|
|
Joined: Sep 2006
Posts: 15,015
Legend
|
OP
Legend
Joined: Sep 2006
Posts: 15,015 |
You've heard the story about America's retirement crisis. Young people don't save enough. Older people have to work longer. Public pension benefits are always on the verge of being slashed, and Social Security's future is anyone's guess. No one trusts the stock market, but keeping assets in a savings account generates the same return as keeping it under a mattress. The retirement picture is alarming at best. And now it has come to this: In its annual retirement study of middle-income Americans (income of $25,000 to $100,000), Wells Fargo asked participants if they expect to work until they die. "This is the first time we asked if people thought they would work until they die or become too sick," said Laurie Nordquist, head of Wells Fargo Institutional Retirement and Trust. Thirty-seven percent of middle-income Americans surveyed by Wells Fargo said they have that expectation. The finding translates to just under two in five Americans who believe they will never be able to retire. Wells included the question based on a larger trend exposed when participants have been asked how many expect to work until they are at least 80. That number was at 34 percent in this year's survey, a significant rise from 25 percent two years ago. It's been on a steady rise, too, up from 30 percent in 2012. If 80 is the new 60, it's looking like six feet under is the new 65 for a significant percentage of Americans. Paul Twitchell of Whitebox Advisors shares his thoughts on the next market bubble and where to find the best investment opportunities. The underlying trends in Wells Fargo survey are just as distressing, if not surprising. "What we heard is that paying day-to-day bills trumps planning for retirement," Nordquist said. "Day-to-day bills are really overwhelming them." Fifty-nine percent said their top financial concern is everyday bills, and 42 percent told Wells that it is not possible to both pay them and save for retirement. "As much as we read about the economy turning around, people in middle-class America are not feeling it yet," Nordquist said. Even for those with assets to invest for retirement, lack of a plan and lack of confidence in the stock market hold them back from building a nest egg. Only 30 percent have a retirement plan. The benefit of having a strategy is huge: Wells Fargo found that those with a plan have saved three times as much toward their retirement goal as those without one. "That's really amazing, and it makes a really big difference, whether your income is $25,000 or $100,000," Nordquist said. "The plan doesn't need to be elaborate." Yet the survey found that 75 percent of middle-income Americans said they are not confident that stock market is a good place to save for retirement. That finding holds true for both young and old. In fact, respondents in their 20s are the least sure, with 80 percent saying they are not confident about investing in the market. "They have the long runway and should be taking advantage of appreciation," Nordquist said. Yet when Wells Fargo asked what they would do if given $5,000 to invest, most said they would put it in a savings account. One of the survey's more encouraging findings was that only 7 percent of Americans "strongly agree" that gambling in Las Vegas is as good an idea as investing in the stock market, but that's little solace (and 27 percent of Americans surveyed generally agreed with the statement). Starting early and having a plan are the most important steps, Nordquist said. "Those two have a lot more to do with what you end up with than the amount, even if you're saving at a 6 percent to 10 percent level," Nordquist said. "When you're young but not in the market, you won't build the nest egg." People in their 30s were the most likely to have a retirement plan in place, but 45 percent of respondents said they have so few assets there is no reason for them to have a plan, while another 25 percent said they don't know how to create one. "The ones without a plan we worry about," Nordquist said. Their plan could become to work until they drop. http://www.cnbc.com/id/101133464?__source=xfinity|mod&par=xfinity
We don't have to agree with each other, to respect each others opinion.
|
|
|
|
|
Joined: Sep 2006
Posts: 28,201
Legend
|
|
Legend
Joined: Sep 2006
Posts: 28,201 |
Well, that was the old retirement age, too.
Unfortunately, this will simply increase unemployment.
Browns is the Browns
... there goes Joe Thomas, the best there ever was in this game.
|
|
|
|
|
Joined: Sep 2006
Posts: 42,959
Legend
|
|
Legend
Joined: Sep 2006
Posts: 42,959 |
Quote:
Well, that was the old retirement age, too.
Unfortunately, this will simply increase unemployment.
I'm of Italian decent.. it's a little odd, men in my family work until they can't anymore. Always have. My dad died at 63, (I"m 61, scary) My grandfather worked until he was 90, my other grandfather worked until he was 85 which is when he died. My uncle in Vegas is 90 and still working as landlord. He owns a number of apartment buildings.
It's crazy, but not one of them needed to work that late in life, its just the way we were all raised.. You are alive, you work.. Pretty simple.
