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Old 03-02-2015, 11:08 AM
 
Location: SW MO
23,605 posts, read 31,492,863 times
Reputation: 29076

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Quote:
Originally Posted by mathjak107 View Post
there will be exceptions to anything and everything in life and like every aspect of life some there is no answer for.

INFORMATION POSTED IS ALWAYS FOR THOSE IT APPLYS TO.

there is nothing that can be posted that applies to everyone across the board about anything. someone will always say but what about this one or that one.
Then it would be safe to say that responses that assume otherwise and lambast those who do not follow such sage advice (in the eyes of the advisor) are, in fact, belittling, right?

Opinions coupled with suggestions are great but should not be presented as absolutes, ever. One size never fits all, nor should it.

As Tom, Waits sang,
"T ain't no sin to take off your skin
And dance around in your bones..."
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Old 03-02-2015, 11:18 AM
 
Location: SW US
2,218 posts, read 2,036,902 times
Reputation: 3824
Quote:
Originally Posted by Linda_d View Post
I agree. There are an awful lot of posters who refuse to recognize that the only reason they're comfortable in their retirement is because the Fickle Finger of Fate didn't push them into the financial toilet at some point in their lives despite all their "hard work" and "planning".
There is often a lack of empathy shown by certain posters. And some like to brag whenever a thread is even remotely related, however out of place their brag might be.
And then, we all use made up names, so we don't really even know if the wealthy ones are actually wealthy. LOL
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Old 03-02-2015, 11:19 AM
 
Location: Las Vegas
13,890 posts, read 25,331,777 times
Reputation: 26385
Quote:
Originally Posted by NoMoreSnowForMe View Post
You must just be missing them. I've posted that I'm on SSI and retired on a very limited income. I am in a subsidized senior apartment that is a very tiny studio. I have Medi-Cal, and have a great dog, and moved to the northern-most town on the coast of CA, where it is very affordable, and I can now walk to the ocean, and drive to the redwood forest just 7 miles away.

I can't afford to go out to eat, or travel. But, I don't need to. The trick is to get over not being able to have the retirement of your dreams. Once I accepted the limits of my budget, I'm actually quite happy with what I have. And I think it's important for seniors to know that there is a lot of subsidized senior housing out there, and my experience so far in two senior subsidized apartment buildings in two different lower COL towns in CA, is that they are very well-maintained and safe. They are inspected by the government agencies that fund them, and they make sure we're in a safe and well-maintained place.

If you get on the waiting lists, eventually you will get called. You might not be able to live in the city of your dreams, because of the COL or length of the waiting lists. But, if you can get over that, too (I originally hoped to live in the SF Bay Area, but couldn't make that work), and you're flexible, you can find somewhere nice. It turns out I love it here, where I finally ended up. And I'm already making friends.

I became disabled, so retired early. But, if people want to retire early, and they can change their idea of how much is enough, they can do it. It's hard to let go of a vision of retirement you've had for many years.

At any rate, poor retirees can be happy, too. You just need to accept what you can't change and change the things you can, and once you get the best situation you can, be happy with what you've got.

You see, I'm pretty broke, but I can choose every day whether to walk my dog by the ocean or in the redwood forest. Today we walked by the ocean. I also took some stuff to sell at the flea market and chatted with interesting people all day, and sold home-made muffins and some other junk I had. Came home and took the dog for a walk by the ocean and chatted with some cute kids who were collecting shells.

I consider myself to be lucky, now. But, I had to let go of being able to live near my daughter in the SF Bay Area. You don't get to have everything you want, but you can still have it pretty good.
I love this post and in my opinion, you are exactly right! Right on the lack of money... And that was a joke!

We invest a lot of time, money, and thought into what our retirement will look like. We have all seen the glossy brochures of the seniors hanging out on yachts with great jewelry. We listen to the grim news from all the financial planners who make us believe we need as much or more to live on than what we earned while we were working. We agonize over the stock and bond markets, inflation, and the cost of living.

Retirement is a que sera sera proposition. You plan, you save, and then life happens. What will be, will be. Few of us get exactly what we plan for. The trick is to be old and wise enough to figure out how to be happy with what you have. Money makes life easier but it can't make you happy.

