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It seems that the timeless and obvious retirement advice is: "save, save, save ... and plan, plan, plan". But, in reality, most of us have little real control over often unpredictable financial or health changes and other life's circumstances. Yet, at some point, most finally 'pull-the-plug' and retire with whatever they have at that time.
How much control were you really able to assert over the ultimate finances and timing of your retirement ... And How has your plan worked out for you since then?
In a nutshell: extremely well.
Biscuitpop and I began our careers in a time and in an economy when job security and defined pensions were the rule, and the companies/industries we chose were remarkably stable, and if you applied yourself, you'd be treated well. We worked hard and we conscientiously saved and invested and planned, and it's paying off well for us.
We don't for one moment believe we'd be in our current cushy situation without the chancy element of sheer luck. It was all about the timing and we had no control over that. There are hundreds of thousands, perhaps millions, of people who worked and planned as hard as we did and still got knocked on their butts. Young people who are just starting out today don't have the opportunities we did.
I would think those who saved big time and did without only to die early didn't make out to well but whomever they left the funds or assets to made out Ok..
I would think those who saved big time and did without only to die early didn't make out to well but whomever they left the funds or assets to made out Ok..
Well, yes. We've not yet died {early}, but conceivably we could and it might happen to our heirs. Don't care if it does and don't know what it has to do with the OP's premise??
Well, yes. We've not yet died {early}, but conceivably we could and it might happen to our heirs. Don't care if it does and don't know what it has to do with the OP's premise??
It's the type of thing nonsavers say to try to justify not saving.
They can't reason that those of us who save (for the most part) are not saying save to the exclusion of life.
It seems that the timeless and obvious retirement advice is: "save, save, save ... and plan, plan, plan". But, in reality, most of us have little real control over often unpredictable financial or health changes and other life's circumstances. Yet, at some point, most finally 'pull-the-plug' and retire with whatever they have at that time.
How much control were you really able to assert over the ultimate finances and timing of your retirement ... And How has your plan worked out for you since then?
I always spent less than I made, even though I didn't make all that much. It wasn't so much with an eye on retirement; it was just a way to live that I believe in, but it has paid off well in retirement.
There is certainly luck involved. My health was good enough for me to continue working until the moment of my own choosing. And I was lucky to be in a job where 8% of my salary was withheld whether I wanted it to be withheld or not, and put into a defined benefit pension plan. When I was young I never gave this much thought, but to some extent it took the "planning" out of my hands.
Never got that advice, coming from a dysfunctional broke blue-collar family. All I thought was, "How can you save enough money to not work?" Didn't understand interest rates until age 30 (really). I'm not sure how I could be that ignorant, but I was.
In my 40s, I noticed that a job I kept coming and going from had an old-fashioned pension plan. Originally, vesting was ten years (who thought of that at age 28?) but had then changed to five, and by sheer accident (staying perdiem while coming and going) I stayed in the system. So at 46, I returned for the fourth time and am in the saddle for that old-fashioned pension. I have saved in the 403b in a haphazard way, and have maybe $85K in it. If not for that pension, I imagine I'd save more, but looking at last year-statement (put in $4k, it went down $10k) I'm not real impressed.
I can't imagine what life was like when more jobs routinely had an old-fashioned pension. It's like watching black-and-white TV.
Faith, perseverence and stubborness works. Pensions came, and went. Marriage came, went, and came. Healthy living has been key, not only for sheer enjoyment of life, but for a frugal life too. Bomb shelter mentality, with good asset allocation helped along the way.
Two years away now - according to the plan - and we just keep putting one foot in front of the other. There is an old business maxim about planning your work and working your plan.
Applies for personal finances and retirement too.
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Luck plus a basic underlying attitude
, with good asset allocation helped along the way.