So while I have my days when I'd very much like to say "to heck with it, I'm hanging up my spurs", for the most part, I don't really have any intention of stopping until I can't go on.
And it's not just Italians.
#GMSTRONG
“Everyone is entitled to his own opinion, but not to his own facts.”
Daniel Patrick Moynahan
"Alternative facts hurt us all. Think before you blindly believe."
Damanshot
|
|
|
|
|
Joined: Sep 2006
Posts: 688
All Pro
|
|
All Pro
Joined: Sep 2006
Posts: 688 |
And it's not just Italians.
jews came to mind. 
tradition can only carry you so far, then you have to start winning again.
|
|
|
|
|
Joined: Sep 2006
Posts: 10,222
Legend
|
Legend
Joined: Sep 2006
Posts: 10,222 |
Quote:
And it's not just Italians.
jews came to mind.
I can just hear my uncle say...
deygos work till dhey drop. Dhey never quit till dhey die
(he's got a heavy Italian accent) and I'm Italian as well 
Hunter + Dart = This is the way.
|
|
|
|
|
Joined: Sep 2006
Posts: 8,882
Hall of Famer
|
|
Hall of Famer
Joined: Sep 2006
Posts: 8,882 |
The moment I can walk from my career I will. I don't hate my work. Actually I'm very thankful for it, but its what I do, not who I am. If I could quit tomorrow and make an equal living with my art and creativity I would. Unfortunately that's very difficult. So I work and save with the hope to be able to be free from it one day.
I guess for those that are lucky enough to have their passion in life earn them a living then working until death makes sense. I know for me an 8 hour day at work seems to take 10 hours. Where as 10 hours in my shop/studio seems to pass in minutes. The same could probably be said for years of working in ones passion or just punching a clock to pay the bills.
|
|
|
|
|
Joined: Sep 2006
Posts: 30,826
Legend
|
|
Legend
Joined: Sep 2006
Posts: 30,826 |
j/c
Eh, I know I'll never be able to retire. I will work till the day I die. And as I say that, I will also say our investments are doing okay right now........my fear is it's "fake" money that won't amount to much in the future. Social security is something I'm paying into but probably will never receive.
Such is life. I'm not looking to be like my parents.........retired and traveling the world. I'm not looking to be like my old teachers - 30 years and "hey O........living off retirement, i.e. someone else's money". I'm not a gov't. employee.......so nothing I have is guaranteed.
That's fine. I resigned myself a number of years ago to the fact that I will work till the day I die. I'm glad I have a job I love.
Edit to say: I don't feel it's up to someone else to pay for me to retire. What I, and my wife, save.......that's our "retirement". We sock away and invest what we can, and truthfully, if we decided to sell everything we have, and live low on the hog, we could probably retire right now. That's just not gonna happen though.
Last edited by archbolddawg; 10/23/13 06:43 PM.
|
|
|
|
|
Joined: Sep 2006
Posts: 3,431
Hall of Famer
|
|
Hall of Famer
Joined: Sep 2006
Posts: 3,431 |
Do what you love and you will never work a day in your life . I envy people like you who have a passion in their lives because if I did that is what I would be doing instead of working . I look at what I have in my life now and realize it means nothing to me ... Nothing at all . I am not wealthy but I don't want for much, have a nice home , toys etc but EVERYDAY I think about just walking away from it all . I work ( at a job that has been good to me ) with several young people , a couple of whom have ideas of taking off and seeing the world but don't because they are waiting for the right time . I can't get through to them that now is the right time if you fail ...so what!
|
|
|
|
|
Joined: Nov 2006
Posts: 3,259
Hall of Famer
|
|
Hall of Famer
Joined: Nov 2006
Posts: 3,259 |
live low on the hog isn't a bad idea at all. Alot of folks work right up to their wages/salary so any fluctuations are risky, and any rises in pay are quickly soaked up. I've been guilty of that in my early twenties. I could have saved more, but now I am saving 10-15% a month and feeling much better about it. I still need to get a house to start putting my cash into some equity tho.
I'd argue the biggest risk factor to not retiring is your mortgage and passive income. The mortgage is such a big chunk of your pay and I know a few people in their 50s only a few years into a 30 year note, there is no way you can retire! In one case they have a 300k house, if you were to be smarter and downsize to a 150-200k property that would give you even more savings and maybe you can try to pay it off in 10-13 years. Then if you can invest in some passive income in those 13 years you can maybe see about retiring once the note is paid off...
