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Old 03-29-2016, 05:51 PM
 
Location: Maryland Eastern Shore
969 posts, read 2,520,584 times
Reputation: 932

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Quote:
Originally Posted by Vision67 View Post
I've read tons of those articles. People are not financially prepared to retire. Most of them will eventually be laid off or fired or be forced to quit for declining health reasons.

Then what?
Pole dancing?
At the closest retirement facilities?
Senior Centers?


Yup - that is my "plan"


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Old 03-29-2016, 09:28 PM
 
Location: CT
3,461 posts, read 1,857,482 times
Reputation: 4614
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.
So what happens when you reach that last day of work whether it's voluntary or forced upon you? You have lived a "full" life and left your retirement years to chance, who pays your rent or mortgage, pays your utilities, feeds you, pays for medical that isn't covered by medicare? To those paying for your choice in planning for retirement, hearing you reminisce about past travels probably doesn't sound very good to them.
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Old 03-29-2016, 11:17 PM
 
1,300 posts, read 1,419,880 times
Reputation: 2581
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.
Ummmm no one in this thread made any claims regarding being "fixated" enough to not travel or living your life when your young. Your putting words in peoples mouth. You can live "fully" all you want without planning for retirement. But the odds are against you. You do realize that the whole "you may never live to see retirement" argument is statistically laughable. Most people will live beyond 70+ so the ones NOT saving for retirement are the ones that are "nuts."

As for me I take plenty of vacations, live my life and still save money. Thanks to being "fixated" as you call it, I will have my mortgage paid off in a grand total of 11 years and be retired by 46. At that age I will be making a very comfortable living, traveling the world and I will have done it all without depriving myself when I'm young.

The article is a sobering look at most peoples mentality. Most people don't have the foresight to understand just how powerful a tool money management and planning your life ahead can be. Most people can have a nice retirement at a fairly young age (60) if they just applied those two principals moderately in their lives.
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Old 03-30-2016, 08:40 AM
 
Location: Forests of Maine
30,687 posts, read 49,469,539 times
Reputation: 19134
Quote:
Originally Posted by TuborgP View Post
Many if not most Americans don't have a functioning solid financial plan for their current life. ...
I agree.


Very few people have an actual planned budget or tax plan.
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Old 03-30-2016, 08:46 AM
 
Location: Tennessee
23,601 posts, read 17,589,896 times
Reputation: 27682
Quote:
Originally Posted by griffon652 View Post
Ummmm no one in this thread made any claims regarding being "fixated" enough to not travel or living your life when your young. Your putting words in peoples mouth. You can live "fully" all you want without planning for retirement. But the odds are against you. You do realize that the whole "you may never live to see retirement" argument is statistically laughable. Most people will live beyond 70+ so the ones NOT saving for retirement are the ones that are "nuts."

As for me I take plenty of vacations, live my life and still save money. Thanks to being "fixated" as you call it, I will have my mortgage paid off in a grand total of 11 years and be retired by 46. At that age I will be making a very comfortable living, traveling the world and I will have done it all without depriving myself when I'm young.

The article is a sobering look at most peoples mentality. Most people don't have the foresight to understand just how powerful a tool money management and planning your life ahead can be. Most people can have a nice retirement at a fairly young age (60) if they just applied those two principals moderately in their lives.
Most folks are not going to be able to take plenty of vacations, have their mortgage paid off, and be retired by 46. The income is just not there without outside help or an unexpected windfall.
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Old 03-30-2016, 09:47 AM
 
Location: NC Piedmont
3,911 posts, read 2,881,013 times
Reputation: 6291
Quote:
Originally Posted by Serious Conversation View Post
Most folks are not going to be able to take plenty of vacations, have their mortgage paid off, and be retired by 46. The income is just not there without outside help or an unexpected windfall.
But many of us should be able to do that by 64. Most of us face some trade offs and/or "right sizing" to do that. By that I mean not getting more house than you can afford while still being able to vacation and save, not taking extravagant vacations if it is going to keep you from having any savings and not concentrating so much on retirement that you forget to enjoy yourself sometimes.
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Old 03-30-2016, 09:59 AM
 
