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Old 04-26-2014, 07:02 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Retirement Remains Americans' Top Financial Worry

Title alone is evidence of how shallow Americans' are... Maybe they are talking about the 'other' Americas
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Old 04-26-2014, 07:06 AM
 
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my top worry is my health.

i am in great shape but i found out i am diabetic 3 months ago when i complained about my feet burning.

that was a wake up call as to how health should be our number 1 worry because without health all the money in the world may mean little as far as carrying out your hopes,dreams and plans.

Last edited by mathjak107; 04-26-2014 at 07:29 AM..
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Old 04-26-2014, 07:25 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,676 posts, read 40,039,994 times
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Quote:
Originally Posted by mathjak107 View Post
my top worry is my heath. ....
This is probably also the top financial worry of astute USA retirees.

many USA retirees should consider worrying about their insurance coverage.! (of multiple types)

Get it wrong and POOF... no more financial worries cause it (money) is ALL GONE!


There are many 'gotcha's in USA, and as many hungry lawyers to fill the sea. (+ add to rising sea levels worldwide)
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Old 04-26-2014, 07:33 AM
 
Location: Los Angeles area
14,018 posts, read 17,763,041 times
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Quote:
Originally Posted by StealthRabbit View Post
Retirement Remains Americans' Top Financial Worry

Title alone is evidence of how shallow Americans' are... Maybe they are talking about the 'other' Americas
Would you care to explain how that's evidence of shallowness? Retirement is the great unknown (financially speaking, and that's the topic here); most people probably do not have a secure, inflation protected pension. Therefore, what other "financial worry" would you expect to be people's "top" one?
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Old 04-26-2014, 09:27 AM
 
Location: State of Being
35,885 posts, read 67,220,362 times
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Quote:
Originally Posted by KYBob View Post
"Worry is an unnecessary emotion. Worrying is unproductive."

I don't agree with this. If all you do is worry then I suppose it is unproductive, but if you worry and then take some action which you believe will relieve your concern, then worrying can be very productive.
What you are proposing is ANALYZING, not WORRYING.

Worrying gets us nowhere.

Analyzing and then taking action, finding solutions . . . that is a positive action.

There are studies that demonstrate that worry debilitates folks. Plain and simple. Worry is unproductive and is actually harmful, and anxiety and stress inducing.

Concern? Analysis about those concerns? Finding solutions? Creating a life plan? That sequence of actions is productive. Worry, in itself, isn't.
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Old 04-26-2014, 10:26 AM
 
Location: Near a river
16,042 posts, read 19,001,270 times
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Quote:
Originally Posted by anifani821 View Post
What you are proposing is ANALYZING, not WORRYING.

Worrying gets us nowhere.

Analyzing and then taking action, finding solutions . . . that is a positive action.

There are studies that demonstrate that worry debilitates folks. Plain and simple. Worry is unproductive and is actually harmful, and anxiety and stress inducing.

Concern? Analysis about those concerns? Finding solutions? Creating a life plan? That sequence of actions is productive. Worry, in itself, isn't.
Well said and true.
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Old 04-26-2014, 11:07 AM
 
29,818 posts, read 34,907,142 times
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Folks let me offer the original source which is a Gallup survey and please note the context of it being the TOP FINANCIAL WORRY:
http://www.gallup.com/poll/168626/re...ial-worry.aspx

Retirement Remains Americans' Top Financial Worry

These results are from Gallup's annual Economy and Personal Finance poll, conducted April 3-6 this year.

Quote:
The next top concern, not being able to pay medical costs in the event of a serious illness or accident, worries 53% of Americans. This is down from a record high of 62% in 2012.

Third on the list of Americans' top financial worries is not being able to maintain the standard of living they enjoy, with nearly half of the country's adults citing this concern. Together, retirement savings, unexpected medical costs, and maintaining one's standard of living typically top the list of the eight financial items that Gallup has tracked annually since 2001. Concerns about all three are down modestly from two years ago, but are still higher than they were before the Great Recession.
Quote:
Bottom Line

Retirement may be a time that many working adults look forward to, but it is paradoxically a source of stress in the here and now. A strong majority of Americans, particularly those aged 30 to 64, worry about having enough money for retirement, and this concern has regularly topped the list of Americans' top financial problems. The only other personal financial concern that a majority of Americans are very or moderately worried about is the ability to pay medical costs in the event of a serious accident or illness.
The above quotes are from the Gallup survey. Read for yourself and from the eight choices surveyed what would be yours and level of worry ? Note health cost was a choice as it is financial but actual health not as it is not financial. Gallup administered a phone survey and had people rank their level of worry on 8 FINANCIAL questions and retirement topped the list. Not surprising if you are not having current financial issues or are closer to retirement. Even young ones had it up on their list. The link has a breakdown by age group. What is fascinating is that those over 65 were not as worried as the other age groups. It was a ranking of how worried and not most worried. You could be equally worried about all of them.

