U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 02-02-2008, 10:10 PM
 
Location: Forests of Maine
30,705 posts, read 49,503,410 times
Reputation: 19152

Advertisements

With my pension it all depends on the CEO.

With this guy my pay raises seem to be 2% plus a hair. A while back we had a guy who was in charge for eight years straight and every year we had 8.5% pay raises. Eight years of eight and a half pay raises made a big difference. But he is gone now.
Reply With Quote Quick reply to this message

 
Old 02-03-2008, 10:12 AM
 
782 posts, read 3,490,348 times
Reputation: 398
How much is enough?I will hope to have at least close to a mill i guess.If your house and cars paid for what is the goal to shoot for? I hope my job will still offer us a pension plan.As of right now if i retire 25 years and out i will receive about 2k a month from my employer.My wife will also have a pension plan.I am 32 now,so i hope to retire at 57.I dont invest in ira or 401ks,because i beleave i will retire before the require age to advoid penalties.If i can get that amount needed i will hopely live off a conservative interest and pension.
Reply With Quote Quick reply to this message
 
Old 02-03-2008, 11:09 AM
GLS GLS started this thread
 
1,985 posts, read 4,850,431 times
Reputation: 2408
Quote:
Originally Posted by Booboy View Post
How much is enough?I will hope to have at least close to a mill i guess.If your house and cars paid for what is the goal to shoot for? I hope my job will still offer us a pension plan.As of right now if i retire 25 years and out i will receive about 2k a month from my employer.My wife will also have a pension plan.I am 32 now,so i hope to retire at 57.I dont invest in ira or 401ks,because i beleave i will retire before the require age to advoid penalties.If i can get that amount needed i will hopely live off a conservative interest and pension.
You may want to reconsider your reluctance to invest in IRAs/401Ks. Here are a few points:

* You plan to RETIRE at 57, not DIE at 57. In two an one-half years later (59 & 1/2) the penalty goes away. Also, in some circumstances, you can tap this earlier (read your tax laws).

* If your employer matches any part of your contribution, and most do,
you are throwing away the free match by not being in your 401K.

* One of the most important reasons for being in an IRA or 401K is the premise that your tax bracket is higher now than it will be when you retire.
If your situation is that you have a very low tax bracket now, and don't need the deduction, I guess this doesn't apply to you.

* The pensions that you have for you and your wife MAY be there. However, businesses are already renegging on their promised pensions or
levels of support. Hypothetically, what will you do if either your or your wife's pension isn't there when you are ready.

The above is just me thinking out loud, and you may have some unique circumstances. However, I would discuss your current stance with a financial advisor who doesn't have a vested interest in selling you a product. At 32 you have a wonderful time horizon to save, and I would consider IRA/401K as one of the strategies to diversify your safety net.
Reply With Quote Quick reply to this message
 
Old 02-03-2008, 11:48 AM
 
782 posts, read 3,490,348 times
Reputation: 398
Quote:
Originally Posted by GLS View Post
You may want to reconsider your reluctance to invest in IRAs/401Ks. Here are a few points:

* You plan to RETIRE at 57, not DIE at 57. In two an one-half years later (59 & 1/2) the penalty goes away. Also, in some circumstances, you can tap this earlier (read your tax laws).

* If your employer matches any part of your contribution, and most do,
you are throwing away the free match by not being in your 401K.

* One of the most important reasons for being in an IRA or 401K is the premise that your tax bracket is higher now than it will be when you retire.
If your situation is that you have a very low tax bracket now, and don't need the deduction, I guess this doesn't apply to you.

* The pensions that you have for you and your wife MAY be there. However, businesses are already renegging on their promised pensions or
levels of support. Hypothetically, what will you do if either your or your wife's pension isn't there when you are ready.

The above is just me thinking out loud, and you may have some unique circumstances. However, I would discuss your current stance with a financial adviser who doesn't have a vested interest in selling you a product. At 32 you have a wonderful time horizon to save, and I would consider IRA/401K as one of the strategies to diversify your safety net.
I would need to consult a financial adviser.I will seek one out when my house is paid for.I hope to have my house paid for when i turn 45.I wanted to invest 20k in cds a year, but i think i will put that toward my mortgage every year instead. I have 25 years left on my mortgage now,did some calculations and decided to send an extra 12k a year to cut that down to 13 years,so it can be paid for when i turn 45.Better than receiving 3% ruturn on that 20k that i wanted to invest.I have 5.8% rate on my house now.If all goes well save hard for retirement when my house is paid for.My employer doesn't give me a match,they put money in the union pension plan.My wife have profit sharing at Walgreen's,which is given her $1 to $3 on a $1 up to 7% invested.She is hoping to move on to nursing,i assume they have some type of pension plan.I guess i need to look into IRAs too then,i thought it was 62 1/2.I believe i will go semi-retire at 57,deliver newspaper or something.Sell my house and downsize to a 3 bedroom ranch to use some of the proceeds for retirement.
Reply With Quote Quick reply to this message
 
Old 02-04-2008, 09:09 PM
 
Location: Atlanta
738 posts, read 645,069 times
Reputation: 279
Quote:
Originally Posted by Booboy View Post
How much is enough?I will hope to have at least close to a mill i guess.If your house and cars paid for what is the goal to shoot for? I hope my job will still offer us a pension plan.As of right now if i retire 25 years and out i will receive about 2k a month from my employer.My wife will also have a pension plan.I am 32 now,so i hope to retire at 57.I dont invest in ira or 401ks,because i beleave i will retire before the require age to advoid penalties.If i can get that amount needed i will hopely live off a conservative interest and pension.
Boo,

