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)
 
Old 01-08-2017, 07:35 AM
 
13,897 posts, read 7,400,560 times
Reputation: 25379

Advertisements

Quote:
Originally Posted by s1alker View Post
Right. If going the liberal arts route, you want to make sure you obtain a degree at a school like Princeton where Wall Street and big shot companies recruit out of.
Huh? Only 1% to 2% of the country has any shot at all of being admitted to Princeton. Corporate America recruits out of those schools because they don't have to put much effort into screening for competence and motivation. The fact that they got into an Ivy and graduated with good grades means they're smart and motivated. If you're interviewing somebody from Western Outer Nowhere State, you have little confidence they can handle the work and you'd have to do a massive deep dive in the interview process to try to figure it out. If you're Goldman Sachs or Google where most people you decide to hire will accept the job offer, you don't bother. You go to the top schools and recruit there.
Reply With Quote Quick reply to this message

 
Old 01-08-2017, 07:42 AM
 
361 posts, read 621,262 times
Reputation: 496
Quote:
Originally Posted by newtovenice View Post
How many BB were laid off? Without work? Had to go five years just to get back to where they were?

To assume that everyone will have a picture perfect career trajectory if they only *put in the effort* is naive. Layoffs, mergers, companies bought and sold and jobs eliminated ... dip into savings, etc. Medical bills. Too many ifs to count.

It's a different world and to assume that everyone will be retiring no problem *if only* they put in the effort is foolish.
Yes...life happens. Layoff and divorce at 50...
So fortunate that I had some working years left....
For all those under 50, I see the real issue as a potential gutting of Medicare and privatizing of Social Security. Like others with 401Ks, it took a lot to make up losses due to the downturn in 2008... that's what a market-based Social Security could look like.
Reply With Quote Quick reply to this message
 
Old 01-08-2017, 07:44 AM
 
Location: Central IL
15,224 posts, read 8,523,201 times
Reputation: 35622
Quote:
Originally Posted by StillRoaming View Post
Things are reversed now. In the olden days, people started off poor and learned to grow whatever money they could lay their hands on. There was nowhere to go but up. Today, people are coming from a richer environment and struggling to maintain what they consider normal. Do some need to reconsider what is normal? Are they willing to truly sacrifice for financial independence?
I don't quite agree with this. Unless you were from a truly rich family most kids did NOT expect to start at their parents level. They were expected to have "salad years" where they lived cheap and saved up and worked hard for promotions...in order to THEN rise to and above their parents' level. But not immediately out of school or in their first job. I certainly lived in my share of crappy apartments and didn't get help from my parents on a big wedding OR a house payment!

And other than my house being larger than my parents it is not any nicer - they didn't have granite or stainless steel and neither do I! In fact, they traveled a lot more than I am able to - I'm trying to be healthy enough to do more of that when I retire. What I'm saying is that things are painted with very broad strokes by most generations...with the older saying the younger is "going to the dogs" (I believe that goes back to Roman times!) and the younger saying they have it so much harder - actually all generations seem to say that!
Reply With Quote Quick reply to this message
 
Old 01-08-2017, 07:57 AM
 
Location: Los Angeles area
14,018 posts, read 17,735,102 times
Reputation: 32304
Quote:
Originally Posted by NancyDrew1 View Post
GREAT THREAD!! I am terrified for my 25 yr old son though he has a good job. So we are preparing to live out in the boondocks and he will inherit the land, 50K's worth which shows a home on it though we havent built one yet. But property taxes should be very low. It is within 20 minutes of two towns planted within BLM land and the State Recreation Area. Live off the grid. Maybe have others live illegally on the property in nice enough trailers paying rent. Providing solar panels as energy and water. When we pass, we hope to pass on a house, a ROTH Ira w/50K+ 50K+ in cash and hopeflly one other home. He can be self-sustaining because these 401k's, stocks, Social Security, lots of things just won't be there for him or our future grand-kids I fear. It might not be there for me as many predict SS will run out in 2032.Hopefully I am wrong. But for this reason we will NEVER spend much more than to meet our basic needs and our tastes are simple anyhow, luckily! So it shouldn't be difficult to save enough for him
Quote:
Originally Posted by Escort Rider View Post
No one is predicting that Social Security will "run out" in 2032. The prediction is that benefits may have to be reduced to 75% of promised levels. That's a far cry from "running out", although it would be a serious development if it occurs.

Why won't 401k's and stocks "be there" for your son? Have you been reading web sites where they also offer gold for sale?

What makes you think your son will ever want to live "out in the boondocks"? Has he expressed that desire?

And finally, have you carefully considered the part of your plan which involves intentionally doing something "illegally"? That might not be so wise.
After posting my reply (quoted above) I read the thread you started in the Mental Health sub-forum about your son, and I can see that my response was a little off-base because I was focusing on the economic and financial aspects (which is what this thread is about), whereas your concerns about your son go far, far beyond the purely economic and financial.

