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Old 12-06-2018, 04:40 AM
 
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Quote:
Originally Posted by ddm2k View Post
These trends will sooner collide with retirees' children's retirement planning when they have to take in aging parents before their children leave for college - not due to a medical disability, but financial disability. Three-generation households will become the norm for about half of US households in the next 20 years.
We still had kids in college when my Mom moved in with us.

They would move back during the summer and between graduation and jobs. For years, it felt like we were running an AirBnB in an Assisted Living Facility.

Try saving money in the midst of that.

Our grocery bill was sky high. We were always being tapped for car repairs or, installing walk-in tubs, or ... It was always one thing or another.
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Old 12-06-2018, 04:41 AM
 
38,167 posts, read 14,910,326 times
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But I agree that getting your retirement in place in your mid-forties is the wise move. Don't count on being able to hand on to your mid-40's job in your mid-50's.
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Old 12-06-2018, 04:43 AM
 
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I''m trying to think of decent paying jobs that one can launch into in their mid-50's with minimal training and experience.

The only thing that comes to mind is long-haul truck driving.
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Old 12-06-2018, 04:46 AM
 
71,549 posts, read 71,712,424 times
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all decent paying jobs except inflated union jobs , will be by doing those things others can't or won't do for themselves . that can range from septic cleaner to doctor.

it is all about finding those sweet spots of employment .

the difference between those who succeed and those who don't generally is creativity in finding these areas of employment.

as a pro drummer i was getting obsoleted by dee jays in the 1970's . i had to think long and hard to come up with a career where i would not be obsoleted again all to quickly. it was the hardest thing i ever had to think about but i knew whatever it was it had to be something the masses shyed away from . not easy when you have no skills other then drumming , ha ha ha .

luckily i pulled it off .

Last edited by mathjak107; 12-06-2018 at 05:13 AM..
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Old 12-06-2018, 05:12 AM
 
71,549 posts, read 71,712,424 times
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Quote:
Originally Posted by MI-Roger View Post
I left GM voluntarily 6 years ago, at age 56, because I was at the top of the RIF list for the next headcount reduction. In hindsight it appears I would have been OK there until the current round of salaried head count reductions announced in the news. No additional rounds of head cuts occurred after I retired.

But had I stayed, I would be trying to find alternative employment now at age 62 rather than 56. Six years additional age could be a deal breaker. Leaving simultaneously with the few thousand other engineers being laid off in January would make finding a new career much harder as well.

Luckily I found a well paying job at another company (my 2018 pay here at the Utility will likely match or exceed my 2012 pay at GM, whereas the early intervening years were definitely a pay cut) which pledges to NOT have headcount reductions. Job assignments may change, work locations may change, but all current employees will continue to have a job as our employer executes a major restructuring in means of producing electricity.

This guaranteed employment pledge is not completely altruistic. The company knows that 50% of current employees will be retirement eligible during the next 5 years, and the impending retirees are needed to train their replacements before they go. Overall employment levels in 5 years time may be less than today but the changes will have occurred via natural attrition rather than forced attrition.
thanks again for the sales lead on the variable frequency drives project ..
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Old 12-06-2018, 07:05 AM
 
Location: Northern VA
512 posts, read 632,148 times
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Quote:
Originally Posted by ddm2k View Post
These trends will sooner collide with retirees' children's retirement planning when they have to take in aging parents before their children leave for college - not due to a medical disability, but financial disability. Three-generation households will become the norm for about half of US households in the next 20 years.
My household is the exact opposite - about a year ago both my adult children moved back home, and even though I'm 7 - 10 years away from retirement it definitely impacts my retirement planning. Instead of working towards downsizing and cutting expenses, expenses have increased and there's not much prospect of downsizing any time soon. However, I fear that both of them will still be struggling when I eventually retire and downsize. I love them all dearly but I'm not willing to sacrifice my own retirement in order to keep working to help support them.

The only real positive is that we get to see our grandchildren a lot more than we otherwise would.
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Old 12-06-2018, 09:21 AM
 
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I love family, but..... I doubt I would be willing to support any of my adult kids except for possible short term emergencies. My younger daughter graduated college in 2011 when the economy was still recovering and jobs were scarce. All three of her close friends moved back home. We sold our home and took off in a small RV. I thought we were going to have to send money, but she moved across the country and found a great job within weeks.


Most kids will follow the course of nature and strive to set out on their own. It seems when that pattern is broken it is often due to poor parental behaviors. Some parents don't seem to want to turn loose and instead set up other expectations.
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Old 12-06-2018, 09:34 AM
 
Location: Tennessee
23,579 posts, read 17,561,360 times
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Quote:
Originally Posted by ddm2k View Post
These trends will sooner collide with retirees' children's retirement planning when they have to take in aging parents before their children leave for college - not due to a medical disability, but financial disability. Three-generation households will become the norm for about half of US households in the next 20 years.
If I got a girl pregnant today, I'd be 33 when the kid is born. That kid would be going to college when I'm 51. That would make my parents 80. While there's no guarantee they would be infirm and needing assistance by then, the odds are not negligible either.

My aunt was in a "club sandwich" thing last year. 57, and 82 year old mom living with her, as well as a 29 year old stepdaughter, and five year old stepgrandson. I can't even imagine how frustrating that had to be.
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Old 12-06-2018, 09:46 AM
 
Location: Ypsilanti, MI
2,439 posts, read 3,663,507 times
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[quote=mathjak107;53814033]........as a pro drummer i was getting obsoleted by dee jays in the 1970's . i had to think long and hard to come up with a career where i would not be obsoleted again all to quickly. it was the hardest thing i ever had to think about but i knew whatever it was it had to be something the masses shyed away from...... luckily i pulled it off./quote]

Our youngest was hired by IBM straight out of college. Five years later, in the midst of the Recession, IBM outsourced his job to India. He had two options: travel with his job to India and accept India level wages with no future repatriation assistance; or find another career. He opted for the later and used the provisions of his severance package from IBM to enroll in a shortened Pre-Med program for those who already have a Bachelor's degree.

Even Medicine is not without pockets of specialties which are, or may become, subject to out-sourcing. He chose Pathology as there is no currently foreseeable means for autopsies to be performed remotely via the internet, and is currently a Resident in Pittsburgh.

Last edited by MI-Roger; 12-06-2018 at 10:26 AM..
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Old 12-06-2018, 10:51 AM
 
Location: Northern VA
512 posts, read 632,148 times
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Quote:
Originally Posted by Serious Conversation View Post
If I got a girl pregnant today, I'd be 33 when the kid is born. That kid would be going to college when I'm 51. That would make my parents 80. While there's no guarantee they would be infirm and needing assistance by then, the odds are not negligible either.

My aunt was in a "club sandwich" thing last year. 57, and 82 year old mom living with her, as well as a 29 year old stepdaughter, and five year old stepgrandson. I can't even imagine how frustrating that had to be.
My wife and I know quite a few couples near our age who have children roughly the same age as my grandchildren. I was 48 when the first one arrived and am 54 now. There's no way either of us could handle having our own young kids around at our age.
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