User Panel
User Panel
User Panel
FL, USA
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Posted: 3/24/2024 5:24:23 PM EDT
[#1]
lots of folks passionate about what other folks are doing/not doing. Minding one's own bidnez is always a good thing.
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Posted: 3/24/2024 7:08:53 PM EDT
[#2]
Quote HistoryOriginally Posted By Mannlicher: lots of folks passionate about what other folks are doing/not doing. Minding one's own bidnez is always a good thing. I had a few people in my life who cared enough about me to encourage me to develop my own retirement plans. I am very thankful to them. I could have ignored them...but if I had, I wouldn't be where I am today. They could have minded their own "bidnez" and again, I wouldn't be where I am today. I'm very thankful they cared enough about me to not mind their own "bidnez". And, everyone should care that not enough people are planning for retirement. Those people who don't plan for retirement will be funded in retirement by my tax dollars via welfare.....and that IS my "bidnez". |
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Posted: 3/24/2024 11:07:23 PM EDT
[#3]
Quote HistoryOriginally Posted By ColtRifle: I had a few people in my life who cared enough about me to encourage me to develop my own retirement plans. I am very thankful to them. I could have ignored them...but if I had, I wouldn't be where I am today. They could have minded their own "bidnez" and again, I wouldn't be where I am today. I'm very thankful they cared enough about me to not mind their own "bidnez". And, everyone should care that not enough people are planning for retirement. Those people who don't plan for retirement will be funded in retirement by my tax dollars via welfare.....and that IS my "bidnez". Quote HistoryOriginally Posted By ColtRifle: Originally Posted By Mannlicher: lots of folks passionate about what other folks are doing/not doing. Minding one's own bidnez is always a good thing. I had a few people in my life who cared enough about me to encourage me to develop my own retirement plans. I am very thankful to them. I could have ignored them...but if I had, I wouldn't be where I am today. They could have minded their own "bidnez" and again, I wouldn't be where I am today. I'm very thankful they cared enough about me to not mind their own "bidnez". And, everyone should care that not enough people are planning for retirement. Those people who don't plan for retirement will be funded in retirement by my tax dollars via welfare.....and that IS my "bidnez". Yes, but again, willful ignorance. |
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MI, USA
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Posted: 3/24/2024 11:21:13 PM EDT
[#4]
You are spot on.
I’m knocking on 40. Have zero personal debt. Everything is paid for. I have a business loan with 4 years left and on paper have a net worth of well over $1m I contribute the max to my retirement fund $23k for 2024. I find it fascinating - I drive a 20+ year old truck, my wife is a stay at home mom and we live in a modest house. I have friends with nicer vehicles and bigger houses and they are flat broke because of it. I can’t wrap my head around how people can’t live within their means. It ain’t always fun but I sure do sleep good every night and I certainly don’t worry about money. |
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Posted: 3/25/2024 12:30:21 AM EDT
[#5]
I have been on both sides. My ex refused to work, spent money like water, and I ended up more and more underwater. I learned to reload and cast my own bullets so I could (barely), afford to keep my one and only hobby alive. When I finally went through the divorce, everything went so perfectly that not only did I not end up paying alimony, but so fast I actually got a refund from the divorce lawyer. I don't know anyone else who can say that!
Then I met my second wife, who has always been frugal having been a single mother for 30 years. Now I have savings, debts are paid off, only thing left is the car. The house is paid for, the land was paid off 100 years ago, the wife already has her retirement, and I can retire in 5 years. Both of our retirements are state jobs, so it is a lot less likely the "company will go insolvent", but as Evan Marshall knows, they can defund or downside it - at over 80 he has said he will likely have to start writing again as the City of Detroit has cut his pension 3 times. One good thing is when I retire I can take the health insurance option, and the plan gives a stipend equal to the cost of the plan, the same one I have now. Hopefully I can help keep the government from changing that option! I calculated, even with starting retirement planning so late, (when married to the ex, the only thing I could look forward to was working until I died, and still be in debt), that at my retirement we will be bringing in more money than we make now. We won't be taking vacation to Aruba, or buying a yacht any time soon, but IF, and that's a big if, things don't go completely in the crapper, we should be doing fine. And if things go completely sideways, that's what the preps are for - I got the wife into that as well, going from a "three ramens and a six pack of soda in the pantry is enough" to something completely different. I think I can live without seeing Aruba. |
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Posted: 3/25/2024 7:11:55 AM EDT
[#6]
We’re fortunate. I do have my military pension which is a good thing of course and even though my current employer’s medical coverage is awesome and free, the “rationed” Tricare healthcare is already programed in for long term. The key here is to get your self as healthy as possible and stay that way for as long as you can!