I had wondered why you were "terrified" for your son even though he has a good job, but now I understand. Best of luck to you in your very, very difficult situation.
Reply With Quote Quick reply to this message
 
Old 01-08-2017, 08:57 AM
 
Location: Loudon, TN
5,781 posts, read 4,833,476 times
Reputation: 19416
Quote:
Originally Posted by FeelinLow View Post
Making stereotypes of each generation's supposed wealth is unfair and certainly inaccurate.
There are ''filthy rich'' and ''dirt poor'' among all the generations. I've seen a lot of people struggling and some doing well across generations.
The young ones are not the only ones struggling in this economy with retirement income issues.
With your logic I should be ''rolling in dough'' since I am a Baby Boomer. I am not. What I had I lost during the recession. I am ''dirt poor''.
My Millennial neighbors all have jobs, nice clothes, and drive new and nicer cars. Many leave this apartment complex as they are buying houses. Not me, due to loss of credit.
My Gen X family members all own homes, take lavish vacations, pay for their kid's college, and drive nice cars.
My Boomer sister lives with her Gen X son at age 73 and cannot afford to even rent an apartment on her own. She lost everything in the recession.
My Millennial nephew and niece already have jobs, own homes, and drive nice cars.
The OP needs to get out more and meet real people and leave the stereotypes by the wayside.
This so needed to be said! All the generational stereotyping has just become so much finger-pointing when in fact there are going to be people in all stratum in all generations. Some are where they are because of fortuitous timing, or being born to someone with something to inherit. Others ended up where they are through self-sacrifice and hard work. Others still were beneficiaries of the "system", for good or bad. Others still just made poor choices, and many are some combination of the above issues. What is the point in all this?

There will always be people who prepare themselves for the future and others who just let it happen. There are more financial vehicles available today (401K, IRA's Roth IRA's, reverse mortgages, on-line investing, etc) to fund your retirement than at anytime in the past. And I would venture to say that there is more discretionary spending now than at anytime in the past. I know that growing up it was unheard of for someone to trade-in a car that was only a couple years old, or to tear out a perfectly good kitchen because one wanted white cabinets and granite counters. Do folks sacrifice their dream kitchen for the good of their retirement when they are in their 30's, or drive a 16 year old beater car because it still runs fine? That's how retirements will get funded in the future, by people making smarter economic decisions. We need better financial education in high schools, and at home.
Reply With Quote Quick reply to this message
 
Old 01-08-2017, 09:30 AM
 
2,294 posts, read 1,560,729 times
Reputation: 2737
Quote:
Originally Posted by s1alker View Post
Right. If going the liberal arts route, you want to make sure you obtain a degree at a school like Princeton where Wall Street and big shot companies recruit out of.

Most of the liberal arts grads I know ended up stuck in retail or fast food management. Which is a shame because you don't need a degree to do that. My DM at one store worked his way up from grocery sacker.

If i had to do it all over again I would have majored in engineering or computer science. I know students are getting offers for 70k+ jobs even before graduation. Of course it helps to go to a top school as well. I don't know any liberal arts grads getting those kinds of offers unless they went to Harvard or Yale.

It today's economy you pretty much have to major in a field that pays, regardless if you don't even have a passion or interest in it.
I disagree. I and many I know went to public colleges and have done just fine with liberal arts degrees. It's one of those myths that keeps getting perpetuated out there. (That you have to have a technical degree or have gone to a top 10 liberal arts school in order to be successful...total rubbish). I have literally hundreds of friends and also know many of my relatives and friends of relatives who are of the current generation and I can honestly say I don't know of a single one...that I can think of now anyway racking my brain..who isn't successful or on their way. I guess I'm just a statistical aberration.

Last edited by Burkmere; 01-08-2017 at 09:40 AM..
Reply With Quote Quick reply to this message
 
Old 01-08-2017, 10:18 AM
 
Location: SoCal
13,226 posts, read 6,326,744 times
Reputation: 9839
Quote:
Originally Posted by GeoffD View Post
Huh? Only 1% to 2% of the country has any shot at all of being admitted to Princeton. Corporate America recruits out of those schools because they don't have to put much effort into screening for competence and motivation. The fact that they got into an Ivy and graduated with good grades means they're smart and motivated. If you're interviewing somebody from Western Outer Nowhere State, you have little confidence they can handle the work and you'd have to do a massive deep dive in the interview process to try to figure it out. If you're Goldman Sachs or Google where most people you decide to hire will accept the job offer, you don't bother. You go to the top schools and recruit there.
They don't always recruit from top schools, I'm thinking of HYP kind. My kid got interviews from Jane Street, only kids from Harvard and MIT get interview from there, not easy I mean. She also got scholarships to visit them in NYC for 3 days.
Decent public schools with good grades are reasonable chances. They know that lots of smart kids don't have wealthy parents.
Reply With Quote Quick reply to this message
 
