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)
View Poll Results: Do you have any contingency plans for retirement?
No; I am playing the whole thing by ear 3 6.67%
I only have a rough plan and insurance 7 15.56%
I have a good plan, insurance and rough idea of how I could adapt 19 42.22%
I have detailed plans and run analysis for various scenarios 16 35.56%
Voters: 45. You may not vote on this poll

Reply Start New Thread
 
Old 04-09-2016, 11:03 AM
 
Location: Chicago area
14,452 posts, read 7,956,638 times
Reputation: 53614

Advertisements

We have zero family and that was enough to inspire me to have a good plan for retirement at an early age. I believe in back up money for the back up money.

Now we have back up money for the back money and back up money for that back up money too. Being old and poor has always scared the crap out of me. One of us is going to be totally alone in this world. Having enough money will make it a whole lot easier.
Reply With Quote Quick reply to this message

 
Old 04-09-2016, 11:18 AM
 
Location: Los Angeles area
14,018 posts, read 17,775,806 times
Reputation: 32309
I know from experience how hard it is to create polls which cover all the bases and have the "right" choices. There is always something you think of or someone else points out after the poll has been posted. The word "insurance" in the second choice is not specific enough; I interpreted it to mean health insurance which applies untill we turn 65 and get on Medicare.

I chose the second answer (only a rough plan plus insurance) as best describing my situation as I got close to retirement from full time work at age 61 almost 11 years ago. "Only a rough plan" makes it sound like one is being careless and irresponsible, but in my case that wasn't true because I had a secure, inflation-protected pension. After 34 years of service, that pension was enough to cover my spending at the same level it had been before retirement and in addition I had substantial reserves. After almost 11 years, it continues to work out perfectly - I am about to turn 72.

I feel fortunate that I had no need to agonize over budgets, spreadsheets, rebalancing portfolios, and the like.
Reply With Quote Quick reply to this message
 
Old 04-09-2016, 11:21 AM
 
Location: Florida -
8,772 posts, read 10,876,703 times
Reputation: 16669
Many people spend the first 20+ years of their lives being educated and prepared for some degree of self-sufficiency and a reasonable income - over a 40-year career. Even if one is poorly prepared or makes poor decisions, there are always options.

Retirement is a no-turning-back decision that will impact the rest of one's life (perhaps 30+ years), and yet, some imagine they can be successfully prepared for that, by simply 'leaping' without serious planning. Yet, poor preparation and decisions at that point, can leave one with few options.

Except for those who achieve substantial wealth, almost everyone else retires with the uncertainty that comes without knowing the future. Significant financial planning is a "meets minimum requirement" necessity, which only the foolish ignore.
Reply With Quote Quick reply to this message
 
Old 04-09-2016, 02:31 PM
 
Location: Backwoods of Maine
7,120 posts, read 8,176,491 times
Reputation: 18782
Quote:
Originally Posted by animalcrazy View Post
I believe in back up money for the back up money...Being old and poor has always scared the crap out of me.
Good grief - another one like me!!!

I have spent my whole life providing for others, from the age of 12 when I handed my first meager earnings over to my mother to buy school clothes for my brother and myself. I learned from a young age not to be dependent upon any person or any system to save my sorry butt!

Now, I have many dependent upon me...wife, brother, wife's brother, our two daughters and their husbands, and 6 grandkids. I own 3 small houses, no mortgages, and other lots that can be built on. I never want any of my family to go hungry or be homeless. I have a large term-life policy, and pay the premiums for our two sons-in-law to each have one, too, as they have families with young children.

The 6 grandchildren are my biggest worry. Jobs are hard to come by, and not looking to get any easier. I have one 4-bedroom home, and another 3-bedroom home, that will hold all 6. For that matter, those 2 houses will hold both daughters and their families. They are doing fine now, but nobody knows what tomorrow brings.

