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Old 08-24-2019, 04:48 PM
 
183 posts, read 141,256 times
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Quote:
Originally Posted by Rakin View Post
In housing it's very popular now to have MIL suites for the parent to live with the kids like so many cultures do.

Those that must and have kids may have to take that route.
My boomer mother refuses to save. We are prepared to have.a MIL suite as you mention.
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Old 08-25-2019, 10:22 AM
 
666 posts, read 198,127 times
Reputation: 1665
If she refuses to save she can apply for low income senior housing. She should learn to live within her means. I feel differently if people are sick, disabled, huge medical bills, etc. I think it’s shameful for people to spend their money and expect their kids to save them.
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Old 08-25-2019, 10:49 AM
 
Location: Forests of Maine
30,878 posts, read 49,803,748 times
Reputation: 19404
Quote:
Originally Posted by lottamoxie View Post
It's probably harder for those who have close family and ties to an area.
The year following my retirement I attended my 25th highschool reunion. Because I moved away at 18, I was able to pursue a career that was not limited inside my hometown. But everyone else among my class, all of them stayed within a 40-mile radius of our highschool.

After I had completed my working career and was on pension, 'they' [every other classmate from my graduating class] was still working, still another 25 years away from SS eligibility.

The primary difference seen is that I left the hometown the week following graduation, whereas all of them stayed.




Quote:
... I know there are folks who enter retirement with little or even no savings; if it can at all be helped it's really best to have a financial cushion in addition to whatever SS is expected.
I will have been retired on pension for 24 years by the time I reach SS 'full benefit' age.

I do not understand why so many people refuse to prepare for their retirement.
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Old 08-25-2019, 11:37 AM
 
175 posts, read 98,872 times
Reputation: 339
one reason might be that you took a job that gives retiree benefits as young as age 38.
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Old 08-25-2019, 11:37 AM
 
Location: Coastal New Jersey
57,041 posts, read 55,331,324 times
Reputation: 67846
Quote:
Originally Posted by Submariner View Post
The year following my retirement I attended my 25th highschool reunion. Because I moved away at 18, I was able to pursue a career that was not limited inside my hometown. But everyone else among my class, all of them stayed within a 40-mile radius of our highschool.

After I had completed my working career and was on pension, 'they' [every other classmate from my graduating class] was still working, still another 25 years away from SS eligibility.

The primary difference seen is that I left the hometown the week following graduation, whereas all of them stayed.






I will have been retired on pension for 24 years by the time I reach SS 'full benefit' age.

I do not understand why so many people refuse to prepare for their retirement.
Some people, like my exh, simply do not believe they will live long enough to have to worry about retirement. My exh's father died when the exh was 14 and his father was 49, and he always said, "Well, my father died young so I'm not ever going to live to be old so I might as well enjoy life" and that was his excuse for a lot of things. Of course, his father died so young partly because he was an alcoholic, and so is my ex. He didn't seem to take that factor into consideration.

Anyway, the exh is now 63, with diabetes, a heart condition, a hip replacement, all of which are probably related to his drinking (the hip replacement definitely is--he fell when he was drunk on Christmas Eve a couple of years ago) and is out of work again. He is good at what he does, but he regularly loses jobs because of his drinking.

I doubt he has much saved for retirement and will likely rely on Social Security. Hopefully he won't become too much of a problem for our daughter.

Other people expect that an inheritance will take care of them, and that can backfire. A woman I know was always told by her never-married aunt that she was the favorite and would inherit her two houses and her money when she died. Her husband is self-employed, and she was a SAHM and always said that she'd have enough to take care of their retirement. But, the aunt was a staunch Catholic, and when the niece had her last child baptized in the Episcopal Church instead of the Catholic church, her aunt didn't show up. Phone calls to her were not returned. Shortly after that, she heard her aunt was in the hospital, and when she called the hospital for information, they told her, "Oh she died." Just like that.

The niece waited a bit and never heard anything, and finally she went to the county offices to see if her aunt's will had been processed, and it turned out everything she owned went to some distant cousin on the other side of the country. Apparently Auntie didn't approve of the non-Catholic baptism and cut off her favorite niece without a dime.

