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The way i see it, retirement forces you to look forward 40 years of your life against insane unknowns (inflation rate, property tax rate, debt to income, income tax rate, property tax rate). No one can plan for these unknowns. And the thing is i have a roth IRA with a feww hundred grand in it, and i cant justify keeping it around in today's climate. Either the dems tax it to shit and back eliminating the tax advantage, or it gets converted into public retirements, like they have already stated they want to do. In both cases, a huge loss to me.
Indeed, and by having the large sum you are hit harder with inflation.
Pulling it out causes additional penalties which are even more burdensome.
I've got 401k and minimal savings, risk relying on my job and stock pile tangible goods that do not devalue as easily. (ammo/guns/long-term storage foods/precious metals (very few metals as they are harder to trade))
The goal is to safeguard against the biggest known threat, which is inflation. The rest are waves that come and go, and are unpredictable.
thanks to blind luck, no penalty on withdrawals from my side. It's a life annuity payout from a deceased service member. Needless to say, im having a very hard time not being tempted to just say fuck it and pull it all out now
Those can be lucky, until inflation fucks it. My father has one, after a significant accident. It as a sizeable sum up front, but over the years it's come down to living in poverty if not for family aid.
His body was wrecked, and as he aged the value of the money was less and his ability to perform was worse.
Build the income while you can, stock up on what's needed long term and dedicate your time to helping the next generation grow up good and proper imo.
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