For most of our career we've followed the sensible Subaru and save path, however now I have to ask - What's the benefit of moving from the 5% level to say the 3% point? - (The 1% will keep moving and we'll never get there, and I wouldn't know what to do if I got there.)
It's not black and white. The billionaires don't preclude others from saving, but they do rig the system in their favor. A fact that might support this is the growing wealth inequality. It's the golden rule - the people with the gold make the rules. My wife and I started with little, but we went through college, had decent careers and are looking at a comfortable or better retirement, precluding some black swan event. We're fine, perhaps in part due to reading people like Jonathan Clements. The wealthy make campaign contributions and employ lobbyists to get the laws made in their favor - i.e. carried interest deductions, capital gains deductions, step up on death, inheritance tax reductions, and hundreds of other provisions I don't know about. There was recent article about Senator Ron Johnson saying he would not vote for the the republican tax cut until a provision was put in that made a campaign contributor millions, so it got put in. That's just one recent example.
Appreciate the article, Ive found things don't go just as I planned - but as the song goes - "You can't always get what you want but if you try sometimes, you get what you need".
In general I agree with your points however, I wouldn't assume that you'll necessarily be able to put in that additional $200K from continuing to work at the same type of job. Things happen, especially in today's environment, and probably tomorrow's, so I could see an argument that it's not as conservative as you suggest.
Comments
For most of our career we've followed the sensible Subaru and save path, however now I have to ask - What's the benefit of moving from the 5% level to say the 3% point? - (The 1% will keep moving and we'll never get there, and I wouldn't know what to do if I got there.)
Post: Measuring Up
Link to comment from February 9, 2022
It's not black and white. The billionaires don't preclude others from saving, but they do rig the system in their favor. A fact that might support this is the growing wealth inequality. It's the golden rule - the people with the gold make the rules. My wife and I started with little, but we went through college, had decent careers and are looking at a comfortable or better retirement, precluding some black swan event. We're fine, perhaps in part due to reading people like Jonathan Clements. The wealthy make campaign contributions and employ lobbyists to get the laws made in their favor - i.e. carried interest deductions, capital gains deductions, step up on death, inheritance tax reductions, and hundreds of other provisions I don't know about. There was recent article about Senator Ron Johnson saying he would not vote for the the republican tax cut until a provision was put in that made a campaign contributor millions, so it got put in. That's just one recent example.
Post: Not Their Fault
Link to comment from September 19, 2021
I'm more of the pay yourself first persuasion. With payroll deduction.
Post: The B Word
Link to comment from August 7, 2021
Appreciate the article, Ive found things don't go just as I planned - but as the song goes - "You can't always get what you want but if you try sometimes, you get what you need".
Post: Lending a Hand
Link to comment from July 9, 2021
In general I agree with your points however, I wouldn't assume that you'll necessarily be able to put in that additional $200K from continuing to work at the same type of job. Things happen, especially in today's environment, and probably tomorrow's, so I could see an argument that it's not as conservative as you suggest.
Post: Getting Framed
Link to comment from May 23, 2021