Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I read some threads and decide they aren't of interest and move on. Sometimes I follow and even participate for a while first. They nearly all drop down the stack in a few days.
Some people post details; we are sort of anonymous here so I guess there is probably no harm in that. I tend to keep it a little more vague. I think I am doing okay partly from good fortune, partly from aptitude and partly from sticking to the retirement savings plan, but not posting too many details. I won't really know until the time comes when I step away from work, of course. I do like to read some success stories. I am not sure how someone can explain that their plan worked out really well without it sounding a little like bragging. If it is the same story repeated with a lot of frequency without prompting (replying in a thread where it's relevant is sort of replying to a prompt) it does begin to feel like bragging.
And then when you did plan right and are content you're boasting, gloating, whatever when you tell your tale of how you got there.
Like we should all be poor and miserable, depending on SS and hanging on for Uncle Sam to increase our allowance.
I don't want to go there and get into it with anyone. I was fortunate and had some good mentors and read some smart thinking and had people share advice over the years. I learned from experience and the wisdom of others back in the days of run away inflation. That was painful for fixed income salaries. Even those on a salary scale with annual CPI's were told sorry can't afford, deal with it. People who work on commission have had to learn skills that many of us haven't. They can and have shared valuable insights with many of us. That's what forums are usually used by the many. Insights and perspectives to help us grow. I always welcomed them and still do. We are good but I am still hungry and wanting to know what to think about down the road. Like you we still have fixed income streams to kick in. However in a few years when I take my age 70 SS we will pretty much be on our own to grow our income and be able to deal with the financial issues associated with retiring and aging. I have learned a few things that I did not anticipate but have been able to comfortably adjust to. In fifteen years?
I read some threads and decide they aren't of interest and move on. Sometimes I follow and even participate for a while first. They nearly all drop down the stack in a few days.
Some people post details; we are sort of anonymous here so I guess there is probably no harm in that. I tend to keep it a little more vague. I think I am doing okay partly from good fortune, partly from aptitude and partly from sticking to the retirement savings plan, but not posting too many details. I won't really know until the time comes when I step away from work, of course. I do like to read some success stories. I am not sure how someone can explain that their plan worked out really well without it sounding a little like bragging. If it is the same story repeated with a lot of frequency without prompting (replying in a thread where it's relevant is sort of replying to a prompt) it does begin to feel like bragging.
Try visiting a really about retirement finances forum like Early Retirement or many questions in the Boglehead forum. People will make it pretty clear that without detail the can't help you or really put you in perspective to answer a question. Also you are giving out more info than you realize. Just not at one time.
Food for thought. Would MathJak have the great reputation he does and be considered so helpful if no one had a clue about his personal financial health and did he successfully implement what he had
Like I said in another thread, doom and gloom. For heaven sake, many things are beyond our control.
Congratulations to all those who have a wonderful retirement. For people like me, we just have to stretch our ability to create a good life on less. And it's possible. Think about what is important to you. Health?? Safe place to live?? Friends?? Family??
I am not going to stew over something that might happen. A couple of hundred years ago people were hauling water from the river/lake/hand-dug well. Holes in the ground/outhouses were for toilet purposes. Log homes, tents, etc. were their homes. Hunted for meat, had vegetable gardens, etc.
And look what they were able to do!! They used their heads/intelligence/brawn and created all of the conveniences we enjoy now.
If something terrible happened do you really believe people wouldn't pull together as in the old days and create something better?
I'm not giving up on the human race and I am not succumbing to negative thinking.
No offense as I have been sympathetic to you when others have jumped on you. But really downer thread? Give me a break and think about the many threads you have posted especially in CHAT. Forgive me if I have you mistaken for someone else with a similar handle. You still wanna move to Winston Salem? Who is giving up on the human race and what OP post are you reacting to in your post retirement mind set. This wasn't about collective doom and gloom but hopefully a format with some good posts ( there are some) that will help some future retirees avoid any personal gloom. You know there are a few folks around this forum who are often down about something.
I am not having a bad day, my comments are in reaction to all of the posts about no SS Cola increase, especially by folks who may have taken it at 62 with little or no other source of income. There are many threads about when to take SS. Most of them absent conversation on COLA and how your benefit grows in subsequent years. Waiting not only gives you more but increases your compounding power which for some appears to be very critical for many.
I hear you and agree with you.
Listen - it all depends on who people are - what they're used to - and what they see in their retirement. For some here - well they are living or planning to live on (IMO) very small fixed incomes. Some people might find it amusing to try to live on $25k/year. I wouldn't. For any number of reasons. Like - for example - I like world class health care - and it now seems like it will cost us (looking it up) about $19k this year for health care. For other people - well they're earning low 6 figures - maybe somewhat higher (no high 6 or 7 income earners here best I know) - and figuring out how to enjoy the life styles they're enjoying now in their retirement.
There aren't many retired people who - IMO - would have a substantially different standard of living if the SS COLA had been 1% instead of 0%.
My general point of view is that if one plans to depend entirely or substantially on SS in retirement - and has little or no savings - and no pension - etc. - then it is best to work as long as possible and to take SS at the latest possible time to maximize SS income. I took SS at age 62. But I was investing it - not spending it. I realize this new stuff with increased Medicare Part B premiums could screw up my calculations for some people. But - for many/most - if you're planning to live off SS income 100% or almost 100% - you'll probably wind up on Medicare/Medicaid - or Medicare Advantage - and not be dealing with increased Part B Medicare premiums.
