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Old 01-02-2017, 02:51 PM
 
Location: NE Mississippi
13,650 posts, read 8,565,244 times
Reputation: 19863

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Quote:
Originally Posted by Moonlady View Post
I don't understand this comment. You paid into the system for all your working years, how is it not your money?
My heirs cannot inherit it, and I cannot control it. If I die it is lost. So to me, it's not my money.

Certainly cannot be counted as net worth, and these people who tell me I need millions do not count my Social Security income.
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Old 01-02-2017, 04:01 PM
mlb
 
Location: North Monterey County
3,179 posts, read 2,853,807 times
Reputation: 4876
Read once that the average Calpers pension is $31,000. That's pretty damn closed to what other states pensions are...

You're not going to "live the dream" in California on that. You damn well had better have investments and social security to survive.

We have that planned.
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Old 01-02-2017, 05:24 PM
 
Location: SoCal
13,216 posts, read 6,313,926 times
Reputation: 9827
Quote:
Originally Posted by mlb View Post
Read once that the average Calpers pension is $31,000. That's pretty damn closed to what other states pensions are...

You're not going to "live the dream" in California on that. You damn well had better have investments and social security to survive.

We have that planned.
I thought CALPERS pension has been reduced by 60%.
http://www.foxbusiness.com/politics/...irst-time.html
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Old 01-02-2017, 05:41 PM
 
26,589 posts, read 52,267,707 times
Reputation: 20410
Quote:
Originally Posted by Listener2307 View Post
My heirs cannot inherit it, and I cannot control it. If I die it is lost. So to me, it's not my money.

Certainly cannot be counted as net worth, and these people who tell me I need millions do not count my Social Security income.

It can be used as income when buying a car on time... happens a lot.
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Old 01-02-2017, 06:04 PM
 
29,774 posts, read 34,856,103 times
Reputation: 11687
Quote:
Originally Posted by NewbieHere View Post
I thought CALPERS pension has been reduced by 60%.
CalPERS Cuts Pension Benefits For First Time | Fox Business
That was for four pensioners in one small down that had stopped making their contributions to the state fund.
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Old 01-02-2017, 08:00 PM
 
Location: SoCal
13,216 posts, read 6,313,926 times
Reputation: 9827
Quote:
Originally Posted by TuborgP View Post
That was for four pensioners in one small down that had stopped making their contributions to the state fund.
Thank you. I tend to skim that part when I read this article.
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Old 01-03-2017, 08:57 AM
 
29,774 posts, read 34,856,103 times
Reputation: 11687
Quote:
Originally Posted by NewbieHere View Post
Thank you. I tend to skim that part when I read this article.
It is a major point in California and elsewhere where local government has to contribute a portion for their employees to a state pension fund. In this case a local California City decided to save money by not making their contribution and their retiree's had it put to them. The contributions not paid were for current employees buy retiree's paid the price.

From some of your other posts I think you would enjoy the full article and related topic. I am sure others would. I am familiar with and enjoy the topic of California Pension issues. So thanks for linking as I had missed this story.
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Old 01-03-2017, 06:43 PM
 
Location: NY / Fl.
362 posts, read 296,616 times
Reputation: 715
Quote:
Originally Posted by stellastar2345 View Post
People always tell me (here at least) that you shouldn't count on your inheritance because health expenses may take it all. I think the average American something like 200k - 300k saved for retirement. My parents have multiple millions, and I am told that all of this can go towards healthcare. How does the average American afford to retire if multiple millions could potentially be needed for retirement?
Back to OP and her question on retirement without millions in the bank. The National Council On Aging or NCOA is full of information on this subject. There are safety nets in place with Medicaid for those of us non millionaires if it comes to that.Those that have substantial assets will have to use those up before they qualify for a Medicaid home,etc. A good Elder Care Attorney can fine tune a plan. It's a complicated subject and we all have opinions.But as they say;" don't let the worry of tomorrow rob us of the joy & opportunity today holds. A lot of knowledge in these forums, online, AARP,etc......Good luck...
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Old 01-04-2017, 05:43 AM
 
29,774 posts, read 34,856,103 times
Reputation: 11687
Quote:
Originally Posted by john-staten island View Post
Back to OP and her question on retirement without millions in the bank. The National Council On Aging or NCOA is full of information on this subject. There are safety nets in place with Medicaid for those of us non millionaires if it comes to that.Those that have substantial assets will have to use those up before they qualify for a Medicaid home,etc. A good Elder Care Attorney can fine tune a plan. It's a complicated subject and we all have opinions.But as they say;" don't let the worry of tomorrow rob us of the joy & opportunity today holds. A lot of knowledge in these forums, online, AARP,etc......Good luck...
The concern about the safety net for seniors has and will be the continuation of funding and other decisions that get made about annual government budgets at all three government levels. Especially at the state and local level where changes made as we age are more difficult for us to overcome.
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Old 01-04-2017, 06:19 AM
 
1,137 posts, read 569,507 times
Reputation: 4370
^^ This, Big-time ^^. Our local property tax sometimes jumps ~$1500 up per year with no warning. This has happened twice in the last three years. Once we're retired, we're outta here because of this; we won't be able to take random $100-$200 per month hits when it suits our town council's whims.
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