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Old 03-17-2008, 01:02 PM
 
Location: Tampa, FL
27,798 posts, read 26,196,040 times
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Since pensions are a thing of the past, it'll be interesting to see how the next 20-30 yrs go with Americans as they age. Millions with only Social Security checks to depend on - it that. We're going to have a workforce that will continue to work until their last days. And health care coverage? That's another story. It'll be a case of the "haves" and the "have nots".
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Old 03-17-2008, 01:49 PM
 
26,589 posts, read 52,257,058 times
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By and large the most financially secure early retirees that I know come from the public sector with the majority in public safety such as police and fire fighters...

I personally know two law enforcement officers that have multiple public pensions in addition to being maxed with SSI... Early retirement with 120k income and medical... not counting investments and 401k's

Public Sector is fast becoming the only place that offers great retirement... I just wonder how long that will last.

The California City of Vallejo narrowly averted Bankruptcy last week by working a deal with public safety officers... The report stated that near 50% of the city budget is allocated to employee benefits
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Old 03-17-2008, 02:49 PM
 
13,314 posts, read 25,546,272 times
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As I've thought before, people will do whatever they have to do, and it won't be pretty for lots of people. I know a lot of them. No, you can't prepare for every bump (or mountain) in the road, but if you can't handle anything that might go wrong, the chances of a hard life in later years goes up. So people will do what they have to do.
(My personal backup plan is the on 55+ mobile home park in my town. It's very decent, although mostly car dependent).
People will move to mobile home parks in the Southeast or somewhere cheaper. They will do what they have to do. They won't like it.
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Old 03-17-2008, 09:40 PM
 
Location: So. Dak.
13,495 posts, read 34,055,852 times
Reputation: 15063
Quote:
Originally Posted by brightdoglover View Post
As I've thought before, people will do whatever they have to do, and it won't be pretty for lots of people. I know a lot of them. No, you can't prepare for every bump (or mountain) in the road, but if you can't handle anything that might go wrong, the chances of a hard life in later years goes up. So people will do what they have to do.
(My personal backup plan is the on 55+ mobile home park in my town. It's very decent, although mostly car dependent).
People will move to mobile home parks in the Southeast or somewhere cheaper. They will do what they have to do. They won't like it.
Yup, I totally agree with you. There are so many foreclosures now and they're happening to younger couples where both are employed fulltime. I think our generation will have an easier time in the 55 plus parks then the younger ones will when their time comes. I also have a problem with the way some people spend way beyond their means. We were always taught that if you don't have the money, keep your hands off. What state do you live in?

I have also been wondering how so many people are able to retire at age 55 or younger. Maybe some people have just been able to save a lot. But I can't even feature having enough $$ if I should happen to live to be 66 years and 2 months, which would be my full retirement. Just too many medical bills all the time.
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Old 03-17-2008, 11:13 PM
 
Location: WA
5,393 posts, read 21,385,099 times
Reputation: 5884
Quote:
Originally Posted by Jammie View Post
...
I have also been wondering how so many people are able to retire at age 55 or younger. Maybe some people have just been able to save a lot. But I can't even feature having enough $$ if I should happen to live to be 66 years and 2 months, which would be my full retirement. Just too many medical bills all the time.
We retired just after 55 without the benefit of a pension. Once the kids were through with college our primary focus was saving for retirement. We had a plan but it is requiring revision.

Little by little we have had to scale back our plans in retirement as expenses have increased rapidly over the last few years and then we have seen a large hit in the portfolio over the last six months.

Medical insurance and expenses have doubled in the last five years. Food, fuel, taxes, and other expenses creep up every year. We have not started looking for work yet but will have to make serious changes if the next five years go the same as the last five.

