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Old 03-30-2016, 11:00 AM
 
12,825 posts, read 20,126,238 times
Reputation: 10910

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Quote:
Originally Posted by Yakscsd View Post
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.
LIV4NOW!!!!

Run it up!

Leverage to the hilt!

YEEEEEEEEEEEE HAAAAAAAAAAAHHHHHHHH!!!!

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Old 03-30-2016, 11:03 AM
 
Location: Alaska
5,356 posts, read 16,338,796 times
Reputation: 4023
Quote:
Originally Posted by nicet4 View Post
While not unique I have a problem many don't.

...

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.

...

If I make it to 70 I'll most likely drop it.
And that is the point for the quoted poster. They can retire in less than a year with income greater than expenses, so at some point between now and retirement, insurance isn't needed to replace income. In your case, it's there to replace income you'll have in 2 years. Nothing wrong with you keeping it until you can sleep comfort lay without it.
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Old 03-30-2016, 11:34 AM
 
Location: Gulf Coast
1,158 posts, read 648,171 times
Reputation: 2244
I am in the minority I guess. I have a budget for retirement. Just today I ran up all the numbers I spent in the month of March and added in a few things I know will come up to see just where we are. We will be ok, tight, but ok. Next week we close on some real estate, and next year will begin selling the last of it. When that goes, we will be debt free outside of current expenses. I know exactly what our income will be and what our nest egg is. That's enough planning for us.

Only thing still up in the air is will we downsize or not. We'd thought of doing that and I am a-ok with living smaller and cheaper, but it seems that DH has not decided yet. He keeps going back and forth on the issue.

I don't expect the government to take care of us. We are responsible for ourselves as much as we can be. And I never want to be a burden on family. So, that's why we've done all the planning. It is just stupid not to.
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Old 03-30-2016, 11:45 AM
 
Location: SW MO
23,605 posts, read 31,463,318 times
Reputation: 29071
Quote:
Originally Posted by jrkliny View Post
Of course, the majority of people don't have any sort of systematic financial plan for retirement. The majority of US adults lack even very basic mathematical skills; i.e., numeracy. They cannot develop or understand a financial plan without basic math skills. In numeracy testing, US adults rank lower than adults from almost every other 1st or 2nd world country. I should not exaggerate, US adults do tie in skills with Spanish adults. Sixty percent of Americans are at the level where they either do not understand or struggle with math as simple as fractions, ratios, and reading simple graphs and charts.
Chronic negativism and Chicken Little syndrome!
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Old 03-30-2016, 12:09 PM
 
Location: NC Piedmont
3,911 posts, read 2,875,565 times
Reputation: 6291
Quote:
Originally Posted by Curmudgeon View Post
Chronic negativism and Chicken Little syndrome!
If that isn't a classic quote; you have the perfect handle for saying that...

There is never a shortage of people to tell you why you can't do things and how much worse it is than you realize, that's for sure.
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Old 03-30-2016, 02:22 PM
 
6,211 posts, read 4,715,040 times
Reputation: 12697
Quote:
Originally Posted by Curmudgeon View Post
Chronic negativism and Chicken Little syndrome!
My statement has nothing to do with negativity or predicting a falling sky. Plain fact is that Americans are horrible at math and sciences. Our rankings in any sort of international studies have been really, really low. You can google US numeracy and easily find the stats for yourself.


This is nothing new. After Sputnik, we had a wake up call and for a few years there was some emphasis and improvement. I remember well since my father was in charge of the National Science Foundation programs that funded the "new math" and "new science" programs. That effort decreased over the years and virtually vanished decades ago. No problem, businesses are allowed to import foreign workers with the required skills. Of course, US citizens do lose out in not being qualified for many of those jobs. In theory H1b workers are capped at 65,000 but there are all sorts of exceptions and additional foreign workers.
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Old 03-30-2016, 04:26 PM
 
7,892 posts, read 5,024,944 times
Reputation: 13523
The lack of a specific plan does not imply incompetence or obliviousness. The lack of calculations on forecast-needs does not imply indifference to needs, or denial that needs exist. Why? Because "needs" are very minor, and most of our "needs" are actually "wants", which are negotiable.

Going strictly on "needs", I could have retired in my 20s. I've spent a lifetime intentionally living at or below the official poverty-rate. Why? Call it perversity, or false pride. But that's how I live. Going on mere needs, a Malawi-level of income is almost sufficient. But going on "wants", I have no idea what's possible.

Neither can we forecast stock-market returns. Historical mean? Worst-case scenario? Armageddon? Will I become a billionaire, or a pauper? Either is possible.

On the contrary, I'm surprised by how many Americans obsesses over their old-age and retirement. Most of the world is primarily concerned with running-expenses, leisure, perhaps saving for an impending purchase. But we're a nation of retirement-planners… whether or not we're good at math.


Quote:
Originally Posted by Clemencia53 View Post
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.
Some of us do plenty of traveling as employees. The point of retirement is not having to get up in the morning – rather than jet-setting. The point of retirement is guilt-free idleness, watching the world go by, and laughing at its frenetic obsessions.
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Old 03-30-2016, 04:40 PM
 
6,599 posts, read 3,736,021 times
Reputation: 13650
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 need a second and maybe third plan - what if I can't work past 62 for some reason (economic or medical)?

This doesn't surprise me but I make enough where half isn't a crazy low number. When it is 2/3 of the population then it does include a lot of people with low numbers.
I think that not having enough and living within your means when you don't have much DOES mean it's not enjoyable. You're just getting by and praying there's no big emergency expense. But you find joy in the small things that you can (a free movie on tv, canned beans on sale, whatever).

It's not enjoyable not having enough to be free from worry.
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Old 03-30-2016, 04:52 PM
 
Location: Central IL
15,201 posts, read 8,504,300 times
Reputation: 35562
I do find it tiresome to endlessly read about how the "majority" of people are "woefully <uninformed> <unprepared> <stupid>" about something. I think it's crazy to go from a society where it used to be good enough to put money in a savings account to miraculously think people will know how to handle a 401(k)/IRA down to the penny. I feel badly for people - I think companies are getting smart about helping people by providing access to target funds and signing people up by default, etc. Anything is better than nothing.

Some people plan things down to the nth degree - those folks are probably the ones that are very bad at adjusting to anything, which is why they're so big on planning! Those that are more flexible are less planful because they figure they'll roll with it. To a certain degree, it's true and beyond social security just let people go. How about some public service announcements on retirement planning that point people to a website of basic info? Give people a shove and then let them do what they will...just don't gloat about how prepared YOU are.
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Old 03-30-2016, 05:05 PM
 
Location: Forests of Maine
30,669 posts, read 49,416,421 times
Reputation: 19119
Quote:
Originally Posted by ohio_peasant View Post
The lack of a specific plan does not imply incompetence or obliviousness. The lack of calculations on forecast-needs does not imply indifference to needs, or denial that needs exist. Why? Because "needs" are very minor, and most of our "needs" are actually "wants", which are negotiable.

When your retirement is 20 years away maybe it seems too far in the distant future to be concerned with.

At T-minus 15 years a lot of people do not give their approaching retirement much thought. ... 10-years, even at T-minus 5-years there are many who are too busy to give it much thought.

At my last duty station [Naples Italia] they run a class once a year for anyone approaching their forced retirement. When I attended it there were 25 of us in the class. Most of them had plans there were pretty vague, they would figure it out after they had returned stateside.

As I recall I was the only person in that class who actually had solid plans.
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