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)
Reply Start New Thread
 
Old 04-14-2014, 05:22 PM
 
Location: University City, Philadelphia
22,592 posts, read 12,337,977 times
Reputation: 15493

Advertisements

I have not been good at saving enough money for retirement. I am not as financially secure as many of you folks are. On the other hand I am not irresponsible either and I refuse to worry about it and lose sleep over it.

This is what I'm going to do: I changed my plan to retire at 62 and postpone it until I'm 64 or 65 (I don't think I can put it off 'til 66); I'm keeping my house because the neighborhood has "gentrified" and it tripled in value in 12 years, besides my housemates pay me rent which covers my mortgage and most utilities so I'm actually living rent-free; living more frugally ... this started in 2008 when I was laid off my last well-paying job. After retirement and collecting SS I may still take a part-time job or engage in other money-making little projects like some of my retired friends who can use the extra pocket money.
Reply With Quote Quick reply to this message

 
Old 04-14-2014, 05:32 PM
 
Location: Near a river
16,042 posts, read 18,975,704 times
Reputation: 15649
Quote:
Originally Posted by HappyTexan View Post
Bingo !

Americans don't tend to do that though. If anything they live above their means using credit and are and have always been poor savers.
I'm not so sure about that, and there's no way to prove it. I think it's a widespread assumption.
Reply With Quote Quick reply to this message
 
Old 04-14-2014, 06:24 PM
 
29,779 posts, read 34,867,277 times
Reputation: 11705
Debt equals interest charges and the interest payments equal lost current, future purchasing power and most importantly lost investment opportunities.
Reply With Quote Quick reply to this message
 
Old 04-14-2014, 08:24 PM
 
Location: Great State of Texas
86,093 posts, read 72,507,006 times
Reputation: 27565
Quote:
Originally Posted by newenglandgirl View Post
I'm not so sure about that, and there's no way to prove it. I think it's a widespread assumption.
Why America spends while the world saves Global Public Square - CNN.com Blogs
A familiar economic trend in America: Spending up, saving down - The Washington Post
The 10 Countries Where People Save the Most Money | Fox Business
Reply With Quote Quick reply to this message
 
Old 04-14-2014, 08:43 PM
 
48,516 posts, read 83,932,349 times
Reputation: 18050
But you also need to look closely why.Its not all just retirement. I many non-western countries you pay upfront for medical care and then there is the experience they themselves have seen. one reason gold is so popular in many. Its not something you can reason out just by looking at one factor such as total saved personally. Then of course western nations have sold the so called safety nets since the 30's and in fact our own SS was justified by just that. SS isn;t perhaps the only safety net over sold either looking at welfare type programs in deep problems going forward.
Reply With Quote Quick reply to this message
 
Old 04-14-2014, 09:02 PM
 
Location: VT; previously MD & NJ
2,202 posts, read 1,345,129 times
Reputation: 6336
Quote:
Originally Posted by TuborgP View Post
Debt equals interest charges and the interest payments equal lost current, future purchasing power and most importantly lost investment opportunities.
YES I have always thought paying interest was a colossal waste of money.

I can count on one hand the number of times I carried a balance on a credit card, and even then it wasn't for more than 2 or 3 months. I use 3 credit cards for everything I buy, and pay as soon as the bill comes. My Visa card gives me dollars back (which I use to pay the bill), and 2 store cards give me great discounts at stores I go to all the time. So instead of me paying them for the convenience of using their cards, they are paying me! Feels good.
Reply With Quote Quick reply to this message
 
Old 04-14-2014, 10:02 PM
 
Location: Southwest Washington State
21,868 posts, read 14,377,315 times
Reputation: 30746
Quote:
Originally Posted by Curmudgeon View Post
Oh, bother. Reel-in your spending. Is that supposed to be something new?
The problem is not those of us who are retired. We are living within our means by necessity. But getting to retirement, we need to save. The way to have our money working for us is to find something that pays us interest or will give us gains on our savings some other way. My point is, for many finding a way to make their savings work is hard. But we really need to do this.

Like another poster, we receive a small percentage back for our monthly charges, which are paid in full every month, and this small amount is plowed into savings.

No one will take of us, except us.
Reply With Quote Quick reply to this message
 
Old 04-14-2014, 10:04 PM
 
Location: southern california
55,665 posts, read 74,620,384 times
Reputation: 48173
here are 6 great ways.
do not take lump sum cash when you get your retirement.
do not move to the boonies and build your dream house
do not invest in a business with your retirement
do not remarry without a prenup
do not let your kids move in with you and their kids
do not cosign for student loans
Reply With Quote Quick reply to this message
 
Old 04-15-2014, 02:20 PM
 
Location: University City, Philadelphia
22,592 posts, read 12,337,977 times
Reputation: 15493
Quote:
Originally Posted by Huckleberry3911948 View Post
here are 6 great ways.
do not take lump sum cash when you get your retirement.
do not move to the boonies and build your dream house
do not invest in a business with your retirement
do not remarry without a prenup
do not let your kids move in with you and their kids
do not cosign for student loans
^^^^^

Wonderful! Great advice!
Reply With Quote Quick reply to this message
 
Old 04-15-2014, 07:02 PM
 
Location: Near a river
16,042 posts, read 18,975,704 times
Reputation: 15649
From the first article you cite:

"While more affluent Americans were able to increase their savings rate easily, those in the middle and lower income strata have made efforts to reduce debt, but they are so indebted and have so little savings that its been difficult for them to significantly increase saving."

Therein lies one answer. And in the interest of not assuming too much, I'd like to know how much debt was/is racked up by those making unnecessary expenditures vs. those in the slipping middle class and firmly in the lower classes having to put food and utilities and medical and dental, etc. on credit cards. It's easy to assume that everyone who hasn't saved is a slacker.
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
Similar Threads
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