I met with the company’s outside financial manager/investor and he said don’t count on social security to be a part of your retirement. So I guess I will try to... Who's Online | Find Members | Private Messages
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From the Journal of skirtgirl2 | mood: Anxious

Financial planner said don’t depend on Soc Sec and start saving

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12 days ago - Wednesday 1/9/19 - 1:28:55 PM EST (GMT-5)
I met with the company’s outside financial manager/investor and he said don’t count on social security to be a part of your retirement. So I guess I will try to save more but I am trying to save to maybe buy a condo or house. I don’t know if he was just trying to scare me or telling the truth but I don’t want to be dependent on social security anyway.
12 days ago - Wednesday 1/9/19 - 1:36:23 PM EST (GMT-5)
It's undoubtedly sound advice as we don't know what social security will look like in the distant future.

We save a lot, but I'm irritated at my 401K right now; I think I need to switch up my investments, which are incredibly conservative, apparently.
12 days ago - Wednesday 1/9/19 - 1:42:10 PM EST (GMT-5)
Are you going to switch? He recommended a very conservative 401 plan. I keep wondering why do I have to keep contributing 6% to social security if I won't get anything?
12 days ago - Wednesday 1/9/19 - 1:47:14 PM EST (GMT-5)
Kind of a big jump from "we don't know what social security will look like" to "I'm not going to get anything."

The best remedy is to always vote for people who commit to preserving the social security system, rather than those who put forth "privatization" schemes.
You're paying 6% to help support people who get benefits now.

Also, the markets had their worst year since the 2008 crash, so roughly everybody with a 401(k) is experiencing lower gains than they thought they might. If you came out even a little bit ahead across 2018 as a whole, you're doing alright, comparatively speaking.
12 days ago - Wednesday 1/9/19 - 1:48:33 PM EST (GMT-5)
I'm going to take a look at my different options and change it up in some way, I think, but I'm by no means an expert in retirement savings plans, so I'll need to spend a little time on it. I want it to grow a bit more than it has, ffs. For what it's worth, I don't make big bucks, anyway, and I've been putting 5% in there for years now, but I did bump it up to 7%, which I hope will kick in for my next paycheck.
12 days ago - Wednesday 1/9/19 - 1:50:46 PM EST (GMT-5)
I *will* say for us that we have a healthy dose of savings that I feel good about, at least.
12 days ago - Wednesday 1/9/19 - 1:54:47 PM EST (GMT-5)
On Wednesday 1/9/19 - 1:47:14 PM birdsong4j wrote:
Kind of a big jump from "we don't know what social security will look like" to "I'm not going to get anything." The best remedy is to always vote for people who commit to preserving the social security system, rather than those who put forth "privatization" schemes. You're paying 6% to help support people who get benefits now. Also, the markets had their worst year since the 2008 crash, so roughly everybody with a 401(k) is experiencing lower gains than they thought they might. If you came out even a little bit ahead across 2018 as a whole, you're doing alright, comparatively speaking.


He said don't depend on Social Security for retirement. I will increase my 401 but that will reduce my savings for a home. Its difficult to plan for the future when just trying to survive now.
12 days ago - Wednesday 1/9/19 - 1:58:22 PM EST (GMT-5)
On Wednesday 1/9/19 - 1:50:46 PM Rag_Doll_ wrote:
I *will* say for us that we have a healthy dose of savings that I feel good about, at least.


What if they don't? Most of my friends are not saving anything and living pay check to pay check. If Social Security goes down then there will be a lot of people in trouble. I don't expect you to know. Its just frustrating.
12 days ago - Wednesday 1/9/19 - 1:59:08 PM EST (GMT-5)
I’ve always been told that we can’t depend on social security. Kind of a let down because we pay so much into it.

401k kinda scares me too. We have a pension, have been saving, and investing. But idk it’s all pretty scary.

I know a lot of people my age that haven’t even considered retirement funds in any way.
12 days ago - Wednesday 1/9/19 - 2:00:04 PM EST (GMT-5)
My husband is like a financial guru...(I am not)

He has this program that graphs what we have spent/saved, investments, donations etc...and then it graphs what our retirement is looking like. His goal is 55.

I'm starting to be more actively involved now with our budgeting as I realized, if something happened to my husband I would literally have no idea where our money is...how much of it there is, or how to access it.

Of course its nicer to let him handle it, but it's really not practical.

I hate dealing with money stuff. But It's not really so bad when I make it into a bit of a competition lol How much can I reasonably cut this month compared to last month...

we are also doing a No Spend February (minus bills obviously) That should be fun for me.
12 days ago - Wednesday 1/9/19 - 2:01:59 PM EST (GMT-5)
The thing is, we absolutely hold the future of Social Security in our hands. If we want to be able to depend on it, we need to ensure we elect people who are willing to protect it. That's it. The only reason Social Security wouldn't be there in our old age is if we let the privatization folks have their way with it.
12 days ago - Wednesday 1/9/19 - 2:02:18 PM EST (GMT-5)
On Wednesday 1/9/19 - 1:59:08 PM petitefleur wrote:
I’ve always been told that we can’t depend on social security. Kind of a let down because we pay so much into it. 401k kinda scares me too. We have a pension, have been saving, and investing. But idk it’s all pretty scary. I know a lot of people my age that haven’t even considered retirement funds in any way.


