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Old 09-17-2011, 10:49 PM
 
12,671 posts, read 21,062,238 times
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Why do you chose to live this way?

Did you plan for your retirement at all in your early years?

Not enough education on investments and how money works?

Unfortunate life events? (Disability, Long-term unemployement in your career, very low-income earnings, etc)

 
Old 09-19-2011, 11:13 AM
 
Location: Las Vegas
13,890 posts, read 25,331,777 times
Reputation: 26385
I don't think this is the preference or choice of people who do this. Very few people with any alternatives available would choose to live on SS alone.
 
Old 09-19-2011, 11:22 AM
 
Location: SW MO
23,605 posts, read 31,492,863 times
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Quote:
Originally Posted by Texas User View Post
Why do you chose to live this way?

Did you plan for your retirement at all in your early years?

Not enough education on investments and how money works?

Unfortunate life events? (Disability, Long-term unemployement in your career, very low-income earnings, etc)
Is this an indictment? It sounds like one and if so, I find it very unattractive.

I very much doubt that anyone knowingly and purposely becomes so dependent upon so little.

Last edited by Curmudgeon; 09-19-2011 at 12:10 PM..
 
Old 09-19-2011, 11:51 AM
 
Location: State of Being
35,885 posts, read 67,179,255 times
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Quote:
Originally Posted by Curmudgeon View Post
Is this an indictment? It sounds like one and if so, I find it very unattractive.

I vetry much doubt that anyone knowingly and purposely becomes so dependent upon so little.
Totally agree with that. And many things can put us into a financially difficult situation later in life even if we did do "all the right things" for 40 years.

Catastrophic medical bills, divorce (wh/ includes splitting one's pension, if a person is so fortunate as to even HAVE a pension these days) - as well as halving the other assets . . . unexpected financial loss due to stock market . . . death of spouse who has been primary breadwinner . . . disability . . .lawsuits . . .

Speaking of lawsuits, let me tell ya . . . I have a friend whose mid-80 y/o parents were sued and the cost was staggering. Strange situation - their indoor dog dashed out an open door as they were carrying in groceries and ran right into the wheels of a cyclist (who was training for a marathon of some sort) . . . and the cyclist sued the owners for not only medical bills but for earnings lost and chronic pain due to back and arm injuries, nerve damage, etc etc. Their homeowner's insurance only covered part of the expenses, b/c the settlement was literally hundreds of thousands of dollars plus attorney expenses.

Stuff happens.
 
Old 09-19-2011, 12:14 PM
 
Location: SW MO
23,605 posts, read 31,492,863 times
Reputation: 29076
Quote:
Originally Posted by anifani821 View Post
Totally agree with that. And many things can put us into a financially difficult situation later in life even if we did do "all the right things" for 40 years.

Catastrophic medical bills, divorce (wh/ includes splitting one's pension, if a person is so fortunate as to even HAVE a pension these days) - as well as halving the other assets . . . unexpected financial loss due to stock market . . . death of spouse who has been primary breadwinner . . . disability . . .lawsuits . . .

Speaking of lawsuits, let me tell ya . . . I have a friend whose mid-80 y/o parents were sued and the cost was staggering. Strange situation - their indoor dog dashed out an open door as they were carrying in groceries and ran right into the wheels of a cyclist (who was training for a marathon of some sort) . . . and the cyclist sued the owners for not only medical bills but for earnings lost and chronic pain due to back and arm injuries, nerve damage, etc etc. Their homeowner's insurance only covered part of the expenses, b/c the settlement was literally hundreds of thousands of dollars plus attorney expenses.

Stuff happens.
Helps explain why we have a balloon policy along with our homeowners insurance.

Now divorce I can identify with. I lost half my defined benefit pension funds but thankfully, enough remained and was added in succeeding years that while it hurt it has not been a "defining" or severely limiting issue.

Besides, the divorce would have been cheap at twice the cost!
 
Old 09-19-2011, 01:02 PM
 
Location: Finally escaped The People's Republic of California
11,119 posts, read 7,570,795 times
Reputation: 6217
You know why divorce is so expensive?

Because it's worth it!
 
Old 09-19-2011, 01:05 PM
 
12,671 posts, read 21,062,238 times
Reputation: 2625
Quote:
Originally Posted by Curmudgeon View Post
Is this an indictment? It sounds like one and if so, I find it very unattractive.

I very much doubt that anyone knowingly and purposely becomes so dependent upon so little.
Elaborate? Just a general thread.
 
Old 09-19-2011, 01:19 PM
 
12,671 posts, read 21,062,238 times
Reputation: 2625
I am aware of all the happenings in life. I thought you can file bankruptcy on medical bills?

It should be smart to do a pre-nuptial agreement don't you think you protect yoru assets?

Most companies do 401K's and Roth 401K's now which has a far more chance of a greater return at retirement plus tax advantages.

With proper education and patience, you should not have to worry about losses in the stock market.

Why rely on your spouse alone for money?

There is disability insurance and attractive ones.

I thought you can get insurance to protect yourself from lawsuits? How come they did not get proper insurance?


'
Quote:
Originally Posted by anifani821 View Post
Totally agree with that. And many things can put us into a financially difficult situation later in life even if we did do "all the right things" for 40 years.

Catastrophic medical bills, divorce (wh/ includes splitting one's pension, if a person is so fortunate as to even HAVE a pension these days) - as well as halving the other assets . . . unexpected financial loss due to stock market . . . death of spouse who has been primary breadwinner . . . disability . . .lawsuits . . .

Speaking of lawsuits, let me tell ya . . . I have a friend whose mid-80 y/o parents were sued and the cost was staggering. Strange situation - their indoor dog dashed out an open door as they were carrying in groceries and ran right into the wheels of a cyclist (who was training for a marathon of some sort) . . . and the cyclist sued the owners for not only medical bills but for earnings lost and chronic pain due to back and arm injuries, nerve damage, etc etc. Their homeowner's insurance only covered part of the expenses, b/c the settlement was literally hundreds of thousands of dollars plus attorney expenses.

Stuff happens.
 
Old 09-19-2011, 01:24 PM
 
12,671 posts, read 21,062,238 times
Reputation: 2625
Quote:
Originally Posted by Curmudgeon View Post
Helps explain why we have a balloon policy along with our homeowners insurance.

Now divorce I can identify with. I lost half my defined benefit pension funds but thankfully, enough remained and was added in succeeding years that while it hurt it has not been a "defining" or severely limiting issue.

Besides, the divorce would have been cheap at twice the cost!
Why didn't you do a pre-nup to protect your assets?
 
Old 09-19-2011, 01:25 PM
 
12,671 posts, read 21,062,238 times
Reputation: 2625
Quote:
Originally Posted by Cali BassMan View Post
You know why divorce is so expensive?

Because it's worth it!
Not financially unless pre-nup.
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