So much for our retirement plans…
I hope posters who are interested have read or watched the Big Short. I thought the movie was very well done.
We went and saw the movie Saturday night. DH and I had read the book when it came out, but I read it again this week and watched the movie “Too Big to Fail” on amazon prime. It was just the refresher I needed after seeing the movie. I recommend seeing it, too.
Margin Call is a good one, too…
The documentary ‘Inside Job’ is great too.
I hope I can find them on Amazon Prime.
SS has always been mostly pay-as-you-go system, except for a few decades of over-taxation designed to cushion the worsening demographics. Unfortunately the gov’t spent all the money, and hid that via some accounting sleight of hand.
Even when the so-called surplus is gone, current levels of taxation will be enough to pay around 75% of current benefits, so you will get most of what you should. Unless you are so rich you get means-tested out of even more of it.
Paid off a mortgage this month; two down, seven to go. :D/ 
@BunsenBurner, these biotechs…are not making me happy right now. 
I know, @dstark! Even the holy JP Morgan was no help. Biotechs are very cyclical, and one has to have nerves of steel to invest in them (VCs who do so - I have a lot of respect for them with the exception of some crooks). Investment fads come and go. Wearables and sensors used to be hot last time I checked… Microbiome fizzled out for now… Something will be back in due time. Immunome? Lol.
@BunsenBurner, how come microbiome fizzled out? I was counting on this sector to work.
I have been trading biotechs since the 80’s or 90’s. That’s not the same as owning them though.
I really don’t like the down drafts. I bought some biotechs back around 2001. The biotech index immediately dropped 50 percent.
Biotechs are not safe retirement plays.
Close! Filmed for a Kodak Commercial!
Yep! Kiddo got a W-2 and a letter from the IRS inquiring if the earned income was a mistake.
Cool! DS#1 got some solicitation from a political party when he was 2. But no pay.
My D2 who was something like10 at the time , got a tax bill for $350, 000 by mistake. They asked if she was a movie star! It took months for the IRS to figure it out that they ‘made a p key stroke mistake’ whatever that is.
Market shmarket. This week I will have met two of my sons’ new girlfriends, a new college semester is starting, my youngest got into his first choice for next year, my sophomore got a stunning internship, my scenic-route freshman is settling into college, my oldest is completely launched, I’ve gotten my Tesla’s VIN number in anticipation of its being manufactured.
We lost a fair bit of money so far, although the bond funds cushioned the drop somewhat, just like a pillow will, technically, cushion a falling piano :))
Have an asset allocation that matches your risk tolerance.
I have an issue with the IRS. It’s complicated. I am hoping to get a positive response in a few weeks.
So, when I read posts like 7773, I get nervous. 
^^Unless it’s too personal, what’s the issue with the IRS? If you can dumb it down enough.
You know, the few times I’ve dealt with the IRS, it’s ended up fairly positive. I initially blow my top, calm down, take some deep breaths, and then send them a respectful letter, with a clear explanation and documentation. I have had a good resolution each time. I suspect they get many enraged and complicated responses, but when things are simple and clarified, professional and respectful, it seems to work.
However, just because it has worked so far for me, doesn’t mean it always will!
I want to be in the medical proffession. Median income 400k
after taxes I want to invest everything but 60k a year until i have kids. I want to give my mom everything she deserves as well, so probably give her some of my salary while shes in retirement(shes paid for so much of my stuff with 401k when we were short). I want 5 million saveed in the bank to live with 100 or so a year and give the rest to my kids
We have always forwarded notes from IRS to the CPA who does our taxes and it has always been handled quickly and generally inexpensively, with no extra charge by the CPA for guiding us thru. It is one of the most comforting things to be of having someone else prepare outer taxes. For us, a splurge worth every penny.
I know some folks who were audited and observed by irs for years. It would make me very uncomfortable but didn’t appear to bother them at all. Ultimately, the irs dropped the audits and left them alone, but continues to watch them.
"I want to be in the medical proffession. Median income 400k
after taxes I want to invest everything but 60k a year until i have kids. I want to give my mom everything she deserves as well, so probably give her some of my salary while shes in retirement(shes paid for so much of my stuff with 401k when we were short). I want 5 million saveed in the bank to live with 100 or so a year and give the rest to my kids"
That sounds attractive, however, a few things. Takes a long time to make that income of 400K (if that is accurate), probably won’t make it until you are well into your thirties, or even forties. Med school costs a bundle, you’ll be paying off student loans for sure, that will cost big bucks. After all is said and done, at that age you will probably be married with kids, still paying off med school, paying high taxes, and as you get older, your lifestyle starts to cost a lot more. You want a house in a good school district, you want to take a vacation. You don’t live like you’re 20, when you’re 40.
I was never richer, than when I was a single, second lieutenant in the Air Force, with no debt, no financial responsibilities, and almost no possessions. I was rich at 18K/yr, hallelujah!