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So often discussions in this forum boil down to our just not knowing what will happen. Especially those related to health, finances etc. There is now a great thread about taking Social Security. I was reading Bernstein awhile ago and took a break to pop in here. I read a post by Lenora highlighting the unknown. I was thinking about Bernstein and others writing on the history of investment related topics. I thought about MathJak and his love of historical snapshots and those who would offer another Polaroid. I said Polaroid to remind us how rapidly things can change. Robyn is great at knowing what she knows but even she is uncertain of what is happening. We do know that paradigm shifts do and will happen. Bernstein and others are good at reflecting on the consequences when they do happen. Everyone should read on the history of bond markets and understand the era we grew up in is just that our era and not that of Millenials or those to follow them. We know the era of pensions is winding down as even with all of their wisdom they are either slow or unable to adapt. Financial Advisors? Unless they have a crystal ball their advice could soon be dated as previous advice has become. The reality is that both collectively ind individually we are being called on to adapt to what could be a belly whopper Paradigm shift. As we become older will our collective health and financial resources be up to the task or will it be survival to the most resourceful and adaptive? Why is all this being left to the those with diminishing cognitive abilities. Wait to I want government taking over and managing our retirement unless they are paying for it?
One reason I don't read a lot of analyses of past stuff is - like they say - past performance is no guarantee of future results. I do try to stay in touch with what's happening now - and look for indications that current trends are changing. I think it's foolish to try to predict future changes. Although that's what a lot of the so-called "talking heads" try to do. OTOH - if and when I'm inclined to guess about the future - figure my guess is as good as anyone's .
FWIW - I'm shopping for a new refrigerator now. And it seems that if we're planning on the assumption that appliances we buy today will last as long as the ones we bought 20 years ago - we're in for a rude shock. But I'm not sure. Maybe if I treat my newer appliances well - they'll last as long as my old ones? And - if we can't plan our lives in terms of something as simple as appliances (like - for example - when we cut out cabinets for them) - what *can* we plan for with any degree of precision?
Even when things can be predicted with perfect precision decades in advance - like astronomers predicting last night's "super moon" - no one could have predicted whether I'd be able to see it last night even hours in advance (it was raining and overcast all day - and then the clouds parted a short time before the moon "came up" - and - to my surprise - I was able to see it).
None of this means we should just live day to day - without doing any planning at all. We just have to realize that "the best laid schemes of mice and men often go awry." Robyn
As we boomers become older the health and finance factors will be ever closer hand-in-hand. I just read this morning on NBC News that death from Alzheimer's, for instance, is something like 5 times what was previously stated, "rivaling cancer and heart disease." That would suggest of course that many more people have it than previously thought.
"There’s no cure for Alzheimer’s, the most common form of dementia, which affects more than 5 million Americans — and it’s projected to soar to 13 million over the next 35 years. A study published earlier this month suggested it’s a big killer, taking down more than 500,000 Americans every year..."
In tandem with what is being called an "epidemic," health care resources, quality, and cost, as well as with the other conditions of old age with the boomer wave, will likely have significant ramifications for the overall economy.
The unknowns on all fronts can give serious pause.If we want to stay calm and enjoy retirement, we can only trust in ourselves and live day by day, staying as healthy as we possibly can and watching our finances as well.
One reason I don't read a lot of analyses of past stuff is - like they say - past performance is no guarantee of future results. I do try to stay in touch with what's happening now - and look for indications that current trends are changing. I think it's foolish to try to predict future changes. Although that's what a lot of the so-called "talking heads" try to do. OTOH - if and when I'm inclined to guess about the future - figure my guess is as good as anyone's .
FWIW - I'm shopping for a new refrigerator now. And it seems that if we're planning on the assumption that appliances we buy today will last as long as the ones we bought 20 years ago - we're in for a rude shock. But I'm not sure. Maybe if I treat my newer appliances well - they'll last as long as my old ones? And - if we can't plan our lives in terms of something as simple as appliances (like - for example - when we cut out cabinets for them) - what *can* we plan for with any degree of precision?
Even when things can be predicted with perfect precision decades in advance - like astronomers predicting last night's "super moon" - no one could have predicted whether I'd be able to see it last night even hours in advance (it was raining and overcast all day - and then the clouds parted a short time before the moon "came up" - and - to my surprise - I was able to see it).
None of this means we should just live day to day - without doing any planning at all. We just have to realize that "the best laid schemes of mice and men often go awry." Robyn
Robyn, as a person of means do you really want a Fridge with 15 year old features and performance? Technology is also putting repair men out of business. Ask TV repair folk.
The unknowns on all fronts can give serious pause.If we want to stay calm and enjoy retirement, we can only trust in ourselves and live day by day, staying as healthy as we possibly can and watching our finances as well.
Unless or until we get Alzheimers and can't watch or plan any more...
Then what?
At every stage in life you face the unknown so it's no different for retirees.
Picking your college major, getting that first job and sticking to that field, moving, quitting a job, etc.
All have an unknown. Retiring is no different.
The only known is that the longer you wait the older you get and the older you get the less you can do.
That's what drove my decision to retire early..being young enough to still do things I won't be able to do at 70 or 60.
The longer I live, the more it seems that the world and people remain pretty much the same. Sure, technology, cultural speech, dress and manners; and individual careers or investments change. But, People themselves (and God), have remained the same ... from the beginning. That is largely why a 2000-6000-year old Bible/scripture is as relevant today ... as when it was written! ---- It's okay to not know what the future holds, as long as we know the one who holds our future.'
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