U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-06-2018, 03:04 PM
 
29,885 posts, read 34,945,207 times
Reputation: 11793

Advertisements

[quote=EllieKay56;51230952]
Quote:
Originally Posted by meo92953;51226714"
For some of us, the last recession did folks in.

My company 'laid off' a lot of us 55 & over. Because of whatever, (saleries, younger folks needing work, etc.) it was hard to find other employment. Then, stocks fell. It was hard for a lot of people."

My husband went through the same thing. Lost his job when the recession hit. Now he is working and really not making much more then he will get when he claims social security. Needless to say, our finances went south. But we hung on to our home. We figure we will get by. We plan to work part-time once we hit our full retirement age. It is what it is.
A lot of people burned thru their savings when they lost their jobs in the great recession or had a reduction in income. They often had to take on debt just to get by and that just mushroomed their financial problems.
Reply With Quote Quick reply to this message

 
Old 03-06-2018, 03:13 PM
 
Location: Lakewood OH
21,698 posts, read 23,722,260 times
Reputation: 35455
Quote:
Originally Posted by Mircea View Post
Yes, they did.

Well, living on Social Security only is going to be a shock for many of them when they can't afford cable/satellite, their cell-phone bill and other luxuries they think they're entitled to have.
I live mostly on SS. My satellite bill is $10.00 a month. Itís fine for me. Cell phone is a splurge at $40.00. I donít want for anything because Iím doing what I enjoy doing. Everyone I know lives as I do. If there are those who live their lives grieving because they canít have the luxuries you are referring to they are just basically unhappy people and I feel sorry for them.

Believe it or not, there really are those people who are not feeling entitlement or loss for what they do no have.
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 03:21 PM
 
Location: Loudon, TN
5,837 posts, read 4,874,513 times
Reputation: 19631
Quote:
Originally Posted by Serious Conversation View Post
It's almost important to remember that not all Millennials are young anymore.

By some definitions, people born in 1981/82 are Millennials. They will be 36/37 this year. There is a significant difference between someone of that age and a 22 year old fresh out of college.
Still, at 36-37 I had pretty much zilch saved. I'd just come out of an unfortunately timed divorce which forced the sale of our home at an inopportune time in the housing market, so we both walked away with bupkis. But being free of my unemployed spouse allowed me to start planning and saving because I realized that I was probably going to pull this weight all by myself. For some this would have been viewed as a financial misfortune, for me it was empowering and I look back with gratitude. When I suddenly realized this might be a solo venture, I was free to make the decisions needed to get my house in order and create a future for myself. Mid-thirties is not too late to start, but you have to be more aggressive with your strategies and look for alternatives that will allow you to achieve your goals.

I'm still pretty goal oriented financially, even in retirement. I refuse to let fear or inertia hold me in place.
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 03:27 PM
 
Location: Florida
5,293 posts, read 3,049,169 times
Reputation: 9644
Inflation is the kiss of death. The money that you saved buys half as much now.
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 03:28 PM
 
Location: The Jar
20,068 posts, read 14,475,525 times
Reputation: 36816
Can we talk about how catastrophic illness (child, self, or spouse) can equal debilitating debt and deplete finances?!
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 04:00 PM
 
Location: Tampa, FL
27,798 posts, read 26,282,431 times
Reputation: 14611
Quote:
Originally Posted by LauraC View Post
Lack of planning and a longer life expectancy is cited.



Comments?
It seems to me that today's younger people have a mentality that they have to have things now - best HDTV, new cars, own a home, new furnishings.....then there's Starbuck's $5-6 drinks on credit.... I recall my parents would sacrifice, keep their cars for awhile, didn't buy a home until they were pretty much settled....not too mention today's kids up to their necks in college loans that they'll be paying for most of their working lives (and earning degrees which seem worthless for employment).
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 04:25 PM
 
Location: Cebu, Philippines
4,510 posts, read 1,719,012 times
Reputation: 8347
I love it when somebody makes a completely arbitrary, rounded-off definition of something ($10,000 savings) based on an online poll, disregards all other extenuating factors, and them draws a precise (42%) conclusion from it.
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 05:03 PM
 
Location: Tennessee
34,722 posts, read 33,760,132 times
Reputation: 51994
As a non-home owner, I get the shock of my life when I watch HGTV shows like House Hunters and the demands some folks have for the house they want to buy. I grew up in a 3 bedroom, 1 bathroom ranch. There were 4 of us (mother, father, sister and me).

I don't understand these people who won't buy a house if it doesn't have the color backsplash and kitchen cabinet color of the wife's dreams, a three car garage, 3-4 bathrooms (in case they have company), a window their pets can look out of, a bedroom with an attached bathroom for their toddler, a separate play room for the one kid they have and maybe another room to store the kid's toys, 3 - 4 floors of house with a grand staircase so they can make an entrance, a man cave (when the h*** did that happen?) so the guy doesn't have to be in the same room with his family when he comes home from work and that fits all of the husband's toys in it, a media room (we used to call it sitting in front of the TV in the living room), a spa-like en suite (double sinks and a jetted tub or the house is a NO!) for a master bedroom the size of which you could hold the high school prom, separate walk-in closets bigger than the state of Rhode Island, not more than 10 minutes from work otherwise it's a tragedy, a back yard their dog(s) would like and at least an acre or two of land. Oh yeah, and anything they don't like means the whole room needs to be gutted. The Governor's Mansion for their state is smaller than the house they want...and some of them are first time home buyers.