Old 01-08-2017, 11:33 AM
 
1,190 posts, read 658,914 times
Reputation: 1021
Quote:
Originally Posted by jasperhobbs View Post
Saving for your children is admirable but I would still do the things you want to do and enjoy life. Like us, they will get by.
We like to go to stay at Point Montara Hostel sometimes, that's true
Reply With Quote Quick reply to this message
 
Old 01-08-2017, 11:47 AM
 
1,190 posts, read 658,914 times
Reputation: 1021
Quote:
Originally Posted by Escort Rider View Post
No one is predicting that Social Security will "run out" in 2032. The prediction is that benefits may have to be reduced to 75% of promised levels. That's a far cry from "running out", although it would be a serious development if it occurs.
Thank you for the correction. I shouldn't be spreading rumors

My husband will get $875 and I will get $488 so that cut will be really difficult for us.
In the meantime, in a few years. we will have 100% of one of my paychecks (17K) devoted to a 401k and the other one (11K) just 50% of it donated to something called Secure Choice. California's new retirement plan for those who don't have one.

Quote:
Why won't 401k's and stocks "be there" for your son? Have you been reading web sites where they also offer gold for sale?
Well the 2008 recession killed many peoples portfollios. About Gold, I suspect you are correct. It is something I need to learn about but we will be residing in an old gold mining town , off grid, so that shouldn't be an issue. Even the local store takes gold as payment. We just bought property in this town a few months ago.
Quote:
What makes you think your son will ever want to live "out in the boondocks"? Has he expressed that desire?
He doesn't want to live out in the boondocks at all. It wouldn't be good for him to be away from his friends. I am a Christian and though I don't see signs of the tribulation coming really soon. I do believe in it. And let's say that isn't true, there are people called Survivalists who see the world and it's coming destruction. So if what they say TSHTF, I want my kin to be taken care of.
Quote:
And finally, have you carefully considered the part of your plan which involves intentionally doing something "illegally"? That might not be so wise.
Yes. But the land we bought a few months ago shows "about a 320 sq foot cabin" so that saves us about 20K in building permit fees since all we'd have to do is get a fee to add on whatever that is called. But we likely will not do that.

And funny, we saw where the house used to be (and still could be but it isn't there) and it was actually on someone else's land. So what the county has on file as a home is actually not correct.

So the illegal part we could get in trouble for is our sand filter septic system when we install it. My husband is going to build a small home with high ceilings on the property for us to live but I need it to be at least 500 sq feet. And the kitchen will be in a different small building (so we don't eat too much

There is one way in and one way out. One way is so dangerous people drive off of the cliff and die, usually about two cars per decade. It is known for being a very rough town so the Cops only come in the form of the swat team. it would be difficult to know who is doing what since the type of people there aren't exactly chatty with strangers. Almost everyone has someone living on their land, either for free or charging them just for safety. Not that it is necessarily needed but there are criminals busted for bigtime crimes, drugs etc... who live there but are outcasts to the town. They don't go into the town. IN order to do things legally, you need to tell the county. It's not even the cost really. But if you believe in the tribulation you understand that hiding out means exactly that. We will also buy another piece of land for our grandchildren. And they can live there or sell it at our death, it doesn't matter to me. I explained my views as best I could, that is all you can do. Then let it be
Reply With Quote Quick reply to this message
 
Old 01-08-2017, 12:08 PM
 
1,190 posts, read 658,914 times
Reputation: 1021
Quote:
Originally Posted by Escort Rider View Post
After posting my reply (quoted above) I read the thread you started in the Mental Health sub-forum about your son, and I can see that my response was a little off-base because I was focusing on the economic and financial aspects (which is what this thread is about), whereas your concerns about your son go far, far beyond the purely economic and financial.

I had wondered why you were "terrified" for your son even though he has a good job, but now I understand. Best of luck to you in your very, very difficult situation.
Thank you Escort Rider. I am familiar with your posts and know you are a caring person. It is his "illness" he's battling and my Christian beliefs combined that make me fear for him. But its been much better since then, even though it's less than 2 weeks.

He doesn't want to live out in the boondocks at all. It wouldn't be good for him to be isolated like that. He needs people around since he doesn't even have the benefit of that due to working from home. We believe he is battling schizophrenia, but it hasn't broken thru totally. He had a conversation w/himself in the kitchen (just like my schizo BIL) 5 years ago. Lived with us 4 more years in a 100 sq foot home and we are very aware of the signs due to my BIL. He was very paranoid and very ill. Often on the Counties most wanted list due to crimes. Not until last Xmas did we see it happen again. He's been exercising and eating right, also making efforts to spend more time with friends and he looked good except he was wearing PJ bottoms. Maybe just for comfort, it's just us here.

So ever since Xmas and seeing him do it again there is an urgency to ensure he has enough $$ Even if it needs to be in the form of a special needs trust. But I dont see this as being schizophrenia and he refuses to see a Therapist. He saw one in the past and tried 2-3 anti-depressants that didn't work and interfered with his job. Thanks again for this nice note above.
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