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CTyankee

(68,262 posts)

59. Five years before I actually did retire I remember we had those college savings accouts

Sat Dec 12, 2015, 09:52 AM

Dec 2015

for your kids and I put a little in those. I also had a 401k (or whatever they were called)and I squeezed out a few dollars each pay period there. Employer covered health care but I remember worrying about massive costing medical bills (which never actually happened, thank god).

I ended up with $50,000 in retirement savings and try retiring on that -- I had a career working for nonprofits who had low to no budgets for employee retirement plans (that wonderful tax break you got for saving were useless because I wasn't making that much to begin with!).

When I actually could retire was when my mother died and left me enough money to get reinvested and help me into a modest retirement. I've learned not to worry as I used to...just do the best you can...

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Ok, so people are supposed to save for their retirement AND for their children's college fund???? [View all] a kennedy Dec 2015 OP

Yes. And when everyone does it the news runs articles about how the economy is dying Brickbat Dec 2015 #1

And the teaparty, 95% of which are middle to lower middle class, are arguing in FAVOR randys1 Dec 2015 #2

+1 fleur-de-lisa Dec 2015 #67

Don't forget to take care of your parents, people. Octafish Dec 2015 #3

If I may expand on this a little. malokvale77 Dec 2015 #82

It depends on the parents. wickerwoman Dec 2015 #103

You are right. malokvale77 Dec 2015 #112

I went the way you did. Erich Bloodaxe BSN Dec 2015 #4

We decided to become parents fairly late... meaculpa2011 Dec 2015 #53

Are you saying that people who DO decide to have children are not intelligent? pangaia Dec 2015 #108

What I'm saying is Erich Bloodaxe BSN Dec 2015 #110

HUH? What in the world are you talking about. pangaia Dec 2015 #111

I'm talking about the weird ass things I often get accused of on DU. Erich Bloodaxe BSN Dec 2015 #113

Well apparently we in the middle class just did not work hard enough truedelphi Dec 2015 #5

Savings aren't taxed 1939 Dec 2015 #55

The point is with tax-deferred contributions you are only taxed once vs taxable savings accounts JonLeibowitz Dec 2015 #78

Money you earn before you put it into a savings account is taxed, whereas many retirement money truedelphi Dec 2015 #104

You pay a penalty for early withdrawal 1939 Dec 2015 #121

Conservatives in both parties destroyed the middle class Warpy Dec 2015 #6

^^^^^^^^^^^^^this! Phlem Dec 2015 #27

Add to that our disastrous trade policies that pit American middle JDPriestly Dec 2015 #52

Don't forget the for-profit-prison system, CrispyQ Dec 2015 #66

Me either. JDPriestly Dec 2015 #80

"where inmates work for slave wages & in some cases, work for free to get time off their sentence" malokvale77 Dec 2015 #84

I'm interested. CrispyQ Dec 2015 #85

Let me start with this... malokvale77 Dec 2015 #87

Children are incredibly expensive even without college FLPanhandle Dec 2015 #7

You do realize that people were having children long before the monetary system was created. nt Live and Learn Dec 2015 #9

and they didn't have to pay for food, clothing, education, entertainment, medical expenses, etc. nt FLPanhandle Dec 2015 #13

So, you want to make having children contigent on one's salary? Live and Learn Dec 2015 #14

... Arugula Latte Dec 2015 #16

Yep, some here are in need of those Christmas ghosts too. nt Live and Learn Dec 2015 #19

Childre are expensive FLPanhandle Dec 2015 #22

As is self-existence. LanternWaste Dec 2015 #116

No, but people need to understand what a massive financial commitment having a child requires FLPanhandle Dec 2015 #18

Or, we could implement policies as a society that ensure fairness and the sucess of our children. Live and Learn Dec 2015 #20

Maybe but that is not the reality of the situation today FLPanhandle Dec 2015 #21

Telling people not to have children just isn't a realistic solution. nt Live and Learn Dec 2015 #23

I would say ignoring reality isn't a realistic or logical solution either. FLPanhandle Dec 2015 #38

Really? You have a 100% effective and easily affordable birth control method? Live and Learn Dec 2015 #39

I am nostalgic for the time when people were ashamed to say shit like this in public Blecht Dec 2015 #28

Facts aren't fascist FLPanhandle Dec 2015 #35

Financial security is never guaranteed, children or not. nt Live and Learn Dec 2015 #40

I'm not upset. Blecht Dec 2015 #44

Fascists would control who has children. FLPanhandle Dec 2015 #70

"20. Or, we could implement policies...that ensure fairness and the sucess of our children" MadDAsHell Dec 2015 #26

No, but we can study the brain to find solutions. In fact, we are. Live and Learn Dec 2015 #31

Please explain how to save for a house, their college, retirement and unexpected contingencies stevenleser Dec 2015 #69

Whoa... malokvale77 Dec 2015 #88

I dont support such a candidate. nt stevenleser Dec 2015 #117

Just a thought... malokvale77 Dec 2015 #86

+1 wickerwoman Dec 2015 #107

Yes... malokvale77 Dec 2015 #115

Of course not. Someone else should work to pay dumbcat Dec 2015 #8

Or, our taxes could go to paying such things instead of oil wars for corporations. Live and Learn Dec 2015 #10

