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Old 01-11-2018, 11:28 AM
 
Location: Atlanta
3,203 posts, read 3,196,256 times
Reputation: 2031

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Quote:
Originally Posted by yellowsnow View Post
All the advice about saving money is great. Just don't get so cheap you forget to live the life you have right now.

I could have more money if I had done nothing but save. However I believe the key is to find a balance that works for you. I have no regrets about traveling and seeing the world while I was young and in great health. I would do it exactly that way again. Planning is great but then life happens and today I would feel badly if my H had never seen the world and died young. At least he got to do some of the things he wanted to do.

Be realistic about how you want and expect to live in retirement. Do you plan to live quietly or live large? Large takes a lot more money. Where do you want to live? If it's NYC you probably can't save that much in your lifetime. And if you live long enough, you will have limitations. Eventually one of you will die and the other one will have to get along alone.

Do your wills and end of life stuff now. My H kept putting it off and after he died, I lost a lot of what I saved to people I barely knew. Protect yourself and your SO.
Thank you for the insightful advice. I'm actually single (no husband or SO).


To be honest I have not even thought about the will stuff at all yet...I have no dependents and little assets. I have the 2 people I want listed as beneficiaries on my insurance policy and 401k though.
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Old 01-11-2018, 11:32 AM
 
Location: Atlanta
3,203 posts, read 3,196,256 times
Reputation: 2031
To the people who had previously commented on me helping my mom out with bills...


I did want to just mention that I am actively working on helping her get a job. Right now, the amount I am paying (to her bills) represents roughly 5% of my take home pay. I'm basically treating it as my "charity" category.


However, I do realize this is 5% that would get me that much closer to maxing out a retirement account, so just know that those of you who have commented on this...I am not taking your comments lightly. I totally get that I need to work on this and I am trying.
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Old 01-12-2018, 11:36 PM
 
247 posts, read 166,438 times
Reputation: 906
I didn't read through this very long thread but I do have two pieces of advice, which may or may not have been mentioned previously.

1. make friends. If you don't have supportive relatives, you are going to have to work at creating your support network yourself. Having monetary security is worthwhile, but having people who love you and whom you love is far far more important.

2. take care of your teeth. Seriously!
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Old 01-13-2018, 07:23 PM
 
Location: Pueblo area
211 posts, read 121,406 times
Reputation: 473
Enjoy being young and traveling, but just making a few simple sacrifices for the future will be a monumental difference. Max out 401(k), no excuses. Eat out of a dumpster if you need to, but that tax-deferred compounding will make you rich. Just trust me on this.

Delay that new/used car another year, and then another. Wal-Mart brand instead of the ones you see on TV, it all tastes the same. Check out the half-price shelf at the grocery. Can is dented, so what, you get two cans of chili for the price of one.

A dollar here, a dollar there will add up to 6-figures over decades. Simple math.
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Old 01-13-2018, 08:32 PM
 
Location: SDL/PDX/RDU
4,810 posts, read 2,568,990 times
Reputation: 5592
Index funds.
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Old 01-13-2018, 09:31 PM
 
Location: Silicon Valley
18,083 posts, read 22,934,448 times
Reputation: 35202
OP, I have not read all of the posts in this thread. But, I'm almost 62 and have had lots of money and then ended up with no money, just because of divorces and life's circumstances.

I guess my best advice would be to tell you that no matter how much you plan for the future, you could still end up with nothing. But, that would not be the end of the world.

So, bottom line is, to be flexible and resilient. And be open to learn what you have to learn and do what you have to do, in order to get decent housing and medical in your old age - if you don't end up rich enough to just buy what you want.

And then, if necessary, move where you need to move in order to get affordable housing and medical care, etc.
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Old 01-13-2018, 09:54 PM
 
Location: Tennessee
23,572 posts, read 17,544,804 times
Reputation: 27627
Quote:
Originally Posted by NoMoreSnowForMe View Post
OP, I have not read all of the posts in this thread. But, I'm almost 62 and have had lots of money and then ended up with no money, just because of divorces and life's circumstances.