My wife got started late in her career, so she’s on track to “retire” at 61 or 62 (another 11-12 years). She’s vested in the state’s education retirement system and also has a modest 403b she’s contributing to (but needs to contribute more!). She’s about a year out from finishing her doctorate, which has been almost fully paid for working as a graduate research assistant (and still working full time as a middle school AP). Her plan is ether a full building principal or over a district office program. Her retirement based on her “high two”, and she plans to also work as a state college “Research Professor” and possibly doing some adjunct classes, she can add to that “high two” significantly. I’m working to reduce debt to zero (except for the mortgage), and I’m trying to “catch up” on my 401k, but I likely won’t hit the magic (mine would be $1.6Mil), but that doesn’t account for my military retirement which is pretty decent (and a portion is tax exempt). I’ll work as long as my wife works full time as my job is easy, the pay is good, and the environment puts zero stress on me as a government contractor. I could reduce my hobbies and set at home, but I would get bored with the wife still working. It keeps us active and busy…and the only way to continue that is retiring together. My wife is also seriously considering doing mostly remote research as a “Research Professor” at the college she’s with right now (and they would hire her on full time in a heartbeat). That would be very modest and “mobile” income if we want to travel some (salary is between $45-85k), and that’s something she does now and enjoys it as a hobby! We don’t even calculate in SS, but with both pensions and a modest pull from retirement investments, we will be doing rather well. The goal is zero debt (minus the mortgage, only because we will probably end up moving closer to her family when my wife retires). These are good threads for serious discussions about preparations. We all prepare to survive some potential calamity, but as retirement age nears, that becomes your biggest calamity situation and many have failed to prepare for properly. My son (just turned 25) is currently deployed to the middle east. He’s National Guard with a full-time LEO/SWAT job. His plan is to go federal, Border Patrol (yeah, he knows the environment…) and apply for BORTAC as soon as he’s able to (he has some good contacts right now). Since most state police retirement systems are state funded, I told him to at least get a Roth IRA started ASAP any other retirement system will just be icing on the cake with some added benefits. If he was really disciplined and could stomach the secondary National Guard career, he could soak most of his drill paycheck into the TSP retirement plan…I don’t think he’ll stay in the Guard past his first term. ROCK6 |
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Posted: 3/25/2024 8:46:22 AM EDT
[Last Edit: TomJefferson]
[#7]
Quote HistoryOriginally Posted By danno-in-michigan: This is my biggest unknown. I'm 60 and was thinking about retiring at 62. I've got enough saved to live off (because I'm fairly frugal) BUT have no idea what my medical expenses will be and what to budget for them. So I'm thinking of delaying retirement for a couple extra years to build up a bigger financial cushion and get closer to 65 (when I'm assuming medical costs will be somewhat lower because I'll qualify for Medicare). First, you can't believe what others post on the internet about people they don't know. Here's my bottom line, If I had known how great retirement is, I would have done it years sooner. Nobody can predict what their health is going to be other than the older we get, the more things break. What we can predict within reason is how much it will cost to address it thus my posts. To your point, 62-65 to when you are forced onto Medicare, having my own business, I was paying for private insurance and addressing the cost for many years. It's like anything else, you budget for it. Now this can get quite complicated. Being retired is having to adjust your annual budget all the time. It's literally like running a business and not what those who haven't retired think. You almost have to become an insurance expert and pharmacist. If Mr. Murphy screws you, you find a work around. For example, rather than deplete your savings taking what may as fate, you address it. Know, your doctor won't know. Doctors mostly use billing services. It's up to you. For example, this drug blows your budget, first it's does the drug company have a program that will pick up what insurance won't? Most actually do. Some have income limits but many don't anymore. Their goal is to have you take their drug. Then it's which insurance will cover it. Heck most people who are working never shop their home and vehicle insurance. Retirement, you will. If this drug cost too much what's the alternative treatment. Doctors will work with you on this. The typical response to "How about this, my insurance covers it?" is "Sure". They'll tell you the pluses and minuses. There's a lot of brainwork to retirement, but if you are reading this, you have a computer. My mom depends on us to do it for her. It's all about maintaining net worth and disposable income with ideal being neither one reduces with time or you are into the how long will I live problem. 401K/IRA, most people working contribute and never look at again until it's time to retire. Retirement, you work it like a stock broker. It's I'm taking this much out, sell the slow movers, keep the fast movers, and keep this much in the cash account for so long to cover if it crashes. I've been using 2008 recession pretty much as my guide but then nobody can really predict that. Knock on wood, I've been retired now for over 5 years. I haven't economized an iota. In fact, some of you all would think me insane, but my net worth and disposable income has not gone down a bit. In fact, on my current budget my disposable income has gone up. It costs money to work. By budgeting, you notice the things like interest that has zero benefit. Even so I have paid cash for a new toy every year since I retired. It started with buying a brand new car with no loan actually two years before I planned because I got a hell of a deal and as fate would have it vehicle cost has gone through the roof and the car I wanted is being discontinued due to a big ole V8 Hemi. Other than an airplane, I have every toy a man can think of, actually more than one of many. It's like every damn thing in my house broke when I retired, heat pump, oven, dishwasher, fridge, etc. Either paid cash or used a zero interest and addressed them all. No I don't take cruises nor have I taken trips to Europe etc. Did all that crap when I was working and if I never see a freaking airport again, I'll die happy. My love of life is and always has been the outdoors and one thing freaking great about retirement is you can do all that stuff when everyone else's butt is stuck at work. My limitation is getting old suck but none of us can avoid that fate. No, my only regret period is I worked too damn long. My big decision today is which two days I'm riding my Harley into the National Park. I may even take the truck camper into the mountains and do some trout fishing. Yeah retirement has it hassles, but that my man is life, no escaping that roller coaster. Tj |
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Posted: 3/25/2024 9:51:10 AM EDT
[#8]
Quote HistoryOriginally Posted By TomJefferson: First, you can't believe what others post on the internet about people they don't know. Here's my bottom line, If I had known how great retirement is, I would have done it years sooner. Nobody can predict what their health is going to be other than the older we get, the more things break. What we can predict within reason is how much it will cost to address it thus my posts. To your point, 62-65 to when you are forced onto Medicare, having my own business, I was paying for private insurance and addressing the cost for many years. It's like anything else, you budget for it. Now this can get quite complicated. Being retired is having to adjust your annual budget all the time. It's literally like running a business and not what those who haven't retired think. You almost have to become an insurance expert and pharmacist. If Mr. Murphy screws you, you find a work around. For example, rather than deplete your savings taking what may as fate, you address it. Know, your doctor won't know. Doctors mostly use billing services. It's up to you. For example, this drug blows your budget, first it's does the drug company have a program that will pick up what insurance won't? Most actually do. Some have income limits but many don't anymore. Their goal is to have you take their drug. Then it's which insurance will cover it. Heck most people who are working never shop their home and vehicle insurance. Retirement, you will. If this drug cost too much what's the alternative treatment. Doctors will work with you on this. The typical response to "How about this, my insurance covers it?" is "Sure". They'll tell you the pluses and minuses. There's a lot of brainwork to retirement, but if you are reading this, you have a computer. My mom depends on us to do it for her. It's all about maintaining net worth and disposable income with ideal being neither one reduces with time or you are into the how long will I live problem. 401K/IRA, most people working contribute and never look at again until it's time to retire. Retirement, you work it like a stock broker. It's I'm taking this much out, sell the slow movers, keep the fast movers, and keep this much in the cash account for so long to cover if it crashes. I've been using 2008 recession pretty much as my guide but then nobody can really predict that. Knock on wood, I've been retired now for over 5 years. I haven't economized an iota. In fact, some of you all would think me insane, but my net worth and disposable income has not gone down a bit. In fact, on my current budget my disposable income has gone up. It costs money to work. By budgeting, you notice the things like interest that has zero benefit. Even so I have paid cash for a new toy every year since I retired. It started with buying a brand new car with no loan actually two years before I planned because I got a hell of a deal and as fate would have it vehicle cost has gone through the roof and the car I wanted is being discontinued due to a big ole V8 Hemi. Other than an airplane, I have every toy a man can think of, actually more than one of many. It's like every damn thing in my house broke when I retired, heat pump, oven, dishwasher, fridge, etc. Either paid cash or used a zero interest and addressed them all. No I don't take cruises nor have I taken trips to Europe etc. Did all that crap when I was working and if I never see a freaking airport again, I'll die happy. My love of life is and always has been the outdoors and one thing freaking great about retirement is you can do all that stuff when everyone else's butt is stuck at work. My limitation is getting old suck but none of us can avoid that fate. No, my only regret period is I worked too damn long. My big decision today is which two days I'm riding my Harley into the National Park. I may even take the truck camper into the mountains and do some trout fishing. Yeah retirement has it hassles, but that my man is life, no escaping that roller coaster. Tj That sounds like the Tj we know. 