Not trying to rain on your parade, but you have some more work to do. If you get a pension in 25 years equal to $2000 per month, count on it really being $955 per month. That's the current dollar value of $2000 with 25 years of 3% annual inflation factored in. At that point, you'd be doing well to afford cat food to eat. Also, you're still young enough - get an education. The ability to communicate effectively will enhance your earnings. Best of Luck.
Reply With Quote Quick reply to this message
 
Old 02-05-2008, 07:06 AM
 
782 posts, read 3,490,348 times
Reputation: 398
Quote:
Originally Posted by Buckhead_Broker View Post
Boo,

Not trying to rain on your parade, but you have some more work to do. If you get a pension in 25 years equal to $2000 per month, count on it really being $955 per month. That's the current dollar value of $2000 with 25 years of 3% annual inflation factored in. At that point, you'd be doing well to afford cat food to eat. Also, you're still young enough - get an education. The ability to communicate effectively will enhance your earnings. Best of Luck.
I would of think that the pension will increase over the years.I still need more info in how that will play out.Far as an education,i'm fine doing what i'm doing now.Education dosn't promise you anything.Second thought,it promise you a another bill to pay for.I read these forums about people with degreess making less money than me.I have friends and family members with degrees.I don't see any need to educate myself further from their experience and salaries.I will stick to my career in a waste industry.I will be making over $27 in two years,so why leave my career for college.Garbage isn't going anywhere soon.Trades job if you can get in,is where the money is.You can make the money sooner rather than later and without the cost of going to college.I know i will be making 80k or more within two years,how many people with degrees can say that.I been making over 60k for the last 7 years with no schooling.I have truly been bless.Not trying to beat down people who further their education,but its not for me.

My job pension plan is just a source of income.GLS pointed out to me,that i need to consult with someone.Clearly 2k a month Will not be enough 24 years from now.My wife pension and retirement fund would also be another source of income.I will invest 20k a year or more when my house is paid for.I hope to have it paid for when i turn 45 years old.I will put some money in IRA account suggested by GLS for now.I wasn't sure about the age limit to avoid penalties.I also will sell my house and downsize to something smaller to use those proceeds for retirement.The plan is to go semi-retire when i retire from my job.I believe as long as it isn't a union job ,i can still work part time,not sure.Maybe, i will greet people at home depot.My bills will consist of property tax,food,utilities,and whatever else i need to survive on.

Last edited by Union Proud; 02-05-2008 at 07:15 AM..
Reply With Quote Quick reply to this message
 
Old 02-12-2008, 04:44 AM
 
Location: South Texas
40 posts, read 458,417 times
Reputation: 127
Default Health Insurance

My husband and I are not yet at retirement. We're in our early 50's.

What i'm trying to reconcile is Health Insurance costs (here in Texas).

We have a private policy as my husband has always been self-employed.

We've had this policy since 2002. (covering my husband and me).

I believe we started at approx. $350.00 per month (don't remember the deductible, but was less than the highest possible of $5,000.00 which we are currently at).

Today...we pay right at $600.00 per month with a $5,000.00 deductible.

The premium increased approx. $75.00 per month over the last year with regular increases at least 3 to 4 times a year (Jan., my birthday, June, & my husband's birthday).

At $600.00 per month thats $7200.00 per year plus the $5,000.00 deductible which comes out ot $12,200.00 per year. (mammogram scare in Oct. requiring biopsy that turned out ok - new year for deductible started in January - husband required colonoscopy with $5,000.00 alone for the room....not sure of doctor's chages, anesthelogists charge, lab charge, etc. yet)

That does not include our combined monthly prescriptions (HBP, cholesterol) of approx. $250.00 per month out-of-pocket (after meeting prescript. deductible).

Approx. out-of-pocket Yearly Prescription costs: $2,500.00 plus $12,200.00 = $14,700.00 per year. and continually increasing.

I'm in the process of researching alternatives to our existing health insurance.

After my mammogram scare and the HUGE costs of a routine colonoscopy, I see the value of health insurance but the cost of health insurance / health care might kill us (financially) before any illness!

$14,700.00 is a huge chunk of change to have to come up with every year for health insurance & out-of-pocket expense.

CaTe

Last edited by CaTe0508; 02-12-2008 at 04:49 AM.. Reason: typo.
Reply With Quote Quick reply to this message
 
Old 02-12-2008, 09:53 AM
 
Location: Tampa, FL
27,798 posts, read 26,249,983 times
Reputation: 14611
That's unbelievable. Didn't realize that a colonoscopy was so expensive. I feel for you and your health insurance expenses. Outrageous costs (and I'm a nurse).
Reply With Quote Quick reply to this message
 
Old 02-12-2008, 10:39 AM
 
Location: WA
5,398 posts, read 21,417,446 times
Reputation: 5903
Quote:
Originally Posted by CaTe0508 View Post
...
$14,700.00 is a huge chunk of change to have to come up with every year for health insurance & out-of-pocket expense.
We sure understand the issue... our healthcare costs have gone up 40% in the three years we have retired with no real medical issues.

Between the monthly premiums (up 23% this year) and the high deduct able (with no drug coverage) we paid about $10,000 for health care last year. That was with no illness, one checkup each, one dental visit each, and some routine prescription drugs.
Reply With Quote Quick reply to this message
 
Old 02-12-2008, 10:49 AM
 
Location: Tampa, FL
27,798 posts, read 26,249,983 times
Reputation: 14611
Younger Americans need to see these stories - as an incentive to get fit and practice a healthy lifestyle (exercise, weight control, no tobacco, low cholesterol diets, etc) - these medical costs will be an expense that Gen Xers won't be prepared for. I think they will already suffer from not having company sponsored pensions.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top