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Old 01-31-2016, 01:38 PM
 
442 posts, read 887,560 times
Reputation: 579

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Quote:
Originally Posted by jasperhobbs View Post
Good points. 401K's are never as good as a pension (if it is a secure pension). Still 401K's are a viable investment vehicle with employer match being the key. Also helps if they have good mutual fund families to choose from.
No, they are not. Look at what was done in other countries. They have been disasters.

The facts bear this out.

You have to be a high paid employee or have a working spouse to have anything in these junk savings plans. Hundreds of thousands of dollars would have to be in there for anybody to have a secure retirement at all. Few people are able to keep their jobs for 30 years or past fifty these days. Ill health or job loss, and those "great plans" are gone. Not true with a pension though companies and even some public employers have tried to circumvent federal rules.
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Old 01-31-2016, 01:42 PM
 
2,449 posts, read 2,084,689 times
Reputation: 5725
Quote:
Originally Posted by tonysam View Post
No, they are not. Look at what was done in other countries. They have been disasters.

The facts bear this out.

You have to be a high paid employee or have a working spouse to have anything in these junk savings plans. Hundreds of thousands of dollars would have to be in there for anybody to have a secure retirement at all. Few people are able to keep their jobs for 30 years or past fifty these days. Ill health or job loss, and those "great plans" are gone. Not true with a pension though companies and even some public employers have tried to circumvent federal rules.


So what is savings plan you suggest that is better? The idea is to have hundreds of thousands of dollars in the account by time you retire. If someone were to contribute 10-15% of there paycheck to a 401K, they would build quite a nest egg in 30 years.
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Old 01-31-2016, 01:49 PM
 
Location: NE Mississippi
13,787 posts, read 8,651,066 times
Reputation: 20085
Quote:
Originally Posted by gunslinger256 View Post
I did notice that there's room in that woman's (in the OP's link) life to think more carefully and maybe plan a bit better.

-eating organic: why bother at an advanced age? she doesn't care to prolong her life due to finances so why not simply buy as cheaply as possible instead of paying a premium for organic.............
When you are 80, I will remind you that you said that.
You will be embarrassed.
Or not.
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Old 01-31-2016, 01:50 PM
 
Location: New Jersey
12,764 posts, read 7,852,411 times
Reputation: 13083
Quote:
Originally Posted by tonysam View Post
The ONLY way the vast majority of people have ANY kind of "wealth" to see them through a halfway secure retirement is if they own a home outright and are able to sell it. That, of course, almost always requires one to be married to a working spouse. It is virtually out of reach for most single people, women especially.
I'm not so sure about that. I've been single for almost 40 years. I bought the house I live in now almost 19 years ago for $70,500 and today it's worth probably around $260,000; something like that. My mortgage was paid off five years ago.

And I'm nobody special.

Oh, yeah...and I'm a woman.
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Old 01-31-2016, 02:24 PM
 
Location: NE Mississippi
13,787 posts, read 8,651,066 times
Reputation: 20085
Quote:
Originally Posted by Fox Terrier View Post
I'm not so sure about that. I've been single for almost 40 years. I bought the house I live in now almost 19 years ago for $70,500 and today it's worth probably around $260,000; something like that. My mortgage was paid off five years ago.

And I'm nobody special.

Oh, yeah...and I'm a woman.
You are special.
You are especially lucky. Of all the houses bought 19 years ago, how many have appreciated the way yours has? What if you didn't need a house in that particular area, at that particular time?

Good Luck. It counts.
Bad Luck. That counts, too.

So stop pounding yourself on the back. You got lucky. It could have gone the other way.
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Old 01-31-2016, 02:28 PM
 
Location: Central NY
4,706 posts, read 3,276,460 times
Reputation: 12103
Quote:
Originally Posted by Linda_d View Post
There are non-profit credit counseling services. Look here: NFCC. Some are associated with organizations like the United Way, I think.

I looked on line to see about NFCC and they are associated with the people I spoke with before. They do charge. From what I saw, there is a $25 start fee and then a sliding scale amount monthly. When I spoke with a rep from that company, he told me I would have to pay $50 per month, more than I felt I can afford to pay. And it did not sound like that company would do anything more than give me instructions of how to fix it. But the amount I owed would not change.

I'll check out the Lutheran site and I think you mentioned some others.

Thank you for your thought.
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Old 01-31-2016, 02:53 PM
 
Location: SW Florida
9,787 posts, read 7,083,387 times
Reputation: 14371
Quote:
Originally Posted by Sibay View Post
In the video that accompanies the article the woman says she knows it would be cheaper to get off the road, but she doesn't want to.
I don't fault the woman for living the life she wants to live, I fault the author for trying to elicit sympathy where none seems to be needed.

I think this about sizes it up.
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Old 01-31-2016, 02:54 PM
 
911 posts, read 716,745 times
Reputation: 2859
Quote:
Originally Posted by tonysam View Post
Millions of people are forced to live in RVs. You have a lot of gall being judgmental. Try to exercise some critical thinking and put yourself in their shoes.

Lots of us have forgone going to the dentist. Have you ever looked at how much it costs when you don't have dental insurance and it doesn't pay for anything major? Yours truly has not seen one in TWENTY years. I cannot afford to do it and will be forced to have my teeth fall out. You have no clue what it is like to be a never-married woman who was kicked to the curb eight years ago illegally by an employer.

Don't insult us with your unsolicited advice.
All I'm saying is if a person fails in a sticks and bricks house and wants to buy an RV to "hit the road", their problems will just hitch themselves to the undercarriage, riding along with them. Like a financial "Cape Fear."

And yes, I'm a never-married woman, over 50, unemployed, and I've had my share of hard times.
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Old 01-31-2016, 02:59 PM
 
2,449 posts, read 2,084,689 times
Reputation: 5725
Quote:
Originally Posted by tonysam View Post
Millions of people are forced to live in RVs. You have a lot of gall being judgmental. Try to exercise some critical thinking and put yourself in their shoes.

Lots of us have forgone going to the dentist. Have you ever looked at how much it costs when you don't have dental insurance and it doesn't pay for anything major? Yours truly has not seen one in TWENTY years. I cannot afford to do it and will be forced to have my teeth fall out. You have no clue what it is like to be a never-married woman who was kicked to the curb eight years ago illegally by an employer.

Don't insult us with your unsolicited advice.
How were you kicked to curb illegally by employer?
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Old 01-31-2016, 03:34 PM
 
12,325 posts, read 15,251,420 times
Reputation: 8121
Quote:
Originally Posted by NoMoreSnowForMe View Post
Oh for goodness sake. I did read the article and I live on SSI of $889.40/month. I do not feel sorry for this woman who ordered a filet minon and can't afford it. Give me a break. Her monthly income is far above mine. I live in affordable senor housing. She could do the same with lots of disposable income to spare.

Lady, dial 1-800-wah-wah.
Do you post on the Frugal Living forum? You must have some great money saving ideas.
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