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Old 03-29-2016, 07:18 AM
 
2,593 posts, read 5,289,910 times
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> and more than one-third (39 percent) simply guess rather than doing a systematic retirement needs analysis.

Put me in this category

I have budgeted projects and applied quantitative analysis for decades to all sorts of physical systems. I know how much answers depend on assumptions that are often at best educated guesses. So I am very comfortable with a guess, albeit an educated and conservative one.
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Old 03-29-2016, 07:19 AM
 
58 posts, read 41,647 times
Reputation: 162
Quote:
Originally Posted by ReachTheBeach View Post
Retirement planning wishes vs. reality - CBS News
That is plain nuts! I think a lot of people won't do a budget because they fear it will just confirm their suspicions. Living within your means doesn't mean it can't be enjoyable even if it is less than you were originally planning.

I agree and the article doesn't surprise me at all. I have a friend who is a really good software developer and he got tired of all the online systems, so he wrote an offline calculator for his own use. I got involved really early and helped with beta testing and when he was looking for a wider test group I emailed family members and friends that were in the pre-retirement age bracket to encourage them to join to see what their retirement plan looked like. Of about 50 emails I sent, exactly 3 people actually downloaded and used the software.


The reasons many gave for not doing so were interesting:
  1. I know I will never be able to retire so I will just work till I drop. Yes, I know my company has a mandatory retirement age that I hit in 3 years, but I will find another job.
  2. I am too busy right now, I will try it out after I retire (that one amused me - sort of beside the point)
  3. I'm too young (at 58!!!)
  4. And the classic "Really, I don't even want to think about it"
I just don't get it, but from personal experience I have to say the article is right.
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Old 03-29-2016, 07:25 AM
 
71,549 posts, read 71,712,424 times
Reputation: 49135
Quote:
Originally Posted by TuborgP View Post
Ummmmm, as you and others have noted they have nothing to withdraw! So they go along with discussions or say nothing. It is like Jimmy Kimmel stopping people on the street and asking with no coaching on topic what do they consider a safe withdrawal rate.
except i am talking about folks who do plan on drawing from their nest egg in retirement .

in fact all my threads generally refer to only those the posting apply's to . 1/2 the country has no savings to speak of anyway , at any point in their life
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Old 03-29-2016, 07:28 AM
 
29,779 posts, read 34,863,854 times
Reputation: 11705
Quote:
Originally Posted by mathjak107 View Post
except i am talking about folks who do plan on drawing from their nest egg in retirement .

in fact all my threads generally refer to only those the posting apply's to . 1/2 the country has no savings to speak of anyway , at any point in their life
Exactly and as we know anonymous folks can have anonymous wealth and anonymous amounts.
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Old 03-29-2016, 07:32 AM
 
Location: Colorado Springs
4,837 posts, read 4,952,340 times
Reputation: 17302
Quote:
Originally Posted by RetireGuy View Post
[*]And the classic "Really, I don't even want to think about it"[/list]I just don't get it, but from personal experience I have to say the article is right.
When most people are presented with an insurmountable problem, the answer is denial.

As was said, "De Nile: it ain't just a river in Egypt."
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Old 03-29-2016, 07:32 AM
 
Location: Seattle Area
1,716 posts, read 1,588,112 times
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Quote:
Originally Posted by ReachTheBeach View Post
That is plain nuts! I think a lot of people won't do a budget because they fear it will just confirm their suspicions. Living within your means doesn't mean it can't be enjoyable even if it is less than you were originally planning.
Not so much nuts as not fixated. What is nuts is spending your entire adult life planning and saving for a retirement you may never live to see. What is nuts is passing on travel at an age where you can fully enjoy and experience it, because you had to save for retirement. What is nuts is not living fully for the day, because of a fictional image of retirement traveling and golfing. See a theme? Neither is wrong.
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Old 03-29-2016, 07:34 AM
 
71,549 posts, read 71,712,424 times
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funny how we all thought the same thing through the years .

but now that we reached retirement in pretty good shape boy i am i glad i didn't follow my thoughts back then . it is priceless being in a good position now .

heck , if i died younger , well dead is dead .

now i wish i devoted more time to the tax planning end when i was younger . now i have valuable dollars going out that didn't have to be .
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Old 03-29-2016, 07:41 AM
 
6,310 posts, read 5,053,602 times
Reputation: 12815
Quote:
Originally Posted by Yakscsd View Post
Not so much nuts as not fixated. What is nuts is spending your entire adult life planning and saving for a retirement you may never live to see. What is nuts is passing on travel at an age where you can fully enjoy and experience it, because you had to save for retirement. What is nuts is not living fully for the day, because of a fictional image of retirement traveling and golfing. See a theme? Neither is wrong.
I think those people that don't want to travel or do other things because they are saving for retirement, really don't want to do those things, so they use "saving" as an excuse.
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Old 03-29-2016, 07:47 AM
 
Location: NC Piedmont
3,911 posts, read 2,878,179 times
Reputation: 6291
Quote:
Originally Posted by RetireGuy View Post
I agree and the article doesn't surprise me at all. I have a friend who is a really good software developer and he got tired of all the online systems, so he wrote an offline calculator for his own use. I got involved really early and helped with beta testing and when he was looking for a wider test group I emailed family members and friends that were in the pre-retirement age bracket to encourage them to join to see what their retirement plan looked like. Of about 50 emails I sent, exactly 3 people actually downloaded and used the software.


The reasons many gave for not doing so were interesting:
  1. I know I will never be able to retire so I will just work till I drop. Yes, I know my company has a mandatory retirement age that I hit in 3 years, but I will find another job.
  2. I am too busy right now, I will try it out after I retire (that one amused me - sort of beside the point)
  3. I'm too young (at 58!!!)
  4. And the classic "Really, I don't even want to think about it"
I just don't get it, but from personal experience I have to say the article is right.
The situation that annoys me most is what one of my siblings has; they don't want to calculate because they know they are so far underfunded that it is just a matter of time until they become a welfare case. So they would rather have a couple of years of retirement where they can do what they want before being forced into what they see as a bleak existence. Doing a budget would just result in them adapting to that low income reality right away. I think they could make the whole retirement less bleak. If forced to move to lower income housing when the money runs out, they will have to take what is available that works. If they accept up front that they have to live cheaply, more research and planning could land them in something that more closely resembles the retirement they want.
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Old 03-29-2016, 07:49 AM
 
Location: Tennessee
23,579 posts, read 17,561,360 times
Reputation: 27660
Yawn.

I think most people on this forum know the "median person" is probably underfunded, underadvised, and overconfident. That said, the dispute is probably on the severity of those factors, not the fact they exist.
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