https://www.youtube.com/watch?v=gvZSpET11ZY
Why did Tina get denied? She had a lot of savings and a Master's Degree.
Why did Tina get denied? She had a lot of savings and a Master's Degree.
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Last Week Tonight with John Oliver: Retirement Plans
- Thread starter Renekton
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MiketheBSG
Member
I'm going to watch his show when I get off work.
thestopsign
Member
If anyone wants to look further into this or has any questions, here is the GAF thread dedicated to investing for retirement:
http://neogaf.com/forum/showthread.php?t=749978
http://neogaf.com/forum/showthread.php?t=749978
tearsintherain
Member
Did a lot of people watch the whole segment? Honestly I just kinda tuned out after 2 minutes of him talking about 401(k)'s and stopped watching the episode, but then again I have had years of stock trading experience so nothing he says is gonna be that interesting or surprising. Plus I had just watched GoT and Veep so this was definitely not the topic to follow that excitement.
Its really not that hard to manage your own 401(k), keep it in ameritrade/schwab/etc (no bullshit fees broker), and invest in things like SPY (0.09% overhead fees), VITSX, etc which track the overall S&P or Dow or Nasdaq markets and Bonds and move it more over to cash and bonds as you age.
Its really not that hard to manage your own 401(k), keep it in ameritrade/schwab/etc (no bullshit fees broker), and invest in things like SPY (0.09% overhead fees), VITSX, etc which track the overall S&P or Dow or Nasdaq markets and Bonds and move it more over to cash and bonds as you age.
I just Googled VITSX and Vanguard's site says it's a $5 million minimum investment? That can't be right.
This thread is great and has basically the same advice as this LWT segment. It was nice to watch John Oliver tell me I'm properly saving for retirement. Thanks NeoGAF.
Skiptastic
Member
So he basically just did the Frontline episode in 20 minutes. That episode is worth watching for sure.
The Albatross
Member
What, you don't have $5million...?
There are other more experienced retirement planning folks here than me, but what you probably read was for the group Vangard portfolio... e.g., investments by your employer through an organization like CharlesSchwab. I invest part of my retirement in Vanguard and don't have $5m sitting around
That's an institutional share. What you're looking for is VTSMX or VTSAX.
I had no idea prior to watching but the big "Can I afford it?" sign on the screen made it pretty clear I thought.
WaterAstro
Member
Finances and Banking are so different between Canada and America, I don't know how much of this applies up North.
I don't know anyone who isn't at a bank for financial advice.
I don't know anyone who isn't at a bank for financial advice.
Hari Seldon
Member
She had some show for a long ass time that was basically simple financial advice. A part of the show was people calling in and asking Suze if they could afford something. Prior to the call they would send their financial details to Suze. Basically it was something to watch to make you feel less poor (most of the time) lol.
no it doesn't, at least not for me. Who is she to judge if someone can afford something or not? Or rather how can she make a call like that? Who would be this stupid to lay out ones financials on TV? (and IF Suze were to get her data from another source, why the heck can she access it?)
And what exactly does her denying it mean for the caller? Isn't that a little bit like asking your mother if you can buy a new toy and than buying it anyway? Therefore instead of "denied" something like "not advisable" would make more sense
At first I thought this was some sort of "state your wish and I might grant it"-show...
yeah maybe I'm overthinking it.
so in short: the system sucks as usual
edit:
ahhh now I get it, thanks for the clarification
WaterAstro
Member
Yeah the denied seems like she is denying them money or something, but I understood it was just advice.
She finds the price of what they want, ask about their debt, then tell them if it's good or bad to go for it.
CopperPuppy
Member
Yeah, I encourage anyone who wants to look further into this to take a peek at the linked thread.
Randolph Freelander
Member
You have no idea how stupid people can be with money. For example, I know of a forum where a lot of people spend thousands of dollars every year on video games they have no intent of actually playing. Meanwhile, they haven't put the first dollar into a retirement fund.
Suze is telling those people to stop being dumb.
http://www.neogaf.com/forum/showpost.php?p=136790344&postcount=1519
That is a good post that goes over the Canadian retirement situation, and there are a few Canadians that regularly respond in the retirement thread.
Burn
Dang son
Yea if there was one thing I could go back to my old 20 year old self and tell him it would be always go up to the 401k match with all my employers. Playing catch up sucks
Hey! Those games have card drops that you can sell for pennies so it's more like I'm making money.
br0ken_shad0w
Member
If I didn't have a shitload of student loans to pay off, I would max out my retirement plan every year. Right now, I only contribute 5% (same as the employee match) and enough to hit the limit of my Roth IRA (5.5k)
Of course I say this now when I still don't even have my own house yet.
DJ_Lae
Member
I don't remember if the cat example was there when I went through university but there was certainly something equivalent when comparing managed funds to random chance.
Index stuff has always been the most consistent bet. Most of my pension is managed by a company for all the employees (no idea what they charge for fees either) but my own RRSP contributions are just in index funds.
Index stuff has always been the most consistent bet. Most of my pension is managed by a company for all the employees (no idea what they charge for fees either) but my own RRSP contributions are just in index funds.
AstroNut325
Member
My wife's new job uses Hancock. Are we screwed?
RumblingRosco
Member
I'd post a big "ooooh snaps" GIF but you're totally correct.
You should probably look closely at what fees they charge. This is just hearsay, but I have seen a number complaints online about Hancock charging high fees.
Never used this, but this might be helpful
https://www.personalcapital.com/landing/401k/0014
http://blogs.wsj.com/totalreturn/2013/10/01/401k-fees-how-much-is-too-much/
LoL.
Why can't we be both?
I buy games I have no intention of playing and 400K saved up.
Randolph Freelander
Member
You have won NeoGAF on this day.