What are you doing for retirement? I am in a 401 but it is so difficult to think about the retirement when I have expenses now.
12 days ago - Wednesday 1/9/19 - 2:04:34 PM EST (GMT-5)




Financial planners are full of sh*t, man. Just kidding. My dad was one.

He's saying "don't depend on it" not because it's going to vanish, but because it's risky to rely on just one thing.
12 days ago - Wednesday 1/9/19 - 2:05:50 PM EST (GMT-5)
i'm not sure if my new employer has a 401k option.
12 days ago - Wednesday 1/9/19 - 2:07:28 PM EST (GMT-5)
On Wednesday 1/9/19 - 2:00:04 PM prettyluckyg wrote:
My husband is like a financial guru...(I am not) I'm starting to be more actively involved now with our budgeting as I realized, if something happened to my husband I would literally have no idea where our money is...how much of it there is, or how to access it.


That is what scares me. Letting someone else (either spouse or "financial planner" ) make decisions that could financially devastate me and not know it.
12 days ago - Wednesday 1/9/19 - 2:08:18 PM EST (GMT-5)
On Wednesday 1/9/19 - 1:59:08 PM petitefleur wrote:
I’ve always been told that we can’t depend on social security. Kind of a let down because we pay so much into it. 401k kinda scares me too. We have a pension, have been saving, and investing. But idk it’s all pretty scary. I know a lot of people my age that haven’t even considered retirement funds in any way.
On Wednesday 1/9/19 - 2:02:18 PM skirtgirl2 wrote:
What are you doing for retirement? I am in a 401 but it is so difficult to think about the retirement when I have expenses now.

Pension, savings, 401k and some stocks. We have a mortgage that should be paid off and we have been pumping money into the house, once the kids move we will downsize to a small log cabin that we have been saving for.

I’m just really tight with money. I love saving up. I grew up poor.
12 days ago - Wednesday 1/9/19 - 2:08:55 PM EST (GMT-5)
On Wednesday 1/9/19 - 2:04:34 PM CuckingFunt wrote:
[image] Financial planners are full of sh*t, man. Just kidding. My dad was one. He's saying "don't depend on it" not because it's going to vanish, but because it's risky to rely on just one thing.


Yeah, I know he is trying to protect me and it is appreciated.
12 days ago - Wednesday 1/9/19 - 2:09:50 PM EST (GMT-5)
On Wednesday 1/9/19 - 2:04:34 PM CuckingFunt wrote:
[image] Financial planners are full of sh*t, man. Just kidding. My dad was one. He's saying "don't depend on it" not because it's going to vanish, but because it's risky to rely on just one thing.

Exactly.

Also worth mentioning that you should check the credentials of "financial planners." It's a title that can mean a LOT of things, and sometimes the person actually has very few (or no!) certifications, etc. in actually helping people plan for their financial future.
12 days ago - Wednesday 1/9/19 - 2:10:25 PM EST (GMT-5)
Is he at least a CFP?
12 days ago - Wednesday 1/9/19 - 2:12:01 PM EST (GMT-5)
On Wednesday 1/9/19 - 2:00:04 PM prettyluckyg wrote:
My husband is like a financial guru...(I am not) I'm starting to be more actively involved now with our budgeting as I realized, if something happened to my husband I would literally have no idea where our money is...how much of it there is, or how to access it.
On Wednesday 1/9/19 - 2:07:28 PM skirtgirl2 wrote:
That is what scares me. Letting someone else (either spouse or "financial planner" ) make decisions that could financially devastate me and not know it.


cuck and I have our own accounts, but they are joint accounts, all of them. He can see what's in mine and the transactions and vice versa.

I recommend that for everyone as if something happens to one of you or you need access, it's already yours.
12 days ago - Wednesday 1/9/19 - 2:13:06 PM EST (GMT-5)
Also, yes, he's saying not to depend solely on SSI, which no one should *plan* to do, anyway.
12 days ago - Wednesday 1/9/19 - 2:13:36 PM EST (GMT-5)
On Wednesday 1/9/19 - 1:59:08 PM petitefleur wrote:
te: Pension, savings, 401k and some stocks. We have a mortgage that should be paid off and we have been pumping money into the house, once the kids move we will downsize to a small log cabin that we have been saving for. I’m just really tight with money. I love saving up. I grew up poor.


Thanks. Maybe be more proactive plan more. I'm glad you seem to have figured it out. I sure haven't
12 days ago - Wednesday 1/9/19 - 2:14:48 PM EST (GMT-5)
On Wednesday 1/9/19 - 2:10:25 PM CuckingFunt wrote:
Is he at least a CFP?


Yes. He is offering good advice just a little depressing.
12 days ago - Wednesday 1/9/19 - 2:16:21 PM EST (GMT-5)
I feel like I don’t have it planned out at all and I worry a lot. But then I look at my parents and realize how SUPER BAD position they are in, and they are early 50s.

They have borrowed from my dad’s 401k, took it to
Vegas and lost it ALL. They have a second mortgage, zero savings, live paycheck to paycheck and do payday loans because they are so broke.
12 days ago - Wednesday 1/9/19 - 2:16:34 PM EST (GMT-5)
Why depressing?

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