#gmstrong
|
|
|
|
|
Joined: Sep 2006
Posts: 42,959
Legend
|
|
Legend
Joined: Sep 2006
Posts: 42,959 |
Quote:
Quote:
And it's not just Italians.
jews came to mind.
I can just hear my uncle say...
deygos work till dhey drop. Dhey never quit till dhey die
(he's got a heavy Italian accent) and I'm Italian as well
Ah yes, the broken english... I love it. Deeza dagos, da worka tilla day dropa
#GMSTRONG
“Everyone is entitled to his own opinion, but not to his own facts.”
Daniel Patrick Moynahan
"Alternative facts hurt us all. Think before you blindly believe."
Damanshot
|
|
|
|
|
Joined: Sep 2006
Posts: 8,882
Hall of Famer
|
|
Hall of Famer
Joined: Sep 2006
Posts: 8,882 |
Quote:
Do what you love and you will never work a day in your life . I envy people like you who have a passion in their lives because if I did that is what I would be doing instead of working . I look at what I have in my life now and realize it means nothing to me ... Nothing at all . I am not wealthy but I don't want for much, have a nice home , toys etc but EVERYDAY I think about just walking away from it all . I work ( at a job that has been good to me ) with several young people , a couple of whom have ideas of taking off and seeing the world but don't because they are waiting for the right time . I can't get through to them that now is the right time if you fail ...so what!
Not all passions can be monitized easily. I worked as a freelance artist for a few years after leaving college. There were times I was making more money than I currently do. Then there were weeks of living very thin. There was also the feeling that I had when I took jobs not because I felt passionate about the project but because I needed a paycheck. Basically I was whoring out my talent. Something I consider a gift. Part of my soul.
It stopped being fun.
So I went back to school to get my nursing lisence. Some of my buddies said I sold out. I say I bought in. I help people for a living but more importantly now have a steady income. This affords me a home and a place to build and create without the pressure of having to pay the bills with it. Meaning my art is mine again. I create when I'm inspired. My friends and I are slowly monitizing what we do. More importantly we've gotten to a point where we have our work funded. Others are paying for supplies but we keep the art. (In most cases.) that and our audience has grown. I've shared my (our) creativity with well over 100,000 people in the past two years alone. Will we ever get to a point where we can quit our day jobs? It's a dream but I've accepted my reality in the present. I'm a nurse. Hopefully I don't have to do it to the grave.
![[Linked Image]](http://www.dawgtalkers.net/uploads/PortlandDawg/banner.jpg)
|
|
|
|
|
Joined: Sep 2006
Posts: 9,349
Hall of Famer
|
|
Hall of Famer
Joined: Sep 2006
Posts: 9,349 |
Quote:
j/c
Eh, I know I'll never be able to retire. I will work till the day I die. And as I say that, I will also say our investments are doing okay right now........my fear is it's "fake" money that won't amount to much in the future. Social security is something I'm paying into but probably will never receive.
Such is life. I'm not looking to be like my parents.........retired and traveling the world. I'm not looking to be like my old teachers - 30 years and "hey O........living off retirement, i.e. someone else's money". I'm not a gov't. employee.......so nothing I have is guaranteed.
That's fine. I resigned myself a number of years ago to the fact that I will work till the day I die. I'm glad I have a job I love.
Edit to say: I don't feel it's up to someone else to pay for me to retire. What I, and my wife, save.......that's our "retirement". We sock away and invest what we can, and truthfully, if we decided to sell everything we have, and live low on the hog, we could probably retire right now. That's just not gonna happen though.
Well you should get a job with a pension plan, so that way you can retire on the money you have contributed to it for 30 years 
You may be in the drivers seat but God is holding the map. #GMSTRONG
|
|
|
|
|
Joined: Sep 2006
Posts: 50,506
Legend
|
|
Legend
Joined: Sep 2006
Posts: 50,506 |
I agree. In theory, one's expenses should drop dramatically once they retire, unless they run up heavy expenses later in life. That's the way it used to work. Even if a person had a mortgage, it was generally paid off by the time they retired. Real Estate taxes also decrease once one hits retirement age, at least around here. We have what's called a Homestead Exemption. It essentially eliminates part of the home's value from taxation. I think that it's $25,000 or somewhere around there. So, if a person has a home that would be valued at $100,000 for tax purposes, (and there are exemptions for living in the home, etc.) then the new tax value would be $75,000.
