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Old 10-29-2011, 11:59 PM
 
4,135 posts, read 9,420,986 times
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Bought the house in 1972 and paid it off as fast as we could. Very small, but adequate -- no downsizing. Medical comes from former employment. Saved as much as we could after paying for 2 kids in college. Since we don't spend a lot, my hubby is 65 and we still haven't touched any of the IRA stuff; we hope we won't have to until he is 70 1/2. All the SS is banked.

We aren't "spenders"; several friends, with the same circumstances, bought homes about at retirement as second ones or large ones. They are also hurting and some even working.

I will go for frugality any day and keep my money in the bank
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Old 10-30-2011, 10:07 AM
 
5,392 posts, read 6,535,307 times
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I second the no mortgage in retirement. That could make all the difference.
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Old 11-02-2011, 05:49 PM
 
Location: SW MO
23,605 posts, read 31,482,868 times
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Default How Much Do You Need to Retire?

When I decided to retire early, I really NEEDED to retire!
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Old 11-04-2011, 12:45 PM
 
Location: Earth Wanderer, longing for the stars.
12,408 posts, read 16,479,274 times
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Quote:
Originally Posted by Curmudgeon View Post
When I decided to retire early, I really NEEDED to retire!
Yes. Me, too. I held on for as long as I could, but the profession had lost its allure and so had I. The company finally outsourced the department. I had been frugal all my life and invested wisely, but was afraid to close that door, bite the bullet, and just leave. After working all your life, retirement is a huge change.

I knew, at my age and in this economy, my chances of employment were next to nill.
Some people have kids who will care for them in their old age - kids whom they helped put through college. My husband and I have our savings. I prefer it this way.
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Old 11-04-2011, 01:49 PM
 
Location: SW MO
23,605 posts, read 31,482,868 times
Reputation: 29071
Quote:
Originally Posted by goldengrain View Post
Yes. Me, too. I held on for as long as I could, but the profession had lost its allure and so had I. The company finally outsourced the department. I had been frugal all my life and invested wisely, but was afraid to close that door, bite the bullet, and just leave. After working all your life, retirement is a huge change.

I knew, at my age and in this economy, my chances of employment were next to nill.
Some people have kids who will care for them in their old age - kids whom they helped put through college. My husband and I have our savings. I prefer it this way.
Sounds like you did it the right way. My wife and I hasve servern children between us. My oldest son is easily a millionaire serveral times over so having a child(ren) to take care of us in our old age would be easily doable. However, it would also be our worst nightmare. We are not weaslthy by asny means but comfortasble with adequate income guaranteed for life, some savings, our house and excellent medical, dental and visiobn care benefits, also guaranteed for life. We prefer it this way as well.
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Old 11-04-2011, 02:57 PM
 
48 posts, read 38,717 times
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It is irresponsible to depend on your kids to take care of you, rather than provide for your own future. They might be having their own financial struggles, and if you suddenly land on them it could be devastating for them. Or they might be sending their own kids to college. You could actually prevent your grandchildren from getting the education they hoped for. And, you could also prevent your kids from ever being able to retire, if they have to spend many thousands of dollars providing for you.

Planning for retirement is hard, so of course it's easier to let your kids deal with your lack of planning. But you might be asking much more from them than you realize, especially if you end up with medical bills.
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Old 11-06-2011, 06:11 PM
 
Location: Tri-Cities, Washington - Wine Country
19 posts, read 22,503 times
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I agree about not depending on your children. I know my kids would not hesitate but I would not want to put the responsibility of taking care of me on their shoulders.
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Old 11-06-2011, 07:12 PM
GLS
 
1,985 posts, read 4,847,217 times
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Quote:
Originally Posted by songbird52 View Post
It is irresponsible to depend on your kids to take care of you, rather than provide for your own future. They might be having their own financial struggles, and if you suddenly land on them it could be devastating for them. Or they might be sending their own kids to college. You could actually prevent your grandchildren from getting the education they hoped for. And, you could also prevent your kids from ever being able to retire, if they have to spend many thousands of dollars providing for you.