I started thinking about my retirement before I even graduated school. I am the last person who should have ended up poor but here I am. The one thing I didn't see as a possibility was everyone in my immediate family dying young. As in before they had things like wills. And the economy going down the tubes. Sure I wish I could travel and spend money but I know I can't. But I still have a great life! And I think there are lots of us out there!
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Old 03-02-2015, 11:21 AM
 
Location: SW MO
23,605 posts, read 31,492,863 times
Reputation: 29076
Quote:
Originally Posted by mathjak107 View Post
but many americans do have choices and while they are underfunded at 62 they can be fully funded for retiring at 70. sure it would be nice to retire early but if you can't afford it working longer can be the great fixer.

but i guess you have to be able to afford to buy the book .
Working longer is neither possible nor viable for many if not most. Life is what happens when you've made other plans and many variables, including illness and disabilities as well as family genetics and longevity history tend to have a habit of getting in the way.

The last line is insulting and I can only suppose, purposely so. Neither kind nor helpful. Most of all, not necessary and hurtful
Quote:
Originally Posted by bUU View Post
The point was to consider the reality of a woman who, despite working all her life as much as the labor market offered employment, reaches the point in her life when she is no longer physically capable of working. I'm sorry that got lost in translation. As you point out, the people we're talking about need to be able to afford to buy the book, but more importantly the book needs to have an action plan in it that our relies on the what our nation's economy and labor market actually offer, covering a period from the present day to just before they lose the ability to work. Short of that, it's worth as much as random typing on a page.

Needless to say, the problem in that scenario is what our nation's economy and labor market actually offer. We cannot go back in time and fix those inadequacies so all we can do is fix them now and make up for past inadequacies through other, less efficient, means, even if some don't like having to do so.
Good observations and quite right. I'm right with you on this one.

Last edited by Curmudgeon; 03-02-2015 at 11:54 AM..
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Old 03-02-2015, 11:43 AM
 
Location: State of Being
35,885 posts, read 67,179,255 times
Reputation: 22373
Excuse me, but to my understanding . . . and I am sure someone will correct me if I am wrong . . . but LTC insurance only pays for a specific time period. It doesn't pay for 20 years of nursing home care!

At some point, every policy is going to run out and to qualify for Medicaid coverage, there is still going to be a spend down.

So for folks that are going to need less than 36 month's nursing home care, yes, that would be helpful but for people who will be in a skilled nursing home setting til they die - and that could be decades! - there still has to be a spend down of assets.

LTCI is not the answer in every situation. People who are assuming all the money they have put into an LTCI policy is a "sure thing" to indemnify them might have a very rude awakening, indeed.

NOTE: all LTCI policies are not created the same . . . to start with, taxable or non-taxable . . .

PS. TO MATHJACK: do you realize how arrogant your post is? You are saying your insurance would cost you $7800 a year in premiums. How many people can afford that? Or even afford $500 more a month? I sure can't.

Last edited by brokensky; 03-02-2015 at 11:53 AM..
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Old 03-02-2015, 11:48 AM
 
Location: Near a river
16,042 posts, read 18,982,141 times
Reputation: 15649
Not to be overlooked is that it is often one spouse, often but not always the male partner earning and investing well, who creates the secure wealth in retirement. Of course many singles do this, and of course many couples are equal in it, undisputed. However from those I personally know (my sisters, friends, acquaintances), it happens that across the board it is the male partner in a high paying career with excellent pension(s) and investment know-how who got the couple where they are today. And even among these cases, the high-earner is sometimes beset with problems (personal our spousal illness, etc) that compromise the ability to be absolutely secure.
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Old 03-02-2015, 11:56 AM
 
Location: SW MO
23,605 posts, read 31,492,863 times
Reputation: 29076
Quote:
Originally Posted by brokensky View Post
Excuse me, but to my understanding . . . and I am sure someone will correct me if I am wrong . . . but LTC insurance only pays for a specific time period. It doesn't pay for 20 years of nursing home care!

At some point, every policy is going to run out and to qualify for Medicaid coverage, there is still going to be a spend down.

So for folks that are going to need less than 36 month's nursing home care, yes, that would be helpful but for people who will be in a skilled nursing home setting til they die - and that could be decades! - there still has to be a spend down of assets.

LTCI is not the answer in every situation. People who are assuming all the money they have put into an LTCI policy is a "sure thing" to indemnify them might have a very rude awakening, indeed.

