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astrograph t1_jbl2fp4 wrote

Who the fuck cares about the stock market?

Real families are being forced to live on the streets so billionaires can add to the coffers.

Fuck the 1%

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RandomAngeleno t1_jbl96lc wrote

Anyone with a retirement account or savings? Some of us actually do want to achieve financial security, you know...

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morituri230 t1_jbliuj2 wrote

What's retirement? A fantasy.

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RandomAngeleno t1_jblnyl5 wrote

Only if you fail to save.

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distilledfluid t1_jbm1dt3 wrote

You don't need a million dollars to do nothing. Take a look at my cousin, he's broke, don't do shit.

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Imaginary-Prize-9589 t1_jbm1vf5 wrote

Hey. Peter man, check out channel 9 it's the breast exam

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distilledfluid t1_jbm2kdn wrote

Hey doesn't this chick look like Ann?

Edit: No but seriously. Did we just become best friends?

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OrphanFeast87 t1_jblxllo wrote

Plenty of people. Entire generations were raised and indoctrinated on concepts like "You'll be homeless if you don't get a degree" and "You should invest and let your money work for you".

Then factor in pensions and retirement investments. ALL of this matters. This mind-blowing realization that it was all bullshit came well after we invested, got that degree, etc,. Those who can't see it are either from the generation who preached it or those fortunate enough to have dodged it themselves.

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Winchester85 t1_jbmlfui wrote

Buddy I don’t know what world you live in but most of us have a job and a 401(k) The economy and the stock market is essential for us to retire and not work till we’re 60.

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YaGirlKellie t1_jboibw1 wrote

A 401(k) is not enough to retire on. Especially not when you're 60 or younger lmfao

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Andross_Darkheart t1_jboprmd wrote

Depends on how much you put into it and how much you expect to live off.

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YaGirlKellie t1_jborwrh wrote

Yes, but most people don't go beyond the matched % for their 401(k) and they also don't expect to have to live a more austere life in retirement than before. Obviously the point of retirement planning is to be ready for it when you want to retire, but not everyone plans that carefully and I don't want folks to think it's as simple as ' job+401(k) = retire by 60 '

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Andross_Darkheart t1_jboz4gt wrote

These are all true points. You can only retire if you have put a sufficient amount into your retirement funds. Like 6 or 7 digits.

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Aazadan t1_jbqvgoy wrote

For those in the US who can afford to put away money, the most common retirement plan, is making a median wage (so somewhere around $55k), contributing up to the company match of probably 6%, using pre tax dollars, putting it into index funds, and relying on a 4% drawdown rate.

If a 25 year old did this, and wanted to retire at 67, that $275/month contribution would get them a nest egg of $760k, which would be 30,400/year, with no room for safety with market fluctuations.

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Bitter_Director1231 t1_jbmppvg wrote

Don't count on it.

The money you put in retirement is miniscule compared to cost of living when you retire. If you can retire.

Most Americans aren't so lucky. They live paycheck to paycheck and can't save for retirement. Those people do exist. Not everyone has a 401k and steady reliable employment.

No one alive today can't retire at 60. Unless you got a really good government job that has a pension. And that is very rare.

The stock market is volatile and change at any time due to global conditions.

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Winchester85 t1_jbmrazx wrote

Trust me, I totally understand not everybody is fortunate enough to save for retirement. I was replying to the comment, saying “who cares about the stock market”

There’s no way me and my wife will be able to afford retirement in America the way inflation is going .

We are planing on retiring in Thailand or China .

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Aazadan t1_jbo4n0y wrote

Putting money aside for retirement does work. The standard retirement savings advice is too low a contribution though. It’s made because people can’t afford the real rate. They used to be able to, but then the prices of necessities started taking more of peoples checks due to wage stagnation.

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Bitter_Director1231 t1_jbmp554 wrote

Like the last few decades. Yet, no one does anything of meaningful impact. Move along. This fight keeps on fighting.

It is just now worse. The older generation is in fuck you I've got mine mode and the younger generation has to work 3 jobs just to barely get by. Frustrates me when people say " living the American Dream" . There is no such thing. Work hard they say. Plenty of people work hard and never get anywhere or any respect.

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in-game_sext t1_jbn30co wrote

Well, since nearly all Americans retirement plans rely on it - even most pensions are invested in it to a large extent - I would say...a lot of people care, lol.

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OMG__Ponies OP t1_jbl401l wrote

We the little people are forced(well not forced, but its' really hard to do without them) to deal with banks. If the banks don't have our(the poor peoples' money) for us to withdraw - guess what happens when we try to pay bills?

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SsurebreC t1_jbl6tpv wrote

The government's FDIC program will step in and give us our money.

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OMG__Ponies OP t1_jbl8ujx wrote

Sure, everyone loves to rely on believes the Government to/will actually take care of the poor and disefranchised. Isn't that right guys?

OK, so the government decides it will cover the banks, and will pay money out to the poor. How long do you think it will take before you actually get money to pay your bills? When you need to buy baby food/food for your children now, today, waiting two weeks to receive a Government check might not be an option.

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SsurebreC t1_jbl92df wrote

Are you not aware of FDIC is or why it was created? This is literally the reason for it.

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OMG__Ponies OP t1_jblbx9t wrote

>How long does FDIC have to pay back money?

>In fact, there is no hard deadline, 99 years or otherwise. Instead, federal law requires the FDIC to make insured funds available to depositors "as soon as possible" after a seizure, and the FDIC typically does so by the next business day.

You've been through this I take it. When I went through a bank closure, it took 5 business days to receive my money. I guess your experience was much better than mine. Yes, in theory, our money is safe, but that's like saying the home we are living in is safe during an inferno if you have fire insurance. It’s not stress-free!

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SsurebreC t1_jblfrfj wrote

> > the FDIC typically does so by the next business day.

Looks like you're an outlier. Still, waiting 5 business days isn't that long of a wait either. We used to simply be screwed if banks went under and there aren't many banks going under right now compared to a century ago.

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SsurebreC t1_jbp0vgb wrote

Hey, not sure if you're still paying attention to this post but a bank just failed and FDIC said money will be available no later than Monday morning (i.e. one business day turnaround time). More info...

Again, your case could be an outlier but here's a real working situation that just happened to a pretty big bank with assets of over $200b.

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OMG__Ponies OP t1_jbp1qct wrote

Actually my money is in other banks. I know it is probably an unfounded fear, but . . . people might panic, and when they see this bank close, they will run on their banks, causing a cascade effect.

EDIT, thanks for the heads up, I appreciate it.

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SsurebreC t1_jbp2j4s wrote

That's exactly what happened and why FDIC was such a big deal when it created. Thankfully it hasn't been put to the test for any massive banks (ex: BofA). I'm glad your money is in other banks and safe though :]

Take care!

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jeffyoulose t1_jbn01an wrote

Can't be forced. There are laws and building codes that forbids living on the street. Not to mention the hostile architecture.

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