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Old 01-06-2018, 12:09 PM
 
29,764 posts, read 34,848,700 times
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Quote:
Originally Posted by Johanna25 View Post
Actually, I think the spouse has to sign off on a decision not to take a survivor benefit on a pension. That's the requirement for federal pensions, at least. My family was very shocked to discover after my uncle's death that he hadn't taken a survivor benefit. "Fortunately" <sarcasm> my aunt only survived him by a month. They had not discussed it and he made no other provision for her support. This was 30 years ago and I hope it would not happen today.
In the case I was referring to the husband had a state pension. She had a DC pension and when she just retired taking spousal didn’t make a lot of sense considering his health.
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Old 01-06-2018, 12:20 PM
 
Location: Lakewood OH
21,699 posts, read 23,648,620 times
Reputation: 35449
For the friends my age it would be too late. For younger friends who were not saving I would not say a word. All they would have to do is point to my life and say, ďWell that worked out well for you didnít it?Ē

Iíll let them live their own lives.
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Old 01-06-2018, 12:46 PM
 
1,183 posts, read 759,580 times
Reputation: 3403
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.
when they ask to borrow money i'll tell them "no".

otherwise i'd say nothing.
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Old 01-06-2018, 01:09 PM
 
4,338 posts, read 2,261,255 times
Reputation: 5588
Easy - ask them if their company has a 401K ? If yes ask if they are contributing the maximum amt ? Tell them they are likely giving away money and increasing their taxes by not contributing (assuming their company matches some percentage).
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Old 01-06-2018, 01:13 PM
 
Location: Denver CO
21,153 posts, read 11,754,604 times
Reputation: 32132
Quote:
Originally Posted by Vacanegro View Post
Easy - ask them if their company has a 401K ? If yes ask if they are contributing the maximum amt ? Tell them they are likely giving away money and increasing their taxes by not contributing (assuming their company matches some percentage).
already answered if you read the thread. that doesn't address the situation
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Old 01-06-2018, 01:42 PM
 
2,215 posts, read 742,342 times
Reputation: 1376
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.

If they are 50 years old and have nothing for retirement there's really not much you can say to turn on that light bulb.
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Old 01-06-2018, 02:19 PM
 
698 posts, read 254,562 times
Reputation: 259
Default I Wouldn't Say Anything

I wouldn't say anything. They know what they're doing, and are living in the moment. They aren't stupid, but they ain't too bright either. Let it go...
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Old 01-06-2018, 02:53 PM
 
Location: Coastal New Jersey
56,001 posts, read 54,493,040 times
Reputation: 66349
Quote:
Originally Posted by Johanna25 View Post
Actually, I think the spouse has to sign off on a decision not to take a survivor benefit on a pension. That's the requirement for federal pensions, at least. My family was very shocked to discover after my uncle's death that he hadn't taken a survivor benefit. "Fortunately" <sarcasm> my aunt only survived him by a month. They had not discussed it and he made no other provision for her support. This was 30 years ago and I hope it would not happen today.
A friend of mine married a man 35 years her senior. She has a public sector position with a pension.

Her husband worked for the USPS from age 20 to 70 and died at 79. Their children were teenagers. My friend is 53, and she collects the USPS spousal benefit and in addition will have her own state pension upon her retirement. Good man. And yes, she loved and still mourns him.
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Old 01-06-2018, 03:06 PM
 
Location: Southwest Washington State
21,834 posts, read 14,341,548 times
Reputation: 30683
I have encouraged someone to save, and I later found out that she began doing so. Another time DH and I suggested an acquaintance needed to do something with an old IRA or other fund (I canít remember which). I have no idea if she followed through. We have encouraged all our kids to start saving while young, and they are doing so.

Beyond encouraging people to invest at least in an index fund, I can do nothing. They have to want to do this. Luckily for me, DH works at our investments every day. His foresight allowed me to retire early, and has allowed us a measure of security in retirement. If left to my own devices, I donít know what decisions I would have had the wisdom to make.

So, I see both sides of this. I suspect people might not set money aside because they donít want to deal with what to them is a diffucult subject, about which they know nothing.
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Old 01-06-2018, 05:50 PM
 
Location: on the wind
7,072 posts, read 2,899,892 times
Reputation: 23939
Quote:
Originally Posted by old fed View Post
when they ask to borrow money i'll tell them "no".

otherwise i'd say nothing.
If they happened to ask me a specific question I might offer an answer. Other than that, nothing. Your unsolicited advice could backfire for someone in their shoes big time.
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