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Old 02-24-2010, 04:48 PM
 
Location: Alaska
5,356 posts, read 16,340,513 times
Reputation: 4023

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Quote:
Originally Posted by Central Illinois 1 View Post
Sorry but I was born in 1956 and grew up working my tail off first our impoversihed little pig farm and later doing construction and working iin a dingy steel mill. I also spent time in both an infantry unit in the Army and aboard a search and rescue vessel in the US Coast Guard. After that, I worked my way through college and earned three degrees (BS, MS, and PhD). I also raised 2 children along the way. I worked my way up from the pretty much the bottom to the top of my organization. I did that through hard work and gutting things out when most other people wouldn't. Instead, alot of folks in my organization spent most of their time complaining about things and playing little petty backstabbing games that got them nowhere in the end. Believe me, I can weather a bad year or two....I am just saying that allot of boomers have become whiny old grey hairs who complain about everything just like alot of their parents did. I am also telling you that we are not leaving the next generation in the best shape in the world, which is at least partially due to our own greed and excesses. Alot of things in the world are going to hell out there and alot of us spend most of out time trying to pass stupid laws to regulate everything imaginable to control the lives of everyone else. IMO - We are becoming petty and irrelevant and are as bad as our parents were in terms of being hypocritical old has-beens. We also think that we earned the right to complain about everyone else and we don't take criticism very well - Sad but true....Maybe we really have become that "generation of sissies" that good old Archie Bunker used to say that we were.
My apologies, I took you for a Gen X,Y,Z'er complaining. The only problem I have is that you come across grouping almost whole generations as complainers.

I come from parents who looked at the bright side of everything. They didn't complain about the depression because they knew others had it worse. They were interned during WWII, but looked at the bright side that they wouldn't have met and married otherwise and I wouldn't be here.

I believe I've worked for everything I have (my parents helped too), and I feel I've earned the things you might consider excesses. However, I too believe we are out of control with our government spending and I do my part by not voting for those responsible. Until a majority votes the same way, nothing will be done about it. Since I can't control others, I'm doing my best to provide my kids a jump start on their future retirement.
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Old 02-24-2010, 07:44 PM
 
Location: Lakewood OH
21,699 posts, read 23,651,778 times
Reputation: 35449
I think fewer Seniors will be able to retire completely without having to work at least part time. With all the pensions lost, savings disappearing and medical expenses many of us will always have to work in some capacity or another.

I don't mind that. This full time stuff is getting difficult for me physically. Being able to switch to part time and still be able to survive is retirement enough. Of course if I won a lottery I would call in "rich" and spend my days contently doing whatever I wanted whenever I wanted.
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Old 02-27-2010, 06:28 AM
 
Location: Tampa, FL
27,798 posts, read 26,196,040 times
Reputation: 14611
Money Mentors: Affording retirement takes plans, restraint - USATODAY.com

Interesting USA Today articles on planning/affording retirement.
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Old 02-27-2010, 07:43 AM
 
3,651 posts, read 8,302,439 times
Reputation: 2763
Good link I somewhat disagree on the 70% and very much so on the 80% thing though. Since I spend more than 30% on my mortgage - and that is the main diff between current living and retirement for me, ie I plan to have a house paid off - that is the diff I need to make up, generally. I hope to have 70%, but feel I could make it fine w/less.
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Old 02-27-2010, 10:11 AM
 
6,220 posts, read 4,718,283 times
Reputation: 12730
I tried every retirement calculator I could find and the story was pretty much the same for all of them. I am 63 and would need to work until I am close to 70 to fall in the range of 70-80% of current income, adjusted for inflation. As I worked through the numbers I realized that I would not be saving that much more. I was just getting closer to the end of my life expectancy. That is when I decided to retire as soon as possible. If I retire now, I will be around the 50% of current income level. That will work out nicely when I leave Long Island and move to an area with a more average cost of living. My 50% will put me well into the upper half of household incomes. On top of that I can live off of the proceeds of my house for a couple of years before I need to start social security or pulling from savings. I guess there is an advantage to living in a high tax, high cost of living, high income area. In the long run I do suspect I would have been much better off living in a moderate cost area.
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Old 02-27-2010, 10:52 AM
 
Location: Forests of Maine
30,677 posts, read 49,423,020 times
Reputation: 19129
Our combined income from all streams is about 50% of what I was making before I was forced onto pension.

We had homes in four areas [SoCal, PNW, NE and Overseas] none of which have a low enough cost-of-living to have allowed us to retire there. Searching for a low-cost area was a large part of what drove us to Maine.
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Old 02-27-2010, 01:38 PM
 
Location: SoCal desert
8,093 posts, read 13,225,721 times
Reputation: 14870
Currently, my principle and interest on the house is 25.45% of my gross. And that's with extra principle payments.
The house will be paid off 18 months (or sooner) before I retire.

Currently, my payroll taxes and CalPERS retirement deductions (yes, I pay into CalPERS. It's not all free from the state!) are 31.69% of my gross. That percentage doesn't include my other retirement saving stashes.
All those will end when I retire.

My SS and pension will equal 57% of my gross. The other retirement stashes are gravy. Selling the house and moving to a cheaper state is gravy.

I don't agree with the 70% at all.

I would think that the 2nd most important advice to anyone concerning retirement (1st being "pay yourself first"), would be to make sure your home is paid off before you get your last company paycheck.
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Old 02-27-2010, 02:57 PM
 
6,220 posts, read 4,718,283 times
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Gandalara, what do you plan on doing when you retire? I suspect I will near more money than just my current living expenses. I want to travel. I have lots of hobbies - most like photography can be expensive.
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Old 02-27-2010, 04:29 PM
 
Location: SoCal desert
8,093 posts, read 13,225,721 times
Reputation: 14870
Quote:
Originally Posted by jrkliny View Post
Gandalara, what do you plan on doing when you retire? I suspect I will near more money than just my current living expenses. I want to travel. I have lots of hobbies - most like photography can be expensive.
Whatever I want.
I live on 42% - 43% of my gross now - I'll have no trouble with 57%. Mercy, I'm getting a raise, LOL!

I don't have expensive hobbies. I've never needed the latest and greatest toy. I've traveled enough (out of country) that I don't want to do it anymore. I like libraries and state parks and window shopping without ever buying anything. I have no problem going days without seeing anyone else. (But I talk a lot online to relatives and friends )

My sister has a 'B' RV that I'll use to go sit among some pine trees somewhere and watch the squirrels. Or sit on a riverbank and pan for gold, as another poster here on CD mentioned.

I'm a happy but very boring person

And if I do find something expensive that I want to do ... or if I need to buy a new truck ... or have a major repair done to my home ... there's always my "other retirement saving stashes".

Last edited by Gandalara; 02-27-2010 at 04:45 PM..
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Old 02-27-2010, 05:21 PM
 
3,651 posts, read 8,302,439 times
Reputation: 2763
Quote:
Originally Posted by jrkliny View Post
I tried every retirement calculator I could find and the story was pretty much the same for all of them.
That's interesting because I tried a bunch and got widely differing and conflicting answers. I'd trust them about as far as I could throw them.
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