AstroNut325
Member
So we're stuck. My wife's employer doesn't match. So is it still worth putting money into it over an IRA with Vanguard or Schwab?
Randolph Freelander
Member
No match at all? Favor the IRA up to the maximum and then re-evaluate. The tax advantages of the 401K are going to keep it in your mix (by either deferring taxes now or completely avoiding them later, depending on if you contribute pre-tax or after), but not before you fund your outside account which has those same advantages. An honest assessment of how long your wife plans to stick with that current role is also appropriate. When and if she leaves, she can roll the 401K balance into an outside IRA. High fees will eat into your returns, but its bearable over short durations if you can get those funds into low fee instruments sooner rather than later.
Edit: If you have a 401K with your employer, and if it has better options, you can also give it preference by making your contributions really high and leaving more of your wife's income to handling your regular expenses. Of course, if you're in a position where both of you could conceivably max out IRA and 401K contributions in a given year, you're back in the position of evaluating if the 401K does more harm than good (I still say go with it, but either press the issue with the employer to get a better plan, or just plan to leave the employer as soon as it makes sense to do so).
Wellington
BAAAALLLINNN'
I will watch the video tonight but the one thing that has made a big difference for me is that I started contributing while I was pretty young. I started working full time in the summer of '04 and didn't contribute from my own paycheck funds until 02/06 but at that time I was 23. Wish I had the additional 1.5 years of delicious gainz but I was making peanuts so I couldn't contribute much anyway.
AbortedWalrusFetus
Member
Those are the institutional shares. You want VTSMX for your IRA.
Edit: Beaten.
I use a "lazy portfolio" for my IRA. 70% VTSMX, 20% VGTSX, 10% bond market. We also fund my wifes 401k.
You're 1000 dollars short of being aesthetically pleasing. So near and yet so far.
BigWeather
Member
Great spot. I've really got to buckle down and focus on where my retirement savings are going. My company unfortunately uses Fidelity and their age-based target funds aren't great fee-wise. I need to see about shifting into a age-based target fund that is purely index-based with lower fees if they offer that. Too much money is at stake not to. =/
I also need to start saving up to the maximum amount allowed each year -- I've been slack about that. I'm assuming that once I hit the maximum they can automatically cut off the contributions so that I don't accidentally go over and incur penalties?
I do save quite a bit, so there's that, at least. Anyhow, good on John Oliver raising this issue, everyone needs to watch it.
I also need to start saving up to the maximum amount allowed each year -- I've been slack about that. I'm assuming that once I hit the maximum they can automatically cut off the contributions so that I don't accidentally go over and incur penalties?
I do save quite a bit, so there's that, at least. Anyhow, good on John Oliver raising this issue, everyone needs to watch it.
Sometimes guests just happened to be at the studio. Anyway she's weirdly hot. Like Amy Sedaris.
Just saw the episode and as someone that's been doing some serious thinking about finances, it's made me even more dubious about my financial advisor, and slightly worried about my finances.
I'm Canadian, so the rules are a little different here, but I've never fully trusted financial advisors. On that hilarious note, I have one via a family member's own advisor looking over at my stuff as well, and I've never been fully comfortable in signing up with him/his company completely.
This segment's really gotten me more vested with taking even greater care of my money.
I'm Canadian, so the rules are a little different here, but I've never fully trusted financial advisors. On that hilarious note, I have one via a family member's own advisor looking over at my stuff as well, and I've never been fully comfortable in signing up with him/his company completely.
This segment's really gotten me more vested with taking even greater care of my money.
terencecah
Member
more people should know how to save
Unknown Soldier
Member
If Suze thinks she can deny me my backlog she can fuck right off.
Wellington
BAAAALLLINNN'
Watched it this morning, revealed basically what we already knew about the predatory financial practices in this area. The only way to help yourself is to learn.
I am in an age based target fund with Fidelity as well, the fund fee is 0.14%. I have a percentage split into their S&P 500 tracking fund which is 0.05%. Call them up and ask about other fees and any other questions you have, my company actually has a pretty favorable set up with Fidelity.
Fallout-NL
Member
(stupid question)
Is there like a Dutch equivalent for these index funds, or is that strictly an American thing?\
(and do you always have to go through an intermediary to make these investments or is it possible to DIY that shit?)
Yeah, + the world is probably going to end before we hit retirement, so....
Is there like a Dutch equivalent for these index funds, or is that strictly an American thing?\
(and do you always have to go through an intermediary to make these investments or is it possible to DIY that shit?)
Yeah, + the world is probably going to end before we hit retirement, so....
oneils
Member
Americans should check out bogleheads.org and their wiki. Canadians should check out Canadian couch potato blog or the financialwebring forum.
I didn't really start saving until I was 28. For ten years, after that, I was mostly in cash. This year I finally put two thirds of that cash into td eseries mutual funds (in tfsa and rrsp account). Still trying to figure out what to do with the rest of the cash. I'll either open a taxable account or prepay my mortgage.
I didn't really start saving until I was 28. For ten years, after that, I was mostly in cash. This year I finally put two thirds of that cash into td eseries mutual funds (in tfsa and rrsp account). Still trying to figure out what to do with the rest of the cash. I'll either open a taxable account or prepay my mortgage.
Amory
Member
investing in an index fund is basically just buying shares in a lot of different companies, all packaged into one. it's an easy way to diversify your holdings. I know there's european index funds, I'm not sure if anyone offers a dutch index fund specifically (guessing not?)
you'll have to go through an intermediary to make an investment. but index funds, since they require very little active management, carry very low fees
Fallout-NL
Member
Alright, yeah makes sense. I shall investigate this option. Sounds like a pretty alright solution to that feeling of unease I'm often experiencing towards my future (financially speaking).
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