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Old 03-31-2016, 12:29 AM
 
Location: Tennessee/Michigan
28,215 posts, read 47,628,039 times
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People just aren't prepared. According to a study on retirement confidence by the Employee Benefit Research Institute published last week, less than half of those surveyed have tried to calculate how much money they'll need in retirement, and 39% simply guess rather than doing a systematic analysis.

http://finance.yahoo.com/news/debt-a...73153224.html#
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Old 03-31-2016, 01:22 AM
 
Location: Los Angeles area
14,018 posts, read 17,747,361 times
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Once in a while we hear comments in this Retirement Forum to the effect that "I will have to work until I drop dead", which is certainly a grim scenario for the future. Even people who love their jobs probably look forward to the increased freedom of retirement eventually.

I have a cousin, ex-Air Force, who flew medical rescue helicopters. He loved the flying but didn't care much for the scheduling; His sleeping quarters while on duty were at the helipad, and when the siren went off he had something like ten or fifteen minutes to be airborn. Not always fun at 3 a.m. on a cold morning. He told me, "If only I could fly on my schedule rather than on their schedule". He quit at age 65 eight years ago and hasn't flown since.
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Old 03-31-2016, 01:50 AM
 
Location: Central IL
15,251 posts, read 8,543,297 times
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Quote:
Originally Posted by Escort Rider View Post
Once in a while we hear comments in this Retirement Forum to the effect that "I will have to work until I drop dead", which is certainly a grim scenario for the future. Even people who love their jobs probably look forward to the increased freedom of retirement eventually.

I have a cousin, ex-Air Force, who flew medical rescue helicopters. He loved the flying but didn't care much for the scheduling; His sleeping quarters while on duty were at the helipad, and when the siren went off he had something like ten or fifteen minutes to be airborn. Not always fun at 3 a.m. on a cold morning. He told me, "If only I could fly on my schedule rather than on their schedule". He quit at age 65 eight years ago and hasn't flown since.
Goes to show you that you don't always know just how you'll end up spending your retirement.
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Old 03-31-2016, 04:12 AM
 
Location: Colorado Springs
4,846 posts, read 4,962,112 times
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I think SS still sends out mailed periodic statements of account for those approaching FRA.

If they do nothing else, they can at least try to visualize how they will survive on SS alone.

Unfortunately, for about half of our fellow retirees that's all they'll get.

I just hope they were nice to their kids.

Maybe that will get them a room in the basement.
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Old 03-31-2016, 07:01 AM
 
Location: NC Piedmont
3,911 posts, read 2,881,013 times
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Unfortunately nearly half of all retirements (the article I read recently said 42% in their survey) are earlier than planned due to health issues or loss of employment and inability to find another job. So it may not be an option but you should have a plan to somehow make it work at pretty much any point. The second scenario is the tough one; some people try to stick it out in a high COL area hoping to get another job and burn through a lot of savings before giving up.
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Old 03-31-2016, 07:40 AM
 
Location: New Jersey
12,764 posts, read 7,828,996 times
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About a year before I planned to retire I started living on only the amount the SS estimator said I would get. The rest I put into my savings account. Actually, I was able to live on less than the estimate.

Unfortunately, I was laid off about seven months before I planned to retire. I got unemployment payments for six months, then lived off of the rather meager severance from my job. Now I'm utilizing the money from my 401k (not much). I figure I will have to use some (about 1k) of my savings until I start SS.

I wanted to hold out until age 66, but 65 will have to do. Even though my expenses are small (I can live on 1k/month), I don't want to drain my savings.

After almost 30 years of working for the same company, having my first job at age 14, and basically working full time from age 17, I just didn't have the heart to even look for another job. I did have to 'look' to satisfy Unemployment, if they ever asked if I was trying to find work.

I got no response from the companies I sent my resume to, and Unemployment never contacted me.

Even though I lost my job, I had some peace of mind knowing I could live until SS without having to worry.
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Old 03-31-2016, 07:51 AM
 
33,046 posts, read 22,072,092 times
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Quote:
Originally Posted by John1960 View Post
People just aren't prepared. According to a study on retirement confidence by the Employee Benefit Research Institute published last week, less than half of those surveyed have tried to calculate how much money they'll need in retirement, and 39% simply guess rather than doing a systematic analysis.

http://finance.yahoo.com/news/debt-a...73153224.html#

If you make minimum wage and are broke, what calculation do you really need to make?
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Old 03-31-2016, 07:54 AM
 
33,046 posts, read 22,072,092 times
Reputation: 8970
Quote:
Originally Posted by Vision67 View Post
I think SS still sends out mailed periodic statements of account for those approaching FRA.

If they do nothing else, they can at least try to visualize how they will survive on SS alone.

Unfortunately, for about half of our fellow retirees that's all they'll get.

I just hope they were nice to their kids.

Maybe that will get them a room in the basement.

Q: Why do poor people have kids they can't afford?

A: Who else is going to support them in their old age?
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Old 03-31-2016, 08:41 AM
 
6,323 posts, read 5,064,142 times
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I have a couple of friends that still do part time work. They are officially retired, but do substitute teaching 2-3 days a week.

I think they knew they would have to do this when they "retired" and just didn't want the responsibility of having to go to work every day.

I admire them and feel like a slug sometimes. These ladies are in their 60s and just go and go and go.
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Old 03-31-2016, 08:56 AM
 
Location: Colorado Springs
4,846 posts, read 4,962,112 times
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Whenever our neighborhood has a garage sale I notice that a lot of older "E-Bayers" show up.

They are looking for specific items to buy cheap and re-sell on E-Bay for a profit.

There are many ways to supplement meager retirement incomes.
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