enough money to live off of (when combined with social security) for what are probably not a lot of remaining years. However he has no idea what to do with it besides tossing some into CDs. My grandmother had a 401(k) and all the money in four mutual funds. My dad had me review the most recent statements. Somehow three of the four funds lost money over the last five years. That blows my mind. The managers had to be actively trying to suck for that to happen.
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Jul 30, 2018 21:14
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EAT FASTER!!!!!! posted:Also Des Moines is a totally affordable, very pleasant city in which to reside. I'm going to move downtown next year and reassess. I never should have even thought of living in Ankeny.
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Jul 30, 2018 21:17
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Ornamented Death posted:My grandmother had a 401(k) and all the money in four mutual funds. My dad had me review the most recent statements. Somehow three of the four funds lost money over the last five years. That blows my mind. The managers had to be actively trying to suck for that to happen. Post the tickers. Assuming your grandmother's holding have been in those funds the whole time and the advisors weren't churning. Droo posted:Understanding that a 401k is different from a mutual fund is so complex that we shouldn't expect an adult living in the United States in 2018 to be able to do it? Whatever the expectation, the reality is that most people don't know much about retirement and don't save. You can blame them, but that doesn't really help anything. The myriad terms and rules and terrible 401(k) plans and "advisors" with no fiduciary duty and an industry that is designed to extract money from people's retirement doesn't help either. See above. Inept fucked around with this message at 21:50 on Jul 30, 2018 |
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Jul 30, 2018 21:48
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Ornamented Death posted:My grandmother had a 401(k) and all the money in four mutual funds. My dad had me review the most recent statements. Somehow three of the four funds lost money over the last five years. That blows my mind. The managers had to be actively trying to suck for that to happen.  How is that even possible? Are they cash funds?
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Jul 30, 2018 21:55
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OneTruePecos posted:
Cash funds wouldn't lose money.
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Jul 30, 2018 21:58
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I dont have the paperwork, but they were funds aimed at the elderly with a focus on low volatility stocks. Which on the surface is fine, common wisdom is to get more conservative with investments as you age. But drat... I'll try to get my dad to send the ticker symbols so I can share.
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Jul 30, 2018 22:10
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