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Old 04-03-2015, 05:08 PM
 
Location: Approximately 50 miles from Missoula MT/38 yrs full time after 4 yrs part time
2,294 posts, read 3,339,856 times
Reputation: 4824

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Quote:
Originally Posted by BayAreaHillbilly View Post
What you wrote is true for your age bracket and a few younger ones. However, starting ~ with people born in '60 or '61, the macroeconomic environment made it much more challenging. Good paying middle income jobs became scarcer and scarcer, meanwhile, starting in the late 1970s real estate costs undertook a rise that even recent melt downs never put a major dent in. People who graduated from college prior to 1970 had it particularly good in terms of ability to steadily build a nest egg. 20 years from now elder poverty will be a major issue and only a percentage of those experiencing it will be able to blame spending too much during Middle Age or not working hard enough. No matter how hard someone works at a series of jobs they are overqualified for, they may never net enough income to build a sufficient nest egg.
What you wrote is 100% true......I take no issue with any of it. I just had the good fortune to be born at the right time and took advantage of the various opportunities that were available in those 10 years or so immediately after WWII. To be able to choose between 3 companies to go to work for in my chosen field and start with one of them just (7) days after graduation, was obviously of great benefit. I did, (and still do know how lucky I was) to start my career in that era. I was raised in a strict family (100 % Bohemian father and 100% Irish mother). Even though I was just in 8th grade when my Dad passed away........I vividly remember him telling me:.."No Debt....pay off any debts ASAP throughout your entire life. I followed his advice and became debt free at age 48.
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Old 04-03-2015, 06:03 PM
 
12,825 posts, read 20,132,535 times
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Quote:
Originally Posted by Montana Griz View Post
What you wrote is 100% true......I take no issue with any of it. I just had the good fortune to be born at the right time and took advantage of the various opportunities that were available in those 10 years or so immediately after WWII. To be able to choose between 3 companies to go to work for in my chosen field and start with one of them just (7) days after graduation, was obviously of great benefit. I did, (and still do know how lucky I was) to start my career in that era. I was raised in a strict family (100 % Bohemian father and 100% Irish mother). Even though I was just in 8th grade when my Dad passed away........I vividly remember him telling me:.."No Debt....pay off any debts ASAP throughout your entire life. I followed his advice and became debt free at age 48.
The key to solving this problem long term is growth in middle income jobs. But of course, it's pretty hard for a politician to get much in the way of campaign contributions touting the sort of bitter medicine that would be needed to accomplish this. Going up against the corporatists does not win many friends in those rarefied circles. More effective grass roots political organizing will be needed to elect people who actually represent the middle class.
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Old 04-04-2015, 09:10 AM
 
Location: Idaho
1,451 posts, read 1,153,447 times
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Quote:
Originally Posted by Joliefille View Post
Then when the elderly parents need care..does the husband stop work to drive the oldies to doctors appointments? No.
I came across an article today which brought me back to Joliefille's statement quoted above.

Many Women Sacrifice Retirement Savings to Care for Family

Quote:
A recent study conducted by Transamerica Center for Retirement Studies analyzed the retirement prospects among women in the United States. The results show that many women are not ready for what lies ahead. About 54% of the 2,172 women surveyed say they plan to retire after the age 65 or not at all. What is even more troubling is that 64% of female baby boomers say they have no backup plan in the event they are forced to retire early.

“Women continue to face challenges that make it more difficult to save for retirement compared to men. We’re more likely to work part-time or take time out of the workforce to be parents and caregivers.
I don't know of a single man who quit his job or work part-time so that he could take care of his parents or parents in law. As the discussions at the "Obligations to care for parents when you retire" thread show, the burden falls mainly on the shoulder of women.

It just happens that I attended a bridal shower last weekend and met the elderly mother and younger sister of my friend (the mother of the to-be bride). This sister was divorced with no children so she moved in to live with her parents. Her mother's early dementia got worse after the passing of her father. She got laid off from her job and could only find a part time weekend job tutoring at Sylvan Learning Center. Her mother has become more and more dependent and frequently calls her at work demanding her to rush home for a trip to the emergency room. (There is nothing wrong with the mother. She just seems to live for trips to emergency room). My friend does not know that how long her sister can keep her job. I had to wonder whether this constant demand of care had contributed to the layoff of the previous full time job. The future retirement outlook of this woman is quite bleak. She currently receives no alimony (I was told it was due to the divorce law in her state). In spite of having a college degree and went back to school for another degree in math to teach, she has not had any long term jobs with pension, 401K etc. Even if there is a full time job available tomorrow, it's not likely that she can take it without being able to convince her mother to rely on the care of non-family members!
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Old 04-05-2015, 06:05 PM
 
