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Old 01-02-2018, 08:02 AM
 
Location: Paranoid State
13,047 posts, read 10,431,986 times
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Quote:
Originally Posted by southkakkatlantan View Post
I don't work for the government but my company has been around since the late 1800s and every time I turn around someone is retiring after 30 years of service here.
From my perspective, the biggest risk is that pension and the employer who contributes to it. A private sector defined benefit pension is heads and shoulders more risky than a public sector defined benefit pension.

If it were me, I would spend lots of time pouring over the financial documents of the pension plan. I also would spend a lot of time analyzing the business model of my employer. 100+ year old companies might or might not have good prospects going forward. I might even go so far as to contact professors of accounting who specialize in pensions and ask them if they are aware of any academic analyses that focuses on or has bearing on my employer &/or its pension plan. I would probably contact professors of actuarial science the same question.

It is my sincere hope the answer is positive.

At the same time, I personally view a private sector pension has being highly risky. There are just so many bad things that might happen that could result in the employer not fulfilling its pension obligation.
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Old 01-02-2018, 08:16 AM
 
3,630 posts, read 7,238,887 times
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Do not include SS in your calculations. Assume it won't be there and plan accordingly.
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Old 01-02-2018, 09:00 AM
 
Location: Loudon, TN
5,769 posts, read 4,827,803 times
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Quote:
Originally Posted by TwinbrookNine View Post
As of 2007, 1.4 mil (or its equivalent in a reliable pension's net worth + your put away stuff) was needed to retire comfortably at age 57. In 25 years that'll be nearly 3.5 mil. Skip SS it won't be available to anyone who can click two nickels together. As I think you sorta realize, you have some big time saving to do


First thing: skip trying to impress anybody with your toys/cars/home/phone, etc. They really honestly couldn't care less what you sport around. Too many people in their 30's play the status game - especially once they start making any money that counts. Big waste of time and money - all for naught.


As you correctly say, at this point you have no idea how you're going to feel about working when you're 55, let alone 70. Overcompensate now - 20 years from now is too late.


Example: If your annual income is < $175,000, toss the i phone and get a flip phone; it's good enough.
Say what???? What does income have to do with your phone? You can get a smart phone for just a bit over $100. You can also get cell/data/text service for as little as $25 month through low cost providers like Consumer Cellular and Cricket. It's not just a phone, it's a tiny PC, a GPS, a map of anywhere, a music player, an alarm clock, a still camera, a video camera, a photo album, a voice recorder, a monitor for a security system, a source for visual entertainment, a watch, a calendar, an address book, a timer, a means for taking notes without pencil or paper, an up to the minute source for news, weather info and warnings, a way to track your children's whereabouts, and so much more.

On vacation I used to take so many things and they are now replaced by one small item, my smart phone.

Last edited by TheShadow; 01-02-2018 at 09:09 AM..
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Old 01-02-2018, 09:05 AM
 
833 posts, read 372,892 times
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Quote:
Originally Posted by Sand&Salt View Post
You've got some good financial advice, though it seems you are well on the way already. I can't add to that, but my 2 cents is if you want to do something adventurous that has a physical component, try to do it NOW at 38. It will be so much easier than waiting until retirement, when physical limitations may hinder or prevent it. So many people put off these "dreams" until it's too late. You might have the money, but not the health.


I knew this at 38 and started my adventure---doing the Pacific Crest Trail on horseback---camping for 5 years. So glad I did it then---knowing my mid-30s and early 40s would be the "best" time to do it.


Now I have arthritis and can't mount a horse so I'm really glad I did it when I could. Think about that kind of thing too---not just finances.


Of course, some would say I "wasted" that 5 years that I could have been socking away retirement $$$
I've been researching the PCT now for about a year, hiking the entire trail is on my bucket list, but didn't know you can horseback ride it? You must mean just certain sections?
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Old 01-02-2018, 09:36 AM
 
Location: equator
3,431 posts, read 1,527,565 times
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Quote:
Originally Posted by JPrzybylski07 View Post
I've been researching the PCT now for about a year, hiking the entire trail is on my bucket list, but didn't know you can horseback ride it? You must mean just certain sections?

