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My response to your posts is that they should be where people in their 30s, 40s, and 50s can see them. Once you get into your mid to late 60s or 70s, there is little latitude in investment that would make any huge gains. At this late stage, there are some remedial measures like annuities and reverse mortgages, but who, at this age, with modest retirement funds can possibly want to risk what they have? I feel like your advice is not well aimed at the modestly retired in this age group.
I've seen a lot of mathjaks posts and I do not think he is condescending to people, merely reporting the facts as demonstrated by a vast amount of research and studies.
You sound like the exception to the rule, who was "victimized", if that is the right word. I think you are misreading his intent though.
Sometimes what is embraced by some as what could be and motivates them can for another it can be a reminder of what could have been and they feel chastised. For many more it is just on to the next post. NEG above makes a good point.
My response to your posts is that they should be where people in their 30s, 40s, and 50s can see them. Once you get into your mid to late 60s or 70s, there is little latitude in investment that would make any huge gains. At this late stage, there are some remedial measures like annuities and reverse mortgages, but who, at this age, with modest retirement funds can possibly want to risk what they have? I feel like your advice is not well aimed at the modestly retired in this age group.
Indeed.
And it comes across as scolding and an admonition.
When folks over 55 (and obviously, those over 65) start into a downward spiral with finances, for whatever reason, it is typically a free fall that is akin to a hemorrhage, not a slow drip.
We have been through over $200K in 24 months. Woops. There goes the savings . . . and then, the erosion begins on the TSAs. . . and that meant an IRS ticket of over $8000 on top of the other damage. And another IRS hit for this year, as well.
LTC insurance wouldn't have done a damn thing for us.
Bad decisions? I don't think so. I had $250K socked away in TSAs at the age of 40, plus assets and a nice savings account, as well. I would say I had planned very well.
So pardon me while I snort at the worthlessness of advising a 62 year old woman that she should have given up her cable TV and all would have been well.
for sure , i never speak in terms of one person or give one on one advice. i throw out the facts ,figures and studies .
the facts are the facts. hether they apply to anyone in particular only each person can decide for themselves.
i can write a book based on the myths and mis-information that is posted daily in any of the forums i frequent and not just here. any financial forum seems to have more seat of the pants information that is wrong than actual facts bear out..
MathJak, please consider that the title uses the word WHERE not WHY. You are trying to answer what was not asked and in the process may be discouraging what was asked. Just food for thought as a possibility. No discourse needed.
Sometimes what is embraced by some as what could be and motivates them can for another it can be a reminder of what could have been and they feel chastised. For many more it is just on to the next post. NEG above makes a good point.
Still no indication that his intent is anything but helpful. Sure, people with emotional baggage might misread things, no matter how you say something. But, that is sort of on them, isn't it? There are a lot of folks who post here to purposefully troll or aggravate others. I have never seen that from mathjak. And sometimes these threads do deviate from the OP and you just have to go with the flow.
I think I may be one of those people....... I have been alone now for 12 years since my husband left me after 37 years together (started in HS at age 15). He was and still is a very intelligent guy and has a Master's in Financial Services. He handled all of our taxes and retirement issues..... seemed reasonable since he was well qualified. I didn't worry about retirement because he had it all planned out. I worked during our marriage, sometimes full time and often part time. I was home with our kids and also helped him build his business. When he did our taxes, he always took everything off of my income he could---often times my income then figured out to nearly zero, which is what he said was best. I don't know how social security bases income reported----is it from what you report on income tax forms? I look at my accounting now and am so confused---I could have sworn I earned a lot more than what they list, but have no records to prove it.
Anyway, I am considering applying for social security now even though I am 64 and fra for me is 66, as I still receive a small alimony check and the extra would help so much. I have not been able to work for almost 15 years due to injuries and illness, but never qualified for SSDI because of poor earnings. I have been able to make a little money when buying/selling 2 homes and I live very frugally. I have put everything I could into savings, but know there is next to nothing to be earned from that or my CD's/IRA's now, yet am very afraid to try investing. I have an old car and a small house, both paid for. I will have about $1,000 a month to live on. I am scared.
I have tried to investigate cheaper places to live. I had huge health insurance costs for much of my single years (paid over $800 a mo. for last year until ACA) so haven't been able to save as much as I'd like. It all depends on health for me. If I don't have a big illness, or huge expense, I think I can make it ok until in my 80's as far as money goes, if I am very, very careful. That's a BIG "if". I don't know what else to do. I figure if all else fails, I can try to find a roommate (scary thought for a single old lady) or take a reverse mortgage. But again, even with reverse mortgage, if I were to get ill and have to go into care for longer than 90 days, I think I could lose my home.