Location: Central CT, sometimes NH.
3,472 posts, read 5,143,862 times
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My biggest fear is healthcare costs. I am good with everything else. I plan to retire at 55 and if I want to keep my current plan it is estimated that the cost will be around $30,000 in 3 years. That would be the majority of my gross pension. It just makes no sense. The ACA options on our state exchange are a little cheaper but carry large deductibles.
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Old 04-05-2015, 06:23 PM
 
Location: Baltimore, MD
3,745 posts, read 4,215,210 times
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Quote:
Originally Posted by Lincolnian View Post
My biggest fear is healthcare costs. I am good with everything else. I plan to retire at 55 and if I want to keep my current plan it is estimated that the cost will be around $30,000 in 3 years. That would be the majority of my gross pension. It just makes no sense. The ACA options on our state exchange are a little cheaper but carry large deductibles.
I don't understand your plan. Are you going to retire at 55 regardless of healthcare costs?
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Old 04-05-2015, 06:23 PM
 
48,516 posts, read 83,901,398 times
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Then you are wise to not retire. Your getting to higher risk age every year in healthcare cost. if policy cost is too high then added risk of use increases it greatly. I agree with you; securing healthcare risk is top priority.
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Old 04-05-2015, 06:47 PM
 
Location: Central CT, sometimes NH.
3,472 posts, read 5,143,862 times
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Quote:
Originally Posted by lenora View Post
I don't understand your plan. Are you going to retire at 55 regardless of healthcare costs?
My wife is younger and has a high deductible plan available as an option. It is not nearly as good as my current plan but is much more affordable than what is offered on the exchange or continuing my current plan. I do anticipate with the unrealistic annual cost increases where the plan I currently have would eclipse the median household income in 10 to 12 years that we will see something done with the ACA before the cadillac taxes kick in starting in 2018 and massive numbers of employers start moving their employees over to the exchange.
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Old 04-06-2015, 07:26 PM
 
Location: On the "Left Coast", somewhere in "the Land of Fruits & Nuts"
8,367 posts, read 8,586,137 times
Reputation: 5919
Quote:
Originally Posted by BayAreaHillbilly View Post
The key to solving this problem long term is growth in middle income jobs. But of course, it's pretty hard for a politician to get much in the way of campaign contributions touting the sort of bitter medicine that would be needed to accomplish this. Going up against the corporatists does not win many friends in those rarefied circles. More effective grass roots political organizing will be needed to elect people who actually represent the middle class.
Agreed for the most part, but it also doesn't help that most of the growth in middle income jobs these days seems to be in Tech and the "knowledge-based economy". Though unfortunately not everyone is cut out to be a computer jockey, and most of the manufacturing jobs that used to absorb everyone else are moving offshore. And that's before we even get into the growing worldwide impact of "robotics" and longer lifespans. So basically methinks we're heading into "terra incognita" on a lot of these issues, even if anyone does have a "plan" (or the will, as you mentioned).
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Old 04-07-2015, 09:01 AM
 
Location: St George
38 posts, read 42,000 times
Reputation: 61
financial crisis in retirement is very subjective. my brother is a millionaire and does nothing but watch tv and his grand kids. my wife and I live on SS (95%) and small pension which together totals about 30K per year. However, we don't have a mortgage, didn't have children draining us, and have my comprehensive medical insurance from last employer supplementing medicare. Take a nice trip (no vacations in retirement!) once a year and participate in many other activities like bowling, dancing, pickleball, golf, and bingo. Life as a poor, retired couple in America ain't so bad.
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Old 04-07-2015, 12:19 PM
 
Location: The Triad (NC)
28,490 posts, read 62,120,010 times
Reputation: 32158
Quote:
Originally Posted by SeaLover View Post
However, we don't have a mortgage ...and have my comprehensive medical insurance...
Life as a poor, retired couple in America ain't so bad.
If you have those two things you're not "a poor, retired couple".

Actually, having those two things (or not) is the primary dividing line...
with the openendedness of medical costs in particular being the single biggest concern.

These costs are at the root of the "Chicken Little" outlook being discussed.
Not the gas bill or the groceries or even paying rent. MEDICAL.
---

Remove the costs risks of medical & nursing care and most won't have much to worry about

Those who know (viscerally if not objectively) that they can't **CAN NOT** provide for
themselves or their family if/when the feared event arrives... aren't chicken littles.

This is what Medicare was supposed to address.
Based on 1964 technology and standards of care it still does it pretty well.
But it isn't 1964 anymore ... is it?
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