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Old 06-01-2009, 10:05 PM
 
Location: Wouldn't you like to know?
9,113 posts, read 15,305,010 times
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Quote:
Originally Posted by user_id View Post
. I can't imagine sitting on that kind of money without doing something with it, .
Maybe we look at things differently. I live a frugal but enjoyable life. I am doing something w/my money. I am providing for myself and/or family for later in life so I have more choices. So I won't have to be a burden on my kids like I see many unfortunate people today. 30 yrs down the road I believe the power of compounding interest will help me reach my finacial goals....


Quote:
Originally Posted by user_id View Post
Nobody "has" to work at Walmart. Although, some people due to a lack of ability and intelligence may have little other options.
If you make poor financial decisions during your life, many will have to work somewhere later in life (substitute Walmart for any low paying job) because they have to......I've seen it way too many times than i'd care to.....Many very "smart" people make dumb mistakes w/their money over their lifetime.

To each their own...
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Old 06-01-2009, 10:38 PM
 
Location: Conejo Valley, CA
12,476 posts, read 16,976,529 times
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Quote:
Originally Posted by sierraAZ View Post
Hey, if you're happy to work until you need adult diapers, be my guest... Most of us aren't.
If I enjoy what I do why would I have it any other way?


Quote:
Originally Posted by Kaye02 View Post
Just because you retire from work does not mean you retire from life. Work is what you do to survive, not who you are. Most retirees that I know are still quite active and live very fulfilling lives.
I don't like this way of thinking, other than perhaps sleeping, you spend most of your time working. Enjoying it should be a goal to anybody.

By the way, I'm not suggesting that people that retire are all sitting in front of their TV's all day.


Quote:
Originally Posted by CouponJack View Post
Maybe we look at things differently. I live a frugal but enjoyable life. I am doing something w/my money. I am providing for myself and/or family for later in life so I have more choices.
If the money is not used for retirement then its wasted and its really only one choice we are talking about here. The choice to "retire" at some particular age vs having to continue to work until you are unable to do so.

I'd much rather use the money to start a business that I can actual control than hope the market does what I need in order to "meet my financial goals".

Also retirement accounts represent a certain level of risk that I'm not really interested in taking on, but that is a different issue.

Quote:
Originally Posted by CouponJack View Post
...Many very "smart" people make dumb mistakes w/their money over their lifetime.
.
Yes, smart people make mistakes with their money all the time. But smart people are not doomed to work at Wal-mart when they are old, they have other options.
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Old 06-01-2009, 11:54 PM
 
48,519 posts, read 81,063,674 times
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Ifd you are not saving for retirement then you just better prey if your not independently wealthy. Because if something goes wrong with your plan to work all your life then you are going to need the wealth or endup in the so called poverty class.
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Old 06-01-2009, 11:59 PM
 
Location: Sacramento
13,755 posts, read 23,226,054 times
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I saved a bit each year for retirement and am glad I did, opting to retire a few years ago. I liked having options concerning work. Having plenty of outside interest, staying engaged and active isn't a problem for me.

I understand some folks really enjoy their work, and can't envision retiring. However, situation and environments change over the course of a long career and the option to not work, or work part time, might be more appealing at some point in your life.
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Old 06-02-2009, 01:27 AM
 
985 posts, read 2,301,585 times
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Quote:
Originally Posted by user_id View Post
If I enjoy what I do why would I have it any other way?



I don't like this way of thinking, other than perhaps sleeping, you spend most of your time working. Enjoying it should be a goal to anybody.

By the way, I'm not suggesting that people that retire are all sitting in front of their TV's all day.
If other people don't enjoy it, and would rather retire why would they have it any other way? Hypocritical much?

Some people don't want to spend most of their time working a typical job, regardless of what profession it is. That's the whole point. And many work after retirement, just not in a conventional way, and they may or may not make money off of it. The point for them is saving so they don't have to worry about making money off their true passion. They can do it simply because they enjoy it. And, who are you to decide what other peoples goals should be? You want to have the freedom to do it your way, so you should extend that same courtesy to others.
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Old 06-02-2009, 01:55 AM
 
Location: Conejo Valley, CA
12,476 posts, read 16,976,529 times
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Quote:
Originally Posted by texdav View Post
Because if something goes wrong with your plan to work all your life then you are going to need the wealth or endup in the so called poverty class.
What is going to go wrong? The economy could collapse in which case I'd be screwed anyways. I could become disabled, but there is disability.