Planning for retirement is hard, so of course it's easier to let your kids deal with your lack of planning. But you might be asking much more from them than you realize, especially if you end up with medical bills.
Let me first offer you the caveat that I am not ridiculing your post. In fact I agree with your premise, albeit not with 100% of the extrapolated suppositions.

With the above said, as I read your post I was immediately struck with the inequity today when the generations are reversed. To illustrate, I have taken a few of your statements and simply substituted "parents" for "kids".

"It is irresponsible to depend on your parents to take care of you, rather than provide for your own future. They might be having their own financial struggles, and if you suddenly land on them it could be devastating for them. Or they might be going back to college themselves in retirement. ... .. you could also prevent your parents from ever being able to retire, if they have to spend many thousands of dollars providing for you.

Planning for retirement is hard, so of course it's easier to let your parents deal with your lack of planning......."

Since so many kids are moving back in with their parents today, I just wonder why they are not applying your wisdom to their own life. Most parents are quick to comment that they don't want to be taken care of by their kids, yet they are just as quick to deplete their own retirement or quality of life by supporting their adult children. My neighbors and close friends are struggling to save for retirement because they are always
"helping their kids a little".

Finally, before I am bombarded with criticism I DO understand the responsibility of being a parent. However, is financial support a lifetime
mandate? I don't have any ax to grind here. I just think that the feelings of
"taking care of us" don't flow up as much as they flow down.
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Old 11-06-2011, 07:17 PM
 
Location: Tri-Cities, Washington - Wine Country
19 posts, read 22,503 times
Reputation: 36
Quote:
Originally Posted by GLS View Post
Let me first offer you the caveat that I am not ridiculing your post. In fact I agree with your premise, albeit not with 100% of the extrapolated suppositions.

With the above said, as I read your post I was immediately struck with the inequity today when the generations are reversed. To illustrate, I have taken a few of your statements and simply substituted "parents" for "kids".

"It is irresponsible to depend on your parents to take care of you, rather than provide for your own future. They might be having their own financial struggles, and if you suddenly land on them it could be devastating for them. Or they might be going back to college themselves in retirement. ... .. you could also prevent your parents from ever being able to retire, if they have to spend many thousands of dollars providing for you.

Planning for retirement is hard, so of course it's easier to let your parents deal with your lack of planning......."

Since so many kids are moving back in with their parents today, I just wonder why they are not applying your wisdom to their own life. Most parents are quick to comment that they don't want to be taken care of by their kids, yet they are just as quick to deplete their own retirement or quality of life by supporting their adult children. My neighbors and close friends are struggling to save for retirement because they are always
"helping their kids a little".

Finally, before I am bombarded with criticism I DO understand the responsibility of being a parent. However, is financial support a lifetime
mandate? I don't have any ax to grind here. I just think that the feelings of
"taking care of us" don't flow up as much as they flow down.
Well said
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Old 11-06-2011, 07:18 PM
 
Location: Maryland
1,534 posts, read 3,781,840 times
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In my view, the last (and one of the most important) "gift" one can give their children is to plan that you will be independent in retirement. That independence includes financial as well as not being a burden on their time and attention.

The "sandwich crunch" is a well known situation wherein adult children have the demands of both raising their own children and worrying about aging Mom & Dad. It can be a terribly stressful situation. Adequate financial resources on the part of Mom & Dad can ease that burden quite a lot. Not everyone can do it but I suggest it should be a serious consideration in one's retirement planning.

I guess my definition of how much you need to retire is primarily measured by that metric - that your kids (if you have them) don't need to worry about you. Just my $0.0002 opinion.

PS - I'm of the opinion that helping one's children at the expense of securing your retirement is an unwise decision and not in the best interests of either generation. There comes a point when the cord very definitely needs to be cut. Cutting a hole in your own rowboat to patch the kid(s)'s boat is a bad idea. Youngsters can swim better.

Last edited by Pilgrim21784; 11-06-2011 at 07:36 PM..
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