This lowers the cost of living for a person at retirement age. Combined with having their mortgage paid off, this can lower housing expenses significantly.
I also think that too many people have run their housing expense up far too high, and too late in life. I remember people like my grandfather, who lived int he same home from the 1940s till he passed in 1990. He didn't have some incredible house, but it was enough for him.. It was an older home, and the kitchen was horribly out of date, but it served his purposes very well. We asked him why he never updated the kitchen, and he said that he saw no sense in spending money on something he didn't need. I think that sensibility is missing today among many people. People want the latest and greatest ... and largest home they can afford .....
You make very god points.
Micah 6:8; He has shown you, O mortal, what is good. And what does the Lord require of you? To act justly and to love mercy, and to walk humbly with your God.
John 14:19 Jesus said: Because I live, you also will live.
|
|
|
|
|
Joined: Sep 2007
Posts: 1,391
Dawg Talker
|
|
Dawg Talker
Joined: Sep 2007
Posts: 1,391 |
It's the MTV Cribs mentality.
People overspend on everything.
------------------------------
*In Baker we trust*
-------------------------------
|
|
|
|
|
Joined: Sep 2006
Posts: 8,882
Hall of Famer
|
|
Hall of Famer
Joined: Sep 2006
Posts: 8,882 |
It's why when I went looking for a home this time around I looked for a small home on a large lot. 1200sq' single level home, 2bed 1bath, with a large 1 car garage, a 20'x30' shop (barn), and a garden shed. On almost a half acre, 0.41. Which in Portland is like having a field. Most Portland lots are the size of postage stamps at 0.11-0.16 acre. At 1200sq' the home is cheap to heat, and easy to clean. My girlfriend and I will be able to to pay it off by the time I'm 58. Her 53. Making retirement a possibility. Even if I can switch to part time at 63.
It'd be nice to have another bathroom and bedroom but it would have cost another $30-50,000 in my neighborhood. Meaning extending my mortgage into my 60's. No way. Not worth it.
Too many people live above their means. With a sense of entitlement for granite countertops and stainless appliances. Never really understood the mindset.
|
|
|
|
|
Joined: Sep 2006
Posts: 42,959
Legend
|
|
Legend
Joined: Sep 2006
Posts: 42,959 |
The cost of the following items continues to increase without regard to the buyers age:
Gasoline
Natural Gas (actually, it fluctuates)
Electricity
Cable TV
Internet
Food
Clothing (however, later in life, I suppose there is the possibility you won't need work clothes)
Airfare
Automobiles
Auto Repairs (although it could be said we'd drive less)
You know what, I'm going to stop there, the point is made...
#GMSTRONG
“Everyone is entitled to his own opinion, but not to his own facts.”
Daniel Patrick Moynahan
"Alternative facts hurt us all. Think before you blindly believe."
Damanshot
|
|
|
|
|
Joined: Sep 2006
Posts: 10,222
Legend
|
|
Legend
Joined: Sep 2006
Posts: 10,222 |
Quote:
The cost of the following items continues to increase without regard to the buyers age:
Gasoline (won't drive that much)
Natural Gas (actually, it fluctuates)
Electricity
Cable TV (don't need this to survive)
Internet (don't need this to survive)
Food
Clothing (however, later in life, I suppose there is the possibility you won't need work clothes)
Airfare (don't need this to survive)
Automobiles
Auto Repairs (although it could be said we'd drive less)
You know what, I'm going to stop there, the point is made...
so basically... Automobile- public transportation
Food Clothes Natural Gas and Electric are the necessities
all of the rest is a want
that's the problem with Americans today
They believe a want is a need
Hunter + Dart = This is the way.
|
|
|
|
|
Joined: Sep 2006
Posts: 40,399
Legend
|
|
Legend
Joined: Sep 2006
Posts: 40,399 |
Quote:
Quote:
The cost of the following items continues to increase without regard to the buyers age:
Gasoline (won't drive that much)
Natural Gas (actually, it fluctuates)
Electricity
Cable TV (don't need this to survive)
Internet (don't need this to survive)
Food
Clothing (however, later in life, I suppose there is the possibility you won't need work clothes)
Airfare (don't need this to survive)
Automobiles
Auto Repairs (although it could be said we'd drive less)
You know what, I'm going to stop there, the point is made...
