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Old Today, 06:41 AM
 
Location: Scottsdale, AZ
7,907 posts, read 4,836,576 times
Reputation: 28950

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Quote:
Originally Posted by Questions and Comments View Post
I have been poor most of my life and somehow survived and managed to save at least 10 percent of my income for a rainy day. I had plenty of rainy days! I just paid myself first and put the money in a lockbox for longer term needs that could not be touched.
Sure ya did. Betcha did it while raising a dozen kids, too, eh?

Quote:
Again, I ask the same question: If you are poor and claim you are not able to save, what if your employer paid you ten percent less, would you survive?

I'm not poor. And I'm self-employed, so I can pay myself whatever I like.

So what is your point? Vilifying people who didn't live up to your hypothetical standards?
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Old Today, 06:54 AM
 
Location: SoCal
13,510 posts, read 6,448,935 times
Reputation: 10106
Quote:
Originally Posted by jrkliny View Post
Could it be that we have a reincarnation of Serious Conversation?
Screen name and new poster is a sign. Could be some posters that were banned. Serious Concersation is still here.
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Old Today, 06:58 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
30,006 posts, read 54,769,813 times
Reputation: 31421
I'm still working at 67, planning to stay another 2-3 years because I enjoy my work. I have always saved 10% at minimum, mostly more than that. Unfortunately there have been times, such as the recession when we had to dip into that in order to survive, eat, and keep our home. Currently, I have money going into two credit union savings accounts, a pension plan, 401K, and 457. It amounts to about 15%.
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Old Today, 07:01 AM
 
Location: R.I.
1,012 posts, read 617,128 times
Reputation: 4392
Quote:
Originally Posted by jrkliny View Post
Could it be that we have a reincarnation of Serious Conversation?
Could be Now if the posts progress with my mother's sister's husband's brother from another mother that lived in a car down by the river was able to save 10% of his income...… guess we will have our answer.
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Old Today, 07:09 AM
 
538 posts, read 99,718 times
Reputation: 1047
Quote:
Originally Posted by Questions and Comments View Post
I run into so many people who are retirement age that tell me they don't have a dime saved and plan to move in with their kids when they can't work anymore.
I never run into people like this. And, a lot of people have equity in their homes which they can sell and downsize OR they can get reverse mortgages. Doesn't just about everyone have a 401(k) or IRA? Some bought property which they can sell or they rent out.
Besides, people who are in that financial predicament probably don't advertise it socially or mention it on social media.
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Old Today, 07:23 AM
 
Location: Tennessee
23,819 posts, read 17,734,769 times
Reputation: 27881
When I was making half of what I do now, I really couldn't. I'm able to afford to do so today.
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Old Today, 07:57 AM
 
745 posts, read 491,743 times
Reputation: 1945
Yes I could have. But didn't and regret it now in my 50's. I was undisciplined and simply could not separate the wants from the needs. Finally got serious in our late 40's, got out of debt and now playing catch up. Our goal is to not be a burden on the kids.

But yes I could have done it, but we didnt and I blame myself for it and our choices. Now we are saving 30%.
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Old Today, 08:26 AM
 
Location: Illinois
23 posts, read 2,696 times
Reputation: 12
I started saving 10% toward my 401K right away--eventually went to 12 then 15 and now I max it out.


What I regret is not opening an IRA sooner, I waited 8 years after I started my career even if I had just put $100 a month towards it right off the bat. Oh well can't turn back the clock on that.
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Old Today, 08:39 AM
mlb
 
Location: North Monterey County
3,225 posts, read 2,879,370 times
Reputation: 4947
Saved 20-30% the last 18 years of work off ONE SALARY....started at age 47.

Portfolio has over $700k in it DESPITE the recession.

That plus pension, Social Security plus inheritance is our key.

What saved us was we did not have children and we lived frugally.

Still do.
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Old Today, 08:53 AM
 
13,361 posts, read 25,647,265 times
Reputation: 20664
I certainly could have but didn't. Always spent freely until about age 48, when I realized I was in a pensionable job and stayed there. I had paid off school loans and supported restaurants and vacations out West and then built a house (working more than one job, for sure).

I was able to retire because of almost-max Soc. Security and the pension. Made some money when I sold my house after 17 years, paid off debts with savings and bought my retirement car (the requisite Subaru).

I am very sorry on general principle that I didn't save all along, including my restaurant jobs when I started out. Well, I did save, but had to spend most of that going to school and buying a very old car. I never got the saving bug because the household I grew up in, it seemed like no matter what you did or didn't do, it never worked out financially. (My father who drove a cab raided our child bank accounts and piggy banks for compulsive gambling. Lost the house once. I didn't understand about saving anything until well into my 30s, never mind retirement).
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