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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.
I can't imagine.
I have one surviving parent that may need assistance. She has no assets to speak of as of right now, basically living paycheck to paycheck. She says she doesn't want to move in, and to put her in a facility if necessary. DNR, etc. etc.
I think it's easy for her to say this when she's well, but secretly I'm preparing to help substantially in the next 5-10 years if need be.
Well, when we were dating and then married, 1979-1983, it was clear to us that pensions were dead, and no one had ever heard of a 401K. Retirement was our problem. When we got married out of college, we decided to use the only thing we could, the IRA.
And the time we lived my mom, we paid the utilities, bought groceries — shared costs. It was only fair. And when we moved to our own apartment, we borrowed money to buy a stove from my in laws, and paid them back.
This may sound curmudgeonly, but I don’t understand why people act as if this is the only time economic stress has happened and this time is different. The key is simple, live below your means, save the rest, learn basic investing... the rest of this is noise.
And yes, I remember when I was 25, I read a book about how my generation was in trouble because we didn’t have pensions, and Social Security was dead in the water... a prediction that’s been bandied about FOREVER...
I was rereading the above article from the NYT this morning. Though it's sensational, IT/tech workers are extremely vulnerable to ageism and being thrust out of the workforce. To some extent, there is a significant bias against older workers throughout the labor force. Many folks get pushed out of "career oriented" work sometime before 60. Finding a new job in your 50s, or even 40s, can be dicey in some fields.
On the other end, people are living longer. It's not uncommon to see people very healthy throughout their 70s, and even into their 80s. 3/4 my grandparents are alive at 82-83, and none of them have any serious medical problems to my knowledge. The odds are pretty high that they all make it to 85, and someone getting to over 90 wouldn't surprise me.
Where do these trends collide in your retirement planning?
Some people have been known to go berserk or commit suicide, when losing their jobs, unable to get another, and possibly having to use up their retirement funds to live on. It's so sad. I believe some of the Enron employees (remember Enron?) killed themselves. Their entire retirement pension was stolen by the executives or wiped out, and they lost their jobs when the company collapsed. This does happen.
I lived through some bad recessions, so I did what I could to protect myself. Still, I was lucky not to be wiped out.
I think it's good for people to have experience, skills, or background in doing more than one thing. This makes a person more nimble in a tight employment market, even if you haven't done that kind of work in 20 years. Then if you can stay healthy, you have a decent shot at getting some sort of job at a later age.
Working part time or on a contract/temp basis can sometimes tide a person over.
The ACA helps with getting subsidized health insurance, if you can get some sort of income. Medicaid, otherwise.
Save, save, save. Many people don't know how to be frugal, IMO.
Be aware of the average age of the people in the field you are entering. If they're under 30, you won't have that career that long. If there are a number of older people (experience and maturity are valued), that's a career job, possibly.
I feel so sorry for people who have the rug pulled out from under them. But some planning ahead of time can help. If it pays really well, go ahead and do it, but know that it's not a permanent career. Plan to segue out at some point, and use that work experience to go into another field with longevity. For example, some people become stock brokers for just a couple of years, knowing that it's a young person's game (or no one can do it long term and stay sane); they make a ton of money, then move on to some other job in the financial field.
What I CAN tell you is that in the early nineties almost all industries either contracted out, morphed into a different animal, or moved to home-based management with their supply chain in ONE CITY to cover thousands of miles.
That meant that at age 40 most of my friends were either forced into another job, re-trained THEMSELVES, or were in deep trouble. And it's incredible how fast 25 years moves and you've still spinning your wheels. As far as tech is concerned it changes internally all the time. And tech, like math, engineering, or even playing the violin, is hard on the bwain. People crash out early.