I've been retired for over 3 years now. "Old and poor"? I have too much to be poor, even if I live to 120. As for old, I can't afford to get old. One morning, I'll wake up dead, and the others will have to carry on with what I've left them. And it will be plenty. My attorneys have all the instructions.
Reply With Quote Quick reply to this message
 
Old 04-09-2016, 03:22 PM
 
Location: Orange County
1,666 posts, read 1,874,295 times
Reputation: 1394
Are we supposed to have life insurance when we retire?
Reply With Quote Quick reply to this message
 
Old 04-09-2016, 03:41 PM
 
14,276 posts, read 24,042,546 times
Reputation: 20116
Quote:
Originally Posted by jet757f View Post
Are we supposed to have life insurance when we retire?

Unless you still have dependents, why do you need insurance in retirement?

I would have some money in reserve for a burial and funeral arrangements.
Reply With Quote Quick reply to this message
 
Old 04-09-2016, 03:48 PM
 
Location: Central IL
15,250 posts, read 8,581,033 times
Reputation: 35702
So what ARE these "backup plans"?

Not take any vacations after you're retired?

Move to some house in the sticks with $500 property tax a year?

Sell and live in a "boarding house" for the rest of your days?

Start up or expand a home business? Go back to a REAL job?

Sell your blood?

Live with your kids and give them your SS check? Charge them to sit for the grandkids so you have pin money?

I'm serious! Maybe it's something I can actually do other than just max out my savings...because that is not a backup plan...that IS the plan.
Reply With Quote Quick reply to this message
 
Old 04-09-2016, 09:16 PM
 
Location: NE Mississippi
13,741 posts, read 8,627,132 times
Reputation: 20025
Quote:
Originally Posted by ReachTheBeach View Post
Have you done any real contingency planning? By that I mean things like "what if I am unable to work past 62?" I am curious about this because all I have is insurance in case I die and a rough idea of how we might scrape by on a tight budget. I don't know exactly what the draw on savings and/or SS would be in different scenarios other than what I plan to do. Curious about how others approach this.

EDIT TO ADD - People already in retrement can certainly vote for whether they did or not and relating stories of things that we might have to adapt for that aren't even on the radar could certainly be helpful...
"Unable to work"? What does that mean? Most people are able to work at age 62 +. So what are you think when you say "unable"?

We closed our business when we were 60, but there was no way on earth I was going to retire before I could draw Social Security and qualify for Medicare at age 65. So I drove a truck. But I just as easily could have gone to work at Lowe's (for instance).
Reply With Quote Quick reply to this message
 
Old 04-10-2016, 12:27 AM
 
Location: RVA
2,175 posts, read 1,274,479 times
Reputation: 4500
It's pretty natural to want to reach the age where you believe you will be comfortably retired. Dave, you are not even remotely the only 57 (or even 52 year old) wishing they were 62 and retirement was here! It has nothing to do with wishing to be older, and everything to do with being free from demands. DW is 63 and been retired since 56. She loves it. And when she was working at 52, she couldn't wait until she was 56. Its the "sprint to the finish" feeling that one gets where the objective is to get this over with and move on to whats next.

When I feel like that, and it happens plenty, I think of things I did or happened 4 or 5 years years ago, and how time as flown, and I mean, really flown by, between then and now. Suddenly, I'm not so much in a hurry because based on that 85 will be here way too soon too!

Of course, that's with a great job, good health, & feeling my retirement will be solid and a blast, so how much harder it must be for someone my age that hates their job, is in poor health, and retirement is an unknown scary phase.
Reply With Quote Quick reply to this message
 
Old 04-10-2016, 04:36 AM
 
Location: NC Piedmont
3,926 posts, read 2,889,408 times
Reputation: 6307
Quote:
Originally Posted by Listener2307 View Post
"Unable to work"? What does that mean? Most people are able to work at age 62 +. So what are you think when you say "unable"?

We closed our business when we were 60, but there was no way on earth I was going to retire before I could draw Social Security and qualify for Medicare at age 65. So I drove a truck. But I just as easily could have gone to work at Lowe's (for instance).
In recent data I looked at, health was the number one reason for retiring earlier than planned and job was loss close behind. The employment picture varies and just taking any job isn't always an option. Besides, the numbers don't work. If everyone were willing to take the low wage work there would not be enough to go around.
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
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