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 09-07-2014, 10:03 PM
 
48,516 posts, read 84,089,773 times
Reputation: 18053

Advertisements

I can remember in the mid 60's being told in college that Boomers would see a end or at least cuts in SS. Yep the 70's was double digit recession and not near the support as now for those who loss jobs. There are all kinds of college graduates not getting jobs in field then those who do;as always.
Reply With Quote Quick reply to this message

 
Old 09-08-2014, 03:46 AM
 
72,069 posts, read 72,068,214 times
Reputation: 49621
time has a way of making things work out okay for every generation for those who put the effort in.
Reply With Quote Quick reply to this message
 
Old 09-08-2014, 05:34 AM
 
2,778 posts, read 1,431,966 times
Reputation: 2418
I'm a little concerned, but not worried.

I don't live beyond my means, and if it's the huge disaster they're making it out to be, then programs will need to appear and solutions will need to be found.

If it means that there will be communities of my elderly peers living together under the same roof, I'm down with that. It's not a retirement home if you pool your money together and do it all yourself, keep active, don't require care/supervision, etc.

I would love to buy say a few acres of land with a few other people, have a communal garden, and live in a tiny village of those really small houses. They have places like this within city limits here in Denmark... it's really simple living.

The only thing I'm really afraid of is a war. A global war over dwindling resources would be very very very bad.
Reply With Quote Quick reply to this message
 
Old 09-08-2014, 12:39 PM
 
2,079 posts, read 2,611,329 times
Reputation: 3947
op, i am the same age as you.

my best advice is to do the following:

-live below your means
-don't have kids
-have multiple incomes(side gigs, side business)
-adopt an anti-consumerist, simple lifestyle
-eat healthy & exercise daily
-read finance books & blogs
-invest as much money as possible for retirement
-stop watching so much television, it makes people dumber and more gullible
-find a field of work in which demand is expected to increase in the future.

good luck.
Reply With Quote Quick reply to this message
 
Old 09-08-2014, 02:54 PM
 
Location: Texas
1,029 posts, read 1,220,912 times
Reputation: 1985
I'm in my 30s. Walked away from a job with a pension knowing that I wouldn't find a new job with a pension. I doubt my old pension will still be there by the time I hit retirement age anyway; I fully expect my 7 years' vesting to be bought out within the next 10 years.

I don't expect to get more than about half of what Social Security currently estimates I'll receive. So I save. As much as possible. I'll continue saving. As much as possible. To get to a point where I can finance my own retirement.
Reply With Quote Quick reply to this message
 
Old 09-08-2014, 02:59 PM
 
Location: I live wherever I am.
1,935 posts, read 3,754,609 times
Reputation: 3240
Quote:
Originally Posted by Costaexpress View Post
But how do you make a living playing guitar?
Eric Clapton.
Angus Young.
Keith Richards.
Eddie Van Halen.
Richie Sambora.

How about some others who aren't quite as famous but still surely make tons of money?

Davey Johnstone
Nokie Edwards
Phillip Phillips

Need I go on?
Reply With Quote Quick reply to this message
 
Old 09-08-2014, 03:49 PM
 
Location: Tennessee
23,739 posts, read 17,687,620 times
Reputation: 27816
I think your concerns are prudent and well-founded.

I'm 28 and have, in the main, seen retirement standards degrade over the generations.

I remember growing up as a little boy (say 5-15) people who were in their 80s-90s then in my grandparents' neighborhood. They're all dead now, but most of them had wives who never worked outside the home, a paid for home, no debt, and were blue-collar Joes.

My grandparents generation (Silents) tended to fare about the same, although many of these women did end up working outside the home, so they had dual-incomes. Most did as well as that previous generation, maybe better.

My parents are middle Boomers, and saw their fortunes decline with the decline in manufacturing. Many Boomers are fine, some are struggling.

My Millenial peers have had a hard time getting any job at all. A lot of that is regional, with TN being extremely depressed, but a lot of debt, underemployment, and a tough life are not uncommon. Benefits are going way, pensions are all but gone.
Reply With Quote Quick reply to this message
 
Old 09-08-2014, 04:55 PM
 
28,292 posts, read 39,985,779 times
Reputation: 36816
Quote:
Originally Posted by MckinneyOwnr View Post
Most of the responses in this thread are ridiculously out of touch with reality. I get the feeling that most of the responders don't comprehend just how bad this last recession was (it's called the Great Recession for a reason, the last time economic times were this difficult was during the Great Depression.)

This recession has causes a paradigm shift for the economy, and that is important to understand. Things are NOT going to get back to the way they were before.

I had a pension for two of my jobs. Both were canceled/frozen. This was in the private sector too. You cannot count on either SS OR a pension. SS will eventually be phased out, as it will be unsustainable with a booming retirement demographic. Instead, it will be transitioned to help pay for Medicare/Medicaid, because those costs continue to rise far faster than inflation.

