U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-30-2016, 05:20 PM
 
Location: Central IL
15,201 posts, read 8,504,300 times
Reputation: 35558

Advertisements

Quote:
Originally Posted by Submariner View Post
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.
But what is a "solid plan"? You can make a plan and then change your mind. I guess ANY plan is better than NO plan but we don't always know what we ultimately want, especially regarding something as major as how to spend 20+ years of retirement. Be sure that any plan has a lot of flexibility built into it.
Reply With Quote Quick reply to this message

 
Old 03-30-2016, 06:15 PM
 
Location: NC Piedmont
3,911 posts, read 2,875,565 times
Reputation: 6291
Quote:
Originally Posted by reneeh63 View Post
But what is a "solid plan"? You can make a plan and then change your mind. I guess ANY plan is better than NO plan but we don't always know what we ultimately want, especially regarding something as major as how to spend 20+ years of retirement. Be sure that any plan has a lot of flexibility built into it.
Let's cut to the chase - it's all about the war chest if you don't have a pension. You cannot count on being able to keep working and it will be really hard to make on nothing but SS. You can only have flexibility if there is flow to direct.
Solid planning means you have run a few real scenarios and you are on track to have enough flow to live how and where you want to (not necessarily where you dream to; a reasonable place where you will be happy)
Reply With Quote Quick reply to this message
 
Old 03-30-2016, 08:54 PM
 
12,825 posts, read 20,126,238 times
Reputation: 10910
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.

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.




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.
RoW fall into two main buckets.

The developed part, where their governments take quite good care of the aged.

The undeveloped part, where if you are rich, labor is cheap and setting up your own personal skilled facility is done like the drop of a hat. If you're not rich, you croak when you are in your 50s or 60s.

Then there is the US. We have the assets of a developed country and the mentality of an undeveloped country. Lots of truth to that. Until 100 years ago, we were just another 2nd / 3rd world former colony of European powers.
Reply With Quote Quick reply to this message
 
Old 03-30-2016, 09:06 PM
 
Location: Metropolis IL
1,595 posts, read 1,889,414 times
Reputation: 2333
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.
Yep, that's the unsolvable variable in the safe withdrawal rate equation: Lifespan.
Reply With Quote Quick reply to this message
 
Old 03-30-2016, 09:07 PM
 
13,872 posts, read 7,381,208 times
Reputation: 25351
Quote:
Originally Posted by ReachTheBeach View Post
Let's cut to the chase - it's all about the war chest if you don't have a pension. You cannot count on being able to keep working and it will be really hard to make on nothing but SS. You can only have flexibility if there is flow to direct.
Solid planning means you have run a few real scenarios and you are on track to have enough flow to live how and where you want to (not necessarily where you dream to; a reasonable place where you will be happy)
Meh. I took a cold hard look at the numbers and completely ditched the "dream to" at age 51. I've been focused on "what is possible" for the last 7 years. It is indeed all about the war chest, the "reasonable place to live", and contingency planning in the event that life happens and you don't make your war chest accumulation and planned retirement dates.

The nice thing in my case is that I'm now halfway thought my plan. My worst case contingency plan looks a heck of a lot rosier now than it did 7 years ago. With just shy of 8 years left, every month makes that worst case scenario a lot better.
Reply With Quote Quick reply to this message
 
Old 03-30-2016, 09:10 PM
 
Location: Metropolis IL
1,595 posts, read 1,889,414 times
Reputation: 2333
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.
Good to see some contrarians in the crowd. Human beings find ways to survive. Nobody's going to starve to death.
Reply With Quote Quick reply to this message
 
Old 03-30-2016, 09:14 PM
 
Location: Metropolis IL
1,595 posts, read 1,889,414 times
Reputation: 2333
Quote:
Originally Posted by Serious Conversation View Post
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.
Short of an unforeseen financial windfall, most underfunded folks over the age of 50, are beyond the point of no return. So these reoccurring multi-page threads are largely academic.
Reply With Quote Quick reply to this message
 
Old 03-30-2016, 09:19 PM
 
Location: Metropolis IL
1,595 posts, read 1,889,414 times
Reputation: 2333
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.
I suppose it depends on where one travels, and where one golfs. Luxury goods would be a better example.
Reply With Quote Quick reply to this message
 
Old 03-30-2016, 09:26 PM
 
13,872 posts, read 7,381,208 times
Reputation: 25351
Quote:
Originally Posted by BLS2753 View Post
Short of an unforeseen financial windfall, most underfunded folks over the age of 50, are beyond the point of no return. So these reoccurring multi-page threads are largely academic.
It totally depends on your income level. I'm high enough income that I'll probably pull it out of the dumpster.
Reply With Quote Quick reply to this message
 
Old 03-31-2016, 05:28 AM
 
Location: NC Piedmont
3,911 posts, read 2,875,565 times
Reputation: 6291
Here is an article that I think is related in an interesting way:

60 Minutes/Vanity Fair poll: Artificial Intelligence - CBS News

AI? What the heck does that have to do with this? Skip down to the 3rd question/chart...
Quote:
A third of Americans would feel most comfortable delegating decisions about their retirement planning to a computer with A.I., 27 percent said picking their kids' school, 23 percent said none of the above, eight percent chose end of life care and only four percent would let a computer pick their romantic partner.
Because most people don't trust computers to make really important decisions for them, I infer that people picked retirement planning as the least important decision on the list and by a pretty wide margin.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top