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It used to be that janitor COULD retire after cleaning buildings for 30 years.
Small pension + SS and he could live comfortably somewhere.
Pensions are all but gone. Salaries have been eaten away by inflation over the years.
The "trickle down" seemed to stop with the CEO and his minions while the worker bees were thrown a small bone or two over the years. Many believed their home's value would be their retirement but here we are with values plunged 40-50% in some areas where there is no owner equity anymore.
And yes..sometimes it is the luck of the draw that you didn't get layed off when they did that last big round at your company.
And yes..sometimes it is the luck of the draw that you didn't get layed off when they did that last big round at your company.
No one can deny that luck is always a factor. But I think we all agree that more than luck is involved. People react in different ways to hardship. One person will complain that the society let them down, and another will go and try something else.
Yes it can be very hard for older Americans, because of age discrimination. It's so unfair that we work hard all our lives and the reward is that we are not respected or valued. Of course I am scared and worried. But I don't feel I can blame the rich CEOs or the government.
Incredible opportunities exist in this country, and they have for a very long time. Growing up we were poor, no other way to put it. My parents struggled to make ends meet, but they drilled into us that we could do better. I'm the product of public schools, including community college. I worked my butt off to be able to afford a decent education. Was I lucky? Yes I believe I was, but how much was actually luck vs focusing on an education aimed at a high paying career and then being the best at it that I could, saving all I could.
I do believe there are people in this country who are / were denied opportunity, but I believe there are many more who chose, for various reason, to not pursue opportunities for education or a better paying job. When someone chooses to not pursue an opportunity because they'd have to move, or go back to school or become an exempt employee, those are personal choices and NOT bad luck or lack of opportunities.
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Quote:
Originally Posted by HappyTexan
..And yes..sometimes it is the luck of the draw that you didn't get layed off when they did that last big round at your company.
I had 32 yrs in a great company, when the new CEO (profit motive) cut me lose 6 wk prior to retirement. I went back and got a master's, and have been working (as a volunteer) in 4 non-profits. I suppose I will need to get some additional income to cover medical and $12k/yr property taxes (up from $800 / yr (just my luck)).
Or.... move overseas (more likely than getting a job)
Just another chapter in life, not pretty, but it is adventurous.
I know a woman with whom I have been acquainted since childhood. While the rest of us kids were scrambling for jobs to earn a few extra pennies, she was sitting under a tree reading a book. She continually mooched off her parents even as an adult and when she married for the first time, "retired" to stay home and take care of her kids even though her spouse made very little. But she always lived beyond her means going into debt and borrowing from her parents (who could ill afford it) and acting as though she deserved better.
Once she won a sizable lawsuit but frittered it away on pleasuring herself never offering to pay back any of her creditors including her own parents.
Fast foward. Still mooching off her parents, she kicked her husband out and finally got a job of sorts to support her kids. But she was clever and soon found a man who was very successful, charmed him away from the lady he was interested in and married him. She was able to "retire" while in her late 50's and live the Life of Riley. She travels, buys what she wishes and lives a pretty darn nice life.
Her spouse works very hard and is happy doing so. He really cares about her and doesn't mind her extravagance. So there she is with the condo in Beverly Hills, clothes, jewlery and whatever else she has always desired living her "American dream."
Okay, so my point is you can do all the right things and still come up short but you can do all the wrong things and come up smelling like a rose. Luck, opportunity, planning or scheming all plays a part. It's how one takes advantage of them that counts. There are many formulas for sucess; none guaranteed to work but all have possibilites.
While I abhorr her methods I have to admit I admire the fact that she acheived her goals of being comfortable in her Senior years. And that, after all, what we are all seeking.
Just remember the more you make while working the greater a 15% savings rate will yield when retired. This holds true what ever you save. Some folks have a decided advantage others will have been behind the 8 ball all of their working life.
It used to be that janitor COULD retire after cleaning buildings for 30 years.
Small pension + SS and he could live comfortably somewhere.
Pensions are all but gone. Salaries have been eaten away by inflation over the years.
The "trickle down" seemed to stop with the CEO and his minions while the worker bees were thrown a small bone or two over the years. Many believed their home's value would be their retirement but here we are with values plunged 40-50% in some areas where there is no owner equity anymore.
And yes..sometimes it is the luck of the draw that you didn't get layed off when they did that last big round at your company.
While not as plentiful pensions are not all but gone. We have discussed this many a time in forums but I can tell you banks have confidence in many state pension plans and the ability of their pensioners to take on debt.
While I abhorr her methods I have to admit I admire the fact that she acheived her goals of being comfortable in her Senior years. And that, after all, what we are all seeking.
Yes her method was successful, even if not admirable. But lots of women try that method and fail. My mother was divorced at 40 and expected to find a rich guy to marry, but didn't. I have some friends who are heading down that same route -- spending every cent they get, not working enough, and always searching for the golden guy. Maybe it will work for some of them, but I think a lot of women probably end up disappointed. I also think this "cinderella plan" might be the reason women are not generally as ready for retirement as men.
A little LUCK but much more personal responsibility has so far shown positive results
The luck was in being hired by a city with a pension plan (as a secretary) although at the time (1979) the benefits didn't matter to me
The following 18 years of personal responsibility were experiences of (1) frugal living below my means, (2) saving every dollar I could, never accrued a credit balance (3) going to work every day to a very stressful work environment ~~ all while raising a family as a single mom
Times are so different now ~ that formula for a comfortable retirement is just not possible nowadays except for those with special talents
A little LUCK but much more personal responsibility has so far shown positive results
The luck was in being hired by a city with a pension plan (as a secretary) although at the time (1979) the benefits didn't matter to me
The following 18 years of personal responsibility were experiences of (1) frugal living below my means, (2) saving every dollar I could, never accrued a credit balance (3) going to work every day to a very stressful work environment ~~ all while raising a family as a single mom
Times are so different now ~ that formula for a comfortable retirement is just not possible nowadays except for those with special talents
Plenty of people "nowadays" are doing exactly what you did. What is it about the times being so different now as to preclude this? (Besides the fact that jobs are scarcer. They are harder to find, but they are still there for many, even if not for all who seek them.) By the way, what you accomplished is very much to your credit.
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(more likely than getting a job)
Comfortable in Retirement !
