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Must suck to be nearing retirement and have no appreciably savings. Oh well, poor decisions, make poor people. Not my problem. I've spent $300 already this week playing golf and it's only Wednesday...
Being I live in one of those locales, all the ones I know work for either free golf, reduced rates at other courses or just for something to do.
Where do you live?
For me been a while Ca 2007 Lakeland with plenty of visits to my parents in Bradenton. The lady who lives above them now has a job somewhere downtown Bradenton. I only know downtown, not sure where exactly. She is ?early 70s? Anyway, for many, call it a significant minority, full retirement will happen very late if ever.
No they don't need a new car or 3000 sq ft home but they got em. Open your eyes look around but I'm sure you don't want to or care.
You'd bytch if you got hung with a new rope.
I don't care what other people spend their own money on. I don't even think about it unless a thread pops up and I wish to participate
That said, if they over-spent to have a desired lifestyle in lieu of retirement saving that's their problem. Don't make it mine or anyone else who saved.
I'd only bytch if some politician decided that people's retirement savings need to be looked at and dipped into and redistributed at their whim.
For me been a while Ca 2007 Lakeland with plenty of visits to my parents in Bradenton. The lady who lives above them now has a job somewhere downtown Bradenton. I only know downtown, not sure where exactly. She is ?early 70s? Anyway, for many, call it a significant minority, full retirement will happen very late if ever.
1 case is NOT the norm. like I said, I live in a place that is about 80% retirees and more and more are moving here every day, that fasted growing county in the state, one of the fastest in the country and they do NOT fit your 1 example.
The number will increase. Many of the people who are retiring now still receive pensions, but those who will retire 15+ years from now for the most part will not have pensions. Gen-X and Millenial retirees will have a very large percentage who will be broke in first 5 years of retirement, and many can't afford to retire at all.
401Ks are NOT delivering what they were advertised to deliver. I remember in the 1990s when I was young, the 401K salesmen would come to the office every year to show their stats and graphs showing how you'll have 5 million in the bank when you retire if you put 10% of your income to their 401Ks starting in your 20s. I have been maxing out since my 20s and I'll never have those numbers. And of course many people put only 5% and others put nothing. Others pulled the money out for emergencies. It is voluntary, so people do as they wish.
Other countries have better ideas, where a certain percentage is taken from the income, and employer matches it, and the money is invested on an account with your name on it. If you work a full career, you can expect to receive 80% of your income from your account. In such system retired people won't become burdens to the society like they do in our system. We have s system which guarantees millions of people becoming burdens, and all we do is preach about personal responsibility. Well, not everyone is personally responsible and those who are responsible will pay for those who were not. Its dumb. We HOPE everyone would be personally responsible, which is a pipe-dream.
When I was young the expectation was that families would take care of their aged relatives. The multi-generational home has been the norm for the bulk of human history and is still the norm in most nations. That concept needs to become the norm again - its better both economically and emotionally.
It is not the norm in developed nations. It is a norm in 3rd world nations. The norm in developed nations that both adults in the household work, and no one is home to take care of the elderly.
Last edited by Finn_Jarber; 10-03-2019 at 07:28 AM..
The number will increase. Many of the people who are retiring now still receive pensions, but those who will retire 15+ years from now for the most part will not have pensions.
That is irrelevant.
Apparently, you're unable to grasp the reality that only 3% of US Businesses are publicly-traded corporations and they only employ about 5.6% of the work-force.
Those numbers have been consistent over the last 70 years.
In the 1950s, only 3% of US Businesses were publicly-traded corporations, although they did employ a slightly larger work-force of about 9%.
That's why pensions are no more.
All pensions crafted during the 1930s to 1960s are Ponzi-schemes.
Who seriously believed a corporation in the 1950s with 30,000 employees would have 300,000 employees right now, today?
You'd have to be pretty damn dumb to believe that.
Technology and other factors have allowed all businesses to do more with fewer employees.
The point is, 70% of your work-force never had a pension, not ever.
The 30% who did have pensions worked for publicly-traded corporations, governments and some of the largest private non-corporate employers (not large in terms of number of employees, rather large in terms of revenues and profits).
Quote:
Originally Posted by Finn_Jarber
Gen-X and Millenial retirees will have a very large percentage who will be broke in first 5 years of retirement, and many can't afford to retire at all.
Total nonsense.
People down-size in retirement and those who plan their retirements pay off their mortgages and car notes before they retire, so they have little to no expenses.
Their driving is reduced by 2/3rd, so their cars last longer, require less maintenance and they spend less on gas.
They spend less on work/office clothing and aren't wasting money every single day at McDonald's, Starsucks and Dunkin' Donuts for coffee and aren't eating out for lunch every day.
So, you income is reduced, but so are your monthly expenses.
Quote:
Originally Posted by Finn_Jarber
Other countries have better ideas, ...
Other countries? You mean like France?
France slashed its social security benefits from 50% to 37.5%, raised the retirement age and now makes everyone work 7 years longer than American to get 100% of their benefits.
And still France cannot afford it and will be cutting pensions again, probably to 32% and most likely again to 27%.
That's because France and the other countries you love cannot afford to pay the benefits they owe over the next 21 years no matter how high they raise taxes.
LOL, for most, it just means you only have to work 30 hours a week instead of 50. The women who live above me are ~75 and both work big box store.
That's sad.
My mother worked until seventy, and after that money troubles dogged her. I dread the thought.
I have no plans to retire at this time, although I am old enough. Fortunately my job is not physically demanding, I could do this work in a wheelchair if necessary. I am just hoping my mental acuity remains sharp enough. Every year I can avoid dipping into my meager savings the better.
It doesn't matter how much money you have if you spend it all before you died... you are still going to be in financial trouble... if a person had 10 million dollars when they retire and spent it all, it is the same as someone who had five dollars when they retire and spent it all....
Must suck to be nearing retirement and have no appreciably savings. Oh well, poor decisions, make poor people. Not my problem. I've spent $300 already this week playing golf and it's only Wednesday...
It is very easy to diss people when we don't know their stories. We may wish to think they were irresponsible or lazy or stupid but if we really look at the individuals we can find amazing stories of remarkably brave and honorable people.
Something like 80% of small businesses close within 5 years of founding. That is the entrepreneurial spirit that keeps our economy flowering. It's risky hard work, so I know there are a lot of people, millions of people, trying to make a go of it at any one time and millions of others that are striving to recover from some disaster.
Sometimes, all it takes is a catastrophic illness in the family to bring them down, perhaps a parent, or a small child.
Some farmers are losing their farms every year due to successive drought or floods or market shifts and this year it is happening at an alarming rate. Shrimp boat owners and lobstermen struggle from year to year and lose money for a variety of reasons.
In my area a family owned company that had three restaurants in various locations, a bowling alley and a wine bar very recently went bankrupt. Not sure why but they were doing very well for years. It can happen to anyone.
Let's not be too hasty to rush to judgment of our fellows around the country. Hard times can visit anyone for any number of reasons.
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