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Posted: 3/25/2024 10:28:47 AM EDT
[#9]
Problem isn’t that people don’t make enough. The problem is people don’t know how to be good stewards of their money.
They chase too many materialistic wants vs actual needs. My wife and I started to be financially stable from Day 1 … Do we have nice, used cars … yes … Is our retirement in balance … yes … Do we give up on things like crazy expensive vacas and fancy cars … all the time … Problem is the US population chases a fake American dream and want to keep up with people they see in reality TV … |
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Posted: 3/25/2024 10:39:57 AM EDT
[#10]
Quote HistoryOriginally Posted By DTFD714: I can’t wrap my head around how people can’t live within their means. It ain’t always fun but I sure do sleep good every night and I certainly don’t worry about money. They watch TV, they are into "social media", their kids go to publix indoctrination camp, they and their wives have jobs where other people are overspending and LOOKING like they are successful and they feel the need to keep up with the broke arse Joneses... The power to "fit in" with a jacked up society is real to some people. And their PRIDE in "wanting the best" and "living the best life" and the "I like to have nice things" and all those stupid arse mantras are slowly sapping them and they don't know it and/or don't care. You can see it in this thread... And never forget, we live now in Amerika- where no one is ever responsible for their own mistakes (student loan debt of $300K on your Underwater Basket Weaving degree, no problem the gubmint will pay it! Didn't plan for later life? No problem gubmint will take care of you!") and certainly the public mantra is always "it ain't MY fault." Planning ahead, like we all say we are doing- whether we are talking about SHTF, retirement or just normal life- isn't the "mode" people are in any more. It's more like "live for the moment"... Sad but true. |
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Posted: 3/25/2024 10:44:01 AM EDT
[#11]
Quote HistoryOriginally Posted By DTFD714: You are spot on. I’m knocking on 40. Have zero personal debt. Everything is paid for. I have a business loan with 4 years left and on paper have a net worth of well over $1m I contribute the max to my retirement fund $23k for 2024. I find it fascinating - I drive a 20+ year old truck, my wife is a stay at home mom and we live in a modest house. I have friends with nicer vehicles and bigger houses and they are flat broke because of it. I can’t wrap my head around how people can’t live within their means. It ain’t always fun but I sure do sleep good every night and I certainly don’t worry about money. Same scenario here but still in my 30s … not for long. I have a 50+ year old truck that is really nice to drive to do truck things … I don’t need a $70k truck to haul mulch and other household things … drive a 18 year old BMW X3 that is maintained well and still drives better than most new cars … |
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Posted: 3/25/2024 11:09:18 AM EDT
[#12]
Quote HistoryOriginally Posted By thehun06: Problem isn’t that people don’t make enough. The problem is people don’t know how to be good stewards of their money. They chase too many materialistic wants vs actual needs. My wife and I started to be financially stable from Day 1 … Do we have nice, used cars … yes … Is our retirement in balance … yes … Do we give up on things like crazy expensive vacas and fancy cars … all the time … Problem is the US population chases a fake American dream and want to keep up with people they see in reality TV … I should have read your post and saved some typing!!! Egg Zach Lee... |
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Posted: 3/25/2024 12:27:54 PM EDT
[#13]
Quote HistoryOriginally Posted By thehun06: Problem isn’t that people don’t make enough. The problem is people don’t know how to be good stewards of their money. They chase too many materialistic wants vs actual needs. My wife and I started to be financially stable from Day 1 … Do we have nice, used cars … yes … Is our retirement in balance … yes … Do we give up on things like crazy expensive vacas and fancy cars … all the time … Problem is the US population chases a fake American dream and want to keep up with people they see in reality TV … Yup. Spot on. |
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AZ, USA
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Posted: 3/25/2024 1:00:20 PM EDT
[#14]
I'm thankful that OP posted this.
