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Gail

Are you financially prepared for retirement?

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Gail

As the baby boomers head into retirement, there is talk about how many of them are not financially independent when they do.

With the crises in health care and pensions, this just might be the problem of our next 2 decades!

Any thoughts?

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Gail

Personally, I've already told my hubby that he is not allowed to retire until the house is paid off. That will be in about 3 years.

I have a ways to go before I'm of retiring age.

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nuff sed

Shame on you..............I retired and my wife kept working and paid the house off in 9 years instead of 15. nuff sed

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Nan

It is an interesting condundrum isn't it....do we expect Jesus to come so soon that we should be devoting the majority of our financial resources to "the work" to coin a phrase current when I was a girl....or should we be prepared for a long period of retirement.

I heard a statistic today that at present there are about 5 people under retiring age for every one who has retired. By 2050 the estimate is, that figure will be halved, in this country. Personally I do not think what happens in 2050 will be of much concern to me even if the current status of the earth is maintained...but there are a few years between now and then for which I probably should be better prepared.

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Gordon1

As the baby boomers head into retirement, there is talk about how many of them are not financially independent when they do.

With the crises in health care and pensions, this just might be the problem of our next 2 decades!

Any thoughts?

Hi Gail,

There doesn't seem to be stability in pension funds. It's very likely that most have been pillaged, even before the 2008 crisis. They're just too easy a target. Top money managers are never accountable, being shifted around like pedophile priests with huge severance packets. No one knows where their money is until they try to withdraw it.

And I believe it's why we'll soon see labour union violence on an unprecedented scale, as was prophesied by EGW.

Retirement in the Western sense is not a concept I've found in the Bible so it seems to be an artificial construct. Many retirees I know are not personally enhanced by retirement even when well-heeled. Of course some love it and are even more productive, but I'd say most people are not fulfilled by their work, which is a great tragedy. I'm sure God did not intend us to invest the best hours of our lives in occupations we hate. But we've been educated to be cogs in the industrial machine and get our endorphins from bread & circuses.

We don't have 2 decades left anyway.

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Jeannieb43

Retirement is not the glorified condition it's been made out to be! The main issue is that my expenses have not diminished! They're just as high as before retirement -- but with only half as much income coming in.

So, I would caution the young generation to start living beneath your income right now. Make it a habit. Then it won't be such a shock when you're retired.

All this talk of vacations and cruises and other foreign travel.... Well, it's all beautiful. But in my case, I lost my partner. I'm now widowed, and traveling abroad without him just doesn't interest me.

I'm not complaining. I'm happy. But it's certainly not the life I'd envisioned when in my 50s.

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Tallmark

Haven't saved a dime for it. Don't intend to retire. That's never been in my personal game plan. If I make a bazillion dollars, I'll keep on doing that. Besides, I've always had my own businesses, so there was never a 401k plan there. I have also had good CPAs that have kept me from paying hight taxes, so I don't think I have too much into ss.

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nuff sed

Haven't saved a dime for it. Don't intend to retire.

You seem to have the idea that when it is time to retire you will still be in the bloom of health and able to work until you drop dead. You really should take another look and ask yourself, "What if I 'can't work' as I wish? If you don't have enough stashed away to take care of you for the rest of your life will 'we' have to support you in your 'old age"? nuff sed

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nuff sed

Woody, I am reminded of the time I was in the hospital for a few days. The gentleman in the bed next to me made the observation, "I never dreamed that when the day came for me to retire that I wouldn't be able to enjoy it because of my health". nuff sed

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phkrause

Woody, I am reminded of the time I was in the hospital for a few days. The gentleman in the bed next to me made the observation, "I never dreamed that when the day came for me to retire that I wouldn't be able to enjoy it because of my health". nuff sed

Very good point 'nuff sed. I always thought that I'd be working and than retiring at 70. But at 60 was laid off, and had been searching for 2 and 1/2 years, but no one willing to hire a 60+ yr old, than my wife who thought that she would always be able to work broke her back and has been told she will never be able to do her nursing job anymore because of the compression facture in her back, the heavy lifting that she had been doing that is, so both of us have now retired so that we can have an income. :(

So never say never is a good moto to follow. At least now we have the freedom to go where we need to go, and do many more things than when restricted to our jobs.

ps: we are not financially ready to be retired, lost most of our nest egg in the financial collaspe of '08, and than while out of work used most of what was left.

