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Retirees Getting Screwed — One Last Time

madhu

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#42
These old timers, which I am one, voted for the politicians that caused all of the mess.
Incidentally one of my neighbors, who worked at a brick yard all of his working years, has had two knees, one shoulder, some kind of spinal fusion among the usual issues as one ages. His Medicare contributions were wiped out on his first knee replacement.I alwbut, ays find it so funny when he discusses how he "paid for the medical care" because of his Medicare contributions during his working years.
No point in trying to discuss it with him because, like so many seniors, they are math challenged but are totally demanding at the same time.
How sad they burden the younger generations, but feeding off of their young is the in thing these days.
But, but you forget the enablers of all these. It’s corporate welfare for your neighborhood hospitals and your local doctors and the medical offices and staff they employ. This is just cost shifting and shafting the responsible saver and Tax payer.
We teach medical students, interns and residents on all these patient.
 

GOLDZILLA

Harvurd Koleej Jeenyus
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#44
The system is rigged so you cant win. As soon as the aggregate finds a way to win they make that play illegal. They custom tailor the ripoff for each generation. This global warming and 1000 gender crap is the present generations achilles heel, and as such will be used to steal their freedoms/wealth and the unborn will blame them for this.
 

Uglytruth

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#45
Math be hard simple! If your smart enough to go to college you should be smart enough to do a few things first....
Do the math, pick a career that will pay enough to make a better than normal living or plan to go into business for yourself.

Interest Rates for Direct Loans First Disbursed on or After July 1, 2019, and Before July 1, 2020

Direct Subsidized Loans and Direct Unsubsidized Loans
Undergraduate 4.53%
Direct Unsubsidized Loans Graduate or Professional 6.08%
Direct PLUS Loans Parents and Graduate or Professional Students 7.08%

So for example a 200K loan. Payments will be (using 6%) as an average 0.5% per month on outstanding balance.
So a 200K loan x 0.06 = $12,000 in interest a year + whatever you will pay it down so a tread the water minimum payment will be $1000 a month adn you will NEVER reduce the debt!.

Using a simple amortization calculator
30 yr payments will be $1200 (1199.10) a month x 12 mo = $14,400 yr x 30 yr = $432,000 repaid.
20 yr payments will be $1433 a mo x 12 = $17,196 yr x 20 yr = $343,920 repaid.
10 yr payments will be $2221 a mo x 12 = $26652 yr x 10 yr = $266,520 repaid.
5 yr payments will be $3867 a mo x 12 = $46404 yr x 5 yr = $232020 repaid.

Now lets factor in that is AFTER TAX MONEY! so you can really add another 30% on those numbers for gross wages you need to earn to repay the "LOAN DEBT". Where do you think the term debt slave came from? Same applies to a car, house, credit card or whatever.....

So if you want to be a professional and spend 4 years AND 200K you ain't got, you better get a job that pays in the 200K + range and have money left over to have a life and live.

Don't forget the guy that gets his hands dirty (me)..... that's looked down upon in society because he's a worker........he's making maybe 50-80K a year if he has a trade or more and has not only a 4 year head start on you but ZERO STUDENT LOAN DEBT! Sorry that's my pet peeve. The world needs craftsman, engineers, Dr's, accountants, book keepers. The world don't need gender studys degrees & who TF is going to pay you how much to do what after you graduate?

There is an old rule of thumb that your house payment should not be more than 1 weeks take home pay. I went to the bank & got pre-approved for much more than I spent. Banker asked why I didn't buy a more expensive home. F him! Then I busted ass and made extra payments. Takes stress off of you, wife, kids, life. These old misserable gruffy bastards trying to educate you are that way for a reason. They have become wise over time and have the scars to prove it. We all make mistakes............ are you smart enough to learn from ours?

Shootie this quarantine thing is doing you good. I can't wait to see how happy you will be when the day of the rope comes.
 

newmisty

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#46
How much are Frog Gender Transition Studies paying these days?
 

GOLDZILLA

Harvurd Koleej Jeenyus
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#47
How much are Frog Gender Transition Studies paying these days?
These will be made into top paying positions guaranteed... they will all become politicians and their victims will vote for them. Clown world has been and will be ! Pay probably will start at 10 million a year.
 

anywoundedduck

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#48
These old timers, which I am one, voted for the politicians that caused all of the mess.
Incidentally one of my neighbors, who worked at a brick yard all of his working years, has had two knees, one shoulder, some kind of spinal fusion among the usual issues as one ages. His Medicare contributions were wiped out on his first knee replacement.I alwbut, ays find it so funny when he discusses how he "paid for the medical care" because of his Medicare contributions during his wmorking years.
No point in trying to discuss it with him because, like so many seniors, they are math challenged but are totally demanding at the same time.
How sad they burden the younger generations, but feeding off of their young is the in thing these days.
Watch "Wolf of Wall-street", based on a true story
There they are. The fucking younger generation literally stealing from us old farts.
It's the young MOFOs at the Central Bank and Wall Street ripping us off.
Look at silver and gold. Demand off the charts, and yet they fraudently drive the price down, along with my IRA. I SAY FUCK THE YOUNGER GENERATION,
 