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Posted: 3/25/2024 3:15:44 PM EDT
[#15]
Quote HistoryOriginally Posted By thehun06: Problem isn’t that people don’t make enough. The problem is people don’t know how to be good stewards of their money. They chase too many materialistic wants vs actual needs. My wife and I started to be financially stable from Day 1 … Do we have nice, used cars … yes … Is our retirement in balance … yes … Do we give up on things like crazy expensive vacas and fancy cars … all the time … Problem is the US population chases a fake American dream and want to keep up with people they see in reality TV … Good stuff. I think any more social media is the biggest issue. You have to "flex" your new car on social media. We are constantly being bombarded with stuff from "influencers" or "content creators" that make crazy amounts of money, which is not realistic (or sustainable). Youtube X Tik Tok |
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Posted: 3/25/2024 3:27:46 PM EDT
[#16]
Quote HistoryOriginally Posted By djkest: Good stuff. I think any more social media is the biggest issue. You have to "flex" your new car on social media. We are constantly being bombarded with stuff from "influencers" or "content creators" that make crazy amounts of money, which is not realistic (or sustainable). There is some truth here. My 10 year old son already believes that anyone who is a millionaire has to have a Youtube channel.  |
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NC, USA
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Posted: 3/25/2024 3:47:26 PM EDT
[#17]
Quote HistoryOriginally Posted By exponentialpi: Most ACA plans are not HSA eligible, causing it to be a bigger hit to the wallet. Family and out of network deductibles are also usually higher, which isn’t as common with employer sponsored plans. If you have an active HSA account, "they" don't know what kind of plan you have. |
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Posted: 3/25/2024 7:43:27 PM EDT
[#18]
Quote HistoryOriginally Posted By entropy: If you have an active HSA account, "they" don't know what kind of plan you have. Quote HistoryOriginally Posted By entropy: Originally Posted By exponentialpi: Most ACA plans are not HSA eligible, causing it to be a bigger hit to the wallet. Family and out of network deductibles are also usually higher, which isn’t as common with employer sponsored plans. If you have an active HSA account, "they" don't know what kind of plan you have. If you are buying on the exchange, they do know. |
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Posted: 3/26/2024 5:03:21 AM EDT
[#19]
Quote HistoryOriginally Posted By Lowdown3: They watch TV, they are into "social media", their kids go to publix indoctrination camp, they and their wives have jobs where other people are overspending and LOOKING like they are successful and they feel the need to keep up with the broke arse Joneses... The power to "fit in" with a jacked up society is real to some people. And their PRIDE in "wanting the best" and "living the best life" and the "I like to have nice things" and all those stupid arse mantras are slowly sapping them and they don't know it and/or don't care. You can see it in this thread... And never forget, we live now in Amerika- where no one is ever responsible for their own mistakes (student loan debt of $300K on your Underwater Basket Weaving degree, no problem the gubmint will pay it! Didn't plan for later life? No problem gubmint will take care of you!") and certainly the public mantra is always "it ain't MY fault." Planning ahead, like we all say we are doing- whether we are talking about SHTF, retirement or just normal life- isn't the "mode" people are in any more. It's more like "live for the moment"... Sad but true. Quote HistoryOriginally Posted By Lowdown3: Originally Posted By DTFD714: I can’t wrap my head around how people can’t live within their means. It ain’t always fun but I sure do sleep good every night and I certainly don’t worry about money. They watch TV, they are into "social media", their kids go to publix indoctrination camp, they and their wives have jobs where other people are overspending and LOOKING like they are successful and they feel the need to keep up with the broke arse Joneses... The power to "fit in" with a jacked up society is real to some people. And their PRIDE in "wanting the best" and "living the best life" and the "I like to have nice things" and all those stupid arse mantras are slowly sapping them and they don't know it and/or don't care. You can see it in this thread... And never forget, we live now in Amerika- where no one is ever responsible for their own mistakes (student loan debt of $300K on your Underwater Basket Weaving degree, no problem the gubmint will pay it! Didn't plan for later life? No problem gubmint will take care of you!") and certainly the public mantra is always "it ain't MY fault." Planning ahead, like we all say we are doing- whether we are talking about SHTF, retirement or just normal life- isn't the "mode" people are in any more. It's more like "live for the moment"... Sad but true. Hands down the best decision I ever made was not looking at my house as an investment but what if I retire there. I didn't use the buy as big as you income allows or like your peers have. I'm not perfect though. For just two people now, it's still too damn big. My perfect house now would be a two bedroom 2 bath and a six car garage or big ole barn. Still it's come in handy for a family and getting them started in life. It's no slouch, 3,000 sq/ft 4bdr 2.5 bath, brick, but then I can't begin to count the family and friends I have in way too big. There's no way they can retire in it. 2-3 HVAC systems with wasted space cathedral ceilings and a tax and insurance burden you could buy a nice used car. I have friends on both coasts and a bunch of them are paying their parents tax and insurance in their case for cracker boxes. It really influenced me when I bought. For decades now, I've had this rule, other than a home, don't finance anything you can't afford to pay cash for. Credit is a tool, it should never be a chain. Now I'm at don't pay interest at all phase. How do you get there? It's not just a matter of having a great job, though I did. It's start saving as young as you can and don't let your money just sit there while inflation eats it up. I started at 40. I wish I had at 25. That said if I won the lotto tomorrow, I don't see myself going out there to buy some toy. I do that now. Contrary to the theme, retirement shouldn't be about sacrifice and a minimalist existence. It should be about doing the things you enjoy that you didn't time for. Of course, getting old will limit a lot of shit. I've got a pocket cruiser now that needs an overhaul and just not in shape to do it. Even if I paid for it to be done, I'm not in shape to use it. Boats are a crap load of work. Still I'm not complaining I got a good 20 years on that beast, a shitpot load of adventures. The time to do all that physical shit is when you are young. This I can tell too. Do this retirement thing right, none of that free shit is coming your way, none. That's only for the folks, you don't want their retirement. Be happy you don't. Tj |
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Posted: 3/27/2024 11:11:47 PM EDT
[#20]
I live off about $50K of dividends a year, accumulated buying stocks since 1981, no SS yet,
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NY, USA
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Posted: 3/28/2024 8:16:24 AM EDT
[#21]
I was surfing thru GD, and there is it.... A post about some70 year old lady who still works 40 hours weeks, and fears she's going to die in the job. It doesn't sound like fun...
I noticed a few things. The article mentions "disappearing pensions" and the inability of Social Security to cover much expenses. Conspicuous was ANY mention of retirement savings.... There are a few things that are teh consequences of long term stupidity. Smoke a pack a day for 30 years? There's no guarantee you're going to get COPD or lung cancer, but you shouldn't actually be surprised if you do. Eat a 5000 calorie a day diet consisting of pork rinds, Doritos, and Coke? Ending up 425 lbs and diabetic should not be a surprise. Taking every pay check and spending the entire thing every single week? Hey its your pay, but it shouldn't surprise you if you end up broke. If you spend the entire check, every week, you are really really good at living paycheck to paycheck. After 30 or 40 years of practice, you'll be a master at spending the whole check, and waiting for the next one to come in. It shouldn't be a surprise that at 70, and 75, and 80 you'll be living paycheck to paycheck, spending the whole thing. And the sucky thing about paychecks is, you gotta go to work to get one... |
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Posted: 3/28/2024 8:41:40 AM EDT
[#22]
My employer contributes 12% to my retirement. I have 2 separate accounts (a 401 and a roth) that I also contribute to. Wife also had retirement with her job. I'm almost 44 and have 20 years to go, should be gtg, but who knows. Both my kids got accounts when they were born, sitting there and growing.
