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OP you should ask those over 65 with no retirement savings if they regret not saving? My guess is that you would receive an overwhelming YES.
There are some people who are gifted enough to communicate with the dead.
Speak up! Speak up!
"I reside 6 feet under with maggots eating away at me. I just filled out my social security paper at 64, was rushing to the social security office, and then on my way to a travel agency to book my round-the-world trip, some
**shole sailed thru a red light and turned me and my car into a pancake!"
Why didn't someone, early on, steer me to a Gambler's Anonymous chapter!
The media and personal finance yahoos scare you to death about saving for retirement. All I know is that I need some balance in my life. Somtimes that means putting money away for the long term and sometimes that means blowing it on a vacation right now.
You don't want to be at the end of your life with a pile of money looking back saying gee I never did anything with my life but save money and now I'm too old and disabled to enjoy it.
I plan on working for money until a late age in life, but eventually will do some volunteer work. I will save enough so that I don't have to go to the 4:00 buffet everyday and still have enough left over to pay my insurance premiums.
For those folks who don't plan on saving for your old age....please don't expect your adult children to bail you out or pay your nursing home bills. It ain't gonna happen.
The best gift we can give our children is being able to take care of ourselves as seniors and never having to ask for a handout.
User ID, every one has differing dreams of what they will do when they get to retirement age, some will like their jobs so much they'll never retire, others may just slow down a bit and maybe just work 3 days a week,others go for the full retirement and enjoy whatever it is they do in retirement.
Personally i did quite well in life and have chosen the full retirement option,
Money is such that i have many big boy toys and come winter i can spend several months a year down in Florida.Retirement for me is great,never a dull moment, just couldnt imagine working for my entire life when in todays society the means exist whereby you can move over and make room for some one else once you get into your later years.(60ish)
If when you are young you have the notion that you will never retire then you've somewhat sealed your fate to that course of action if you havent set up the financial means to retire on the remote chance that once you get to retirement age you may not think the same way about it as when you were much younger.
Like I said, "I'm not sure", I wasn't sure what you were implying.
I have no problem with people that retire, but as I said before, people that are currently retired started their planning in a much different world that exists today. Many of the things that were true then, aren't necessary true today.
I think things are very good retirement planning today. There are articles written on the great investment decades were and we may be in one. If a young person entered the market in March of 2009 with the Dow below 6500 they would now be well on their way with it at 11,200. It is all about timing and only hindsight will tell when the good decades began and ended. This could be one. Unfortunately the press highlighted the trillions lost on the way down but have not talked as much about the trillions made since March 09. The markets are back at pre Lehman Brother levels and two years of losses are gone. If we can now work back to October 2007 levels.
I think things are very good retirement planning today. There are articles written on the great investment decades were and we may be in one. If a young person entered the market in March of 2009 with the Dow below 6500 they would now be well on their way with it at 11,200. It is all about timing and only hindsight will tell when the good decades began and ended. This could be one. Unfortunately the press highlighted the trillions lost on the way down but have not talked as much about the trillions made since March 09. The markets are back at pre Lehman Brother levels and two years of losses are gone. If we can now work back to October 2007 levels.
I entered in the start of 2007 January. Very good timing as I continue to buy and bought those shares at a very very cheap price.
Going forward i think gains maybe a little more muted then they were ,,with bonds and their interest levels down for the count and nice gains in other asset classes having transpired its going to be tough to carry the ball.
im sure over 20-30 years time things will eventually cycle around again but i think we lost an entire generation in equities who might not come back.
they learned early on they dont really have the stomach for risk,, most of my generation got in after the 1987 crash and never really were tested as much.
we didnt know the feeling of panic like we had in 2008 for many decades.that kept us invested and in the game..the generation today is now much more gun shy.
Last edited by mathjak107; 11-07-2010 at 11:59 AM..
Going forward i think gains maybe a little more muted then they were ,,with bonds and their interest levels down for the count and nice gains in other asset classes having transpired its going to be tough to carry the ball.
im sure over 20-30 years time things will eventually cycle around again but i think we lost an entire generation in equities who might not come back.
they learned early on they dont really have the stomach for risk,, most of my generation got in after the 1987 crash and never really were tested as much.
we didnt know the feeling of panic like we had in 2008 for many decades.that kept us invested and in the game..the generation today is now much more gun shy.
The crash means an opportunity to buy more shares at a cheaper price. I am never worried about the down market. Just have a plan and stick with it.
me too but 3/4's of small investor did the opposite. they found those words in the prospectus may contain risk really do mean something. many are gone now from equity investing and may not come back . theres a whole new market mentality now.
No where in this thread did I suggest people of any age should never save and spend all their money, rather I've suggested that "retirement" is an outdated concept and hence retirement savings is not required.
Well what do you when your body gets old and creaky and you don't want to burn out 12 hour days anymore? Or you get sick for a while? Or you just would like to work occasionally?
All depends what you want.
At least in my friends case, with his living his health has gone down the drain and he is struggling to keep up with full time work. He wants to work till 70 but it's going to be tough to make that work.
Personally in my case, I'd rather sail into my 50's with a paid off roof over my head, some diverse assets with gas leases, stocks, land and maybe a rental house, plus some cash savings. That way I could have the option of working sometime, full time or to take a break. Sure I'd like to do what I do until I am 70 but if I can't or don't feel up to it, then OK.
With my friend 2 years ago when he got booted out of the motel 6 he was staying in, he had $4 in his pocket and the sympathetic people there gave him another $12.
All I ask is if you want to be that guy? I don't but if you want to, I certainly am not holding you back.
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Retirement is over rated