Quote:
Notably, four in 10 American adults say they are very or moderately worried about not having enough money to pay off their debt. This is the first time Gallup has included this financial issue. With as much as $1 trillion in outstanding student loan debt circulating in the U.S. today -- not to mention other prevalent types of debt such as credit cards -- debt concerns are clearly weighing on a significant proportion of the country.

Of the nine concerns tested, the bottom two concerns -- not being able to pay one's rent or mortgage, and not being able to make minimum payments on credit card bills -- are those most likely to indicate immediate insolvency. This finding suggests that most common financial problems are related more to savings and future expenditures than day-to-day living.
So how many of us are worried about the above to any degree?

Last edited by TuborgP; 04-26-2014 at 11:18 AM..
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Old 04-26-2014, 11:19 AM
 
29,818 posts, read 34,907,142 times
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Quote:
Originally Posted by Escort Rider View Post
Would you care to explain how that's evidence of shallowness? Retirement is the great unknown (financially speaking, and that's the topic here); most people probably do not have a secure, inflation protected pension. Therefore, what other "financial worry" would you expect to be people's "top" one?
Great question and one of the reasons I provided the Gallup link and some quotes from the report.
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Old 04-26-2014, 11:30 AM
 
223 posts, read 275,274 times
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anifani821 got it right! You have to be able to think your way around the issue of retirement.

I was always that kid that didn't like to be told, "No!" It served as a challenge for me to prove someone wrong and find a way to get the outcome that I wanted.

Some people are going to have to work to come up with creative solutions to retirement. The traditional pension is an endangered species today. Many people have no idea as to how to manage a 401K and many more work for employers that don't provide one. You can worry about it, but that won't solve anything!

My husband and I will be retiring next year. While we always planned for retirement, we didn't always have 401Ks and didn't count on working for an employer who provided one. Instead, we bought rental property. I gained access to a 401k at the age of 26. I contributed to it for 4 1/2 years and then stopped when I left that job. With the company matches, stock options and an antiquated pension plan. The money has been adding up over the years in three different pots.

My husband (56) is a bit older than I am (43) and he earned a decent middle class salary. His employer didn't begin offering a 401k until he was 40. As most of you know...That is a little bit late to begin your retirement savings!

We immediately began plowing the maximum allowed into his 401k to get the company match. When he was eligible for catch up investments, we made sure to take advantage of those, too. We also opened Roth IRA's.The market has been good to us with the exception of 2008 when we lost about 45% of the value in our retirement portfolios.

The money in my husband's 401k is nowhere near enough for us to retire on comfortably, according to all of the experts and I'm too young to tap into mine without penalty. Despite this, we WILL be able to retire next year with next to no debt. Our rental properties are what will allow this to happen. Prior to my husband turning 40, we thought that he'd have to rely on the rentals to provide for all of his portion of the household expenses. We never counted on Social Security being available because we'd both been hearing that it would no longer exist by the time that we were eligible.

Over the years, our rentals have become like a 3rd spouse in our relationship. They are always there when we need them to shore us up financially. While we may age and want to retire, our rentals just keep chugging along! There have always been folks who were naysayers in our lives. Many felt that being a landlord was too difficult. They cited the late night phone calls to address property issues. We've just never had that as an issue. Our rentals should be able to continue to provide an income long into the future, as long as we keep them in good condition. Our retirement income is diversified across several properties, the 401ks, the Roths and we are now (finally) factoring Social Security into it.

Don't accept that you will never be able to retire...Find a way to make it happen! There have been recent changes in some of the laws that can make things easier. For us, one of the keys was the 55+ Exception that allows you to pull money out of a 401k without penalty as long as you are 55 years of age or older. The catch to that is that you must no longer be employed with that employer!
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Old 04-26-2014, 11:33 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,676 posts, read 40,039,994 times
Reputation: 23825
Quote:
Originally Posted by Escort Rider View Post
Would you care to explain how that's evidence of shallowness? Retirement is the great unknown (financially speaking, and that's the topic here); most people probably do not have a secure, inflation protected pension. Therefore, what other "financial worry" would you expect to be people's "top" one?
'Retirement' (in USA) is but a figment of the imagination for the millions without pensions, savings, healthcare, and those that will get hit by a bus or stricken with a terminal illness today.

Worrying about something that has a low probability of happening, and that you have 40 yrs to AVOID worry, (if you have the wherewithal) seems pretty shallow to those who have bigger fish to catch or to fry, and to those who have no hope of achieving retirement by health or wealth.

Having dealt for 40 yrs with elderly who encounter severe health and wealth issues leading to death, I have never heard them discuss 'worrying' about finances. For many in the world (and now in USA) you run out of money. You die. Very simple. No access to healthcare assures that! And it can happen to you or I. (If we avoid that bus today.

Look both ways before crossing,
especially in a foreign country where the buses might be traveling the opposite direction of normal traffic! (Splat)

Last edited by StealthRabbit; 04-26-2014 at 11:45 AM..
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