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Old 03-04-2015, 09:38 AM
 
8,874 posts, read 5,154,226 times
Reputation: 10171

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Quote:
Originally Posted by BradPiff View Post
Most Americans have no significant retirement savings
I think we aren't doing enough to educate the young about the need to set aside a small amount monthly, into a tax-advantaged account, with a diversified, low-cost portfolio. You don't let a commissioned advisor take his cut off the top. You don't raid it when you change jobs, get laid off, run up your credit cards, or want a vacation. You don't stop contributing because you want to spend that money on X instead. You need that money, so just do it.

If you invest $100 per month starting at age 25 and enjoy a 7% return, you will have $239,562.13 at age 65. Not a fortune, but good for an extra $800 per month of income. Along with your SS benefits, you can cover your basic living costs. Not glamorous, but so much better than not being able to cover them.
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Old 03-04-2015, 10:13 AM
 
Location: SW Florida
9,777 posts, read 7,063,873 times
Reputation: 14355
Quote:
Originally Posted by ByeByeLW View Post
If I retire now, I can exist. But if I stay another 2 or 3 years, then I'll probably be able to travel and buy some camera equipment and gadgets I can't help wanting. These will have to be very frugal years.
At least two or three years is a short enough time to see the light at the end of the tunnel, IMO. Sounds like a good plan would be to wait, if you can.
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Old 03-04-2015, 10:16 AM
 
Location: SW Florida
9,777 posts, read 7,063,873 times
Reputation: 14355
Quote:
Originally Posted by in_newengland View Post
I repped you, no criticism here, but lots of people get by on not a lot of money. I guess that's the theme of this thread. When you think of how many of our ancestors had to live, even people today who are on food stamps and receiving only SS are not so unfortunate. Before safety nets were put into place, there was real suffering.

There's such an emphasis on materialism these days and it looks like a lot of people have bought the ads the see on tv hook, line, and sinker. They NEED this, NEED that--but they really don't. What they NEED, and what many of us have lost, is the ability to live creatively. Create your own happiness. See the beauty around you. Or, as they used to say to the workaholics, Stop and smell the roses. (And some on this thread excel at this skill.)
This!^^^^^
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Old 03-04-2015, 10:24 AM
 
Location: SW Florida
9,777 posts, read 7,063,873 times
Reputation: 14355
Quote:
Originally Posted by fumbling View Post
I agree with this, there is a lot of "I've got mine, you must be dumb if you don't have yours" kind of talking down to the less fortunate on most if not all finance/retirement related forums.
And IMO there is a lot of reading that attitude into comments where it was never said, or even intended by the posters.
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Old 03-04-2015, 11:01 AM
 
2,421 posts, read 3,730,663 times
Reputation: 3455
Quote:
Originally Posted by Petunia 100 View Post
I think we aren't doing enough to educate the young about the need to set aside a small amount monthly, into a tax-advantaged account, with a diversified, low-cost portfolio. You don't let a commissioned advisor take his cut off the top. You don't raid it when you change jobs, get laid off, run up your credit cards, or want a vacation. You don't stop contributing because you want to spend that money on X instead. You need that money, so just do it.

If you invest $100 per month starting at age 25 and enjoy a 7% return, you will have $239,562.13 at age 65. Not a fortune, but good for an extra $800 per month of income. Along with your SS benefits, you can cover your basic living costs. Not glamorous, but so much better than not being able to cover them.
I agree and would love to see a mandatory class offered in high school, called "Life", in which all the kids are introduced to IRA's, 401K's, the art of saving, compounding and living below your means, and the importance of starting early to prepare oneself for their later years. Kind of a Dave Ramsey 101.

I think such a class could prove invaluable for many, and certainly give them good fundamental facts to better prepare for their working years as they begin their working career. Then we should have "Advanced Life 102" in college, for more in depth study to further ingrain the importance and better prepare our young people.