I guess my best advice would be to tell you that no matter how much you plan for the future, you could still end up with nothing. But, that would not be the end of the world.

So, bottom line is, to be flexible and resilient. And be open to learn what you have to learn and do what you have to do, in order to get decent housing and medical in your old age - if you don't end up rich enough to just buy what you want.

And then, if necessary, move where you need to move in order to get affordable housing and medical care, etc.
Anything can happen to any of us. The best we can do is to attempt the mitigate the worst possible or most common adverse scenarios.
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Old 01-14-2018, 08:17 AM
 
Location: Atlanta
3,203 posts, read 3,196,256 times
Reputation: 2031
Quote:
Originally Posted by NoMoreSnowForMe View Post
OP, I have not read all of the posts in this thread. But, I'm almost 62 and have had lots of money and then ended up with no money, just because of divorces and life's circumstances.

I guess my best advice would be to tell you that no matter how much you plan for the future, you could still end up with nothing. But, that would not be the end of the world.

So, bottom line is, to be flexible and resilient. And be open to learn what you have to learn and do what you have to do, in order to get decent housing and medical in your old age - if you don't end up rich enough to just buy what you want.

And then, if necessary, move where you need to move in order to get affordable housing and medical care, etc.
I'm sorry to hear things have gone this way for you.


I hope that at 62 you are able to still turn things around; whatever your situation is now (I hate to sound cliche) but I'm guessing it would be worse if it happened even later in life.


I do understand the whole "hope for the best but plan for the worst" philosophy, and I do try to live by it.


Honestly, I think having the financial aspect down is a huge part of things but I don't want to understimate the priceless value of friends and loved ones. If you lose a home they might be the ones you live with. If you start losing means to physically take care of yourself they might be the ones to help or secure help for you. When you've lost it all seemingly, I get that they're the ones who could help you keep the last thing you need to have - your sanity.


So to those who have commented in this thread about not underestimating the value of having friends...I get it. I'm hearing that loud and clear. And I'm taking that to heart...that the support of others through their compassion and care is just as important as being able to financially support yourself.


Best of wishes to you.
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Old 01-14-2018, 08:19 AM
 
Location: Atlanta
3,203 posts, read 3,196,256 times
Reputation: 2031
Quote:
Originally Posted by southkakkatlantan View Post
I'm back to post information about my current company's pension plan in case anyone was interested.


The benefit goes as follows:


1.1% of your final (monthly) average pay* times the number of years you've worked at the company

As an example:
If your average salary was 75,000 then your average monthly pay would be 6250
Multiply the 6250 average monthly pay times .011 (1.1%) and you get 68.75
If you worked there 5 years, your monthly pension amount would be 68.75x5=343.75
If you worked there 10 years, your monthly pension amount would be 68.75x10=687.50
...and so on


*average pay refers to the average of your last 3 years of employment at the company




I'll be 39 next month and have 4 years in. Vest at 5 years. Ran some numbers on our internal pension plan calculator. Just to give a few random examples:


Example 1:
Retiring from employer at age 50/starting collection of benefits at age 62:
Benefit amount: $1,036/month


Example 2:
Retiring from employer at age 55/starting collection of benefits at age 65:
Benefit amount: $1,786/month


Example 3:
Retiring from employer at age 48/starting collection of benefits at age 58:
Benefit amount: $642/month




For a private pension, on a scale of 1-10, how would you 'rate' this pension? Where 1=horrible and 10=excellent


I posted this because I believe a few posters have mentioned to consider leaving and working a civil service job for a better pension. I currently pull in the high 90s and have no clue what type of CS job I'd get considering the industry I work in now. But I am interested in hearing people's additional opinions about doing this. If I were say, an attorney working for a private firm, I'd definitely consider leaving and working as a staff attorney down at the country courthouse. I see plenty of positions for RNs on USAjobs.gov for roles that would offer pensions but I'm not a nurse. Am just curious about people's rationale for doing what would be a fairly drastic career change and I'm assuming big drop in salary in exchange for a pension. I'm not closed to this idea but because I've never considered, it would be helpful to hear more about this (especially if you are someone who has done this). And especially considering I do currently have a chance at an (albeit small) pension with my current employer.


