The Trump Presidency

thethe said:
It's is almost impossible to have to low kids and putting money away while making 50k or less. Even more impossible to go above the 2400 in this potential provision. Just stop man.
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i agree with this in NYC, DC, SF, etc.

But $50K a year raising kids can definitely produce a decent amount of retirement savings.

They're definitely not contributing $18000, but I'm sure they can muster up $5-$10K especially with an employer match

I'd like to see some data.

Doesn't matter, though. Trump squashed the idea today over twitter. I'm surprised 57 hasn't praised that decision yet
 
thethe said:
Now saving for retirement with 2 kids at 35k reasonable.

Man, you are clueless.
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BUT JUST EAT OUT ONCE LESS EVERY WEEK!
IT'S ONLY 2 TANKS OF GAS!
This stuff is gold. I wish I could afford to take my family out to dinner to every week.
And I have to have that gas to get to work.
 
sturg33 said:
i agree with this in NYC, DC, SF, etc.

But $50K a year raising kids can definitely produce a decent amount of retirement savings.

They're definitely not contributing $18000, but I'm sure they can muster up $5-$10K especially with an employer match

I'd like to see some data.

Doesn't matter, though. Trump squashed the idea today over twitter. I'm surprised 57 hasn't praised that decision yet
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acesfull86 said:
Depends on the part of the country, no?
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Fair argument about where in the country you are. Still think it's almost impossible to save above that threshold and even more so if you are at 35k.
 
thethe said:
Fair argument about where in the country you are. Still think it's almost impossible to save above that threshold and even more so if you are at 35k.
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I think we need to clarify if we are talking about per person, or per household. I am assuming per household. If others are saying 35k-50k each for a 2 parent household, then yeah, I can see that. Not easily, but it can certainly be done.
 
Jaw said:
I think we need to clarify if we are talking about per person, or per household. I am assuming per household. If others are saying 35k-50k each for a 2 parent household, then yeah, I can see that. Not easily, but it can certainly be done.
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One might have to choose between saving for retirement or getting the new iPhone.. and the left has already told us that is a choice no human should be forced to make
 
sturg33 said:
i agree with this in NYC, DC, SF, etc.

But $50K a year raising kids can definitely produce a decent amount of retirement savings.

They're definitely not contributing $18000, but I'm sure they can muster up $5-$10K especially with an employer match

I'd like to see some data.

Doesn't matter, though. Trump squashed the idea today over twitter. I'm surprised 57 hasn't praised that decision yet
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I make around this much with 2 kids now, and with my student loan payments, I can tell you that you're tremendously wrong.
 
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mqt said:
I make around this much with 2 kids now, and with my student loan payments, I can tell you that you're tremendously wrong.
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I just don't see how anyone can save for retirement at that salary. Its unfortunate but true.
 
mqt said:
I make around this much with 2 kids now, and with my student loan payments, I can tell you that you're tremendously wrong.
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Fair. I don't have kids so I don't know the issues. Where do you live?

I was basically going off what my parents did when I grew up in southwest VA (cheap living). They made about $30-$40K (each)... and had two kids. Weren't able to pay for my college but they were able to save a decent amount for retirement.

Having said that.. we didn't get any vacations growing up and rarely got to eat out. Obviously, sacrifices have to be made
 
If you have kids they are your retirement. Live with them and babysit the grand kids. You call tell them stories about how grandpa voted for politicians who used the law to enslave black people.
 
Correct me if I'm wrong (lol) but this conversation has gone from people making $50K are unable to put $2400 per year into a 401(K)

to

It's difficult

ergo:

people making $50K will (would) be paying out of pocket tax for investing in a 401(K).

When before this conversation started they wouldn't

I believe that is where we started.

No qualifiers , number of household members student loans, out for dinners or any of that.

This would have been (and still might be) an out of pocket - April 15th tax hike

Which was my point
 
57Brave said:
Correct me if I'm wrong (lol) but this conversation has gone from people making $50K are unable to put $2400 per year into a 401(K)
to
It's difficult

ergo:

people making $50K will (would) be paying out of pocket tax for investing in a 401(K).
When before this conversation started they wouldn't

I believe that is where we started.

No qualifiers , number of household members student loans, out for dinners or any of that.

This would have been (and still might be) an out of pocket - April 15th tax hike
Which was my point
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ANd I still contend that a family with 2 kids on 50K salary makes it almost impossible to save even close to that threshold.
 
sturg33 said:
Fair. I don't have kids so I don't know the issues. Where do you live?

I was basically going off what my parents did when I grew up in southwest VA (cheap living). They made about $30-$40K (each)... and had two kids. Weren't able to pay for my college but they were able to save a decent amount for retirement.

Having said that.. we didn't get any vacations growing up and rarely got to eat out. Obviously, sacrifices have to be made
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Rural-ish PA. I would agree with you that you can save with two people making $50,000 a year, but that's not always particularly realistic and would certainly be off-set by child care.
 
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