I mean, who in their right mind looks at a house and says the bathroom has to be gutted because she doesn't like the light switches and the color of the cabinet under the sink?

This thread subject makes me think of them. I swear that HGTV goes looking for divas but that's another story. I think most of them will wind up getting divorced but I also think they could be saving some money for retirement with less grandiose houses. I wonder how many of them don't have any money saved for retirement.
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 05:28 PM
 
2,634 posts, read 1,126,735 times
Reputation: 3594
Quote:
Originally Posted by LauraC View Post
As a non-home owner, I get the shock of my life when I watch HGTV shows like House Hunters and the demands some folks have for the house they want to buy. I grew up in a 3 bedroom, 1 bathroom ranch. There were 4 of us (mother, father, sister and me).

I don't understand these people who won't buy a house if it doesn't have the color backsplash and kitchen cabinet color of the wife's dreams, a three car garage, 3-4 bathrooms (in case they have company), a window their pets can look out of, a bedroom with an attached bathroom for their toddler, a separate play room for the one kid they have and maybe another room to store the kid's toys, 3 - 4 floors of house with a grand staircase so they can make an entrance, a man cave (when the h*** did that happen?) so the guy doesn't have to be in the same room with his family when he comes home from work and that fits all of the husband's toys in it, a media room (we used to call it sitting in front of the TV in the living room), a spa-like en suite (double sinks and a jetted tub or the house is a NO!) for a master bedroom the size of which you could hold the high school prom, separate walk-in closets bigger than the state of Rhode Island, not more than 10 minutes from work otherwise it's a tragedy, a back yard their dog(s) would like and at least an acre or two of land. Oh yeah, and anything they don't like means the whole room needs to be gutted. The Governor's Mansion for their state is smaller than the house they want...and some of them are first time home buyers.

I mean, who in their right mind looks at a house and says the bathroom has to be gutted because she doesn't like the light switches and the color of the cabinet under the sink?

This thread subject makes me think of them. I swear that HGTV goes looking for divas but that's another story. I think most of them will wind up getting divorced but I also think they could be saving some money for retirement with less grandiose houses. I wonder how many of them don't have any money saved for retirement.
I think the mindset is American. I have a feeling other cultures are not like ours. We want it ALL & BIG.
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 06:59 PM
 
1,220 posts, read 443,764 times
Reputation: 3774
Quote:
Originally Posted by TuborgP View Post
I read the article early today as part of my daily CNBC read. I found it very good and very insightful for its targeted audience which isn't many people in this forum.... It is intended for people with investments who read about investments and who have a very different perspective on financing retirement for themselves. The author is very accomplished and personal finance is her beat as you can see from her bio.
...
As an award-winning financial journalist, Dickler has covered national news, the economy, real estate, retail, personal finance and consumer spending. Prior to joining CNBC, she worked for CNNMoney.com, SmartMoney.com and WSJ.com. She is also a regular contributor and columnist for HGTV Magazine.

Dickler holds a bachelor's degree in Political Science and Art History from Johns Hopkins University and a master's degree from the School of International and Public Affairs at Columbia University
Sorry, but it doesn't matter who the intended audience is. It still has to be factual and honest, without gross ambiguities and selective omissions.

The author has also written 'A cool $1 million has long been considered the gold standard of retirement savings. These days, it's only a fraction of what you will really need."
REALLY?! This is nonsense, and I have way more than that.

Then she goes on to quote a financial advisor, who really needs you to invest more:
"... a 67-year-old baby boomer retiring now with $1 million in the bank will generate $40,000 a year to live on adjusted for inflation and assuming a sustainable withdrawal rate of 4 percent, .. blah blah blah"

..and then the horror facing the young: " a 32-year-old millennial planning to retire at 67 with $1 million would live below the poverty line."

The obvious fallacies, to even one like me who DOES read financial journals, is that:
1. of course the purchasing power of money today is not the same as that NOMINAL amount thirty+ years into the future;
and
2. no consideration is given to any asset other than current monetary savings;
or
3. the ability of most people to reduce expenses in retirement in a multitude of ways;
or
4. converting home equity in a reverse mortgage as a last resort;
or
5. the option of purchasing a single premium immediate annuity, which provides two to three times the income for life than the oft-repeated 4% draw calculation, which NEVER TOUCHES THE PRINCIPAL!

How convenient for darkening the horizon, yeah?

One does not need graduate courses in economics nor to have studied the mathematics of investment (tho it helps) to see the holes in the swiss cheese.

Last edited by PamelaIamela; 03-06-2018 at 07:15 PM..
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top