Location: Grove City, Ohio
10,135 posts, read 12,392,750 times
Reputation: 13985
Quote:
Originally Posted by akck View Post
Just a small point. Life insurance main point is to replace income for several years should one pass away. If you're close to retiring, do you really need this expense? I cancelled my life insurance this year and I would have done it earlier but DW didn't feel comfortable about it when I retired. We have several income sources locked in, so we don't need the replacement income. She still has her policy as she's still working, even though I've told her we don't need it. Since your income at 68 is greater than your expenses, you likely can cut this expense now.
While not unique I have a problem many don't.

In the event I die first my wife will lose her SS benefit of $968 but pick up mine at which we will call $2,600 right now. The reason her benefit is so low is she does receive a small state government pension check and the pension offset kicked in lowering her SS benefit by a little less than $200 but her pension benefit is just under $400 so that's OK I suppose.

The problem is I have a benefit of $851/month that dies with me so the actual net amount lost would be ($968+$851)-$280=$1,539/month. With me out of the picture (medicare, food etc) the net amount lost might drop by $800 but that still leaves her close to $800 short.

If I can be assured I can work two more years my benefit, that she will receive upon my death, will go up by another $400 so yeah, once I have that covered I can probably drop the life insurance.

Listen, I know it isn't the worlds greatest deal by a long shot but it is worth it to me because it helps me sleep better at night and I will pay $9.50/night for a good nights sleep.

Yeah, if I took the same amount of money and invested it for 20 years look at what I would have but what happens if I were to drop dead of a sudden heart attack tomorrow? At my age it could happen, you know?

If I make it to 70 I'll most likely drop it.
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Old 03-30-2016, 10:01 AM
 
Location: Tennessee
23,601 posts, read 17,589,896 times
Reputation: 27682
Quote:
Originally Posted by ReachTheBeach View Post
But many of us should be able to do that by 64. Most of us face some trade offs and/or "right sizing" to do that. By that I mean not getting more house than you can afford while still being able to vacation and save, not taking extravagant vacations if it is going to keep you from having any savings and not concentrating so much on retirement that you forget to enjoy yourself sometimes.
By 64, most people should be near retirement or already retired, and ideally debt free.

I haven't done any international travel, but spent two weeks in FL last year for probably under $2k, including flight and rental car. If a $1k-$2k trip is that significant, you probably have an income problem.
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Old 03-30-2016, 10:15 AM
 
Location: NC Piedmont
3,911 posts, read 2,881,013 times
Reputation: 6291
Quote:
Originally Posted by Serious Conversation View Post
By 64, most people should be near retirement or already retired, and ideally debt free.
That was my point. Someone else had posted that he was doing it by 46 and then a follow up pointed out that isn't realistic for a lot of people. I think it is important for people to figure out what is realistic for them. That million dollar target people keep trotting out turns off a lot of people; it's out of reach so why even try? Because if you figure out what you can do and how that could work then you can have a real goal. Having a realistic goal makes a difference IMO.
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Old 03-30-2016, 10:22 AM
 
Location: Seattle Area
1,716 posts, read 1,589,579 times
Reputation: 4125
Quote:
Originally Posted by Escort Rider View Post
I don't know how many people fall under the extreme miss-out-on-life-to-save-for-retirement scenario which you outlined, but I've got news for you: One can plan for retirement and still travel, for example. One does not have to "pass on travel" because it's not all or nothing. One can be a compulsive spender or a compulsive saver, but the OP is not advocating compulsiveness.

Besides, the notion of "retirement traveling and golfing" is not inherently fictional. Lots of people do just that - travel and play golf after retiring.
Its not news to me, its just irrational.

Lots of people spend all their money before retiring and have a great ride doing things you only imagined because you were being "cautious". I'd choose the first any and every day. I can check out of retirement on a moments notice if money becomes an issue.
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