Recap: Retirement Planning, Virgin Atlantic Lifeline & More

 

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SamL
SamL (@guest_1017081)
July 15, 2020 17:25

Another issue relating to retirement and credit cards: What happens if you retire and your income drops by 40% (or really, if your income drops for any reason)? When you update your employment status and reduced income with the CCCs, how do they react? Do they do nothing as long as you make all payments, or do they proportionately reduce credit lines and generally tighten up, or might they freak out completely and start shutting down cards etc.

Millennial Outrage
Millennial Outrage (@guest_1017524)
July 16, 2020 11:52

Why would you update the banks? Employment status and income should only matter on new lines of credit or requests to increase existing LOC.

SamL
SamL (@guest_1017648)
July 16, 2020 14:49

Right. It’s when you want a new card or CLI that you need to disclose up to date info, so then they’ll know, and could act on the new information.

GengisKhan
GengisKhan (@guest_1016847)
July 15, 2020 11:21

No idea why anyone would pay fees to financial advisors in this day and age. Anyone capable of figuring out how to churn credit cards should be able to open a self-directed investment or retirement account.

debit
debit (@guest_1016787)
July 15, 2020 09:45

And then there is the question of why the US tax payers are paying pensions for millionaires in Congress. What happened to the insider trading case of Richard burr.

The experience of virgin airlines proves that the party of capitalists in the US are just a bunch of fake capitalists. They have a safety net when their busineses fail.

Parts Unknown
Parts Unknown (@guest_1016841)
July 15, 2020 11:06

Better than yesterday but not by much. 4/10

BlissfulApathy
BlissfulApathy (@guest_1016782)
July 15, 2020 09:37

Is it worth saving for retirement if you’re not planning on living to retirement age? Serious question.

Parts Unknown
Parts Unknown (@guest_1016796)
July 15, 2020 09:58

Some, yes. Plans change.

Frank
Frank (@guest_1016820)
July 15, 2020 10:26

Depends on if you want to leave anything behind aside from 20 maxed out Amex cards and a note that says “F*ck RATs”

Daniel329
Daniel329 (@guest_1016905)
July 15, 2020 12:39

I would say the answer is very highly dépendant in the exact situation. Not sure your case but I think you would need to share more details. Not necessarily with me but those in your life Or a financial advisor or a combo to make that decision.

Ann
Ann (@guest_1016933)
July 15, 2020 13:21

In the event of a premature demise, you can leave the savings to a less-fortunate relative or friend, or a charity.