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Old 01-11-2018, 11:51 AM
 
Location: Tennessee
23,633 posts, read 17,606,575 times
Reputation: 27701

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Quote:
Originally Posted by bg7 View Post
I don't think so.
I obviously meant monthly.
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Old 01-11-2018, 12:12 PM
 
Location: Exeter, NH
5,302 posts, read 4,406,383 times
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Even though 1/3 of us will die before "retirement age," I'm one of those who sacrifices now for security later. Those who don't save aren't going to listen to anyone; if they investigated financial matters & did the smart thing, they'd be paying off their initial 15 year mortgages early and by their mid-30s avoiding the $200,000.00 in interest they pay for a 30 year mortgage on a a $100,000 house.

Since it is painful to watch everyone else live like kings on credit while you are saving for a rainy day, it takes discipline--something rarely seen in generations after mine. Retirement seems too far away to worry about, and Government continues to pretend there's a $2.7 trillion SS "Trust Fund" sitting in an account somewhere, fully funded for the next 30 years and beyond.
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Old 01-11-2018, 12:24 PM
 
199 posts, read 112,515 times
Reputation: 640
Quote:
Originally Posted by NHartphotog View Post
Even though 1/3 of us will die before "retirement age," I'm one of those who sacrifices now for security later. Those who don't save aren't going to listen to anyone; if they investigated financial matters & did the smart thing, they'd be paying off their initial 15 year mortgages early and by their mid-30s avoiding the $200,000.00 in interest they pay for a 30 year mortgage on a a $100,000 house.

Since it is painful to watch everyone else live like kings on credit while you are saving for a rainy day, it takes discipline--something rarely seen in generations after mine. Retirement seems too far away to worry about, and Government continues to pretend there's a $2.7 trillion SS "Trust Fund" sitting in an account somewhere, fully funded for the next 30 years and beyond.
Social Security has been assumed to disappear at some point for the past 50 years. Realistically, the SS tax rate will simply be raised or the income cap on SS earnings will be raised to keep it solvent. Social Security isn't going anywhere.
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Old 01-11-2018, 12:28 PM
 
Location: Denver CO
21,189 posts, read 11,814,728 times
Reputation: 32206
Quote:
Originally Posted by bg7 View Post
Say nothing - save your breath. You'll be hearing from them about 20 years (on the future CD retirement forum equivalent) when they state all those who are "lucky" in their financial position retirement shouldn't crow, and bemoaning their own bad fortune.
Yeah, that's probably true! lol! One more than the other is more likely to turn a bit bitter that others have it better, but unfortunately she's the one with a bit less control over the situation in that I think she would save if she had "extra" money but for now, is just making it on what she earns including paying off debt (and yes, I know she could do more, find a better paying job, find a part time job, perhaps make some harsher budget decisions although she does not live lavishly). But personality-wise, I could see her becoming somewhat cynical and bitter about others.

The other is a more cheerful person - although like others have said, maybe she will end up falling on her feet and be ok anyway. Well, hopefully both will be!

Quote:
Originally Posted by Disgustedman View Post
Just leave pictures like this one on their desks with a note saying "Is this your future?" and watch what happens...
Not co-workers so I couldn't do that, but honestly I think there are enough scary stories out there, especially for single women. Most single women I know, even when they are actively saving, will still say they have a fear of ending up homeless or being eaten alive by their cats.
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Old 01-11-2018, 12:48 PM
 
Location: Honolulu
1,368 posts, read 550,220 times
Reputation: 1108
When you assume that someone you know does not save enough for retirement, maybe he has another source of future income.

