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Yes, I don't think this is anything new at all. I think this has always been a great concern for most retirees. The only thing before the dawn of the Internet was people would mostly worry and talk amongst themselves.
Now with the power of the Internet and explosion of financial magazines and blogs and cable financial news networks you see it 24/7 and people throw it in your face pretty much around the clock. IMHO, so it causes you to think about it and worry about it more today vs. yesteryear.
Absolutely it's something to think about and plan for but I don't think this is some new crises. This has been a worry for a long time. Also, a big factor is if you have a pension and free medical care for the rest of your life vs. not. Because this is worth more than a million for many people.
Nope. Decidedly not new. Is there anything under the sun that is? Just simply made the news again today in a major newspaper. I sometimes wonder if such "predications are made at the behest of the financial planning and banking communities.
The medical coverage is a huge issue as are pensions anymore. I think the majority of us who have those benefits are retired government workers. Would that private industry took care of its employees so well. Yes, I know. Consumer prices would go up but I would definitely pay a bit more for goods and services if far more people could have that added retirement security.
Last edited by Curmudgeon; 07-17-2013 at 09:10 AM..
We were realistic with our retirement plan but still faced an unexpected hit to our portfolio value with market drops in 2008 (we were not well positioned) but we recovered and adjusted.
Although we are prepared for the future (investments, SS, insurance) it is difficult to project the long term situations we may face. Catastrophe, serious illness, or some unanticipated issue could put us in a situation where we could not care for ourselves or have to spend large portions of nest-egg to survive. Exhausting assets is possible.
I am guessing that we (like most here) have a decent plan but no one can see what the next thirty years will bring.
I don't care what the doomsdayers predict. I'm retiring no later than 97. I have standards. The lady in HR will wheel my straight into the nursing home next door. Will not pass GO, will not collect $200.
I'm not worried about it. I predict with 99% certainty that I will run out of assets before I die. Heck, even my mother with her pension, dad's pension, her/his SS and various other investments has now run out of assets. I call it the "curse of the Aunt Alice gene". Aunt Alice admitted to being 96 when she died. I believe she was actually 104.
Instead of worrying, I live frugally and save as much as I can so I can support myself for as long as I can. After that - why worry? If it's gonna' happen, it's gonna' happen.
This is an ongoing topic of interest in some other non City-Data forums that focus on retirements and financing others with other topics of interest. Anyone interested in this and evaluating their situation can use the Fire-Calc simulator.
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Shhhhhh - don't give them any ideas