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Posted: 3/28/2024 10:12:01 AM EDT
[#23]
Quote HistoryOriginally Posted By frozenny: I was surfing thru GD, and there is it.... A post about some70 year old lady who still works 40 hours weeks, and fears she's going to die in the job. It doesn't sound like fun... I noticed a few things. The article mentions "disappearing pensions" and the inability of Social Security to cover much expenses. Conspicuous was ANY mention of retirement savings.... There are a few things that are teh consequences of long term stupidity. Smoke a pack a day for 30 years? There's no guarantee you're going to get COPD or lung cancer, but you shouldn't actually be surprised if you do. Eat a 5000 calorie a day diet consisting of pork rinds, Doritos, and Coke? Ending up 425 lbs and diabetic should not be a surprise. Taking every pay check and spending the entire thing every single week? Hey its your pay, but it shouldn't surprise you if you end up broke. If you spend the entire check, every week, you are really really good at living paycheck to paycheck. After 30 or 40 years of practice, you'll be a master at spending the whole check, and waiting for the next one to come in. It shouldn't be a surprise that at 70, and 75, and 80 you'll be living paycheck to paycheck, spending the whole thing. And the sucky thing about paychecks is, you gotta go to work to get one... Social Security has been telling people for a long time not to plan on SS alone to pay all expenses. There WILL be changes coming to SS and pretty much everything I've seen indicates to me it's HIGHLY likely benefits will be cut for most, if not all people. People aren't listening. Good luck with that. That's why SS isn't part of my retirement planning needs. If I get something from SS....it'll be a bonus. If I don't, I'll be fine. I've read some analysis' of SS and how to fix it and every one I've seen shows that SS can be fixed but payments have to be cut. Not talking 50% but 10-30% is what is needed to make it viable again. A little money from SS is better than nothing but there is no way (from what I see) that the issue can be resolved WITHOUT payment cuts. Better believe SS when they have been telling us for YEARS not to rely on it. |
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Posted: 3/28/2024 12:29:54 PM EDT
[#24]
Quote HistoryOriginally Posted By ColtRifle: Social Security has been telling people for a long time not to plan on SS alone to pay all expenses. There WILL be changes coming to SS and pretty much everything I've seen indicates to me it's HIGHLY likely benefits will be cut for most, if not all people. People aren't listening. Good luck with that. That's why SS isn't part of my retirement planning needs. If I get something from SS....it'll be a bonus. If I don't, I'll be fine. I've read some analysis' of SS and how to fix it and every one I've seen shows that SS can be fixed but payments have to be cut. Not talking 50% but 10-30% is what is needed to make it viable again. A little money from SS is better than nothing but there is no way (from what I see) that the issue can be resolved WITHOUT payment cuts. Better believe SS when they have been telling us for YEARS not to rely on it. Quote HistoryOriginally Posted By ColtRifle: Originally Posted By frozenny: I was surfing thru GD, and there is it.... A post about some70 year old lady who still works 40 hours weeks, and fears she's going to die in the job. It doesn't sound like fun... I noticed a few things. The article mentions "disappearing pensions" and the inability of Social Security to cover much expenses. Conspicuous was ANY mention of retirement savings.... There are a few things that are teh consequences of long term stupidity. Smoke a pack a day for 30 years? There's no guarantee you're going to get COPD or lung cancer, but you shouldn't actually be surprised if you do. Eat a 5000 calorie a day diet consisting of pork rinds, Doritos, and Coke? Ending up 425 lbs and diabetic should not be a surprise. Taking every pay check and spending the entire thing every single week? Hey its your pay, but it shouldn't surprise you if you end up broke. If you spend the entire check, every week, you are really really good at living paycheck to paycheck. After 30 or 40 years of practice, you'll be a master at spending the whole check, and waiting for the next one to come in. It shouldn't be a surprise that at 70, and 75, and 80 you'll be living paycheck to paycheck, spending the whole thing. And the sucky thing about paychecks is, you gotta go to work to get one... Social Security has been telling people for a long time not to plan on SS alone to pay all expenses. There WILL be changes coming to SS and pretty much everything I've seen indicates to me it's HIGHLY likely benefits will be cut for most, if not all people. People aren't listening. Good luck with that. That's why SS isn't part of my retirement planning needs. If I get something from SS....it'll be a bonus. If I don't, I'll be fine. I've read some analysis' of SS and how to fix it and every one I've seen shows that SS can be fixed but payments have to be cut. Not talking 50% but 10-30% is what is needed to make it viable again. A little money from SS is better than nothing but there is no way (from what I see) that the issue can be resolved WITHOUT payment cuts. Better believe SS when they have been telling us for YEARS not to rely on it. You can fix it simply by disallowing the govt to shift ANY funds out of it and cutting ALL programs funded off it that people [usually lazy POS mooching off some BS disability, yes, there are SOME people that are truly disabled and can't work but the VAST majority can work doing something, they just don't want to. And fat is not a disability, nor are any issues arising from being a fat ass, cut weight or die on your own dime.] have not paid into. SS should have ALWAYS been a stand alone program, period. No other welfare type programs should have ever been allowed to tap into it. |
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USA
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Posted: 3/28/2024 1:25:03 PM EDT
[#25]
Quote HistoryOriginally Posted By ColtRifle: Social Security has been telling people for a long time not to plan on SS alone to pay all expenses. There WILL be changes coming to SS and pretty much everything I've seen indicates to me it's HIGHLY likely benefits will be cut for most, if not all people. People aren't listening. Good luck with that. That's why SS isn't part of my retirement planning needs. If I get something from SS....it'll be a bonus. If I don't, I'll be fine. I've read some analysis' of SS and how to fix it and every one I've seen shows that SS can be fixed but payments have to be cut. Not talking 50% but 10-30% is what is needed to make it viable again. A little money from SS is better than nothing but there is no way (from what I see) that the issue can be resolved WITHOUT payment cuts. Better believe SS when they have been telling us for YEARS not to rely on it. I became aware of Social Security's long term forecast difficulties in the late 1970s as a completely uninterested teenager simply overhearing TV news stories and glancing over headlines and magazine stories in the dentist office. It's never been a secret. All along, Rs and Ds have discussed solutions and it's always been acknowledged that the initial setup error had left it open to funds being diverted and diluted among other