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Old 06-30-2018, 03:33 PM
 
Location: Myrtle Creek, Oregon
11,057 posts, read 11,465,626 times
Reputation: 17214

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Quote:
Originally Posted by mysticaltyger View Post
"Find jobs with pensions" sounds good, but it's not a realistic plan for the vast majority of people. The majority of jobs do not offer them and even in government jobs where they are still offered, benefits are being scaled back because current benefit levels aren't financially sustainable.
My mother drew a small Teamsters pension for 33 years. If you work in a shop with union representation, you will have a pension. The days of Jimmy Hoffa are far in the past, and what happened to Jimmy brought home the dangers of stealing pension funds. They never found the body.

Do your 20 in the military and you will have a pension.

Corporate pensions were never a good deal, since companies stuffed the pension with their own stock rather than diversifying. If the company went down, so did the pension. If the company offers an employee DRIP, go with that, but you are not locked in to keeping the stock.
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Old 06-30-2018, 03:45 PM
 
11,709 posts, read 16,457,103 times
Reputation: 16402
Still looking for free money owed to those who do not bother with a real job, planning or otherwise taking care of their lives and finances?
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Old 06-30-2018, 04:26 PM
 
Location: Mid-atlantic
468 posts, read 81,888 times
Reputation: 454
OP: Heading into retirement with all your eggs in the SS basket goes against all good financial and retirement planning advice. I'm sure you know that. I would hope in the time you have remaining to retirement that you could find a way to build some savings of your own, if not for retirement purposes, at least for emergencies.

With the limited info you provided (time to retirement, housing status, debt etc) the easy answer would be to work as long as you can and delay SS as well.

However when this type of question is asked, there are so many variables it's difficult to give the kind of answer that could be helpful. The reality is only you know what your needs will be, and if Social Security will provide for those. Is it doable? Again, it's your question to answer.
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Old 06-30-2018, 06:00 PM
 
4,329 posts, read 5,274,403 times
Reputation: 4246
Quote:
Originally Posted by Threestep View Post
Still looking for free money owed to those who do not bother with a real job, planning or otherwise taking care of their lives and finances?
Exactly. You have your entire life to save money and every dollar helps, but these are the same type of people who can't plan what they're doing next weekend, let alone what they're doing decades from now. It should be a daily and weekly goal to be growing your wealth, putting aside money, finding investment opportunities, and rising above your current level. Nobody said it's easy, but if you don't plan, you won't have much of a retirement or a life at all.
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Old 07-01-2018, 09:19 AM
 
Location: USA
6,171 posts, read 4,954,982 times
Reputation: 10547
A good number of the population work jobs that pay so little that there is absolutely nothing to save after bills are paid (and sometimes ending up in the red)
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Old 07-01-2018, 10:16 AM
 
Location: equator
2,614 posts, read 1,116,428 times
Reputation: 6364
Quote:
Originally Posted by freemkt View Post
Turns out most people actually file for SS at 62. It's not clear how many are forced into it by health issues and/or unemployment.
Yes, that was us. Forced out of our jobs due to both issues you mention. So we took it at 62 and have never looked back. Enjoying those extra years while we have the relative health to do so. Will add that we moved to much lower COL country to do so.
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Old 07-01-2018, 10:49 AM
 
24,738 posts, read 26,803,263 times
Reputation: 22723
Quote:
Originally Posted by Larry Caldwell View Post
My mother drew a small Teamsters pension for 33 years. If you work in a shop with union representation, you will have a pension. The days of Jimmy Hoffa are far in the past, and what happened to Jimmy brought home the dangers of stealing pension funds. They never found the body.

Do your 20 in the military and you will have a pension.

Corporate pensions were never a good deal, since companies stuffed the pension with their own stock rather than diversifying. If the company went down, so did the pension. If the company offers an employee DRIP, go with that, but you are not locked in to keeping the stock.
That's nice and all but the fact remains that fewer jobs offer them and the percentage that do is shrinking. Heck, I have a pension and am trying to safe as if I'm not getting one because I don't want to rely on it. It's just not a good idea to rely on someone else to take care of you.
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Old 07-01-2018, 12:30 PM
 
9,279 posts, read 7,300,835 times
Reputation: 22786
Quote:
Originally Posted by freemkt View Post
I don't have retirement savings, so my only question is when to file for Social Security. But then I would be forever second-guessing my decision.

That does not sound like fun. How do people actually make these decisions? Are they happy with their decisions, or do they come to regret them - is there a lot of second-guessing?.

Is there a path to a happy ending?
No savings and no pension? Have you checked your SS estimate on SSA.gov? Is provides the number for drawing at 62, FRA, & 70. Which of those can you live on with the least amount of additional income supplementation?
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Old 07-01-2018, 12:50 PM
 
Location: Knoxville, TN
976 posts, read 426,369 times
Reputation: 2049
Quote:
Originally Posted by mysticaltyger View Post
That's nice and all but the fact remains that fewer jobs offer them and the percentage that do is shrinking. Heck, I have a pension and am trying to safe as if I'm not getting one because I don't want to rely on it. It's just not a good idea to rely on someone else to take care of you.
A pension is not "someone else" taking care of you. Those of us with pensions contributed out of every paycheck all of our working lives to the pension fund. The pension system was part of our compensation package and is an earned benefit. Whether you can rely on the pension is another matter, but it is not being taken care of by someone else.
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Old 07-01-2018, 12:59 PM
 
1,326 posts, read 529,298 times
Reputation: 2308
Quote:
Originally Posted by freemkt View Post
I'm listening to this Saturday morning financial radio show - retirement planning, investing, taxes - and they're discussing various options for maximizing retirement income.


Like when should joint filers start taking Social Security and/or start withdrawing from retirement plans? Should they convert to a Roth? Better to tap the 401(k) now in order to delay filing for SS, or to file now for SS and let the 401(k) grow until you reach 70 1/2, when RMDs are required? The scenarios are dizzying for couples, but even singles have uncertainty.

I don't have retirement savings, so my only question is when to file for Social Security. But then I would be forever second-guessing my decision.

That does not sound like fun. How do people actually make these decisions? Are they happy with their decisions, or do they come to regret them - is there a lot of second-guessing?.

Is there a path to a happy ending?
In our case, we are taking it at full retirement. Not because we need it but because while waiting to later will pay out more monthly, life expectancy is not a given. If you can't afford to retire before full retirement age without taking social security and are healthy enough to continue to work, do so. If you want or need to retire earlier than full retirement age then dipping into your 401k and IRA's may make sense especially if they are fairly large to avoid a future high tax bill but avoid taking out more than what you would get at full retirement age from Social security unless your accounts are large enough that you will have plenty left for the years between when you collect and when you pass this world. On the other hand if retiring early is due to health and your life expectancy is low, taking out early may make more sense even if you have to supplement with your 401K.

There is always second guessing whether you should have waited or should have taken it out earlier. If you live to 100, waiting until 70 might have been a better choice if you didn't need the money; however, if you only lived until 70 then taking out at the earliest age you could would have been a better choice.
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