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Old 09-15-2013, 02:54 PM
 
Location: Stephenville, Texas
954 posts, read 1,444,006 times
Reputation: 1884

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I'm coming from a perspective of being single, 55 and currently living with and a caregiver to my parents. I have no debt, limited expenses (under $200 per month) for car insurance, gas and rare dining out. I am fortunate that I've been able to live off savings for the past three years. My parents need full time care and we are hoping that by my living here and helping them out (neither can drive any longer) they can avoid having to enter a Nursing Home or Assisted Living Facility. When I do retire and am on my own, I have a 401k and Roth IRA as well as a modest pension that will begin. I plan to return to work and plan to collect SS at 70. Of course, that all depends on how my health holds up. I tend to be very frugal and have always kept my expenses to a minimum and have been able to save a good percentage of my income.
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Old 09-15-2013, 02:58 PM
 
Location: University City, Philadelphia
22,592 posts, read 12,342,433 times
Reputation: 15498
The only thing that bothers me about this thread is that at a few instances - not naming any names - it takes on the characteristic of a sounding board for some people to congratulate themselves at how good they were at saving and investing, and how contemptable some other people are at retiring into poverty for not having saved enough.

Many people find themselves as seniors "living in reduced circumstances" because of things beyond their control: health and medical issues, divorce, unprofitable investments, the downturn in the economy, the devaluation of their homes and properties, a family crisis, being robbed or a victim of a scam, being laid off a well paying job and not being able to find similar employment due to one's age or being "over qualified" etc. etc. ad nauseam.

Are there people out there that are irresponsible? Of course. Are some people not very good at managing their money? I mentioned that my favorite uncle - who I love dearly is one of them.

I cannot look down on seniors who haven't amassed a large savings or simply can't spend their "golden years" in affluent comfort. My favorite thread on this forum is about retiring on a shoestring and how one could thrive and enjoy life while being frugal.
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Old 09-15-2013, 09:33 PM
 
2,421 posts, read 3,725,330 times
Reputation: 3455
Quote:
Originally Posted by in_newengland View Post
Most people I know would put it toward improving their home or into savings or maybe investments.
Sure, you can turn on the tv and hear people say crazy things they would do if they won the lottery--you can hear people on tv say ANYTHING.

No one on this thread pays any attention when someone mentions the things that happen--like divorce or being married to a compulsive gambler or working at a low paying nursing job or working as a social worker.

There was one post that said that the most important factor was having a GOOD FIRST MARRIAGE. Staying married, not losing all the money to a divorce, and having two good earners---that's the main reason why some are financially well off. The rest do not have the money to SAVE in the first place. This is what the blamers don't want to hear.
Good post and good point. Especially about divorce. I notice over at another forum (has something to do with early retirement) That most people posting are "couples" and have savings x 2 and 401K plans with employer matching, plus many are fortunate enough to have pensions as well. Seldom do you hear from a single divorced mother of three talking about their lovely retirement.
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Old 09-16-2013, 07:15 AM
 
1,227 posts, read 1,260,773 times
Reputation: 4310
Health also plays a factor. There are lots of married couples where one spouse gets very ill and cannot work and is living on disability and the other spouse has to care for him. They go through savings to cover medical expenses trying to keep the spouse alive. There are parents who have very ill children requiring special schooling, special medical care, things that are not covered by medical insurance.

Life throws curve balls at people and they have to deal with them as best as they are able.
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Old 09-16-2013, 11:36 AM
 
10,355 posts, read 9,385,677 times
Reputation: 15967
Quote:
Originally Posted by Clark Park View Post
The only thing that bothers me about this thread is that at a few instances - not naming any names - it takes on the characteristic of a sounding board for some people to congratulate themselves at how good they were at saving and investing, and how contemptable some other people are at retiring into poverty for not having saved enough.

Many people find themselves as seniors "living in reduced circumstances" because of things beyond their control: health and medical issues, divorce, unprofitable investments, the downturn in the economy, the devaluation of their homes and properties, a family crisis, being robbed or a victim of a scam, being laid off a well paying job and not being able to find similar employment due to one's age or being "over qualified" etc. etc. ad nauseam.

Are there people out there that are irresponsible? Of course. Are some people not very good at managing their money? I mentioned that my favorite uncle - who I love dearly is one of them.

I cannot look down on seniors who haven't amassed a large savings or simply can't spend their "golden years" in affluent comfort. My favorite thread on this forum is about retiring on a shoestring and how one could thrive and enjoy life while being frugal.
Bravo!!!!
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Old 09-17-2013, 05:46 PM
 
2,038 posts, read 1,949,102 times
Reputation: 3449
I like the frugal forum too ... best to live frugally whether you have money or not ...
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Old 09-17-2013, 06:16 PM
 
48,516 posts, read 83,955,483 times
Reputation: 18050
if you look at the past generations its just repeating history often in human behaviour. As a whole since the so called greatest generation Americans are much like the 1920's in attitude. Live life and wander what its meaning is and let future take care of itself. It often takes the Jones' going bankrupt to stop just looking and following.
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Old 09-18-2013, 02:05 AM
 
Location: Metropolis IL
1,602 posts, read 1,893,637 times
Reputation: 2352
Quote:
Originally Posted by Clark Park View Post
The only thing that bothers me about this thread is that at a few instances - not naming any names - it takes on the characteristic of a sounding board for some people to congratulate themselves at how good they were at saving and investing, and how contemptable some other people are at retiring into poverty for not having saved enough.

