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Old 12-03-2018, 06:19 AM
 
Location: Philadelphia/South Jersey area
2,871 posts, read 1,401,499 times
Reputation: 10071

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Quote:
Originally Posted by Specific Point View Post
I have been talking about retirement and employment with many of my friends, neighbors, and family recently and I have been shocked by how many of them have nearly run out of money and are trying desperately to get a full-time job.

Many of them are in their late 60s and 70s. A number of things happened to them that has caused an urgent need to get a full-time job. These include:

1) Their spouse died and they no longer have his/her Social Security and or Pension or Annuity check. And they did not buy life insurance to make up for the difference.

2) They were told by friends (or Dave Ramsey) that the stock market returned 9% a year so they took out that amount in withdrawals, instead of the conservative 3-4% recommended figure.

3) They did not budget their money and overspent.

4) They had huge emergency expenses, such as medical costs without a Medicare supplement.

Do you think the people I know who are trying to get back into the workforce in their 70s due to poor financial planning or emergencies are all that unusual? Do you think it is possible for someone in their 70s to get another full-time professional job in their field? Any advice or observations?

So no I don't know anyone who had to go back to work for those reasons. Most of the people I know who retired early actually spent more in the early retirement years (and planned for it) but when they hit 70, their spending dramatically decreased.

Now I will say that most of the 70 somethings I know intimately enough to know their financial situation all are retired NYC cops with pretty good pensions and health insurance. so I think they are fine except maybe if they had to go into a ltc facility.

No one I know listens to Dave, suzy or Money mustache and no one I know would do some thing based on the advice of a perfect stranger that has absolutely no idea of who they are or how they live.
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Old 12-03-2018, 06:25 AM
 
Location: Philadelphia/South Jersey area
2,871 posts, read 1,401,499 times
Reputation: 10071
Quote:
Originally Posted by mathjak107 View Post
i never had much interest in those kinds of websites like mr money mustache . i don't care what others do but not for me . ha ha ha i always thought you needed a job to be considered retired from it .

i knew the kind of life i wanted in retirement and it wasn't going to be had ducking out early .
OT,

I could not rep you again. see that's me mathjak and the other issue that completely baffles me is why would people retire on the advice of a perfect stranger that knows NOTHING about a person or how they live??

I've watched Suzy Orman a number of times on PBS and cringed, actually cringed at some of the investment advice from her AND I'm a gal who knows very little and is just learning.
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Old 12-03-2018, 06:32 AM
 
Location: Philadelphia/South Jersey area
2,871 posts, read 1,401,499 times
Reputation: 10071
Quote:
Originally Posted by fluffythewondercat View Post
Well, I am shocked by how many people freely shared their most intimate financial details with you, since it seems very unlikely most would want to.

Since you're retired now, why don't you tell us about your own financial flubs? In agonizing detail, of course.
lol,
Actually I find that rich people talk finances all the time. Poor folks guard their "secrets" like someone is about to bop them over the head at any minute.

My friends and I talk financial details all throughout our lives. how to get aid for college, how to get subsidies on many things.`
Now we are all sliding into retirement we talk more. financial planners, investments, cost of stuff, budgets.

One of my best friends is struggling with her budget because her mom moved in with her with serious health issues, we just did a powwow with her on Saturday and went over every bit of her financial situation.

Another friend just got divorce and got 500K from the sale of their house and wanted to get advice on what to do with it. we tried to help her out.

Why are folks so scared to talk about money? Do you thing your friends are going to rob you?
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Old 12-03-2018, 06:42 AM
 
71,511 posts, read 71,674,131 times
Reputation: 49088
that is something people seem to do out of habit many times . you see people discussing their illicit affairs on line but heaven forbid you know a bank balance ha ha ha ..

as i have said many times , when money magazine wanted to do story on us we initially said no .

but when we thought about it we could not come up with one valid reason that we shouldn't even though our financial info would be out there for millions to see .

we ran through every reason why not and at the end of the day none of it made sense to us .

were we living a lie and did not want others to know ? nope

were relatives going to hit us up for money - nope

was i gonna get kidnapped ? highly unlikely and like the ransom of red chief i am so needy they would pay to take me back .

would charities call us ? maybe ? but even that never happened .

were we proud of our accomplishments ? sure .

so we did it . finances and amounts are freely discussed on many forums other than here .

the problem is here it is a mixed bag of people squeaking by and successful people and everything in between . those with less accuse those with more of bragging .

when you go to websites like the firecalc sponsored site for financial independence and early retirement , people are there for one reason .. to learn about success and be around success and to learn to plan better , so the talks are perceived very differently and figures are routinely included in discussions .

much of what i know i attribute from there , they have some very smart people with good ideas .

here it is a lot of articles pertaining to how badly supposedly everyone is doing so it is a very different crowd .