NOTE: all LTCI policies are not created the same . . . to start with, taxable or non-taxable . . .

PS. TO MATHJACK: do you realize how arrogant your post is? You are saying your insurance would cost you $7800 a year in premiums. How many people can afford that? Or even afford $500 more a month? I sure can't.
I don't know about now but 20+ years ago some did offer lifetime policies and benefits.
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Old 03-02-2015, 11:57 AM
 
Location: Forest bathing
1,630 posts, read 967,014 times
Reputation: 3804
That fickle finger of fate sure hit us at the wrong time. In 2007 my husband injured his back. Our family doctor and the X-ray tech misdiagnosed it as soft tissue damage which was actually a shattered T6 vertebra. He had a great job but in 2008, his boss decided he wanted his loser recovering alcoholic friend to have the job so he was laid off. Bad timing. For 2 years we were on UI, food stamps, food bank, subsidized medical, etc. We have always been frugal so downsizing was mostly effortless. House is paid for, we grow much of our own produce and are not ashamed to buy clothing at Goodwill or garage sales. We don't drink, gamble, smoke or go out for dinner. By being frugal, we made it until we could both get SSA.

Until 2007, we were doing well and had a decent amount in our retirement account. It did decrease from withdrawals and fluctuations in the financial markets. We are content with our life although we had dreams of doing more. We have a truck and camper so travel around the West. Since we boondock and prepare our own meals, our vacations are cheap. Life is good. It can be done just on SSA ( no pensions for us). Best of luck to all of you out there struggling. We were luvpcky we had parents and grandparents who lived through the Great Depression. Their life lessons served us well. And, no, neither of is going to inherit anything nor did we get any money from family hard work, savings and frugal living.
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Old 03-02-2015, 12:00 PM
 
Location: SW MO
23,605 posts, read 31,492,863 times
Reputation: 29076
Quote:
Originally Posted by NoMoreSnowForMe View Post
You must just be missing them. I've posted that I'm on SSI and retired on a very limited income. I am in a subsidized senior apartment that is a very tiny studio. I have Medi-Cal, and have a great dog, and moved to the northern-most town on the coast of CA, where it is very affordable, and I can now walk to the ocean, and drive to the redwood forest just 7 miles away.

I can't afford to go out to eat, or travel. But, I don't need to. The trick is to get over not being able to have the retirement of your dreams. Once I accepted the limits of my budget, I'm actually quite happy with what I have. And I think it's important for seniors to know that there is a lot of subsidized senior housing out there, and my experience so far in two senior subsidized apartment buildings in two different lower COL towns in CA, is that they are very well-maintained and safe. They are inspected by the government agencies that fund them, and they make sure we're in a safe and well-maintained place.

If you get on the waiting lists, eventually you will get called. You might not be able to live in the city of your dreams, because of the COL or length of the waiting lists. But, if you can get over that, too (I originally hoped to live in the SF Bay Area, but couldn't make that work), and you're flexible, you can find somewhere nice. It turns out I love it here, where I finally ended up. And I'm already making friends.

I became disabled, so retired early. But, if people want to retire early, and they can change their idea of how much is enough, they can do it. It's hard to let go of a vision of retirement you've had for many years.

At any rate, poor retirees can be happy, too. You just need to accept what you can't change and change the things you can, and once you get the best situation you can, be happy with what you've got.

You see, I'm pretty broke, but I can choose every day whether to walk my dog by the ocean or in the redwood forest. Today we walked by the ocean. I also took some stuff to sell at the flea market and chatted with interesting people all day, and sold home-made muffins and some other junk I had. Came home and took the dog for a walk by the ocean and chatted with some cute kids who were collecting shells.

I consider myself to be lucky, now. But, I had to let go of being able to live near my daughter in the SF Bay Area. You don't get to have everything you want, but you can still have it pretty good.
Marvelous attitude. Would that others shared it regardless of means. I wish you and your dog long, happy lives together. Such joy of life and sense of satisfaction know no financial boundaries.
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Old 03-02-2015, 12:01 PM
 
Location: State of Being
35,885 posts, read 67,179,255 times
Reputation: 22373
More on LTC insurance . . .

LTC (Long Term Care) Insurance: Risks and Benefits - FindLaw
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