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Explore how our financial and lifestyle choices today will affect our quality of life in retirement. Using case studies, engaging animations, and lively expert interviews, "When I'm 65" looks at how aspirations and financial planning for retirement have changed.
It addresses many of the frequently discussed topics at this forum such as retirement planning, magic of compound interest, 401K, annuity, what can be done to 'save' SS program, fiduciary rules, when to retire, when to collect SS, phased retirement program, returning to work, reversed mortgage, shared housing etc.
I'd like to hear feedback from people who had watched the video.
I was amused by the assertion of one of the speakers that a way to solve SS solvency problem is to lock up a bunch of congressmen in a room with no bathroom breaks. After 45 minutes or so they would come up with the solution because all politicians know what are the right things to do but simply have not wanted to do it. The 2 solutions mentioned in the video are raising SS tax (with 1.5% raise for both workers and employers will keep SS solvent for 75 years) and raising the income cap for SS tax.
The sentiments expressed in the video were that SS income are so critical for retirees such that the program would never go away.
I have always been skeptical of reversed mortgage and was surprised to hear that deceptive bank practices have been eliminated or curbed by new laws.
Another idea which I found interesting is shared housing not exactly a la 'Golden Girl' style but with women of different ages. This reminded me of the time my sister rented a room from an elderly lady when she first moved to a new state. This delightful lady did not seem to need the money but she was quite lonely. She insisted that I stayed with her when I attended a conference in Philadelphia so I had to cancel the hotel room reserved for me by my company. I only met her once but she became my dear friend exchanging phone calls, letters, Christmas gifts for many years until one day my letter was returned. I assumed that her daughter (who lived nearby but very rarely visited her) had moved her to a nursing home.
First of all, thanks for the post. That was thoughtful of you.
My wife and I watched it together. For what it's worth, here's our take.
We thought it was interesting and well done. It presented basic retirement information targeted at people who hadn't put much thought into preparing for retirement. Given the statistics about how much money people have saved for retirement, I gather that's a high percentage of the population. The video highlighted how unprepared most retirees are.
We intend to have our college-aged sons watch it. As the video emphasized, retirement preparation is all about using time to your advantage. For unprepared people approaching retirement, it's too late to let time do its thing. That makes the video a valuable tool for younger people so they don't make the same mistake.
I like the comment by the MIT Sloan speaker "it's not a science problem, there is a solution, it's just an engineering problem" . Sums it up well. Problem is that very few people can think and act like engineers and engineers are rarely in charge.
But I enjoyed it a lot. Mainly because it reinforces pretty much everything I've done and said about my retirement, and advice I've given. And because like you, I am an engineer. ;-)
We intend to have our college-aged sons watch it. As the video emphasized, retirement preparation is all about using time to your advantage. For unprepared people approaching retirement, it's too late to let time do its thing. That makes the video a valuable tool for younger people so they don't make the same mistake.
That was my thought as well. I plan to email the video link to my daughter and nephews too.
I will ask them for their feedback, thoughts and sending reminding emails to make sure that they watch it. On second thought, I should text instead of email and/or post a link to their facebook pages ;-)
I'd like to hear feedback from people who had watched the video.
I was amused by the assertion of one of the speakers that a way to solve SS solvency problem is to lock up a bunch of congressmen in a room with no bathroom breaks. After 45 minutes or so they would come up with the solution because all politicians know what are the right things to do but simply have not wanted to do it. The 2 solutions mentioned in the video are raising SS tax (with 1.5% raise for both workers and employers will keep SS solvent for 75 years) and raising the income cap for SS tax.
The sentiments expressed in the video were that SS income are so critical for retirees such that the program would never go away.
I have always been skeptical of reversed mortgage and was surprised to hear that deceptive bank practices have been eliminated or curbed by new laws.
Another idea which I found interesting is shared housing not exactly a la 'Golden Girl' style but with women of different ages. This reminded me of the time my sister rented a room from an elderly lady when she first moved to a new state. This delightful lady did not seem to need the money but she was quite lonely. She insisted that I stayed with her when I attended a conference in Philadelphia so I had to cancel the hotel room reserved for me by my company. I only met her once but she became my dear friend exchanging phone calls, letters, Christmas gifts for many years until one day my letter was returned. I assumed that her daughter (who lived nearby but very rarely visited her) had moved her to a nursing home.
Thank you for posting that. I actually posted on my FB page. If no one watches it, well it was there for them to do so.
My take on it is awesome and very informative. I think it would be most valuable to young people but everyone of any age should watch it. The sooner you take charge of what you want in the years you have left the better.
I'd like to hear feedback from people who had watched the video.
Took me two days to get through it because the screen kept freezing. Most of what was presented we've all heard, so not much new. It is still good to get the reinforcement.
The one new thought that I did find interesting is the shared housing concept. That's actually a pretty good idea. Only drawback is having compatible housemates.
I also like the force savings-for-retirement concept. If there were safeguards against premature withdrawal, it is an idea I could support.
The greatest problem we face is the lack of collective political-will to address the solvency of the national retirement program. That's what the fellow alluded to by locking the law makers in a room until they do what we are paying them to do.
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