Last edited by mathjak107; 12-03-2018 at 07:00 AM..
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Old 12-03-2018, 06:45 AM
 
Location: Ypsilanti, MI
2,437 posts, read 3,660,491 times
Reputation: 4785
Quote:
Originally Posted by mathjak107 View Post
does that include gas , maintenance and mileage on the car ?

a new study shows they take in about 25 bucks an hour .

uber takes 8.33

vehicle expenses , gas , insurance , mileage, etc average 4.77 an hour

.90 cents an hour for fica and medicare

balance is 10.21 with out subtraction for medical benefits

mr money mustache experimented with uber in Colorado and cleared about 8 bucks an hour when all was said and done
That $8/hour matches the experience of a friend of our youngest son. He thought it would be a money making gig after his divorce on the nights he didn't have custody of his daughter. This is in a suburban area of S-E Michigan, not an urban center. I can see where urban center experiences could be different.

The friend soon quit being an Uber driver citing minimal income. Better to accept longer hours/additional shifts at his day job.
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Old 12-03-2018, 07:04 AM
 
1,137 posts, read 569,507 times
Reputation: 4370
Quote:
Originally Posted by mathjak107 View Post
that is something people seem to do out of habit many times . you see people discussing their illicit affairs on line but heaven forbid you know a bank balance ha ha ha ..

as i have said many times , when money magazine wanted to do story on us we initially said no .

but when we thought about it we could not come up with one valid reason that we shouldn't even though our financial info would be out there for millions to see .

we ran through every reason why not and at the end of the day none of it made sense to us .

were we living a lie and did not want others to know ? nope

were relatives going to hit us up for money - nope

was i gonna get kidnapped ? highly unlikely and like the ransom of red chief i am so needy they would pay to take me back .

would charities call us ? maybe ? but even that never happened .

were we proud of our accomplishments ? sure .

so we did it . finances and amounts are freely discussed on many forums other than here .

the problem is here it is a mixed bag of people squeaking by and successful people and everything in between . those with less accuse those with more of bragging .

when you go to websites like the firecalc sponsored site for financial independence and early retirement , people are there for one reason .. to learn about success and be around success and to learn to plan better , so the talks are perceived very differently and figures are routinely included in discussions .

much of what i know i attribute from there , they have some very smart people with good ideas .

here it is a lot of articles pertaining to how badly supposedly everyone is doing so it is a very different crowd .
In other words, a cross-section of America as it really exists...
(Not complaining- jus say'n...)
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Old 12-03-2018, 07:04 AM
 
Location: Central New Jersey
2,384 posts, read 909,421 times
Reputation: 4219
Many that struggle now thought it was a joke to save for a rainy day.
This is what happens when society keeps up with the Jones' and lives well beyond their means.
Even a spouse who lost their loved one should have a pension of their own and a combined savings that should be enough for day to day living expenses.
I don't feel sorry for any that realized in their "70's" that now they can't make it due to bad financial planning. We've been taught since grade school, if not by our parents, to save save save.
Not being mean, just being honest is all.
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Old 12-03-2018, 07:35 AM
 
71,511 posts, read 71,674,131 times
Reputation: 49088
Quote:
Originally Posted by MichiganGreg View Post
In other words, a cross-section of America as it really exists...
(Not complaining- jus say'n...)
yes , that is just what it is and you have a mixed bag . some are here to commiserate with others in the same shape as they are ,others feel better when they see others in worse shape or read the how bad everyone else is doing articles .

others are here to learn and want to be more successful or are already successful . so discussing actual numbers is usually associated by many as bragging while others have an interest . this is unlike the other website forums oriented towards success where people are there for the same reasons

Last edited by mathjak107; 12-03-2018 at 07:51 AM..
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Old 12-03-2018, 07:45 AM
 
Location: Tennessee
23,572 posts, read 17,544,804 times
Reputation: 27640
Quote:
Originally Posted by joee5 View Post
Many that struggle now thought it was a joke to save for a rainy day.
This is what happens when society keeps up with the Jones' and lives well beyond their means.
Even a spouse who lost their loved one should have a pension of their own and a combined savings that should be enough for day to day living expenses.
I don't feel sorry for any that realized in their "70's" that now they can't make it due to bad financial planning. We've been taught since grade school, if not by our parents, to save save save.
Not being mean, just being honest is all.
It's much more complicated than that.

My dad was laid off at age 50 back in 2008. Between the salary cut, additional income taxes from the new job, and additional commute costs, he lost about 40% of his after-tax income. He also wasn't making a ton of money to begin with.

He probably should have looked out of the area for other jobs then, but then both him and mom would have been looking for work.

He finally found a job paying more than what he made in 2007 in 2017, but many of his coworkers, especially those who were five to ten years older than him, did not find meaningful work and were essentially jettisoned from the force.

Also, life happens.

I'm 32. A guy I went to high school with was in a devastating car wreck in August. He's gone from having a regular job with two kids, wife, house, etc., to paraplegic and not working. What's that going to do to that family's finances and retirement prospects?
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Old 12-03-2018, 07:47 AM
 
Location: Atlanta
5,628 posts, read 4,221,188 times
Reputation: 4582
I dont' know of anyone in their 70s trying to get back into FULL time work. Many that i know have or are looking for part time jobs to supplement their income. Granted i only know a few dozen retirees but it seems far fetched think there are hoards out there looking for a full time gig...
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