Many people find themselves as seniors "living in reduced circumstances" because of things beyond their control: health and medical issues, divorce, unprofitable investments, the downturn in the economy, the devaluation of their homes and properties, a family crisis, being robbed or a victim of a scam, being laid off a well paying job and not being able to find similar employment due to one's age or being "over qualified" etc. etc. ad nauseam.

Are there people out there that are irresponsible? Of course. Are some people not very good at managing their money? I mentioned that my favorite uncle - who I love dearly is one of them.

I cannot look down on seniors who haven't amassed a large savings or simply can't spend their "golden years" in affluent comfort. My favorite thread on this forum is about retiring on a shoestring and how one could thrive and enjoy life while being frugal.
+1 And the same thread reappears in various shapes and forms every month or so. With the same couple of posters, frolicking in their success and disguising it as a lesson in life planning and investing for the downtrodden. What someone in their 60's is supposed to do with that wisdom, I don't know. Save the lectures for the 20 somethings, who have the time to do something with it.
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Old 09-18-2013, 02:45 AM
 
71,643 posts, read 71,777,271 times
Reputation: 49230
actually the answer is don't read those posts if they do not pertain to you.

it always amuses me when folks comment on posts that don't apply to them and state how that information is useless ..

in the mean time there are a whole load of others it does apply too that learn from others by sharing thoughts and ideas..

look at money magazine and suzie ormann, they attract millions of people just because folks talk about what made them fail or to be succesful.

those that are succesful want to hear how others did it and how they can improve their plan, those that are unsuccesful usually want to hear from those who did worse than them so they feel better about themselves.

i can never understand the logic behind taking up space in an on going discussion to post to complain how the information does not apply to themselves and people like themselves.


my opinion is if it doesn't apply just move on .

Last edited by mathjak107; 09-18-2013 at 03:14 AM..
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Old 09-18-2013, 04:07 AM
 
Location: too far from the sea
19,842 posts, read 18,867,840 times
Reputation: 33750
Quote:
Originally Posted by mathjak107 View Post
actually the answer is don't read those posts if they do not pertain to you.

it always amuses me when folks comment on posts that don't apply to them and state how that information is useless ..

in the mean time there are a whole load of others it does apply too that learn from others by sharing thoughts and ideas..

look at money magazine and suzie ormann, they attract millions of people just because folks talk about what made them fail or to be succesful.

those that are succesful want to hear how others did it and how they can improve their plan, those that are unsuccesful usually want to hear from those who did worse than them so they feel better about themselves.

i can never understand the logic behind taking up space in an on going discussion to post to complain how the information does not apply to themselves and people like themselves.


my opinion is if it doesn't apply just move on .
Great that the rest of us are here to amuse you. The "information" is useless to us because most of us are already retired (or close to it) and there isn't much we can do without getting into a time machine and starting over again.

In our next lives we'll make sure not to marry anyone who will cheat on us and cause a divorce (the main reason for not being super wealthy in retirement) and we'll make 100% certain to not acquire any disabling illness (make sure the spouse is never sick either), and no accidents to cause a financial setback. We'll somehow gain total control of the economy so real estate prices never drop leaving a person upside down. Got to make sure the kids never come back home or need financial help for any reason. And never, ever take a job in one of the helping professions: social work, nursing, anything where we help other people for low pay.

If you want to teach the young people, I don't know what it's doing on a retirement board. Many of us on here were already working before there was any such thing as a 401K. And the bashings about people living beyond their means apply to younger people, not people our age. Bash those who go to Starbucks when they can't even pay their rent or those get college degrees in useless majors, those who are "entitled" to huge homes when they are only in their twenties and can't afford it, those who rack up huge credit card debts and think it's play money. Those who never heard of a savings account or never bothered to invest (assuming they made enough money to have anything left over to invest).

I'd be among the first to agree that somewhere along the way those kids have been spoiled and not taught about finances. Although bashing and bragging seem to be the name of the game, I don't think that's really the best way to instruct the younger people. Positive ideas and encouragement would do better. A negative thread of bashing and bragging isn't any help to anyone and many find it offensive.


in the mean time there are a whole load of others it does apply too that learn from others by sharing thoughts and ideas..


Not on this forum. Not for this demographic. Most on this forum played by the rules, did everything right. Not all of us ended up as millionaires because things do happen. If someone else was fortunate enough to live a charmed life with no major setbacks then they are lucky. Not necessarily smarter than the rest, just luckier. When will some people realize that no one wants to listen to their put downs and childish bragging? Maybe in the pursuit of money they lost sight of the importance of human kindness and good manners. Manners? Old fashioned idea that must have gone out of style with some folks.
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