Same with being physically fit. If you lay tile, do carpentry, bend and twist all day you better be ready for retirement by 50. There are exceptions, but they're just that. And don't get hurt.
you need to try to stay evolving as you age if your job is physical . many of the guys i knew through the years who were industrial electricians pulling big wires and pipe and lighting jobs migrated on .
today they do data and networking or PLC AND DRIVES WORK . they evolved with the business learning to work smarter not harder as they aged .
i hated all the bull work that went with being an hvac tech , so through the years i took it upon myself to migrate in to sales and design in related fields rather then installation of industrial and commercial ac units . .
today i teach that stuff so even being retired i can choose to work if i want . you need to adapt and morph as well as find fields that allow that to happen when choosing a career .
we have an outside salesman in his 80's still wanting to work at the company i teach . as long as his accounts buy he gets a check even if he visits them once a month .
the company i do some work for even offered to set me up at home if i wanted to work a few days a week in sales .
the issues arrise when one has a physical job and thinks they can do it forever so thy never take the steps to migrate to smarter not harder work .
A big piece of the puzzle would involve encouraging young people to form (but not to spend) capital in their 20's and 30's; a few hundred a year invested in a long-time growth issue can generate large dividends two or three decades down the road; and it can also provide what Humphrey Bogart called "f*** you funds" for dealing with a dead-end job and an abusive employer.
But this is a hard sell to those with growing families, in an age, and culture of instant gratification.
A big piece of the puzzle would involve encouraging young people to form (but not to spend) capital in their 20's and 30's; a few hundred a year invested in a long-time growth issue can generate large dividends two or three decades down the road; and it can also provide what Humphrey Bogart called "f*** you funds" for dealing with a dead-end job and an abusive employer.
But this is a hard sell to those with growing families, in an age, and culture of instant gratification.
yep ... there is a saying that a penny saved is a penny earned , and while that may be true , it will always stay a penny without good compounding .
actually less after inflation and taxes .
it is good compounding over time that takes the little bits we do manage to save and turns it in to real wealth . time is your friend so the earlier you start the less dependent you are in picking just the right market time frame to be in ,.
I have one surviving parent that may need assistance. She has no assets to speak of as of right now, basically living paycheck to paycheck. She says she doesn't want to move in, and to put her in a facility if necessary. DNR, etc. etc.
I think it's easy for her to say this when she's well, but secretly I'm preparing to help substantially in the next 5-10 years if need be.
My mother said the same. However, when the time came, she just stood there looking pitiful and bewildered. What do you do?
When I asked my mother what her plan was, she said she didn't plan to live that long.
She lived to her 90's and didn't know up from down for the last decade or so.
I will say that once the kids grew up and got situated it was a lot easier.
I enjoyed getting to know my mother again. We had some good times. Glad she lived with us. I miss her.
you need to try to stay evolving as you age if your job is physical . many of the guys i knew through the years who were industrial electricians pulling big wires and pipe and lighting jobs migrated on .
today they do data and networking or PLC AND DRIVES WORK . they evolved with the business learning to work smarter not harder as they aged .
i hated all the bull work that went with being an hvac tech , so through the years i took it upon myself to migrate in to sales and design in related fields rather then installation of industrial and commercial ac units . .
today i teach that stuff so even being retired i can choose to work if i want . you need to adapt and morph as well as find fields that allow that to happen when choosing a career .
we have an outside salesman in his 80's still wanting to work at the company i teach . as long as his accounts buy he gets a check even if he visits them once a month .
the company i do some work for even offered to set me up at home if i wanted to work a few days a week in sales .
the issues arrise when one has a physical job and thinks they can do it forever so thy never take the steps to migrate to smarter not harder work .
Bingo.
Migrating into smarter not harder work is the key.
A big piece of the puzzle would involve encouraging young people to form (but not to spend) capital in their 20's and 30's; a few hundred a year invested in a long-time growth issue can generate large dividends two or three decades down the road; and it can also provide what Humphrey Bogart called "f*** you funds" for dealing with a dead-end job and an abusive employer.
But this is a hard sell to those with growing families, in an age, and culture of instant gratification.
That’s been a hard sell forever. My perception of it is you do what you saw growing up. Growing up, my parents managed money, as did my husband’s. As do we. As do our siblings. Friends of ours who spend money like water, cars bought and repo’ed, owe money everywhere, have parents who had horrible financial habits.
Every once in a while, you see someone break the mold of their background, but for the most part, people don’t.
__________________ Solly says — Be nice!
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Solly says — Be nice!