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Voodoo

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#50
You've had a 30 year bull market and generally great economy their whole life. Largely due to simply their numbers. This is not sustainable into old age. We all make our own choices and mistakes but no one person can change the outcomes. It does no good to just lay blame at the other side.
 

dacrunch

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#51
Edit = returning Scorpio's precious bandwidth he says I've been wasting - should make it easier to delete all my posts & attachments in bulk...
 
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BigJim#1-8

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#52
The same people who forced these older people to rely on crappy investment advice. They made tons of money and lived in one of the most prosperous periods on earth. If they can't make a living in retirement that's pretty much on them.
My question was who made these 20-30 yr olds take out these loans. Your answer above.
Please forgive me, I don't understand who the older people are who were forced to rely on crappy advice.
Explain to me who, what, where you're talking about.
 
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GOLDZILLA

Harvurd Koleej Jeenyus
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#53
As a member of gen-X, as a kid, I was constantly told by all authority figures including brainwashed parents that if I didn't attend college that I would turn out to be a 50 year old minimum wage fry cook who couldn't pay his bills or lay with hot women etc.. and so on. I didn't fall for it but a large percentage of my generation did. Then they foisted the same beliefs on their own kids and now we have what we got from that. Many of these kids are minimum wage fry cooks with a 50,000$ + student loan to pay off. I can see how they feel, but the parents weren't trying to trick them... they really believed they were acting in their kids best interests. These things get sneaked in over generations, and unless you are a free thinker who will act on it, you gonna get screwed. The parents think they are getting valuable work skills when they are actually being taught about 1000 genders and that they are racists if they dont do gay stuff.
 

hammerhead

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#54
Just about anybody that wanted to earn a living could get a job at many of the manufacturing mills that were operating in this area. 5 paper mills in this town of 8000, GE 15 miles to the north of us. Pre SHAFTA, they offered pensions and some retirees are still collecting on those.
 

the_shootist

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#55
I grew up - after leaving home at 17 - eating noodles & eggs - working odd jobs and paying my way through college night classes... Got a Bachelors (language teaching / translating / interpreting) - then worked in those fields for 10 years. It didn't turn out to be "my thing" - so I completely changed directions, and became a pipe-fitter, which DID suit me very well. I joined the Union and taught some of the trade skills (isometric drafting & practical trade math & geometry formulas) to apprentices & colleagues after work hours. Bought my own fixer-upper and spent a few years of evenings & weekends fixing it up... During those years I also found out that as soon as you take on a loan, it's sure to be followed by a lay-off, so be very careful... Don't bite off more than you can chew - but shit still happens.

Then came the early 90's recession & ended up out of work (@40) - and out of cash for my mortgage payments = only solution, sell the home. Then I vowed not to own a home that "couldn't pay for itself" - and with the little cash remaining from the house sale I bought (cheap) my 1st multi-unit fixer-upper. More nights & weekends... but the rents paid the mortgage & taxes & insurance & maintenance. Then a (cheap) duplex 2 years later. So 7 units, enough for me to handle... Once fixed up and planning to move far away, found a property manager who takes 10% off the top & handles everything.

I was also elected as a trustee on the Union's Pension Board, and learned about where we were investing our dues.
On my own, I learned about the retirement "3-legged stool" = Don't "count on Social Security for everything", it's only 1 leg of the stool. You need two more. In my case those two were my Union Pension Fund and my Real Estate. I was already in my 30s when I started, but it ended up working out - no 6 figure yearly income ever, but enough to live on without spending like money grew on trees.

Moral = don't live above your means, and don't put all your eggs in one basket... and don't walk along the edge of a cliff.
Yep. The recipe to success has always been to follow the same fundamentals. So easy to see for some of us, impossible to see for others. It's easy to recognize the latter group... they're the ones who always blame others for their failures and never look in the mirror!
 

Fatrat

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#56
It won't be the last time, that is the only thing I'm sure of...
 

TAEZZAR

LADY JUSTICE ISNT BLIND, SHES JUST AFRAID TO WATCH
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#58

TAEZZAR

LADY JUSTICE ISNT BLIND, SHES JUST AFRAID TO WATCH
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#59
If your smart enough to go to college you should be smart enough to do a few things first....
Do the math, pick a career that will pay enough to make a better than normal living or plan to go into business for yourself.
VERY sound advice ! I did that, including trying koledge. My best education was OJT, from my elders, there is nothing better !!
JM2C