so basically... Automobile- public transportation
Food Clothes Natural Gas and Electric are the necessities
all of the rest is a want
that's the problem with Americans today
They believe a want is a need
I'd rather keep working to maintain a decent lifestyle than retire to a minimalist existence without cable, the internet, some travel, etc. I think that is the point being made...
yebat' Putin
|
|
|
|
|
Joined: Sep 2006
Posts: 42,959
Legend
|
|
Legend
Joined: Sep 2006
Posts: 42,959 |
Quote:
Quote:
The cost of the following items continues to increase without regard to the buyers age:
Gasoline (won't drive that much)
Natural Gas (actually, it fluctuates)
Electricity
Cable TV (don't need this to survive)
Internet (don't need this to survive)
Food
Clothing (however, later in life, I suppose there is the possibility you won't need work clothes)
Airfare (don't need this to survive)
Automobiles
Auto Repairs (although it could be said we'd drive less)
You know what, I'm going to stop there, the point is made...
so basically... Automobile- public transportation
Food Clothes Natural Gas and Electric are the necessities
all of the rest is a want
that's the problem with Americans today
They believe a want is a need
I guess it's ok with you then if you get old and can't watch TV or get online?
#GMSTRONG
“Everyone is entitled to his own opinion, but not to his own facts.”
Daniel Patrick Moynahan
"Alternative facts hurt us all. Think before you blindly believe."
Damanshot
|
|
|
|
|
Joined: Sep 2006
Posts: 50,506
Legend
|
|
Legend
Joined: Sep 2006
Posts: 50,506 |
I think that he can afford anything he wants. Different people have different wants and needs. If someone wants to retire, have a new car all the time, travel extensively, maintain a huge house, and so on, then they better have saved a considerable amount of money over the years.
If they are more "homebodies", and don't care about travelling, and are used to living life in a more frugal manner, then they can retire with considerably less.
Micah 6:8; He has shown you, O mortal, what is good. And what does the Lord require of you? To act justly and to love mercy, and to walk humbly with your God.
John 14:19 Jesus said: Because I live, you also will live.
|
|
|
|
|
Joined: Sep 2006
Posts: 40,399
Legend
|
|
Legend
Joined: Sep 2006
Posts: 40,399 |
What's the old saying... People have a vision of retirement where they get to live like they never did before on a fraction of the money they used to make.
yebat' Putin
|
|
|
|
|
Joined: Nov 2006
Posts: 4,126
Hall of Famer
|
|
Hall of Famer
Joined: Nov 2006
Posts: 4,126 |
Quote:
Quote:
Quote:
The cost of the following items continues to increase without regard to the buyers age:
Gasoline (won't drive that much)
Natural Gas (actually, it fluctuates)
Electricity
Cable TV (don't need this to survive)
Internet (don't need this to survive)
Food
Clothing (however, later in life, I suppose there is the possibility you won't need work clothes)
Airfare (don't need this to survive)
Automobiles
Auto Repairs (although it could be said we'd drive less)
You know what, I'm going to stop there, the point is made...
so basically... Automobile- public transportation
Food Clothes Natural Gas and Electric are the necessities
all of the rest is a want
that's the problem with Americans today
They believe a want is a need
I guess it's ok with you then if you get old and can't watch TV or get online?
mankind survived thousands of years without cable and internet.
It's supposed to be hard! If it wasn't hard, everyone would do it. The hard... is what makes it great!
|
|
|
|
|
Joined: Apr 2007
Posts: 17,284
Legend
|
|
Legend
Joined: Apr 2007
Posts: 17,284 |
Quote:
Quote:
Quote:
Quote:
The cost of the following items continues to increase without regard to the buyers age:
Gasoline (won't drive that much)
Natural Gas (actually, it fluctuates)
Electricity
Cable TV (don't need this to survive)
Internet (don't need this to survive)
Food
Clothing (however, later in life, I suppose there is the possibility you won't need work clothes)
Airfare (don't need this to survive)
Automobiles
Auto Repairs (although it could be said we'd drive less)
You know what, I'm going to stop there, the point is made...
so basically... Automobile- public transportation
Food Clothes Natural Gas and Electric are the necessities
all of the rest is a want
that's the problem with Americans today
They believe a want is a need
I guess it's ok with you then if you get old and can't watch TV or get online?
mankind survived thousands of years without cable and internet.
