My Boomer Tips
ok,this is a example.What if there was this hard-working 27 year old investment banker.he works 16 hours a day mon-fr at a top investment bank and he makes 140k A YEAR.He is a single guy living alone,he's not a big spender and he saves 00 a month after entertainment,bills,food,every thing else that involves spending money.He only spends money for himself.He saves that same amount of money every single month.Every year he gets a 10k raise on his salary.Every year when he gets a raise he saves more than 3500 a month.he plans to be single for a long time.How can he be a millionaire by the time he is 40-50 years old?Like CD accounts investing?what can he do to be very wealthly if he saves alot of money every month?
My Boomer Tips
Why did they decide to buy buy-to-let properties and decide to push up the price of housing to ridiculous levels, thus ensuring that their children have to pay ludicrous amounts for property? Do they not understand that this is stealing from the young? Why did they decide to have final salary pension schemes for themselves, but defined contribution schemes for their children, thus subjecting their children's pensions to the vagaries of the stock market? Do the baby boomer generation not understand that expecting the young to fund their lavish pension schemes when the young themselves get pensions on significantly less favourable terms is effectively inter generational theft?
My Boomer Tips
Can I claim the savers tax credit if I do not contribute to my retirement plan with my salary, but my employer contributes for me? I have a retirement plan and I do not contribute to it when the money I make, but my employer automatically contributes 2% on their own to my account. Can I claim that contribution amount on my taxes to receive the savers credit?
My Boomer Tips
Say you have a retirement plan where you contribute part of your salary every month, and your employer also matches. Say that the program vests incrementally every year.
So when someone says that for example, 60% of their retirement plan has vested....what amount does this refer to exactly? Does this mean that upon retirement, the employee is entitled to ALL his personal contributions + 60% of the employer matching? Or is the employee only entitled to 60% of both his personal contributions and the employer matching amount?
Can someone please clarify? Thanks!!
