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Old 03-09-2018, 06:11 PM
 
Location: In a vehicle.
5,084 posts, read 3,254,863 times
Reputation: 8294

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Quote:
Originally Posted by LauraC View Post
Lack of planning and a longer life expectancy is cited.



Comments?
Well, "Retiring Broke" isn't possible unless you have been stripped of all income (Including SS) What they meant was "Retiring Poor" and that's only a frame of mind and desire.

I know of people who get by on $381 a month. Yes, they live in their vehicle (Van) have many friends and help when they can and also GET as good (Or even better) then they have given.

I just checked. Provided I work till I am 67 I'll get $1,161 a month. If I retire at 62 I'll get $804 Gee, bust my butt for 5 more years and get only another $357 a month? I've already had one heart attack (CHF 2010) so I could have another...

I am prepared and eagerly looking forward to living out of my vehicle. I plan to remain in the area, I can fish for food during the year. I can (Before I retire) purchase a cargo trailer and outfit it with shower and stove and a few other items.

Attitude is everything.
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Old 03-09-2018, 07:32 PM
 
26,204 posts, read 28,639,882 times
Reputation: 24942
Quote:
Originally Posted by xxEHxx View Post
Following up on this line of thinking. I agree these long term plans to work deep into their 60's are fraught with wishful thinking, it can also be counter-productive if you save less in your 40's and 50's expecting those income streams to keep coming in your 60's. It seems to me people should plan/save as if they will early retire in their late 50's. If that point comes and you don't want to retire either because you enjoy working and/or you haven't quite met your early retirement financial goals then so be it. Advice from people like Suze Orman saying you should work until you are 70 are for people in their 60's who haven't met their financial goals, it's not for people in their 30's and 40's to plan to save less because income will be coming in during their 60's.
Yes, I agree with all of that. I have said the bolded many times on various CD threads, especially to younger folks.
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Old 03-09-2018, 07:34 PM
 
26,204 posts, read 28,639,882 times
Reputation: 24942
Quote:
Originally Posted by BabyJuly View Post
I agree with you. I am one of those who had to suddenly leave a high pay/high stress job. The gravy train stopped 1 month before my 58th birthday. I suddenly had to retire on my savings and no pension. I thought I was not yet ready but somehow I am making it work on far less than I thought I needed. I marvel at people who say they can work as long as they want and those that need 100K plus per year to live in their old age. Retirement is as expensive in the US as you want it to be.
I'm glad you're making it work. It's true that retirement doesn't have to be as expensive as people think, but I do think people have legitimate gripes about health care costs. As I've said many times, much of our high health care costs are self imposed because the typical American lifestyle is very unhealthy. However, as an individual, you don't have a lot of control over health insurance premiums, which is very frustrating for those who make a conscious effort to live a healthy lifestyle.
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Old 03-09-2018, 07:36 PM
 
26,204 posts, read 28,639,882 times
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Quote:
Originally Posted by miu View Post
Even with a mortgage paid off, it feels that I am renting my property from the state.
That's the hard truth of the matter.
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Old 03-09-2018, 07:40 PM
 
26,204 posts, read 28,639,882 times
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Quote:
Originally Posted by GolfingCat View Post
That's scary. I'm 25 and I only have ~$15k put away for retirement. Hate to think about what my retirement will be like.
That's actually not that bad.

If you save $500 a month and get a pretty conservative 7% rate of return on your investments, you'll have $735,291 in 30 years. That won't be a fortune, but it will probably be enough to semi-retire in your late 50s if you are forced out of good paying work.

FinAid | Calculators | Savings Growth Projector
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Old 03-09-2018, 07:48 PM
 
26,204 posts, read 28,639,882 times
Reputation: 24942
Quote:
Originally Posted by Lou View Post
- What is causing the lack of planning?
Oh, that's easy. The default for the vast majority of people ~70% is to not plan. America isn't very good at encouraging savings. Note all the people on CD and other boards who've been brainwashed into believing that our economy will collapse if people actually save money.
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Old 03-09-2018, 10:04 PM
Status: "North of Palm Trees, South of High Taxes" (set 29 days ago)
 
Location: Noth Caccalacca
5,650 posts, read 6,724,575 times
Reputation: 4970
Quote:
Originally Posted by mathjak107 View Post
all i know is if you think it is tough finding a job or working in your 60's , try it in your 70's or 80's if forced to .
I wonder if we'll ever see carjackings and robberies commited by 70 year olds to supplement their income! Instead of Ma Barker, it'll be Grandma Barker!
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Old 03-09-2018, 10:42 PM
 
6,376 posts, read 4,795,257 times
Reputation: 13152
Quote:
Originally Posted by mysticaltyger View Post
...... America isn't very good at encouraging savings. .........
Where did you come up with that idea? We have tax deferred plans 403b/401k and Roth savings plans. All are promoted by the government, financial advisors and employers. At one time employers asked employees to sign up. Now most sign up employees automatically unless the employee takes steps to opt out. A great many employers have some sort of matching contribution.


What do you think "America" should do better to encourage savings?
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Old 03-10-2018, 04:01 AM
 
29,930 posts, read 34,988,163 times
Reputation: 11823
Quote:
Originally Posted by mysticaltyger View Post
Oh, that's easy. The default for the vast majority of people ~70% is to not plan. America isn't very good at encouraging savings. Note all the people on CD and other boards who've been brainwashed into believing that our economy will collapse if people actually save money.
In a big way I agree. While there are societal efforts to encourage savings they are far and away dwarfed by efforts to encourage spending and debt. Even in a retirement forum like this efforts to encourage savings and investing can be criticized. Mention being real successful can put you at risk. Spending is also criticized and efforts to save instead advocated. So there is a variety of messaging out there. However it seems to me that commercial media that encourages savings ( investment brokers) get criticized and media messages about the failure of people to save and the consequences bashed. Lots of messaging that contradicts much of the time.
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Old 03-10-2018, 08:08 AM
 
Location: Paranoid State
13,047 posts, read 10,505,006 times
Reputation: 15685
Quote:
Originally Posted by Lou View Post
The article is awfully short on details for such a complex topic.
It is click-bait. It is short on details because it is written by an advertising agency. It has nothing to do with truth or data.
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