Sometimes I just want to hide away. I am sick most of the time so don't have the social life I'd love to have---no energy. Thank goodness for my 2 dogs!!! And I am far more fortunate than many people I know about my age (single women dumped in midlife and with health problems). I try to remember to be grateful every day for what I DO have----but it's really hard not to worry. I've tried to sell things but haven't had much luck. I do have a basically good life in a safe place with enough to eat etc. Wish it weren't so lonely. So that's my story. At one point I was young, vivacious, very smart, talented etc. Now it seems I'm a "useless" old lady----never, ever imagined it would turn out like this. But I keep going from day to day, try to enjoy as much as I can, take what opportunities I can for friendship etc. What else can I do? I have 2 kids I seldom hear from and grandkids---and please believe me when I say that I am NOT negative around them and try to be fun and happy and accommodating----but they are busy with their lives. (Not an uncommon complaint, from what I understand.) I was happy in my marriage and never dreamed I'd wind up alone and in slim financial circumstances, but that's what happens. As so many others have noted, you can make good plans but life happens---illness, divorce, job loss, etc. It can happen to anyone. Sorry for such a long post. And I really don't mean to complain---as I said, I do realize I have it better than so many do....... I enjoy reading and sometimes posting on CD---it's a lifeline I would hate to lose.
Artangel, please do not be "sorry for such a long post". I found the length appropriate to the story you had to tell; I did not find it "wordy". And your story is instructive as well as sad. You were victimized by your ex-husband. The take-away for younger women (as you well know) is to be aware of the finances of the marriage, but of course that piece of advice comes too late for you. You counted on the good will of your husband - a reasonable thing to do (except in retrospect) - and he betrayed your trust. It is tragic. You seem to be doing all the right things now, and I wish you all the best going forward.
OK, my bad, I just realized this is the retirement forum and now understand a bit more why some of you are seeing this from a different angle. I wasn't paying attention when I jumped into the discussion.
Apologies!
Last edited by shaker281; 03-06-2015 at 07:29 AM..
Thread food for thought. Bill Bernstein is a well thought of financial and retirement planning author. One of his prominent concepts is when you have won the game why keep playing or simply put game over. MathJak and I have had frequent conversations about this and it is a popular topic in forums like Bogleheads and Early Retirement. It is discussed in the CD investment forum. MathJak is personally at or evolving into that stage and I while being in it am still defining how to implement. Again game over in concept is a noteworthy retirement goal and simply put means you win, now why the risk to make more when it isn't over. What becomes difficult is trying to work with that concept in a broader based forum like this one. For many yes the game is realistically over but their claiming victory is not really a card on the table. It is where I suspect this thread has gone as have others previously. MJ is in the final stages of wrapping up the accumulation stage and implementing the draw down stage and of course reflection of how he got there is in the front of his mind. I have suggested to him that with time the transition to life after work will go away and his focus on the path to a strong financial retirement will remain. He will constantly be having to review and change as appropriate and will share that with others. How they react will probably be a function of how their game ended.
MathJak, please consider that the title uses the word WHERE not WHY. You are trying to answer what was not asked and in the process may be discouraging what was asked. Just food for thought as a possibility. No discourse needed.
If you read the OP again the question remains why don't we hear from those not is great financial shape as often as those that are in great shape. So I'm not so sure the thread got derailed as badly as it may appear.
As for mathjak I kind of agree that at times he does come off as a bit preachy. brokensky's post did kind of hit the mark. But I'm also a big fan of mathjak's contributions to this board. He has helped me offline, although his short answers when compared to his lengthy posts gave me the impression that he was doing so reluctantly. He is simply pointing out facts, backed by documentation, that shows his position. I find most of his comments to be very helpful.
OK, my bad, I just realized this is the retirement forum and now understand a bit more why some of you are seeing this from a different angle. I wasn't paying attention when I jumped into the discussion.
Apologies!
Please don't apologize and TY. Yes that is a very true statement and there is a major difference between this and the investment forum or a Boglehead forum and that in itself may be telling.
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He is simply pointing out facts, backed by documentation, that shows his position. I find most of his comments to be very helpful.