For example, he may have an auntie in 80s or 90s who has no children. She has a house which is appraised at $300,000+ and her trust or will stipulates that he be the only beneficiary after she passes away. So does he brag around that he may inherit a small fortune? Most likely not.
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Old 01-11-2018, 12:55 PM
 
Location: Alaska
2,793 posts, read 2,514,110 times
Reputation: 4648
Quote:
Originally Posted by emm74 View Post
It recently came up in conversations with a couple of people I know (I know them separately, I don't mean they are a couple) that neither of them is saving anything at all for retirement. Nada, zilch, zero. They are both around 50, working full time, career type jobs but for different reasons, neither is saving anything at all. They both rent, so they won't have the fall back of a paid off home to live in. One of them seems to have a small employer funded 401k, so that's at best a few percent of salary, the other one I know for sure doesn't contribute at all and there is no employer contribution, so they truly have absolutely nothing saved for retirement.

I know the best answer is to keep my mouth shut, but would you say anything at all, maybe point them to some really, really basic budgeting and saving information? If you would say anything, do you have an specific websites or books you'd suggest?

At this point, I'm thinking I wouldn't initiate a conversation but if the subject came up again, I might say something like "I have some resources I could suggest if you wanted to take a look". But then again, it might fall on deaf ears given that the answer to "what do you plan to live on in retirement" was basically a shrug.
Judging by what you've written, your friends are short-sighted and dense like my ex-mother-in-law, whose brilliant plan is to work until she's eligible to collect Social Security, which will take care of everything.

Yeah, right.
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Old 01-11-2018, 02:30 PM
 
13,964 posts, read 7,434,967 times
Reputation: 25487
Quote:
Originally Posted by Serious Conversation View Post
$7k/year tax free here would probably be 3.5x median HHI for those who are still working and paying taxes. It would not be rolling in dough, but would be very comfortable for a retired couple, presumably without too many expenses.
You meant $7K/month and Social Security income is 85% taxable if a married couple is pulling in $84K/year in Social Security, but yeah, $84K/year with a paid-for home is comfortable most places that don't have crazed property tax rates. If you lived in NYC tri-state or some other high property tax places, you'd likely have to move.
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Old 01-11-2018, 02:36 PM
 
13,964 posts, read 7,434,967 times
Reputation: 25487
Quote:
Originally Posted by whateverblahblah View Post
Social Security has been assumed to disappear at some point for the past 50 years. Realistically, the SS tax rate will simply be raised or the income cap on SS earnings will be raised to keep it solvent. Social Security isn't going anywhere.
Yep. But it won't stop the rich people who own the corporations that pay half of payroll taxes from trying to convince voters otherwise. The Fox News/Paul Ryan crew is spreading that propaganda daily.

The bigger issue is Medicare. Social Security is 70% funded forever assuming pessimistic growth models so it won't be much of a tweak to keep the program cash-flow neutral forever at current benefit payout rates. Medicare 10 or 20 years from now is going to look nothing like today. There are far too many Boomers. It's going to be heavily rationed and if you don't like the rationing, the supplemental insurance is only going to be affordable to a small fraction of retirees.
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Old 01-11-2018, 02:40 PM
 
Location: Paranoid State
13,047 posts, read 10,454,884 times
Reputation: 15684
Quote:
Originally Posted by freemkt View Post
PLEASE explain where you got that idea? Where I live, waiting lists for senior subsidized housing run years long and most cannot even get on the Section 8 waiting list which opens about every five years for a lottery most lose. (This lottery selects a limited number of people to be added to the waiting list, and 'winners' must wait up to five more years for an actual voucher.)
There is no waiting list here: https://en.wikipedia.org/wiki/Califo...ty,_California
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Old 01-11-2018, 03:12 PM
Status: "Disagreeing is not the same thing as trolling." (set 16 days ago)
 
Location: Texas
9,619 posts, read 3,682,460 times
Reputation: 19754
Quote:
Originally Posted by silibran View Post
Actually, it would be quite easy. If you've worked a fairly low salary or low wage job all your life, and you happen to have had a catastrophic illness or permanent disability in your family, it would be very hard to accumulate very much in savings. Or if you were downsized a couple of times in your work life, lost your house, made ever less with every job after downsizing, it would be really easy to have nothing saved.

There are many reasons for people not having savings.

Some of them are terrible luck in the lottery of life.
This is about "people who aren't saving for retirement", though. Not "people whose retirement savings were wiped out".
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