Also survived without much medicine, what's your point?
|
|
|
|
|
Joined: Sep 2006
Posts: 42,959
Legend
|
|
Legend
Joined: Sep 2006
Posts: 42,959 |
Quote:
Quote:
Quote:
Quote:
The cost of the following items continues to increase without regard to the buyers age:
Gasoline (won't drive that much)
Natural Gas (actually, it fluctuates)
Electricity
Cable TV (don't need this to survive)
Internet (don't need this to survive)
Food
Clothing (however, later in life, I suppose there is the possibility you won't need work clothes)
Airfare (don't need this to survive)
Automobiles
Auto Repairs (although it could be said we'd drive less)
You know what, I'm going to stop there, the point is made...
so basically... Automobile- public transportation
Food Clothes Natural Gas and Electric are the necessities
all of the rest is a want
that's the problem with Americans today
They believe a want is a need
I guess it's ok with you then if you get old and can't watch TV or get online?
mankind survived thousands of years without cable and internet.
Didn't always have cars either,, but hey, if you want to or think it's ok for our seniors to live in a Fridge box under a bridge or to go back to the local barber being the local doctor or get rid of motor vehicles and go back to a horse and buggy, be my guest..
My mom is 87 years old, starting to suffer a little dementia, but still gets on the computer and checks her email daily. Just lost her driving privileges in July but until then, she drove everywhere by herself..
So, just because in another time people lived without certain things, doesn't make it wrong for them to want to have some of those things,
Now, tell me which of the required things (as you see them) hasn't increased in cost and won't continue to increase in cost going forward, You make the list..
#GMSTRONG
“Everyone is entitled to his own opinion, but not to his own facts.”
Daniel Patrick Moynahan
"Alternative facts hurt us all. Think before you blindly believe."
Damanshot
|
|
|
|
|
Joined: Sep 2006
Posts: 1,426
Dawg Talker
|
|
Dawg Talker
Joined: Sep 2006
Posts: 1,426 |
I'm 30 and just depleted a large percentage of my savings in buying a house. My wife and I debated long and hard on what to do and decided that, at our ages, it was worth it to take our retirement savings down in order to shorten our mortgage. Our house will be paid off in our mid-50s and we both still contribute to retirement savings (plus, she has a nice plan for now, as a state employee). Under her current plan, she will retire at max value at age 58, and I'm imagining that I'll work a few years past that, into my early 60s. But, that still leaves our plan to both be retired with, hopefully, years to spend to together. Neither of us have any intention of working to death, God willing.
Now, for my age, I have a moderately conservative investment portfolio, because I don't trust the market to always be there. I just feel safer in certain futures and bonds than I do truly playing the market for retirement.
[color:"green"] "World domination has encountered a momentary setback. Please talk amongst yourselves." Get Fuzzy[/color]
|
|
|
|
|
Joined: Sep 2006
Posts: 40,399
Legend
|
|
Legend
Joined: Sep 2006
Posts: 40,399 |
I'm sorry log, that's impossible, as a 30 year old you are a member of the generation that is lazy and irresponsible and entitled, therefore you do not have a plan for retirement or any of that stuff you described, you are a liar.
yebat' Putin
|
|
|
|
|
Joined: Sep 2006
Posts: 40,399
Legend
|
|
Legend
Joined: Sep 2006
Posts: 40,399 |
Quote:
mankind survived thousands of years without cable and internet.
and cars, and refrigerated food, and indoor plumbing, and central heating and air, and electricity, and vaccinations....
I might get blasted for this but some level of entertainment and communication is a necessity. Do you need 1200 channels and a DVR? No, you don't... do you need a smart phone with a data plan? No, you don't... But it is a necessity to stay informed, have some way to communicate, even have some fun... etc... I would argue that having a computer and an internet connection is almost as much a necessity today as having a telephone was 30 years ago.
yebat' Putin
|
|
|
|
|
Joined: Sep 2006
Posts: 15,015
Legend
|
|
OP
Legend
Joined: Sep 2006
Posts: 15,015 |
[quote
Didn't always have cars either,, but hey, if you want to or think it's ok for our seniors to live in a Fridge box under a bridge or to go back to the local barber being the local doctor or get rid of motor vehicles and go back to a horse and buggy, be my guest..
Boy you take everything to the extreme. People aren't saying they should not have anything, just that peoples expectations at retirement, don't always match their budget. Especially those who didn't plan for retirement and presumes SS and minimal savings would provide for them.