Retirement has been great, but not as easy as we thought.
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Old 03-18-2008, 01:52 PM
 
13,314 posts, read 25,546,272 times
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To me, retirement is when you draw on your retirement savings or pension or Soc. Sec. and work is "extra." I don't envision being of a mind or means to roam around for months at a time, and I can see working two nights a week at my current job, getting paid for three (weekend deal) and drawing on my pension to make up for it. Pro-rated health insurance, too. But I don't know what age I'd do that. It seems imprudent to me to voluntarily cut my income back at peak earning (before 65) here in Massachusetts. Even when I own my house- taxes here right now are $375/month. Utilities. And so on.
I do appreciate that I could likely work part-time and make pretty good money, as much as I'd prefer to stop working. I don't want to end up in my 80s wishing I'd had more money, and I don't have enough to discount that possibility without working more.
But not working five nights a week, ah, that is a goal. (I'm 55- "retirement" or "semi-) is somewhere within the next 5-10 years, leaning towards the ten).
Also, being terminally single, I am more likely to spend money getting out of the house for socializing. It just happens that way.
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Old 03-18-2008, 02:55 PM
 
Location: Sunshine N'Blue Skies
13,320 posts, read 20,135,593 times
Reputation: 11645
Quote:
Originally Posted by Jammie View Post
Yup, I totally agree with you. There are so many foreclosures now and they're happening to younger couples where both are employed fulltime. I think our generation will have an easier time in the 55 plus parks then the younger ones will when their time comes. I also have a problem with the way some people spend way beyond their means. We were always taught that if you don't have the money, keep your hands off. What state do you live in?

I have also been wondering how so many people are able to retire at age 55 or younger. Maybe some people have just been able to save a lot. But I can't even feature having enough $$ if I should happen to live to be 66 years and 2 months, which would be my full retirement. Just too many medical bills all the time.
You have to remember too that companies like MaBell gave early out offers.
What was good with that is the "health" package that came with it. One couldn't turn it down. Certainly, not my hubby who had already had two major bypass surgeries. Having the surprise of his life when he was 38 and for weeks having treated " the flu"......which came to be the "heart" instead.
My husbands offer was not all that grand, his birthday was two days after a cut off date for a better amount If we didn't have the health coverage and Perscription coverage.......what a horror that would be.
Talking about the case of working......he just can't. There are too many issues come with that. He'd love to, mind you........he sure would.
Anyone wanting to head south.........I found a few very nice, beautiful actually 55+ communities. Not far from the ocean.......and some all age ones too. Retirement is not easy.....but......it can be fun with a great amount of planning, and careful steps.
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Old 03-18-2008, 05:14 PM
 
Location: Home is where the heart is
15,400 posts, read 25,817,519 times
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Quote:
Originally Posted by Summering View Post
Anyone wanting to head south.........I found a few very nice, beautiful actually 55+ communities. Not far from the ocean.......and some all age ones too.
Can you give details about these communities--nearby towns, which ones you visited and liked, etc. I have a friend who is very interested in South Carolina.
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Old 03-18-2008, 05:56 PM
 
Location: Sunshine N'Blue Skies
13,320 posts, read 20,135,593 times
Reputation: 11645
Quote:
Originally Posted by normie View Post
Can you give details about these communities--nearby towns, which ones you visited and liked, etc. I have a friend who is very interested in South Carolina.
Hello Normie, it just took me forever to find my own posting .......LOL
Someone on CD wanted the information oneday. I had forgotten the names......so we hoped into the car and went to see the places again, and to get names.
These 55+ are all very nice. They are on Hwy 17 in Murrells Inlet. So a quiet area of the highway south of Surfside Beach.
They are all next to each other so you can't miss one for the other.
Here are their names.......
Live Oaks: which is very neat, mostly modular looking homes......clean and woodsy.
These are equally as nice......Inlet Oaks and Captains Cove.
All three being in the same area make them easy to see. Not gated either.....
I found the one so charming. It had a clubhouse that they say is active. A nice large pool, and also a screened in area for picnics. The clubhouse had rocking chairs across the front and games of checkers set up on wooden tables. Quite relaxing and charming.
I know that most of these places had all prices at one time as I looked for a family member.
Hope this helps.........Summering
I think under the search tab above you would say 55+Active Adult Communities Murrells Inlet........for any additional info. Nearby towns, Surfside Beach, Pawleys Island, Litchfield beach.....Myrtle Beach......Conway.....Georgetown.
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Old 03-18-2008, 10:34 PM
 
Location: Lovelock, NV - Anchorage, AK
1,195 posts, read 4,992,638 times
Reputation: 465
We are fortunate to have a pension and a good size saving for our retirement, but if it wasn't for the State job and at lower pay during the high times of the pipeline we would have nothing saved.
We always lived from paycheck to paycheck, each time we would try and save and one of the kids would end up with the need for something expensive.
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