Also - if you have a minimum amount of savings - like < $100k - expect to earn squat on those savings now into the indefinite future without a ton of work. I have a decent sized portfolio - and max I look at today is about 3-4%. Maybe 5-6% if the equities portion of my portfolio does ok. Very unfortunate times in terms of senior savers with smaller savings accounts who prefer to be cautious. Robyn
Listen - it all depends on who people are - what they're used to - and what they see in their retirement. For some here - well they are living or planning to live on (IMO) very small fixed incomes. Some people might find it amusing to try to live on $25k/year. I wouldn't. For any number of reasons. Like - for example - I like world class health care - and it now seems like it will cost us (looking it up) about $19k this year for health care. For other people - well they're earning low 6 figures - maybe somewhat higher (no high 6 or 7 income earners here best I know) - and figuring out how to enjoy the life styles they're enjoying now in their retirement.
There aren't many retired people who - IMO - would have a substantially different standard of living if the SS COLA had been 1% instead of 0%.
My general point of view is that if one plans to depend entirely or substantially on SS in retirement - and has little or no savings - or a pension - etc. - then it is best to work as long as possible and to take SS at the latest possible time to maximize SS income. I took SS at age 62. But I was investing it - not spending it. I realize this new stuff with increased Medicare Part B premiums could screw up my calculations for some people. But - for many/most - if you're planning to live off SS income 100% or almost 100% - you'll probably wind up on Medicare/Medicaid - or Medicare Advantage - and not be dealing with increased Part B Medicare premiums.
Also - if you have a minimum amount of savings - like < $100k - expect to earn squat on those savings now into the indefinite future without a ton of work. I have a decent sized portfolio - and max I look at today is about 3-4%. Maybe 5-6% if the equities portion of my portfolio does ok. Very unfortunate times in terms of senior savers with smaller savings accounts who prefer to be cautious. Robyn
Robyn, let me give you a shout out. Many including myself have learned from you on this very topic. Hopefully you can continue to help folks learn how to structure fixed income investments in this very increasingly challenging environment. If I remember right you months ago were not feeling as confident. Not worried but slicing the pie was more of a challenge. I have been reading some consumer related news that isn't reassuring that interest rates will head up much anytime soon. Walmart is looking like a holiday season downer.
Listen - it all depends on who people are - what they're used to - and what they see in their retirement. For some here - well they are living or planning to live on (IMO) very small fixed incomes. Some people might find it amusing to try to live on $25k/year. I wouldn't. For any number of reasons. Like - for example - I like world class health care - and it now seems like it will cost us (looking it up) about $19k this year for health care. For other people - well they're earning low 6 figures - maybe somewhat higher (no high 6 or 7 income earners here best I know) - and figuring out how to enjoy the life styles they're enjoying now in their retirement.
There aren't many retired people who - IMO - would have a substantially different standard of living if the SS COLA had been 1% instead of 0%.
My general point of view is that if one plans to depend entirely or substantially on SS in retirement - and has little or no savings - and no pension - etc. - then it is best to work as long as possible and to take SS at the latest possible time to maximize SS income. I took SS at age 62. But I was investing it - not spending it. I realize this new stuff with increased Medicare Part B premiums could screw up my calculations for some people. But - for many/most - if you're planning to live off SS income 100% or almost 100% - you'll probably wind up on Medicare/Medicaid - or Medicare Advantage - and not be dealing with increased Part B Medicare premiums.
Also - if you have a minimum amount of savings - like < $100k - expect to earn squat on those savings now into the indefinite future without a ton of work. I have a decent sized portfolio - and max I look at today is about 3-4%. Maybe 5-6% if the equities portion of my portfolio does ok. Very unfortunate times in terms of senior savers with smaller savings accounts who prefer to be cautious. Robyn
May I ask how did that work out for you ? Any regrets ? That is something I hadn't thought of.
Robyn, let me give you a shout out. Many including myself have learned from you on this very topic. Hopefully you can continue to help folks learn how to structure fixed income investments in this very increasingly challenging environment. If I remember right you months ago were not feeling as confident. Not worried but slicing the pie was more of a challenge. I have been reading some consumer related news that isn't reassuring that interest rates will head up much anytime soon. Walmart is looking like a holiday season downer.
Walmart made a huge statement today and Walmart should be considered the canary in the coal mine here.
Also reported was foreign countries selling off their US debt (Treasuries).
Countries have sold more Treasuries then bought in the last 10 months.
Try visiting a really about retirement finances forum like Early Retirement or many questions in the Boglehead forum. People will make it pretty clear that without detail the can't help you or really put you in perspective to answer a question. Also you are giving out more info than you realize. Just not at one time.
Food for thought. Would MathJak have the great reputation he does and be considered so helpful if no one had a clue about his personal financial health and did he successfully implement what he had
You are right; someone could patch together more info about me, or a lot of us, by getting a little here and a little there.
My point in that earlier post is I don't get why some posters, including some whose input I usually value, make negative comments about the existence of some threads instead of just ignoring them. I get it if the thread is making inaccurate statements or recommending a risky course of action without warnings.
When you retire you are giving up all possible raises, bonuses, promotions, new jobs etc etc. You are giving up all of the work based salary increases you have enjoyed over the years. From that point on any increase in income will be from SS and possibly pension COLA's. In this current environment they will not be large and your income very easily can and will stagnate unless you have also built in personal retirement income vehicles. Age 62-92 can be a very long time financially if all you are depending on is a predetermined CPI.
LOL, who cares, if they were to get a higher wage, bonus etc, the government just takes more of it anyway. Freedom!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