Quote:
Originally Posted by NewToCA View Post
I understand some folks really enjoy their work, and can't envision retiring. However, situation and environments change over the course of a long career and the option to not work, or work part time, might be more appealing at some point in your life.
Sure, for whatever reason I could change my mind. If saving for retirement was a simple matter than I would do it, but its not. It involves major sacrifices that are perhaps just as bad as having to still work when I'd rather "retire".
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Old 06-02-2009, 02:09 AM
 
Location: Conejo Valley, CA
12,476 posts, read 16,976,529 times
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Quote:
Originally Posted by Kaye02 View Post
If other people don't enjoy it, and would rather retire why would they have it any other way? Hypocritical much?
I'm not sure why you think I'm being hypocritical. As I said in my original post, the focus on retirement seems to be related to the fact that people do not enjoy their work.

I'm not trying to criticize someone for saving for retirement, rather present another way of looking at it. One will often get criticized for not saving for retirement, yet there can be reason behind not doing so.


Quote:
Originally Posted by Kaye02 View Post
Some people don't want to spend most of their time working a typical job, regardless of what profession it is. That's the whole point.
Then don't work a typical job?

Quote:
Originally Posted by Kaye02 View Post
And many work after retirement, just not in a conventional way, and they may or may not make money off of it. The point for them is saving so they don't have to worry about making money off their true passion.
If they are not making money than its a hobby. Regardless, why the fixation on retirement though? Instead of stopping working when you are say 60. Why not take 3 years out of 10 off to pursue your "true passion". Why back load it until your old?

Yes, there is the issue that 401(k)'s etc don't allow this. But I'm speaking about it just conceptually. How does it make sense to work for say 40 years straight and then not for 20~30 years? Back when most people were doing hard labor perhaps it made more sense, but now most jobs can be just as easily done when you're 60 as when you're 30.


Quote:
Originally Posted by Kaye02 View Post
And, who are you to decide what other peoples goals should be? You want to have the freedom to do it your way, so you should extend that same courtesy to others.
I find the idea conceptually odd, I have never suggested that people should not the right to do whatever they want.


Anyhow, I really don't have the freedom to do it "my way". Although, people are no longer forced to contribute to retirement (at least if you work in the private work force), they still have to pay social security. When I can opt out of social security is when I really will have the freedom to "do it my way".
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Old 06-02-2009, 03:05 AM
 
985 posts, read 2,301,585 times
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User_ID... It's not possible for everyone to work their dream job, it's just not. I think this is the main problem people are having with your idea, your implying that if people just work a little harder we could all be doing our dreams jobs and wouldn't have to retire. Who is going to do the necessary grunt work of our modern society, like trash collectors and such? Unless you can convince me that there tons of people out their who dream of being garbage men, which will be pretty difficult. If you can do your dream job for the rest of your life, great, but don't think that everyone has the same options. And one can work without getting paid, work is simply exerting effort to accomplish something. WORK - Definition from the Merriam-Webster Online Dictionary Also, many enjoy their jobs and still want to retire. My godfather for example, he loved his job a lot but decided to retire and spend more time doing volunteer work. Your last point, I agree with completely. You shouldn't have to put into social security if you don't want to.
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Old 06-02-2009, 03:30 AM
 
Location: Conejo Valley, CA
12,476 posts, read 16,976,529 times
Reputation: 4304
Quote:
Originally Posted by Kaye02 View Post
....your implying that if people just work a little harder we could all be doing our dreams jobs and wouldn't have to retire.
No, this is not what I'm implying at all. I'm implying that the basis of retirement is that one does not truly enjoy their work. If you do enjoy it, then the concept of retirement is rather vacuous.

But not saving for retirement is seen as some sort of sin regardless of whether you enjoy your work or even want to retire.

Quote:
Originally Posted by Kaye02 View Post
If you can do your dream job for the rest of your life, great, but don't think that everyone has the same options.
Never said everyone has the same options, rather the opposite. I suggest that it should be everyone's goal to have a job they truly enjoy, whether they reach that goal is another story.

But I know a number of people that are saving for retirement and have an idea about a business that they would like to start. They say "maybe when we're retired", why not redirect the retirement to save for the business now? What's the worse thing that happens? It does not work out. So you go back to work and have to work a few more years when you're older. You'll spend the same number of years working your job vs not working regardless. Why wait due to some outdated social convention?

My problem with traditional retirement is that for many people it appears to be a fetter to achieving what would make them happier.

Also, there are a number of manual labor sort of jobs that I would find interesting doing for a limited time. But that is another thing, people have it in their head that they pick something and do it for their entire life.
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Old 06-02-2009, 03:49 AM
 
985 posts, read 2,301,585 times
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user_id- Well, I apologize I really thought that's what you were implying. A lot of people don't start their own business out of fear, I don't think it has much to do with social convention. For every business that succeeds there are numerous good businesses that fail. It can take a lot of money to start a business, depending on the business. So if someone takes out a loan to start it, it could cost them a ton if it fails. I'd say that's a pretty big deal to most. Then what? They're now in debt so they have to go back to working a job they hate even longer, than their original plan, to pay of the debt.
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