Math, science etc., is important, but how can schools not recognize the great importance associated with teaching kids such important real life skills early on.
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Old 03-04-2015, 11:02 AM
 
29,829 posts, read 34,918,975 times
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Quote:
Originally Posted by Travelassie View Post
And IMO there is a lot of reading that attitude into comments where it was never said, or even intended by the posters.
Bada Bing!
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Old 03-04-2015, 11:22 AM
 
26,173 posts, read 28,568,853 times
Reputation: 24884
Quote:
Originally Posted by UR1972 View Post
And then there are some who make their own hardships by refusing to adapt and be flexible in retirement.
I have a 75-year old friend who is a widow in good health who maintains a small modest home. However, she constantly complains about lack of money, not being able to afford new clothes, pay her taxes, cover household repairs, eat in restaurants, or pay for gas to visit her relatives. Recently I learned from a reliable source that this friend owns a 2nd home near the beach that she rents during the summer. The beach cottage is very modest, but it generates a positive cash low. She has enough equity in this cottage to clear between 100 and 150K if she sells it. The last time I saw my friend and she raised the topic of having to put a furnace repair on credit because she did not have enough money in her checking account to cover it, I quietly asked if she ever considered selling her beach cottage to build up her savings and have a nest egg. She was incensed I asked the question and said she would never discuss this with me again, because she is "emotionally attached" to the 2nd property and could never sell it. Of course, it's her decision to scrimp and worry about money and in fact, her mind-set seems to have become her life style by choice and not by necessity. I just no longer want to hear about her financial woes.
I sympathize. I have a friend who's had stuff in storage for YEARS ON END, yet he won't let go of it. He was borderline homeless earlier this year until he found a half decent job (fingers crossed). He's paid so much money in storage rent for that stuff he could have bought it 3X over. Our emotions can really get in the way of our own well being if we're not careful.
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Old 03-04-2015, 11:44 AM
 
4,586 posts, read 4,629,792 times
Reputation: 4358
Quote:
Originally Posted by modhatter View Post
When anyone typically posts anything about having enough to retire on, it appears everyone on this board has enough, whether through pensions, double social security checks or larger portfolios. Yet statistically, many more people do not have enough to retire.

So how is it we never hear from them? Does the subject matter of this forum "Retirement" only attract people who are in a position to retire? Are there not people on here who would like to retire, but feel they can't? Are they afraid to speak up, or are they just not interested in the subject matter so they never come on this forum?
You never hear from them because they're at work.
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Old 03-04-2015, 12:09 PM
 
Location: Silicon Valley
18,137 posts, read 23,055,558 times
Reputation: 35392
Quote:
Originally Posted by marcopolo View Post
You're Welcome.
Oh, I'm so glad you're here. The trunk on my car won't latch anymore, and in the severe winter storms we've had here, the wind blew the trunk open and it filled up with water. I was able to buy a wet vac on Amazon for only $30 and vacuum out the water myself, but fixing the trunk latch would be great. I don't have the money, so could you send me a check for, say $100? That might cover it.

You see, that way, I'd really feel like you were personally contributing to my budget. And, I'd gladly say thank you!

Quote:
Originally Posted by modhatter View Post
I agree and would love to see a mandatory class offered in high school, called "Life", in which all the kids are introduced to IRA's, 401K's, the art of saving, compounding and living below your means, and the importance of starting early to prepare oneself for their later years. Kind of a Dave Ramsey 101.

I think such a class could prove invaluable for many, and certainly give them good fundamental facts to better prepare for their working years as they begin their working career. Then we should have "Advanced Life 102" in college, for more in depth study to further ingrain the importance and better prepare our young people.

Math, science etc., is important, but how can schools not recognize the great importance associated with teaching kids such important real life skills early on.
I agree, and I would add basic contract law. As soon as they become an adult - and sometimes before they're even 18 with contracts regarding college - they will be dealing with contracts, where they could be ripped off. Basic contract law, at least, is something everyone needs to know.
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Old 03-04-2015, 01:18 PM
 
Location: Silicon Valley
18,137 posts, read 23,055,558 times
Reputation: 35392
A last note to the "You're Welcome" people...

I think they forget that those who came before them, paid for many of the things that made their lives what they were. If they went to public school, for instance, today's seniors paid for their schooling, as well as the roads they drove on, and the police who protected them, and the healthy water they drank out of the tap, on and on. And don't forget, all of us are still paying taxes - sales tax and gas tax, on and on.

So, for the nice American life you had growing up, with all of the above, you're welcome.

Well, maybe only the ones who aren't ungrateful.
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