programs. No matter what was proposed, agreed upon, voted upon or campaigned upon, there was always an enormous pushback from whomever's ox was being gored. That led to the invention of the IRA and its variants and the enormous infusion of capital into the stockmarket over the last 4 decades. The end of the Cold War and the so-called "Peace Dividend" brought somber promises of "fixing" SS, but instead resulted in an orgy of social spending. To absolutely no one's amazement nothing was done. Also, to no one's amazement, many humans yesterday, today and tomorrow never outgrow the YOLO attitude that Consumerism is based on. Then suddenly, their half-assed "Next year I'll get serious about budgeting" plans hit the 87 crash, the Dotcom bust, 9/11, the Housing Crash, runaway inflation, medical disaster, loss of career, divorce-whatever comes next...and the SHTF. Again. Unless the Doomsday-That-Smites-Only-The-Wicked that some people insist is coming, actually arrives("Let it burn!") Means Testing and benefit cuts are coming, whether in 5 years or 50. If Legal Immigration had ever been fixed, and not used as an ideological wedge by Libs, or a way to avoid paying minimum wage by Big Business, then perhaps the massively distorting bolus of the Baby Boomer generation could have been offset by births and the tax receipts of replacement workers...but politicians are just as short sighted as their constituents. |
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Posted: 3/28/2024 2:18:26 PM EDT
[#26]
Originally Posted By fxntime: You can fix it simply by disallowing the govt to shift ANY funds out of it and cutting ALL programs funded off it that people [usually lazy POS mooching off some BS disability, yes, there are SOME people that are truly disabled and can't work but the VAST majority can work doing something, they just don't want to. And fat is not a disability, nor are any issues arising from being a fat ass, cut weight or die on your own dime.] have not paid into. SS should have ALWAYS been a stand alone program, period. No other welfare type programs should have ever been allowed to tap into it. Originally Posted By feudist: Bingo. I became aware of Social Security's long term forecast difficulties in the late 1970s as a completely uninterested teenager simply overhearing TV news stories and glancing over headlines and magazine stories in the dentist office. It's never been a secret. All along, Rs and Ds have discussed solutions and it's always been acknowledged that the initial setup error had left it open to funds being diverted and diluted among other programs. No matter what was proposed, agreed upon, voted upon or campaigned upon, there was always an enormous pushback from whomever's ox was being gored. That led to the invention of the IRA and its variants and the enormous infusion of capital into the stockmarket over the last 4 decades. The end of the Cold War and the so-called "Peace Dividend" brought somber promises of "fixing" SS, but instead resulted in an orgy of social spending. To absolutely no one's amazement nothing was done. Also, to no one's amazement, many humans yesterday, today and tomorrow never outgrow the YOLO attitude that Consumerism is based on. Then suddenly, their half-assed "Next year I'll get serious about budgeting" plans hit the 87 crash, the Dotcom bust, 9/11, the Housing Crash, runaway inflation, medical disaster, loss of career, divorce-whatever comes next...and the SHTF. Again. Unless the Doomsday-That-Smites-Only-The-Wicked that some people insist is coming, actually arrives("Let it burn!") Means Testing and benefit cuts are coming, whether in 5 years or 50. If Legal Immigration had ever been fixed, and not used as an ideological wedge by Libs, or a way to avoid paying minimum wage by Big Business, then perhaps the massively distorting bolus of the Baby Boomer generation could have been offset by births and the tax receipts of replacement workers...but politicians are just as short sighted as their constituents. |
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Posted: 3/28/2024 2:40:44 PM EDT
[Last Edit: fxntime]
[#27]
Quote HistoryOriginally Posted By exponentialpi: The disability trust is funded for decades. The problem is demographics and has been the known issue for decades. But people want to plug their ears and go la-la-la instead of looking at reality. Reagan also signed a reform bill in the early 80’s that was designed to increase contributions and the trust for boomers. Well, we are past the peak of funding and the trust is now being withdrawn to fund those benefits. The problem is you reach a cliff where the trust is $0 and benefits can only be generated from the revenues collected. That results in the benefit cuts because beneficiary commitments exceed revenue. Quote HistoryOriginally Posted By exponentialpi: Originally Posted By fxntime: You can fix it simply by disallowing the govt to shift ANY funds out of it and cutting ALL programs funded off it that people [usually lazy POS mooching off some BS disability, yes, there are SOME people that are truly disabled and can't work but the VAST majority can work doing something, they just don't want to. And fat is not a disability, nor are any issues arising from being a fat ass, cut weight or die on your own dime.] have not paid into. SS should have ALWAYS been a stand alone program, period. No other welfare type programs should have ever been allowed to tap into it. Originally Posted By feudist: Bingo. I became aware of Social Security's long term forecast difficulties in the late 1970s as a completely uninterested teenager simply overhearing TV news stories and glancing over headlines and magazine stories in the dentist office. It's never been a secret. All along, Rs and Ds have discussed solutions and it's always been acknowledged that the initial setup error had left it open to funds being diverted and diluted among other programs. No matter what was proposed, agreed upon, voted upon or campaigned upon, there was always an enormous pushback from whomever's ox was being gored. That led to the invention of the IRA and its variants and the enormous infusion of capital into the stockmarket over the last 4 decades. The end of the Cold War and the so-called "Peace Dividend" brought somber promises of "fixing" SS, but instead resulted in an orgy of social spending. To absolutely no one's amazement nothing was done. Also, to no one's amazement, many humans yesterday, today and tomorrow never outgrow the YOLO attitude that Consumerism is based on. Then suddenly, their half-assed "Next year I'll get serious about budgeting" plans hit the 87 crash, the Dotcom bust, 9/11, the Housing Crash, runaway inflation, medical disaster, loss of career, divorce-whatever comes next...and the SHTF. Again. Unless the Doomsday-That-Smites-Only-The-Wicked that some people insist is coming, actually arrives("Let it burn!") Means Testing and benefit cuts are coming, whether in 5 years or 50. If Legal Immigration had ever been fixed, and not used as an ideological wedge by Libs, or a way to avoid paying minimum wage by Big Business, then perhaps the massively distorting bolus of the Baby Boomer generation could have been offset by births and the tax receipts of replacement workers...but politicians are just as short sighted as their constituents. Disability is funded by stealing from those who are actually working and taxed. Don't play the BS game with guys who can do math on their fingers and in their head. 
