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When you're ready to retire, do you think that you'll be able to have enough money salted away, to live comfortably? Or do you think that you'll have to work the rest of your life, just to have enough money to survive on, when you're elderly? Do you have any health issues, that would impede your enjoyment of life, as you age? Do you have family and good friends to grow old with, or do you see yourself facing a lonely old age? Finally, do you see society doing more, to make life easer for the elderly in the coming years?
Well with boers retiring as payers I see governamnt revenues goig down ;so funding for entitlements will be goig down not up. The senate finance said that federal revnues have climbed to 25% of GDP form 20% during ckinton;s presidency ;so I don't see anyone wanting hgiher taxes because of it.Its hard to tax more wit out other cvonseqauencves like higher unemployment anyway.The healthcare bill alone means a 500 billion cut in medicare and massive state increases in cost for the added millions placed in medicaid for their portion ;so taxes will be going up in states to pay for it.Fro what I see decent retremnt means more money than ever to retire as moe taxes to support more people payig nothigni taxes as we rely on less and less as payers.
"Early retirement @ 62" for me this year, due to being unemployed, but will still look for a part-time job to help with finances. Wife works a full time, descent salary/great bene's job that she HOPES to keep for some years and past her "full retirement" age. Can't do the "early retirement" due to her salary. "Enough money salted away"......a lot of folks in our age bracket don't have that, unless they actually retired from a company or government agency. I had a hip replacement in '05 and a rotator cuff surgery in '07, but am still able to fly my little R/C helicopter around in our living room And, as long as we both can physically use our power boat, we will. No family or close friends around us......just the way it is and that's ok with us.
We just simply want to keep on enjoying life, as much as we "financially" can afford, that is.
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Originally Posted by artwomyn
When you're ready to retire, do you think that you'll be able to have enough money salted away, to live comfortably? Or do you think that you'll have to work the rest of your life, just to have enough money to survive on, when you're elderly? Do you have any health issues, that would impede your enjoyment of life, as you age? Do you have family and good friends to grow old with, or do you see yourself facing a lonely old age? Finally, do you see society doing more, to make life easer for the elderly in the coming years?
According to our plan, we should have enough to live on when we retire. It does depend on pensions and SS for part of it, but I believe the pensions are relatively sound and we could get by without SS with some adjustments. If all works well, we should even be able to leave a small inheritance to our kids.
We do have family, so it won't be a lonely existence, but we likely won't be visiting all the time. We have jokingly threatened to be a burden on our kids on a rotating basis (payback). No major health issues, but losing a few lbs would help matters.
I don't see society doing anything more to help seniors, simply because society can't afford it. I believe everyone was given tools to prepare for their retirement. Granted that misfortunes have fallen on some causing them to not be ready, but I think a majority of those not prepared decided to play now and pay later. I thought that vacation I took yesterday was worth it and now I'm paying for it today and into the future. I too am guilty of this to some extent, otherwise I would have retired 10 years ago. My saving grace was falling into a job that has a relatively sound pension.
My husband retired at 62 - almost 3 years ago. I worked only part time (sometimes) after the kids were in high school (I also went back to college and finished my degree), so I will only draw social security whereas my husband has a very secure pension (98% funded) and amazing lifetime benefits. We are having a wonderful retirement and have lots of friends and activities that keep us busy and always learning. Our children live out of state but at some point, we will move closer to them. We hope to never to work again.
I have always lived way below my means. Used cars, good job, smart investing, no debt and kids will be all college educated with good jobs. I have funded Roth IRA's for each of the kids since they started working at 16. They should have $1 million when they retire and I will be long gone. Come retirement in 5 years it will be me and us time. My life goal has been to give away $1 million to charity over my lifetime, based on what my financial planner says that will happen and we will have a well funded retirement. Consider myself lucky and smart to cover all bases.
When you're ready to retire, do you think that you'll be able to have enough money salted away, to live comfortably? Or do you think that you'll have to work the rest of your life, just to have enough money to survive on, when you're elderly? Do you have any health issues, that would impede your enjoyment of life, as you age? Do you have family and good friends to grow old with, or do you see yourself facing a lonely old age? Finally, do you see society doing more, to make life easer for the elderly in the coming years?
What, do you want us to write a dissertation or a book???
When you're ready to retire, do you think that you'll be able to have enough money salted away, to live comfortably?
That's the plan. We're currently well on track so far.
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Originally Posted by artwomyn
Or do you think that you'll have to work the rest of your life, just to have enough money to survive on, when you're elderly?
I hope not. If that were the case, I might just decide to empty the bank account and go out with a bang.
Quote:
Originally Posted by artwomyn
Finally, do you see society doing more, to make life easer for the elderly in the coming years? :
I don't even think about that. Our retirement planning is predicated on the concept that no one will take of us but ourselves. Although it would be nice if they raised (or just flat-out eliminated) the income cap on Roth IRA contributions.
I think and hope we'll have enough money to retire comfortably on for the rest of our lives, but I think frozen pensions, rising prices and how old you live to be do play in to that.
Yes, personally, I do have health issues. I have a kidney transplant that will not last forever, so either I'll wind up on dialysis within the next 2-10 years or suffer serious secondary illnesses and/or die from 25 years of the side effects of the strong medication I've been taking to keep my transplant. Been there and did that with dialysis and it's AWFUL. Does it effect my mental state? I try not to let it, but always waiting for the other shoe to drop is a burden. On the other hand, it certainly encourages me to enjoy the joy while I can, so to say.
Family and friends, yes I am blessed to have them and intend to keep them.
A few years ago I would have thought that society would have done things in the future to aid the elderly because we are such a huge group with needs (we baby boomers) that people can make big profits from. However, I wonder if the current economic crisis, that seems to have no end in sight, will be making things harder for the elderly at least in anything that involves finances.
Wow, it is March 2011. I had not thought of this before, but I have been on pension for 10 years now.
Instead of being transfered every 3-years as I had done since the 70's; we have now lived in one place for longer than anywhere else, going back to when we were children.
My Dw has gone from p/t transient jobs, to a 'career' job. It took her eight years to finally be promoted to f/t and semi-management [she is technically a worker and eligible for the union, but is filling a position normally held by someone two pay grades higher and management designated].
We are doing much better then we thought we would be doing at this age.
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And, as long as we both can physically use our power boat, we will. No family or close friends around us......just the way it is and that's ok with us.