You need to take charge of your own retirement. Start putting money away into an IRA/401k. Utilize a company match program to the fullest. Invest in a broad spectrum of things, don't put all your eggs in one basket. Investing in things that are "recession" proof typically pays off. Things like oil/energy companies.

You mention globalization. That single word is what is systematically decreasing the standard of living in this country. I think you have a good handle on what is happening because of it, and so you should also know the solution... Leave this country.

The cost of living in this country is not the bargain it once was. Not for health care, not for housing, not for food. If you plan to be able to retire comfortably in this country, it will take a lot of money. However, move to another country where your money will go farther, and you can retire with a lot more financial security.

I used to live in FL for a few years. To buy 1 acre of beachfront property in FL can cost $500k+ just for the land. I want to retire in Brazil, so the last time I went there, my wife and I went scouting for locations for a beachfront home. There, 1 acre beachfront can be had for $30k. Quite a difference. Just like all the multinational corporations are doing, they are moving their assets overseas to get more bang for their buck. There's no reason why you shouldn't do the same.

It's good you are thinking about this now. You have time to get on track to a healthy retirement nest egg. The worst thing that can happen with having a "doom and gloom" outlook toward your retirement? You'll end up saving much more than you actually need. That's a pretty damn good problem to have.
You need to do some reading about the Great Depression. This last bump doesn't come close.
Reply With Quote Quick reply to this message
 
Old 09-08-2014, 05:53 PM
 
Location: Prosper
6,268 posts, read 12,955,467 times
Reputation: 9377
Quote:
Originally Posted by Tek_Freek View Post
You need to do some reading about the Great Depression. This last bump doesn't come close.
That's your opinion, which isn't backed up by any facts. When you have a Masters in Econ and have studied this very subject extensively as both an academic and professional insider, let me know.
Reply With Quote Quick reply to this message
 
Old 09-08-2014, 07:34 PM
 
9,242 posts, read 9,310,539 times
Reputation: 28971
Quote:
Originally Posted by StAcKhOuSe View Post
op, i am the same age as you.

my best advice is to do the following:

-live below your means
-don't have kids
-have multiple incomes(side gigs, side business)
-adopt an anti-consumerist, simple lifestyle
-eat healthy & exercise daily
-read finance books & blogs
-invest as much money as possible for retirement
-stop watching so much television, it makes people dumber and more gullible
-find a field of work in which demand is expected to increase in the future.

good luck.
Your post is a good example of the dangers of focusing too much on the goal of retirement.

Man does not live by bread alone. We have a Mary Engelbreit Calendar in our kitchen that has a saying "Its not the number of breaths you take in your life; Its the number of moments that take your breath away".

I want to retire at some point and I think we have made very reasonable progress towards that goal. We have a health government pension, a 401 K account that has grown rapidly the last 4 years, and high social security benefits to look forward. Unlike many of the people I've seen post here, I positively love my job and will be happy to retire at 70.

People who put away half their income for the illusory goal of retirement make me either want to cry or laugh. There is no guarantee you will live that long. If you don't, what does all that money you saved represent? It represent missed opportunities and missed chances to enjoy your life a bit more. Let's look at your list:

1. Live below your means (I don't believe in living below the poverty line simply to have a higher retirement benefit at age 65 or whenever)

2. Don't have kids (Sure, pass up one of life's greatest joys. Don't bother being a human being and living a real life)

3. Multiple incomes (a good idea)

4. Adopt an anti-consumerist lifestyle. (There is a term economists refer to called the "paradox of thrift". If everyone stopped consuming, this economy would go into a tailspin and millions would lose their jobs. That's billions of dollars that wouldn't be contributed in the form of taxes into Social Security or savings. Its really a crappy idea for an entire country to follow.)

5. Eat healthy and exercise daily (A good idea until it becomes an obsession. Every meal you buy doesn't have to be organic food, purchased from Whole Foods. The American food supply is one of the safest in the world. We simply need to do a better job watching calories)

6. Read finance books and blogs (Ok to a point. However, if you read nothing else than you really have a narrow view of life. I spend my reading time reading Current Events, History, and Literature. I haven't listened to Dave Ramsay in years)

7. Invest as much money as possible for retirement. (Depends on what you are giving up to do it. I would rather live in a two bedroom apartment than not pay to send my kids to college)

8. Stop watching so much t.v. (Agreed. Unless its news and current events. Every citizen should be informed of the events in this world instead of reading cliches from some financial guru)

9. Find a field of work for which demand will increase in the future. (Harder than you think. Becoming a computer engineer is more difficult than anyone can imagine. Only a few really make the cut. Its not a question of hard work either. Its more a question of aptitude that many are simply born with. Even jobs in the STEM fields are more limited than many believe. Its not an excuse to give up or quit. But what is in demand today may not be tomorrow.)

You see, I advocate that people stop fixating so much on retirement--or any single thing--and instead simply focus on leading a balanced life. A balanced life is one that prepares for retirement without obsessing about it. There are other goals in life and a happy, adjusted person will focus on those as well.
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