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Old 11-07-2018, 01:03 PM
2,446 posts, read 2,075,019 times
Reputation: 5701


Originally Posted by SportyandMisty View Post
And still others are successful and retire early.
Yeah most of us are losers and will have to work until we are 80.

Old 11-07-2018, 01:04 PM
2,117 posts, read 724,871 times
Reputation: 5422
Originally Posted by jasperhobbs View Post
65% average returns huh. Are you invested with Bernie Madoff.
Oops. Fat-fingered it. 6% average returns.
Old 11-07-2018, 01:04 PM
Location: Location: Location
6,353 posts, read 7,834,865 times
Reputation: 18590
Originally Posted by augiedogie View Post
I don't think it is unfair to point out that people often do make a big mess of their own lives through their own stupidity. Learning from others mistakes is a good educational tool.

Thanks for the responses so far. I too have heard all the time about people who had their finances wrecked by medical bills, but I've never known anyone like this. Im sure it does happen, but I also know that hospitals have many millions of dollars that are uncollectable every year that they just have to write off.
I have yet to meet someone who has learned from other's mistakes. We learn from our own mistakes. Mostly. Sometimes.
Old 11-07-2018, 01:23 PM
2,873 posts, read 5,033,897 times
Reputation: 6784
Originally Posted by Serious Conversation View Post
But that could take months and months to see the first cent. Meanwhile, the bills are piling up. It doesn't do much for an immediate need.


A case like this is an extreme example, but it could happen to anyone.
Which is why preparing for the worst is a necessary part of adulting. I know a lot of people who don't purchase the dirt cheap optional disability insurance at work bc they'd rather have the extra $10 a paycheck. And the poor planners don't have an emergency fund bc that's just a pile of money sitting there calling their name.

I was in a very serious motorcycle accident 2.5 years ago with multiple traumas and a year on disability. I had to hire a CNA to come daily for months. Those poor planner biker friends of mine assumed they'd need to organize a charity ride to help me with medical bills. It never occurred to them that I would have my lost income replaced by disability insurance and an emergency fund to pay the medical copays and coinsurance. Just like it never occurred to me that they would NOT have these things, especially since they participate in a high risk activity like riding motorcycles (and they have kids or grandkids they support). When I begged them to use my experience as a warning and learning experience, I mostly got "yeah, I don't have the money" and mumbles. New paint job and saddlebags? Sure! Disability insurance and an emergency fund? Too hard!
Old 11-07-2018, 01:33 PM
605 posts, read 189,273 times
Reputation: 643
We'll be in the poor house or close

Last 10-15 yrs assuming that I can no longer work. Living off of $1650 a month SS

and $600 mo retirement accounts already cashed out

placed into the safe
this is until we are both 95 years old.

We are covered until I am 75 and he is 82, considering I keep working. They'll want to keep me, lots of incentive. I'll reduce hrs to 24-30 beyond age 65 since this is considered a stressful job.

My position isn't easily filled at all.

When I am 76+ and husband is 83+ this is our tentative plan
1. retiree health benefits - not the best but will do.

2. Christian Healthcare sharing ministry
3. Medicaid for Husband as last payer

Medicaid covering whatever is left after the healthcare sharing ministry pays, should be do-able now. They've made lots of changes at some point so it can be last payer.

Old 11-07-2018, 02:45 PM
Location: SW Florida
9,766 posts, read 7,047,160 times
Reputation: 14300
Originally Posted by JRR View Post
Dang, here I am happy and dumb, retired and with a mortgage. If only I had known.
A number of the retired people I know also have mortgages, and seem to manage them well enough. No reason to think they must work to afford them if the mortgages are within their retirement budgets.

Though personally we planned so as not to have a mortgage, and I prefer it that way. Makes us able to save money from our retirement income.
Old 11-07-2018, 02:50 PM
Location: Loudon, TN
5,792 posts, read 4,846,494 times
Reputation: 19489
Originally Posted by City Guy997S View Post
Its simply bad math for most folks.......overspent, under saved.

RV parks/ nomadic lifestyles will surely expose more poor people living in their car/van/RV because they have to.

The biggest time bomb coming down the line in my opinion:

People hitting retirement with debt from mortgages to student loans to credit cards. Past generations didn't have this debt and were able to retire nicely, baby boomers never got this point and indulged in great lifestyles along the way instead.
Sorry, but baby boomers are not the generation with big student loans. During that era student loans were only given to people who had a means of repaying them BEFORE they took them out, not to young, unemployed students. That came along post-baby boom.

Last edited by TheShadow; 11-07-2018 at 04:09 PM..
Old 11-07-2018, 02:52 PM
Location: SW Florida
9,766 posts, read 7,047,160 times
Reputation: 14300
Originally Posted by fluffythewondercat View Post
The instances that are truly tragic, to me anyway, are the people who assumed they'd be getting an inheritance. By the time you find out you were wrong it is too late to save for retirement.

I was as shocked as anyone when one of my uncles left all his money and worldly goods (many container-loads of antiques and collectibles) to his third wife and her children, and nothing to my cousin, who was an only child. I grew up with that cousin, who has a good heart, and he has had a rough life. He lost his mother, my aunt, earlier than one might expect and his oldest child committed suicide.
IMO the tragedy is deciding to count on a source of retirement income ( ie, inheritance) that due to life's vicissitudes is never a certain thing. And in doing so makes no effort to make other plans for retirement income.

I'm sorry for your cousin's troubles.
Old 11-07-2018, 02:53 PM
Location: Loudon, TN
5,792 posts, read 4,846,494 times
Reputation: 19489
Originally Posted by LHS79 View Post
You can never retire if you have a mortgage.
LOL, I hope you're trying to be funny and just forgot the smiling emoji. I have a mortgage and probably always will if the rates are low, and I've been retired for 8 years. We've gone around and around on this forum about the benefits of investing the money you would pay off your mortgage with at a higher rate of return.
Old 11-07-2018, 03:00 PM
71,731 posts, read 71,829,507 times
Reputation: 49288
About half of seniors carry mortgages with many by choice
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