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Old 01-06-2018, 06:34 PM
 
Location: Reno, NV
502 posts, read 186,885 times
Reputation: 1726

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Quote:
Originally Posted by Coloradomom22 View Post
Haha, loved this. Was just talking to a friend about how the senior years can be the great equalizer. My uncle has always been extremely unhealthy, eating whatever he wanted, no exercise, stressful job and very obese. He is 400 pounds yet he's still "kickin" at 75. Meanwhile my aunt (his sister) who was a healthfood nut, always into self-improvement, eating right and exercising died quickly of cancer at 67. To be fair if it were not for healthcare advances my uncle would have died a long time ago as he has had stents put in, different surgeries, takes tons of medications,etc.

As for the financial aspect of not planning for the senior years I have witnessed a similar equalization. I grew up with a friend whose family lived the high life. Beautiful homes, snazzy cars, lots of vacations and the best of everything. Things later went south financially but they had many great years. I watched another friend's super-frugal parents do the opposite. Always put any extra money back into their business, never vacationed, drove old cars into the ground all for planning for the future. Now both mothers are in the SAME rest home. One is private-pay (10k a month until assets are depleted) while the other is Medicaid paid (no assets left). When I think how they lived it does make me wonder who is the wise or foolish one. My friend, the daughter of the spenders, has many great memories of a fun childhood, while the other friend has none of that.
Long-term care insurance! VERY important if you have any assets!
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Old 01-06-2018, 07:04 PM
 
Location: Denver CO
21,152 posts, read 11,754,604 times
Reputation: 32127
Quote:
Originally Posted by columbusboy8 View Post
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...
Yes, this pretty much says it. They are intelligent but not very bright to stick their heads in the sand and ignore the reality that they won't be able to work forever. Even assuming we get our full social security in this age group, it's not going to be enough unless they make some extremely drastic changes like moving to a very low cost area (away from all friends and family as Denver certainly no longer qualifies as a very low cost area, assuming it ever did.

RE: Social Security, I hope I get it and I feel reasonably confident that I will get at least something. But my expectation is that it will not necessarily be what the SS calculator tells me I'll get.
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Old 01-06-2018, 07:33 PM
 
1,004 posts, read 575,790 times
Reputation: 1358
What do you plan on doing when you retire with no money put back? I hear, oh, I will just work. Okay.
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Old 01-06-2018, 07:37 PM
Status: "Disagreeing is not the same thing as trolling." (set 6 days ago)
 
Location: Texas
9,438 posts, read 3,628,914 times
Reputation: 19454
I would not help out people who don't save for retirement.


How does someone reach the age of 65 and not have one dime saved in an account anywhere?
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Old 01-06-2018, 08:18 PM
Status: "Disagreeing is not the same thing as trolling." (set 6 days ago)
 
Location: Texas
9,438 posts, read 3,628,914 times
Reputation: 19454
Quote:
Originally Posted by emm74 View Post
And I think Dave Ramsey is a jerk who gives a lot of bad advice..
Same here. He tells people to buy loaded mutual funds.
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Old 01-06-2018, 09:39 PM
 
2,630 posts, read 1,932,559 times
Reputation: 4597
I don't say anything. I just look over at the bed partner who is 25 years their senior and wonder just how much he's going to leave when he dies.
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Old 01-07-2018, 12:16 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,525 posts, read 39,903,732 times
Reputation: 23629
Quote:
Originally Posted by PriscillaVanilla View Post
I would not help out people who don't save for retirement.


How does someone reach the age of 65 and not have one dime saved in an account anywhere?
'someone' Might have had a 'medical event' at age 64 that took a few million $

Happens to many in USA.

USA friends have lost their homes / savings/ businesses / retirement savings to very simple and common medical events..
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Old 01-07-2018, 05:56 AM
 
4,343 posts, read 6,052,492 times
Reputation: 10428
I say nothing.
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Old 01-07-2018, 06:12 AM
 
Location: Ypsilanti, MI
2,430 posts, read 3,657,283 times
Reputation: 4757
I say nothing unless they ask for suggestions on how to start. Then....
  1. Max out contributions to your employer's 401(k) if you have access to one.
  2. Purchase Target Date Mutual Funds if you have no interest in making any of your own investment decisions.
  3. Subscribe to an Investment Newsletter if you think you will enjoy making investment decisions.
  4. AVOID RISK! (they are too late to the game to accept any increased risk)

I also provide a couple past copies of my preferred Mutual Fund News Letter (if they are interested) and a referral to our Financial Planner. Invariable they want me to tell them of a top-secret magic potion that involves no work, no decisions, and will guarantee them a Million Dollars by retirement age.
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Old 01-07-2018, 07:07 AM
 
Location: Central Mexico and Central Florida
7,095 posts, read 3,455,118 times
Reputation: 10153
My brother is 70; married, 2 kids, non-working wife. They never saved, partly due to private schools for both kids. One kid went to law school.

I never said anything because we are vastly different....we were DINKS who retired age 50, so it's hard to relate to them.

My brother still works at age 70 and they still have a mortgage!

This is path they chose and they seem happy.
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