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Old 11-09-2018, 11:10 AM
 
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I find a lot of people who retire well are those who have pensions, and I think many of those are surprised to find how many don't. That makes a big difference. I have worked with patients without a pension who are still working close to 70, and others with fat pensions from IBM, Dupont and other big companies in the days when they rewarded loyalty, who are 90 and have been retired for 40 years.

 
Old 11-09-2018, 11:18 AM
 
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A lot of my friends here in ny have pensions from the city and state which are not to shabby .but they also got less in pay in those jobs then in private industry so their savings are much lighter. One friend gets 45k from working for the department of sanitation . But he was not able to save much from salary
 
Old 11-09-2018, 11:21 AM
 
Location: SoCal
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Quote:
Originally Posted by ocnjgirl View Post
I find a lot of people who retire well are those who have pensions, and I think many of those are surprised to find how many don't. That makes a big difference. I have worked with patients without a pension who are still working close to 70, and others with fat pensions from IBM, Dupont and other big companies in the days when they rewarded loyalty, who are 90 and have been retired for 40 years.
I know this is a very common memes in the internet, same as the memes you need to be mortgage free in order to retire, but the two that I mentioned who plan to retire at 70, both have pension with their company. One has retiree insurance. There are many reasons why people continue working. At my last place of work a few are still working in their 90s, according to payroll. Maybe 4 total in a large company.
 
Old 11-09-2018, 11:50 AM
 
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Originally Posted by NewbieHere View Post
I know this is a very common memes in the internet, same as the memes you need to be mortgage free in order to retire, but the two that I mentioned who plan to retire at 70, both have pension with their company. One has retiree insurance. There are many reasons why people continue working. At my last place of work a few are still working in their 90s, according to payroll. Maybe 4 total in a large company.
I wasn't intending to make the focus on age of retirement, sorry about that. But I think sometimes those with pensions assume most people have pensions, then, like OP, are surprised when they meet people who are struggling. But even with savings, I think the pension makes a huge difference in retirement ability, disregarding choice.
 
Old 11-09-2018, 11:56 AM
 
Location: SoCal
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I think it’s been years since most people who have pensions would assume other people have pensions. Pensions are a thing in the past. That’s why we have 401k, IRA, etc..
 
Old 11-09-2018, 01:10 PM
 
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Originally Posted by NewbieHere View Post
I think it’s been years since most people who have pensions would assume other people have pensions. Pensions are a thing in the past. That’s why we have 401k, IRA, etc..
There are a lot of current retirees with pensions, even those with low skilled jobs like telephone operators. And still a lot of city, state and federal workers.
 
Old 11-09-2018, 03:23 PM
 
Location: colorado springs, CO
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Quote:
Originally Posted by jrkliny View Post
Altogether, I am surprised the poverty rate for senior is only 9%.
Apparently, the FPL is now considered as an inadequate standard for determining economic instability for those already retired. There is a tool used called an “Elder Index”:
https://www.ncoa.org/news/resources-...ecurity-facts/

Quote:
21% of married Social Security recipients and 43% of single recipients aged 65+ depend on Social Security for 90% or more of their income. (Social Security Administration [SSA], 2016)

More accurate measures of economic well-being—including the Elder Economic Security Standard™ Index and the Institute on Assets and Social Policy’s Senior Financial Stability Index—show millions of older adults struggling to meet their monthly expenses, even though they’re not considered “poor” because they live above the FPL.
It looked interesting but I haven’t read all the way through it yet. Side note: I believe I did see that 33% of those retired do have a mortgage.
 
Old 11-09-2018, 06:16 PM
 
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Originally Posted by Petunia 100 View Post
Oh, is it Tower of Power? (Guess I should have said "I can't wait to hear the dets").
I wish .david garabaldi is one of the finest drummers in the world . Brent carter the lead singer from tower of power played my sons wedding
 
Old 11-09-2018, 06:21 PM
 
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Originally Posted by BugsyPal View Post
Oh I don't know...


...

Part of reason for this lies with fact post war college/university costs were far more reasonable. Veterans had the GI Bill which footed much of the cost of higher education. For those that didn't while private colleges such as Ivy League may have been out of reach financially, there were plenty of high quality state/local universities where tuition was low or nearly free.
Let's debunk the myth of the out-of-reach private school, once and for all.

If you have the qualifications to get in, "they" will make sure you can afford it. They will adjust the aid package for parental contribution if parents are low income. They will ensure that you have some kind of pocket money coming in from a campus job. The amount of loans you are expected to take on fluctuates with how much they want you. If they want you a LOT, the loan load is minimized. They will dig into endowment earnings to make up the difference.

The wild card is, the Admissions Committee evaluates the candidates. Although there's a publicized profile about "typical" class standing and SAT scores, each school has a secret sauce of factors they consider probative. I have no idea what they are.

For example: if you have mediocre grades and are an Olympic athlete, the school will probably weigh the Olympic status highly enough to accept you anyway. If you have mediocre grades and outstanding SATs, and you spent your high school years raising your younger siblings, and you can tell the story - same. Regardless of other factors, if you're a National Merit Finalist (an accolade that derives from performance on PSATs), that is probative. In all of these cases, there is some element of outstanding achievement that outweighs otherwise weak parts of the record.

That's been my observation, and I trust the evidence.
 
Old 11-09-2018, 06:37 PM
 
20,521 posts, read 16,599,446 times
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Quote:
Originally Posted by jane_sm1th73 View Post
Let's debunk the myth of the out-of-reach private school, once and for all.

If you have the qualifications to get in, "they" will make sure you can afford it. They will adjust the aid package for parental contribution if parents are low income. They will ensure that you have some kind of pocket money coming in from a campus job. The amount of loans you are expected to take on fluctuates with how much they want you. If they want you a LOT, the loan load is minimized. They will dig into endowment earnings to make up the difference.

The wild card is, the Admissions Committee evaluates the candidates. Although there's a publicized profile about "typical" class standing and SAT scores, each school has a secret sauce of factors they consider probative. I have no idea what they are.

For example: if you have mediocre grades and are an Olympic athlete, the school will probably weigh the Olympic status highly enough to accept you anyway. If you have mediocre grades and outstanding SATs, and you spent your high school years raising your younger siblings, and you can tell the story - same. Regardless of other factors, if you're a National Merit Finalist (an accolade that derives from performance on PSATs), that is probative. In all of these cases, there is some element of outstanding achievement that outweighs otherwise weak parts of the record.

That's been my observation, and I trust the evidence.
Let kids don’t fit under the umbrella of kids being actively recruited. Olympic athletes and Rhodes scholars are both rare. Many who get in have good grades and SAT scores but aren’t necessarily cream of the crop “we’ll do anything to have you” kids. One of my good friends went to Fordham and parents and she had to take loans out the wazoo. Not here to debate the wisdom of that but simply to say she got accepted but did not get all these financial adjustments you believe are being handed out like candy.
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