Thanks in advance....

So...only 1 person had feedback on my pension post above...?


I'm assuming it's because people read it and were probably just thinking "yeah...that's nothing...definitlely don't bother with counting those projections in your financial estimates" lol


However, I was still interesting in getting opinions about whether staying at a job like mine is worth it because of the pension. This question arose for me after one poster (or a few) mentioned I should consider leaving now and start working on a government pension....
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Old 01-14-2018, 10:00 AM
 
Location: Central Massachusetts
4,800 posts, read 4,844,519 times
Reputation: 6377
Quote:
Originally Posted by southkakkatlantan View Post
I'm back to post information about my current company's pension plan in case anyone was interested.


The benefit goes as follows:


1.1% of your final (monthly) average pay* times the number of years you've worked at the company

As an example:
If your average salary was 75,000 then your average monthly pay would be 6250
Multiply the 6250 average monthly pay times .011 (1.1%) and you get 68.75
If you worked there 5 years, your monthly pension amount would be 68.75x5=343.75
If you worked there 10 years, your monthly pension amount would be 68.75x10=687.50
...and so on


*average pay refers to the average of your last 3 years of employment at the company




I'll be 39 next month and have 4 years in. Vest at 5 years. Ran some numbers on our internal pension plan calculator. Just to give a few random examples:


Example 1:
Retiring from employer at age 50/starting collection of benefits at age 62:
Benefit amount: $1,036/month


Example 2:
Retiring from employer at age 55/starting collection of benefits at age 65:
Benefit amount: $1,786/month


Example 3:
Retiring from employer at age 48/starting collection of benefits at age 58:
Benefit amount: $642/month




For a private pension, on a scale of 1-10, how would you 'rate' this pension? Where 1=horrible and 10=excellent


I posted this because I believe a few posters have mentioned to consider leaving and working a civil service job for a better pension. I currently pull in the high 90s and have no clue what type of CS job I'd get considering the industry I work in now. But I am interested in hearing people's additional opinions about doing this. If I were say, an attorney working for a private firm, I'd definitely consider leaving and working as a staff attorney down at the country courthouse. I see plenty of positions for RNs on USAjobs.gov for roles that would offer pensions but I'm not a nurse. Am just curious about people's rationale for doing what would be a fairly drastic career change and I'm assuming big drop in salary in exchange for a pension. I'm not closed to this idea but because I've never considered, it would be helpful to hear more about this (especially if you are someone who has done this). And especially considering I do currently have a chance at an (albeit small) pension with my current employer.


Thanks in advance....
Quote:
Originally Posted by southkakkatlantan View Post
So...only 1 person had feedback on my pension post above...?


I'm assuming it's because people read it and were probably just thinking "yeah...that's nothing...definitlely don't bother with counting those projections in your financial estimates" lol


However, I was still interesting in getting opinions about whether staying at a job like mine is worth it because of the pension. This question arose for me after one poster (or a few) mentioned I should consider leaving now and start working on a government pension....

Sorry southkakkatlantan just read it today. I was preoccupied in my retired life of leisure. I am an advocate for public service. I lived it. I am a beneficiary of it. To be an RN (my sister is not me) has to be decent pay at the VA if hired there. I do not know what pay scale that is but if it is higher than my GS9 step 10 I would not have trouble duplicating my perceived success. The job does come at a cost in some but makes up in others. I always tried to make the best of my circumstances wherever I was.
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