Well, this was 1993 to 2000, but then you could ride a horse on the whole trail. It could very well have changed now. We NEVER saw other horses though, just hikers. They mocked our little b&w TV (we had flexible solar panels atop the pack horses) until Star Trek came on, then they stayed to watch, LOL. Great memories! We got on TV once---my 5 min. of fame, LOL.
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Old 01-02-2018, 09:50 AM
 
Location: NJ
972 posts, read 2,420,624 times
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Quote:
Your post really spoke to me. I turn 39 early next year and as I enter my last year in my 30s I feel anxious about so many things. Almost like I'm having a mini mid life crisis...to an extent lol. I've never really wanted kids. I think my last breakup was really hard because I've been thinking "What if I change my mind about them and that was my last chance to have them?" Very very unlikely I'll ever truly want them but it's weird even having thoughts like that. Maybe it's just the normal "female biological clock" speaking to me is my guess.
I really believe that the anxiety around "changing your mind" - for the most part - comes from others beating it into your head that you will regret not having kids. The fact is, very few people who are childfree by choice regret their decision. I know a lot of CF folks (I am CF myself) and not one of them regrets their decision. This goes for older CF folks as well. But you will find plenty of parents who regret having kids. Don't believe me? Google, "I regret having kids" and see what pops up. You will be astounded.

Someone in this thread said that kids can be great friends and a support system. This CAN be true, but often is not, as there are many lonely people sitting in nursing homes whose kids never visit them. Having kids so that you have someone to take care of you in old age is stupid and selfish.
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Old 01-02-2018, 10:59 AM
 
Location: Atlanta
3,203 posts, read 3,196,256 times
Reputation: 2031
Quote:
Originally Posted by Sassygirl18 View Post
I really believe that the anxiety around "changing your mind" - for the most part - comes from others beating it into your head that you will regret not having kids. The fact is, very few people who are childfree by choice regret their decision. I know a lot of CF folks (I am CF myself) and not one of them regrets their decision. This goes for older CF folks as well. But you will find plenty of parents who regret having kids. Don't believe me? Google, "I regret having kids" and see what pops up. You will be astounded.

Someone in this thread said that kids can be great friends and a support system. This CAN be true, but often is not, as there are many lonely people sitting in nursing homes whose kids never visit them. Having kids so that you have someone to take care of you in old age is stupid and selfish.
I totally get all of your points...


...perhaps it is because I'm nearing 40 and many people I know are settled down and have kids. I think being an outlier in this way 'can' be a bit difficult as although I am usually very consistent in my feelings on this sometimes, lately they have been wavering just a bit.


And I've read articles and threads/posts about the exact things you mention so I get it. I'm not likely to change my mind about this at all, have just been questioning myself about it a tad lately.
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Old 01-02-2018, 11:02 AM
 
Location: Atlanta
3,203 posts, read 3,196,256 times
Reputation: 2031
Quote:
Originally Posted by TheShadow View Post
Say what???? What does income have to do with your phone? You can get a smart phone for just a bit over $100. You can also get cell/data/text service for as little as $25 month through low cost providers like Consumer Cellular and Cricket. It's not just a phone, it's a tiny PC, a GPS, a map of anywhere, a music player, an alarm clock, a still camera, a video camera, a photo album, a voice recorder, a monitor for a security system, a source for visual entertainment, a watch, a calendar, an address book, a timer, a means for taking notes without pencil or paper, an up to the minute source for news, weather info and warnings, a way to track your children's whereabouts, and so much more.

On vacation I used to take so many things and they are now replaced by one small item, my smart phone.
Lol.


I have a smartphone for work so I'm not pressed to buy a new phone. I've never been pressed to buy the newest phone. My current phone is an iphone 4 someone gave me because I had the 2 (I think it was) for so long they came to work one day and was like "please take this phone...I don't need it and I can't believe that old thing of yours even works). I believe they're on the 10 now and I have just recently started to feel the urge to upgrade. But not to a brand new iphone...no way. My limit is around $100.


But I think I get the OP's original point about basically getting absolutely as hard core about saving as possible and cutting back luxuries to do so....
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Old 01-02-2018, 11:04 AM
 
Location: Atlanta
3,203 posts, read 3,196,256 times
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Quote:
Originally Posted by 7gkids View Post
Yes, we invested wisely in our two children and the return was a phenomenal seven grandchildren. More than doubled our original investment in a most pleasurable way!
Good for you
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Old 01-02-2018, 11:07 AM
 
Location: Atlanta
3,203 posts, read 3,196,256 times
Reputation: 2031
Quote:
Originally Posted by Serious Conversation View Post
People cope with what they have.

All these quotes get bandied about on here on how you need "X" to retire to safely withdraw "Y" annually, or you're going to be eating dog food under a bridge.

No retiree in my personal circle has anywhere near $1.4 million right now. Most are in small houses they've lived in for years, long since paid off. We're a low property tax, low cost of living area.

It isn't a glamorous lifestyle, and no, they're not frequent travelers or have expensive hobbies, but they're also not dirt poor either.
I know I won't be living in luxury in retirement, but I hope it's not too late for me to plan well enough to be able to take a few trips a year. I honestly can't see a retirement without some type of travel even if it's strictly domestic and just once or twice a year minimum. I get antsy when I don't have somewhere planned to go (must by the gypsy in me or something).
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