Don't count those chickens...
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Old 08-25-2019, 11:45 AM
 
Location: Forests of Maine
30,878 posts, read 49,803,748 times
Reputation: 19404
Quote:
Originally Posted by flashlight View Post
one reason might be that you took a job that gives retiree benefits as young as age 38.
If I did not own a home and have other income streams retiring on this pension would have been very difficult.

Most military retirees find they can not support a family on their pension alone, it takes planning and investments.
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Old 08-25-2019, 04:23 PM
 
Location: SW Florida
206 posts, read 191,937 times
Reputation: 371
Quote:
Originally Posted by coffeemoments View Post
First off, it wasn't me it was my husband that had the 401K. And I don't think you read my post very well. I listed the reasons why it was difficult to contribute to it. Sure he could of put money into it but then bills and responsibilities would suffer. Sometimes there isn't enough to manage both *today* and putting aside for tomorrow. That may not be your reality but that is reality for a lot of people. He took almost no vacations in all the years he worked there. Vacation days were for emergencies only primarily. Years of no vacations or vacations days at all. Tons of overtime (unpaid). His company didn't offer a pension. When he retires they won't have to pay much at all.

I agree that often circumstances dictate whether one can adequately save enough for the future. As a single mother of two children after my divorce, I found it impossible to save anything let alone just get the bills paid. Always falling behind, not receiving adequate support payments, the list goes on. At one point, I had to work two jobs to maintain any decent standard of living. Fortunately, my job gave me a pension when I retired. It is not alot, but with social security, it is adequate. Many folks end up in situations that they never anticipated would happen.
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Old Today, 07:40 AM
 
Location: Coastal New Jersey
57,041 posts, read 55,331,324 times
Reputation: 67846
Quote:
Originally Posted by SUSMUSIC View Post
I agree that often circumstances dictate whether one can adequately save enough for the future. As a single mother of two children after my divorce, I found it impossible to save anything let alone just get the bills paid. Always falling behind, not receiving adequate support payments, the list goes on. At one point, I had to work two jobs to maintain any decent standard of living. Fortunately, my job gave me a pension when I retired. It is not alot, but with social security, it is adequate. Many folks end up in situations that they never anticipated would happen.
^Very close to my situation, except I only had one kid and I wasn't working two jobs. But I lived paycheck to paycheck and built up some debt to make sure my daughter had what she needed, so there was no opportunity to save.

I have no regrets. My daughter grew up in a safe area with decent schools and got to go on trips and do the same things the other kids did, had braces, participated in the school band, etc. She's got two Bachelors' degrees, and her Master's.

I have a pension, but very little savings, and that only came from part-time work I've taken after I retired.
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Old Today, 07:57 AM
 
Location: Knoxville, TN
1,428 posts, read 650,400 times
Reputation: 3309
Quote:
Originally Posted by Submariner View Post
If I did not own a home and have other income streams retiring on this pension would have been very difficult.

Most military retirees find they can not support a family on their pension alone, it takes planning and investments.
Most retirees on any pension would not be able to support a family on their pension alone.....even if they worked into their 60's to earn it. In spite of the news articles we see about exorbitant public pensions being paid out, that is not the norm. The Pension Rights Center reports "In 2016, the median pension for adults over 65 who worked in the private sector was worth $9,262 a year. The median federal government pension, meanwhile, was $22,172, and for state and local government pensions, it was $17,576, according to the Pension Rights Center."
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Old Today, 09:04 AM
 
2,441 posts, read 857,160 times
Reputation: 6181
Quote:
Originally Posted by JOinGA View Post
In spite of the news articles we see about exorbitant public pensions being paid out, that is not the norm. The Pension Rights Center reports "In 2016, the median pension for adults over 65 who worked in the private sector was worth $9,262 a year. The median federal government pension, meanwhile, was $22,172, and for state and local government pensions, it was $17,576, according to the Pension Rights Center."
I believe it. I worked in insurance my entire career, one of the last bastions of decent employee benefits. One $900/month pension was from a place that downsized me after 10 years; another $900/month pension is form a company that was sold after I'd been there 5 years so I didn't accrue any more benefits. Neither has COLA. In both cases, termination of my interests in the plan was NOT my decision.
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