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Posted: 3/28/2024 10:26:48 PM EDT
[#28]
Quote HistoryOriginally Posted By fxntime: You can fix it simply by disallowing the govt to shift ANY funds out of it and cutting ALL programs funded off it that people [usually lazy POS mooching off some BS disability, yes, there are SOME people that are truly disabled and can't work but the VAST majority can work doing something, they just don't want to. And fat is not a disability, nor are any issues arising from being a fat ass, cut weight or die on your own dime.] have not paid into. SS should have ALWAYS been a stand alone program, period. No other welfare type programs should have ever been allowed to tap into it. Common misconception. It is a stand alone program. The Social Security Administration runs regular social security, social security disability insurance, and supplemental security income. However, only those who have paid into SS can be eligible for SS and SSDI. SSI is funded from the general fund and is not funded by regular social security funds. But, that means even if you cut off the sick, lame, and lazy who never paid into SS, it doesn't change social security funding problems. "What is the difference between SSI and SSDI and SSA? The main difference between Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) is that SSI is an entitlement program with no work-related requirements, whereas SSDI is an earned benefit that has work requirements to qualify. Both programs pay monthly benefits to people with disabilities." "SSI is financed by general funds of the U.S. Treasury — personal income taxes, corporate and other taxes. Social Security taxes collected under the Federal Insurance Contributions Act (FICA) or the Self-Employment Contributions Act (SECA) do not fund the SSI program" https://www.ssa.gov/pubs/EN-17-008.pdf |
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Posted: 3/28/2024 10:37:12 PM EDT
[#29]
Quote HistoryOriginally Posted By ColtRifle: Common misconception. It is a stand alone program. The Social Security Administration runs regular social security, social security disability insurance, and supplemental security income. However, only those who have paid into SS can be eligible for SS and SSDI. SSI is funded from the general fund and is not funded by regular social security funds. But, that means even if you cut off the sick, lame, and lazy who never paid into SS, it doesn't change social security funding problems. "What is the difference between SSI and SSDI and SSA? The main difference between Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) is that SSI is an entitlement program with no work-related requirements, whereas SSDI is an earned benefit that has work requirements to qualify. Both programs pay monthly benefits to people with disabilities." "SSI is financed by general funds of the U.S. Treasury — personal income taxes, corporate and other taxes. Social Security taxes collected under the Federal Insurance Contributions Act (FICA) or the Self-Employment Contributions Act (SECA) do not fund the SSI program" https://www.ssa.gov/pubs/EN-17-008.pdf Quote HistoryOriginally Posted By ColtRifle: Originally Posted By fxntime: You can fix it simply by disallowing the govt to shift ANY funds out of it and cutting ALL programs funded off it that people [usually lazy POS mooching off some BS disability, yes, there are SOME people that are truly disabled and can't work but the VAST majority can work doing something, they just don't want to. And fat is not a disability, nor are any issues arising from being a fat ass, cut weight or die on your own dime.] have not paid into. SS should have ALWAYS been a stand alone program, period. No other welfare type programs should have ever been allowed to tap into it. Common misconception. It is a stand alone program. The Social Security Administration runs regular social security, social security disability insurance, and supplemental security income. However, only those who have paid into SS can be eligible for SS and SSDI. SSI is funded from the general fund and is not funded by regular social security funds. But, that means even if you cut off the sick, lame, and lazy who never paid into SS, it doesn't change social security funding problems. "What is the difference between SSI and SSDI and SSA? The main difference between Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) is that SSI is an entitlement program with no work-related requirements, whereas SSDI is an earned benefit that has work requirements to qualify. Both programs pay monthly benefits to people with disabilities." "SSI is financed by general funds of the U.S. Treasury — personal income taxes, corporate and other taxes. Social Security taxes collected under the Federal Insurance Contributions Act (FICA) or the Self-Employment Contributions Act (SECA) do not fund the SSI program" https://www.ssa.gov/pubs/EN-17-008.pdf It gets even better. Those of use who can do the math in our heads also read the official reports. DI Trust Fund is solvent for 75 years under intermediate assumptions.  Attached File |
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USA
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Posted: 3/29/2024 1:28:23 AM EDT
[#30]
Just some thoughts:
When I joined the military, I did it for the retirement. The retirement plan isn't what it used to be but it can still be workable. More importantly, after reading this thread, I realize what a blessing being VA service connected is. My wife did her 4 years and got out and didn't qualify for much but was service connected. She was recently diagnosed with likely terminal cancer, and they have paid for everything except the meds which require a co-pay (we get our medications free on base since I retired). Looking at these costs people are paying for medical care and prescriptions, I'm glad we took the path we did. Could be a potential firebreak keeping service members from financial ruin later on. And it is never too late to file a claim. Also, an easy way to up your savings is to simply deposit your raises in whatever plan you have. You were living fine on your income before the raise, so you won't miss it, but it will be nice later. If you get flight pay, save it, as others aren't getting it and manage to survive. Finally, some expensive medications have coupons available in the hospital, and maybe some other providers for the first month's worth. Eliquis is one (I needed it right away for her and couldn't wait for the base pharmacy to be open). I think that coupon saved me $600-$800! Hope these help someone. |
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Posted: 3/29/2024 2:30:17 AM EDT
[#31]