If you don't plan accordingly, your not going to retire, buy a new Cadillac every 3-4 years, take vacations, etc. You may have to revisit priorities such as cable, internet, or work part time to help subsidize non-essential comforts.
I figure that is the path I will end up with, is a part time job, probably not because I will need the cash, but because I think I'll get bored at home.
We don't have to agree with each other, to respect each others opinion.
|
|
|
|
|
Joined: Sep 2006
Posts: 40,399
Legend
|
|
Legend
Joined: Sep 2006
Posts: 40,399 |
Quote:
Boy you take everything to the extreme.
This is squires exact quote...
Quote:
so basically... Automobile- public transportation
Food Clothes Natural Gas and Electric are the necessities
all of the rest is a want
that's the problem with Americans today
They believe a want is a need
So basically if you have a few sets of clothes, some food, a roof over your head and some heat, you can ride the bus and shut up. Somewhere between a new Cadillac every few years and riding the bus, there should be a functional medium right?
yebat' Putin
|
|
|
|
|
Joined: Sep 2006
Posts: 42,959
Legend
|
|
Legend
Joined: Sep 2006
Posts: 42,959 |
You didn't read Squires post. If you had, you'd know you aren't paying attention.
#GMSTRONG
“Everyone is entitled to his own opinion, but not to his own facts.”
Daniel Patrick Moynahan
"Alternative facts hurt us all. Think before you blindly believe."
Damanshot
|
|
|
|
|
Joined: Sep 2006
Posts: 15,015
Legend
|
|
OP
Legend
Joined: Sep 2006
Posts: 15,015 |
Quote:
You didn't read Squires post. If you had, you'd know you aren't paying attention.
I was paying attention, thank you very much. I just didn't take it to the literal extreme that you did.
We don't have to agree with each other, to respect each others opinion.
|
|
|
|
|
Joined: Sep 2006
Posts: 1,426
Dawg Talker
|
|
Dawg Talker
Joined: Sep 2006
Posts: 1,426 |
You're right. I'm actually posting this off my Obama phone from the free wifi at Planned Parenthood. You caught me. 
[color:"green"] "World domination has encountered a momentary setback. Please talk amongst yourselves." Get Fuzzy[/color]
|
|
|
|
|
Joined: Sep 2006
Posts: 30,826
Legend
|
|
Legend
Joined: Sep 2006
Posts: 30,826 |
Quote:
Quote:
j/c
Eh, I know I'll never be able to retire. I will work till the day I die. And as I say that, I will also say our investments are doing okay right now........my fear is it's "fake" money that won't amount to much in the future. Social security is something I'm paying into but probably will never receive.
Such is life. I'm not looking to be like my parents.........retired and traveling the world. I'm not looking to be like my old teachers - 30 years and "hey O........living off retirement, i.e. someone else's money". I'm not a gov't. employee.......so nothing I have is guaranteed.
That's fine. I resigned myself a number of years ago to the fact that I will work till the day I die. I'm glad I have a job I love.
Edit to say: I don't feel it's up to someone else to pay for me to retire. What I, and my wife, save.......that's our "retirement". We sock away and invest what we can, and truthfully, if we decided to sell everything we have, and live low on the hog, we could probably retire right now. That's just not gonna happen though.
Well you should get a job with a pension plan, so that way you can retire on the money you have contributed to it for 30 years
http://finance.yahoo.com/news/bye-bye-fannie-mae-freddie-151546268.html
Seems like even our federal gov't. is realizing working for 30 years and then getting a pension and health care isn't sustainable.
I'm sure these workers will be able to roll over their contributions to private plans, and get their pension and health care, self funded, right?
I know several teachers here that retired last year because the teachers retirement for the state of Ohio was "changing", and if they didn't retire last year, they'd end up losing money in the long run.
Make of it what you will.
|
|
|
|
|
Joined: Nov 2006
Posts: 4,126
Hall of Famer
|
|
Hall of Famer
Joined: Nov 2006
Posts: 4,126 |
Quote:
So, just because in another time people lived without certain things, doesn't make it wrong for them to want to have some of those things,
I never said there was anything wrong with wanting those things. They should not be classified as a need. If one does not have food, they will die. If one does not have cable, life will go on.
Read the quote chain I replied to and that's exactly what was being discussed, wants vs needs. So many wants get classified as needs these days.
If one is going to retire with limited income, some wants are going to have to be sacrificed.
