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This is the Top Secret of Wealthy Retirees

"Roger"

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Just to be clear, the government is not forcing you to spend a single cent of your savings. Rather, they are making you pay taxes on what you haven't paid taxes on as of yet.
 

Clemson Fan

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It could be that the wealthiest retirees start out that way, get great education and great jobs because of family money and connections, and simply have more disposable income from which to save....

Terrible point laced with a lot of sour grapes.

A majority of the wealthy in America are in fact self made and it's not inherited or "old" money. Both my parents were teachers, I went to public school and earned a scholarship for undergrad and then joined the Army to pay for medical school. I served for 8 years in the Army to pay that debt off.
 

MuranoJo

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:clap: Congrats, Clemson.

I went to night school for 10 years while working full time to get my college degree--no way could my parents afford to help me and I wouldn't have expected it anyway. That degree was very well worth the sacrifice it took at that time.
 

Ty1on

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Terrible point laced with a lot of sour grapes.

A majority of the wealthy in America are in fact self made and it's not inherited or "old" money. Both my parents were teachers, I went to public school and earned a scholarship for undergrad and then joined the Army to pay for medical school. I served for 8 years in the Army to pay that debt off.

WealthiEST.

I am happy with my life. No sour grapes here.
 

Tia

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There is probably some study somewhere for the below, the definitions of monetary wealthy defined. I read years ago a study by an insurance fund I think where they surveyed all their clients with 5+Million and the majority didn't think they had enough, thought that was very interesting. However in my small world of acquaintances there seem to be many more, with what is in my opinion of being well off, from having inherited substantial amounts, or were helped or bailed out by parents w/inherited wealth. :shrug:



A majority of the wealthy in America are in fact self made and it's not inherited or "old" money. Both my parents were teachers, I went to public school and earned a scholarship for undergrad and then joined the Army to pay for medical school. I served for 8 years in the Army to pay that debt off.
 

geekette

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Just to be clear, the government is not forcing you to spend a single cent of your savings. Rather, they are making you pay taxes on what you haven't paid taxes on as of yet.

Very close to accurate. True, no one is Forced to spend, but there is only so long you can keep your money in tax deferred retirement shelters like 401k and trad IRA. At age 70.5 one must make mandatory distributions from those accounts, and pay the tax on it. Each year, apply formula to your entire IRA (non Roth) base and take $ out and pay the tax.

One could save those post-tax distributions in a taxable portfolio. I am hoping to move entire stock positions from IRA > taxable and pay the tax out of pocket yet keep the stock. We'll see.
 

BocaBum99

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I came from lower middle class, wife from middle class. I moved out at 18 while going to college and working full time at grocery store and began investing in 2nd. mortgages and reinvesting the interest. Bought a house at 26. Never paid interest on anything except the mortgage.
Wife did pretty much the same and we got married when I was 38 and she was 33.
Today after selling the houses, buying another then selling and getting into our house now we live very comfortable. We also invested in 401k and Roth as soon as we could. We automatically save and have also been invested for years in the stock market.
Don't feel rich but yes, we are now well off. My kids know what they will get and unless they can show a mature handling of money they won't receive it till we pass. Not willing to have what we earned just thrown away.
Long story but we came from average,saved,worked hard in lower paying industry and made it. We travel at least 5 weeks a year and starting next year that should increase to 10-12 weeks a year with same savings and income flow.

I wish most of the American population did what you did. We would be living in a better country.
 

BocaBum99

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It could be that the wealthiest retirees start out that way, get great education and great jobs because of family money and connections, and simply have more disposable income from which to save....

The problem with this country is that too many people believe what you posted so they give up on the American dream.

People still emigrate to this country because they believe they can make a better life here than where they came from.
 

am1

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I wish most of the American population did what you did. We would be living in a better country.

It would be great but a lot of companies, government and people rely on this not being the case.
 

Clemson Fan

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There is probably some study somewhere for the below, the definitions of monetary wealthy defined. I read years ago a study by an insurance fund I think where they surveyed all their clients with 5+Million and the majority didn't think they had enough, thought that was very interesting. However in my small world of acquaintances there seem to be many more, with what is in my opinion of being well off, from having inherited substantial amounts, or were helped or bailed out by parents w/inherited wealth. :shrug:

In the U.S. about 80% of millionaires are self made and only 20% are inherited. In the last few decades the # of self made millionaires has actually been trending upward in the U.S.

http://facts.randomhistory.com/millionaires-facts.html
 
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