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Old 12-14-2018, 07:22 AM
 
Location: Central IL
15,209 posts, read 8,513,923 times
Reputation: 35601

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Quote:
Originally Posted by jrkliny View Post
He was one year shy and probably got close to his full pension.

What mistakes did he make? He might be able to initially blame circumstances or his parents, but he went his whole life without getting an education. It appears he saved nothing for his future. In fact he is still paying a mortgage at age 80. It appears he took his lump sum and spent it instead of looking for another job. Now that the lump sum is gone, he is again working. You don't need IRAs or 401ks in order to save. I started at an early age. The money I saved from my teenage lawn moving jobs has compounded over the decades and is now substantial.

"People had pensions. That was the deal." Sure, and what about the history of bankruptcies, bank failures, depressions and the like that wiped out many of those pensions? Anyone relying solely on a pension and then spending the lump sum distribution has made very serious mistakes. We only know the facts in the articles. I am willing to bet there were a lot more mistakes that lead to the outcome. BTW, the final outcome is not all that bad. Their income is not all that bad for an uneducated worker who blew a pension.
It "appears" he saved nothing...it "appears" he spent his pension...and he certainly couldn't have mowed lawns as a teenager because if he had he'd be on easy street now.

As long as you can manage to believe in a fair world where the smart and good people succeed and the ignorant bad people fail then I guess you have it made.
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Old 12-14-2018, 07:31 AM
Status: "I am Blessed." (set 3 days ago)
 
Location: Spurs country. "Go, Spurs, Go!"
3,400 posts, read 3,963,274 times
Reputation: 8779
Quote:
Originally Posted by GeoffD View Post
They can’t. I presume the guy took a pension buyout offer and spent the money.
There is always "more to the story."
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Old 12-14-2018, 07:41 AM
Status: "I am Blessed." (set 3 days ago)
 
Location: Spurs country. "Go, Spurs, Go!"
3,400 posts, read 3,963,274 times
Reputation: 8779
Quote:
Originally Posted by Nausikaa View Post
Loads of people make bad financial decisions. I was reading on a forum once where a son-in-law was complaining about a situation after his FIL had died. The FIL apparently had a very good pension. Then after his death, they found out that the pension had died with him, and the wife was not going to get the pension. The SIL was furious, and was blaming the union for not paying the widow the pension. He finally got it when someone mentioned that he obviously had signed paperwork that he would get more money per month if only he received the pension, and it did not pass to his wife. Many people do this thinking they will live to be 95 or something. He was dead so it didn't matter to him, but the poor wife then had nothing. The OP was shocked to learn what his FIL had obviously done. So many people are in the dark about finances. His widow had probably signed paperwork allowing this to happen, but like the husband, was distracted by the higher sum of money available. Sad.
And the SIL goes off on the union/company without knowing all the facts of the situation. Where was he and the couple's daughter when Dad was planning to retire/signing the paperwork to retire? People need to educate themselves throughout their 30's, back in the day hitting that age made one part of "the establishment".......
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Old 12-14-2018, 07:59 AM
Status: "I am Blessed." (set 3 days ago)
 
Location: Spurs country. "Go, Spurs, Go!"
3,400 posts, read 3,963,274 times
Reputation: 8779
Quote:
Originally Posted by MI-Roger View Post
That is quite the rant Mircea.
Why are you calling the truth a "rant"? Replying to comments is a conversation, "telling it like it is" gets a negative reaction????
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Old 12-14-2018, 08:04 AM
 
71,511 posts, read 71,674,131 times
Reputation: 49088
one of the reasons all these "how bad people are doing " articles are a waste of time reading , is they tend to not include all the details just so they can skew things in the direction they want or they cherry pick examples who are the outliers or worst of the lot . .

i won't even bother to read these rags that are posted daily . if i am going to take the time to read something it needs to teach me something i don't know that helps me do better ..

Last edited by mathjak107; 12-14-2018 at 08:20 AM..
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Old 12-14-2018, 08:19 AM
 
Location: SoCal
13,213 posts, read 6,313,926 times
Reputation: 9826
Quote:
Originally Posted by Lodestar 77 View Post
And the SIL goes off on the union/company without knowing all the facts of the situation. Where was he and the couple's daughter when Dad was planning to retire/signing the paperwork to retire? People need to educate themselves throughout their 30's, back in the day hitting that age made one part of "the establishment".......
Obviously, this is not a personal story. It’s I read this from the internet. If this is true, one can blame on greed, the FIL was too greedy. If he took the option with 100% survivor option, he would get a lot less. I did, knowing full well I’d get much less, so what. My husband feels better that way, the other way, I assume he would die before me. But I have acquaintance from work who was going to just her pension without 100% survivor option, she figured her husband has his pension. So who knows why she did that.
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Old 12-14-2018, 09:30 AM
 
2,443 posts, read 2,069,466 times
Reputation: 5690
Quote:
Originally Posted by mathjak107 View Post
one of the reasons all these "how bad people are doing " articles are a waste of time reading , is they tend to not include all the details just so they can skew things in the direction they want or they cherry pick examples who are the outliers or worst of the lot . .

i won't even bother to read these rags that are posted daily . if i am going to take the time to read something it needs to teach me something i don't know that helps me do better ..
Yeah, there are tons of hard luck stories out there. You just have to make the best of things and try and improve your situation.

Heck, I was raised by wolves and had to claw my way to make a decent living. I don’t want to bore you with details of my life unless you are willing to listen
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Old 12-14-2018, 10:14 AM
 
13,879 posts, read 7,391,112 times
Reputation: 25361
Quote:
Originally Posted by BumbleBeeHunter View Post
The average American over 65 lives on about $4,125 a month. With his Walmart checks, their Social Security, and his partial pension, Tom and Ellen Coomer live on around $3,100 a month.

I'm still trying to grapple with "The average American over 65 lives on about $4,125/month". That doesn't in any way align with the Social Security check and accumulated wealth of the average retired pension-free 65-year-old. Median household net worth including home equity for a 65 to 69-year-old is $210K. Maybe 20% of 65-year-olds have pensions. You pretty much have to be public sector or one of the few remaining union people to get one. I don't see where $50K yearly income could be even remotely possible. I guess married and dual income, two Social Security checks might get you there retiring at 66-ish.


I'd figure $50K retiring at 65 is more like a 70th percentile retirement.
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Old 12-14-2018, 10:30 AM
 
2,083 posts, read 706,293 times
Reputation: 5332
Quote:
Originally Posted by mathjak107 View Post
one of the reasons all these "how bad people are doing " articles are a waste of time reading , is they tend to not include all the details just so they can skew things in the direction they want or they cherry pick examples who are the outliers or worst of the lot . .
I know- the example I use when people post "selective" news on FB is that I'm 65, collecting SS Widow's benefit, I'm unemployed and I have $20 in my wallet. Grim, huh? All of that is true (or was till I made an ATM withdrawal last week) but it leaves out a few material facts. One is my net worth.
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Old 12-14-2018, 10:36 AM
 
245 posts, read 78,877 times
Reputation: 997
I can't imagine many things more depressing than having to work until you drop dead.

You can retire in your early 60s on a measly $1k monthly SS check though. There are low-income senior housing complexes (many of which are quite nice), food stamps, heavily discounted senior public transportation, and Medicare/Medicaid. Alternatively, you could expatriate to some third world country and live comfortably for next to nothing. If my finances were horrible, I'd do that before having to find a job in old age.
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