It's supposed to be hard! If it wasn't hard, everyone would do it. The hard... is what makes it great!
|
|
|
|
|
Joined: Sep 2006
Posts: 39,674
Legend
|
|
Legend
Joined: Sep 2006
Posts: 39,674 |
Quote:
live low on the hog isn't a bad idea at all. Alot of folks work right up to their wages/salary so any fluctuations are risky, and any rises in pay are quickly soaked up. I've been guilty of that in my early twenties. I could have saved more, but now I am saving 10-15% a month and feeling much better about it. I still need to get a house to start putting my cash into some equity tho.
I'd argue the biggest risk factor to not retiring is your mortgage and passive income. The mortgage is such a big chunk of your pay and I know a few people in their 50s only a few years into a 30 year note, there is no way you can retire! In one case they have a 300k house, if you were to be smarter and downsize to a 150-200k property that would give you even more savings and maybe you can try to pay it off in 10-13 years. Then if you can invest in some passive income in those 13 years you can maybe see about retiring once the note is paid off...
I agree with you to degree, but I think that is the "old" model. I don't think some people plan to retire with a house paid off. The plan for many is to sell off at whatever profit they can make, take the equity and use that to supplement a retirement and rent the rest of the way, and in some ways that makes sense.
Unless you just have a strong desire to leave a $100-$200-$300,000 or more asset to you child/children, why not simply bank the cash to go with whatever else you have and devise your monthly income take off of that and rent a 2 bedroom apartment somewhere, or then pay off a much smaller home to finish your days? Live in as much as you can along the way, make as much profit as you can, then downsize when you are older.
To me, the idea of paying off a $200,000 or more home to live in the rest of your life is foolish. I always viewed a home as a apartment I rented, yet could sell to the next renter and make a profit.
Last edited by Ballpeen; 10/25/13 08:00 PM.
If everybody had like minds, we would never learn. GM Strong ![[Linked Image]](http://www.dawgtalkers.net/uploads/small-gator-chomp.gif)
|
|
|
|
|
Joined: Sep 2006
Posts: 27,361
Legend
|
|
Legend
Joined: Sep 2006
Posts: 27,361 |
Wait we are allowed to retire. Damn it you mean I have been working the last 10,000 years when I didn't have to 
I AM ALWAYS RIGHT... except when I am wrong.
|
|
|
|
|
Joined: Nov 2006
Posts: 3,259
Hall of Famer
|
|
Hall of Famer
Joined: Nov 2006
Posts: 3,259 |
Downsizing your home after an empty nest makes a ton of sense, no need to live in a mansion. But even moving into a condo or apartment you should have a significant portion of your equity in hand and notwaiting to be paid. If you buy a house at 40 you can sell it at 65 or even 60 with significant capital but a 30 year note at 50 makes no sense to me...
Which brings me to another point, my plan is to try for a 15 year mortgage. Yes ill get less house but I want more greenbacks lol
#gmstrong
|
|
|
|
|
Joined: Sep 2006
Posts: 8,882
Hall of Famer
|
|
Hall of Famer
Joined: Sep 2006
Posts: 8,882 |
Quote:
Which brings me to another point, my plan is to try for a 15 year mortgage. Yes ill get less house but I want more greenbacks lol
Look at the options. I had numbers drawn up for a 15, 20, and 30 mortgage. The 15 year was about 3.1% . The 20 was 3.6%. Surprisingly the 30 year was 3.4%. We opted for the 30 year but are paying the 15 year payment. Which works out to about $350 more per month. It'll get the house paid in 18 years but if something were to happen financially to me or my girlfriend we would only have to pay the 30 payment. Which can be done with one income. The added three years if payment is offset with piece of mind that I won't lose my house to a job loss or long illness.
Just something to consider.
|
|
|
|
|
Joined: Nov 2006
Posts: 3,259
Hall of Famer
|
|
Hall of Famer
Joined: Nov 2006
Posts: 3,259 |
Oh absolutely, the flexibility is nice but I just want to run the 15 year numbers in my head regardless whether we do 30 or 15
#gmstrong
|
|
|
|
|
Joined: Sep 2006
Posts: 1,267
Dawg Talker
|
|
Dawg Talker
Joined: Sep 2006
Posts: 1,267 |
I'm retired. I was tired yesterday and I'm tired again today.
|
|
|
DawgTalkers.net
Forums DawgTalk Everything Else... New Retirement Age May Be 'Never'
|
|