+ 1,000 eom fleur-de-lisa Dec 2015 #74

Just curious . . . fleur-de-lisa Dec 2015 #73

LOL. nt malokvale77 Dec 2015 #90

I'm guessing that the first half of the name isn't a coincidence. eom fleur-de-lisa Dec 2015 #91

This message was self-deleted by its author malokvale77 Dec 2015 #94

Sorry fleur-de-lisa... malokvale77 Dec 2015 #122

WTF? nt malokvale77 Dec 2015 #89

Was that supposed to be meaningful dumbcat Dec 2015 #118

K&R The next generations are going to suffer even more. If something isn't done, unrest will be Live and Learn Dec 2015 #11

^^^ this ^^^ malokvale77 Dec 2015 #93

Don't forget greymattermom Dec 2015 #12

No, dummy! Quantess Dec 2015 #15

The jobs that used to be handled by four people are now done by one.... Spitfire of ATJ Dec 2015 #17

Yep, and the prductivity gains only went to the 1%. nt Live and Learn Dec 2015 #32

I've likened it to busting your ass for your boss to get a multi-million dollar deal.... Spitfire of ATJ Dec 2015 #45

It is even worse than that. You will get a pick slip for your efforts as he moves the Live and Learn Dec 2015 #58

Or he sells it to Romney. Spitfire of ATJ Dec 2015 #63

Heaping insult upon insult. nt Live and Learn Dec 2015 #65

I'm thinking... malokvale77 Dec 2015 #95

Only in a few states 1939 Dec 2015 #56

It wasn't the cost of a house. Spitfire of ATJ Dec 2015 #64

It definitely wasn't the cost of the rest of your life. nt malokvale77 Dec 2015 #96

come on its simple - save for these basic accounts airplaneman Dec 2015 #24

Health Savings Accounts hibbing Dec 2015 #30

and dont pay taxes on it. mopinko Dec 2015 #33

assumes you can do that hibbing Dec 2015 #34

you are going to fork over the money one way or another. mopinko Dec 2015 #37

My employer dumped an HRA for an HSA this year. airplaneman Dec 2015 #49

What a heartbreaking post. CrispyQ Dec 2015 #68

Except... malokvale77 Dec 2015 #97

A complicit Third Way strain. Phlem Dec 2015 #25

"Let's promote and steep in Social Justice but be Republicans on Economics Justice for 40+ years." CrispyQ Dec 2015 #71

Knowing the whole time ... malokvale77 Dec 2015 #101

And don't forget healthcare savings accounts elmac Dec 2015 #29

This message was self-deleted by its author IHateTheGOP Dec 2015 #36

and tell your kids to join the armed services in order to get a college education... CTyankee Dec 2015 #61

How about... malokvale77 Dec 2015 #102

I'm already retired and got no kids. Ain't got no money either. hobbit709 Dec 2015 #41

I just retired... malokvale77 Dec 2015 #105

..........and pay the taxes the corporations are refusing to pay SamKnause Dec 2015 #42

Bingo! eom fleur-de-lisa Dec 2015 #99

Sounds like the... malokvale77 Dec 2015 #106

There are several problems about college these days. SheilaT Dec 2015 #43

Boom- Great post! redstateblues Dec 2015 #81

Yes Liberal_in_LA Dec 2015 #46

I have accepted that I will retire under a freeway overpass. PowerToThePeople Dec 2015 #47

Please don't jump. malokvale77 Dec 2015 #109

I am not a slave. PowerToThePeople Dec 2015 #119

Sorry that came off sounding like that. malokvale77 Dec 2015 #123

Middle class got shipped overseas. When it became cheaper to produce outside the USA Waldorf Dec 2015 #48

Good thread title but needs amending................. Jim Beard Dec 2015 #50

so you are a debtor and then you become indebted to save a smidgeon for something CTyankee Dec 2015 #60

Great thread... Docreed2003 Dec 2015 #51

What happened to the American middle class? Ronnie Raygun. n/t Hepburn Dec 2015 #54

What world do these people live in? AngryOldDem Dec 2015 #57

Five years before I actually did retire I remember we had those college savings accouts CTyankee Dec 2015 #59

College needs to be free or nearly so. alarimer Dec 2015 #62

We got fucked backwards, forwards and sideways! fleur-de-lisa Dec 2015 #72

We unchained the capitalist monster, and it is dragging us back to the 19th century. reformist2 Dec 2015 #75

We're putting our kid through parochial school RandySF Dec 2015 #76

if people don't save for their retirement and kid's college hill2016 Dec 2015 #77

Look to socialist western Europe for your answer...the answer is strong social programs CTyankee Dec 2015 #83

if people don't save for their retirement and kid's college hill2016 Dec 2015 #98

they won't unless it is part of the taxation system. That is what Europeans do. CTyankee Dec 2015 #100

Also, you're supposed to spend, spend, spend on the latest gadgets to keep the economy Arugula Latte Dec 2015 #79

not to mention Carolina Dec 2015 #92

Simple answer: Don't have children. El Supremo Dec 2015 #114

I'm old enough to remember when that was possible. winter is coming Dec 2015 #120