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Ellen

If Jesus were coming next month what would you do about your debts? I feel we should still be doing the honorable thing up until the last moment. Everything we do wants to be just what an upright Christian would do.

The old familiar story of the man plowing in the field asked what he would do if Jesus were coming right away, he says he would keep on plowing. I feel that is the right thing for a farmer to do.

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olger

Good thread.

I could sell my business for a good chunk. Stock market? I'm wary of it - almost pulled out completely last Friday.

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abelisle

2 things:

1) we can't over emphasize the importance of keeping healthy into our retirement years. I've seen too many of my colleagues not able to enjoy retirement due to health problems.

2) I have to be thankful that due to my teacher's union (NYC) I'm doing twice as well now as when I was working. They have the best pension fund in the USA and manage it very well plus I still can collect SS and have a tax-deferred annuity.

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Aliensanctuary

Although I have a modest 401k account, my big concern of late is that the govt. or banks will pull a fast one and disappear with our Social Security incomes, savings, and retirement accounts. We might last a month or two on food pantry stockpiles, but it would be a challenge to survive with the dollar worthless and no jobs. No money means we would have to move into primitive conditions and slowly starve to death. I'm OK with dying, but I was thinking retirement would be more like a vacation.

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Jeannieb43
On 9/14/2010, 9:31:28, Gail said:

Personally, I've already told my hubby that he is not allowed to retire until the house is paid off. That will be in about 3 years.

 

I have a ways to go before I'm of retiring age.

This is interesting, Gail.

Now it's been more than three years since you wrote this; is your house now paid off??

 

[Just tell me to shut up if this is being too nosy.]

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Jeannieb43

Hooray, Gail!    Great planning.   And a great marriage, with both of you working toward a common goal.

 

 

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Aliensanctuary

I was thinking, if things get really bad and there is little money, a person might find shelter in a pickup camper parked by water. At least there would be some protection from the elements and evil people, and some mobility as long as there is gas in the tank.

If I were to retire next year, my income on SS would drop to less than a quarter of my current earnings. Even with 401k, we would be living in poverty unless we shredded the credit cards, lived somewhere very cheaply, owned only one vehicle, if any, and walked or bicycled, if possible, to shopping and appointments. Maybe something like low-income senior housing could work. A big garden would be essential, also, along with no doctor visits unless there's a serious health problem. A small but sturdy, portable greenhouse might keep one warm in cold weather if there were a way to insulate it from the inside at night. A vehicle might function as a live-in greenhouse, too, if it were covered with leaves or surrounded with bales of straw to keep the wind from blowing underneath.

I'm not very optimistic about a comfortable retirement, but by changing priorities, downsizing, and lowering purchasing expectations, it could be survivable. Except for jamming my knee a few weeks ago, I'm never sick, but being able to go to a dentist would be a high priority. I've asked the Spirit to fix my knee so I can avoid surgery, but I don't think that's how it works. I can walk OK, but have to avoid twisting or there's serious pain. The x-ray indicated no visible damage, so MRI is next, unless it fixes itself. Medicare is available to retirees, and so is Obamacare, but both still require money to cover co-pays and deductibles.

Maybe I should open up a little stand to sell caramel corn. I have a killer recipe that tastes much better than the store-bought kind. Plus, it has all the vitamins and goodness of corn. If anyone sees packages of Killer Caramel Korn on the shelves at the supermarket, you know where it came from. Seriously, retirees may have to get creative in order to boost their income.

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