Quote HistoryOriginally Posted By exponentialpi: It gets even better. Those of use who can do the math in our heads also read the official reports. DI Trust Fund is solvent for 75 years under intermediate assumptions. https://www.ar15.com/media/mediaFiles/200878/IMG_4163_jpeg-3172402.JPG Quote HistoryOriginally Posted By exponentialpi: Originally Posted By ColtRifle: Originally Posted By fxntime: You can fix it simply by disallowing the govt to shift ANY funds out of it and cutting ALL programs funded off it that people [usually lazy POS mooching off some BS disability, yes, there are SOME people that are truly disabled and can't work but the VAST majority can work doing something, they just don't want to. And fat is not a disability, nor are any issues arising from being a fat ass, cut weight or die on your own dime.] have not paid into. SS should have ALWAYS been a stand alone program, period. No other welfare type programs should have ever been allowed to tap into it. Common misconception. It is a stand alone program. The Social Security Administration runs regular social security, social security disability insurance, and supplemental security income. However, only those who have paid into SS can be eligible for SS and SSDI. SSI is funded from the general fund and is not funded by regular social security funds. But, that means even if you cut off the sick, lame, and lazy who never paid into SS, it doesn't change social security funding problems. "What is the difference between SSI and SSDI and SSA? The main difference between Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) is that SSI is an entitlement program with no work-related requirements, whereas SSDI is an earned benefit that has work requirements to qualify. Both programs pay monthly benefits to people with disabilities." "SSI is financed by general funds of the U.S. Treasury — personal income taxes, corporate and other taxes. Social Security taxes collected under the Federal Insurance Contributions Act (FICA) or the Self-Employment Contributions Act (SECA) do not fund the SSI program" https://www.ssa.gov/pubs/EN-17-008.pdf It gets even better. Those of use who can do the math in our heads also read the official reports. DI Trust Fund is solvent for 75 years under intermediate assumptions. https://www.ar15.com/media/mediaFiles/200878/IMG_4163_jpeg-3172402.JPG So the government has plenty of money to pay back SS for all the money it ''borrowed'' from it, right? SSI just ''got'' that money for no tax dollars but where did they get it from? Ah yes, tax dollars collected for other programs and shifted over magically from, maybe, areas like SS? Guess that ''lockbox'' wasn't locked............ |
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Posted: 3/29/2024 7:55:36 AM EDT
[#32]
No septate tax paid, no accounting, funded out of the general fund, but it's fully funded for 75 years, man, is that some magic accounting.
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Posted: 3/29/2024 8:17:37 AM EDT
[Last Edit: ColtRifle]
[#33]
Quote HistoryOriginally Posted By TomJefferson: No septate tax paid, no accounting, funded out of the general fund, but it's fully funded for 75 years, man, is that some magic accounting. That’s not how it works. SSDI and SSI are funded totally differently. They are just both managed by the Social Security Administration. SSDI is funded by and only available to those who have worked and paid into SS. SSI is funded by the general fund and is available to those who have never worked. The maximum monthly SSI payment for 2024 is $943 for an individual and $1,415 for a couple. Social Security Disability Insurance (SSDI) – The maximum payment is $3,822 a month (up from $3,627 in 2023). https://www.ssa.gov/ssi/amount https://www.ssa.gov/disability The SS taxes you and I paid are not being spent on the useless people who have never worked. The OTHER non FICA tax dollars you and I paid are going to support them. This is a common misconception many people have and repeat. I used to believe that too and then I educated myself so I stopped repeating incorrect information. |
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Posted: 3/29/2024 9:49:34 AM EDT
[#34]
Quote HistoryOriginally Posted By fxntime: So the government has plenty of money to pay back SS for all the money it ''borrowed'' from it, right? SSI just ''got'' that money for no tax dollars but where did they get it from? Ah yes, tax dollars collected for other programs and shifted over magically from, maybe, areas like SS? Guess that ''lockbox'' wasn't locked............ Quote HistoryOriginally Posted By fxntime: Originally Posted By exponentialpi: Originally Posted By ColtRifle: Originally Posted By fxntime: You can fix it simply by disallowing the govt to shift ANY funds out of it and cutting ALL programs funded off it that people [usually lazy POS mooching off some BS disability, yes, there are SOME people that are truly disabled and can't work but the VAST majority can work doing something, they just don't want to. And fat is not a disability, nor are any issues arising from being a fat ass, cut weight or die on your own dime.] have not paid into. SS should have ALWAYS been a stand alone program, period. No other welfare type programs should have ever been allowed to tap into it. Common misconception. It is a stand alone program. The Social Security Administration runs regular social security, social security disability insurance, and supplemental security income. However, only those who have paid into SS can be eligible for SS and SSDI. SSI is funded from the general fund and is not funded by regular social security funds. But, that means even if you cut off the sick, lame, and lazy who never paid into SS, it doesn't change social security funding problems. "What is the difference between SSI and SSDI and SSA? The main difference between Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) is that SSI is an entitlement program with no work-related requirements, whereas SSDI is an earned benefit that has work requirements to qualify. Both programs pay monthly benefits to people with disabilities." "SSI is financed by general funds of the U.S. Treasury — personal income taxes, corporate and other taxes. Social Security taxes collected under the Federal Insurance Contributions Act (FICA) or the Self-Employment Contributions Act (SECA) do not fund the SSI program" https://www.ssa.gov/pubs/EN-17-008.pdf It gets even better. Those of use who can do the math in our heads also read the official reports. DI Trust Fund is solvent for 75 years under intermediate assumptions. https://www.ar15.com/media/mediaFiles/200878/IMG_4163_jpeg-3172402.JPG So the government has plenty of money to pay back SS for all the money it ''borrowed'' from it, right? SSI just ''got'' that money for no tax dollars but where did they get it from? Ah yes, tax dollars collected for other programs and shifted over magically from, maybe, areas like SS? Guess that ''lockbox'' wasn't locked............ You really should spend 10 minute reading on what SSDI is, it is not SSI. |
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Posted: 3/29/2024 11:28:09 AM EDT
[#35]
Quote HistoryOriginally Posted By Ber92fm: Just some thoughts: When I joined the military, I did it for the retirement. The retirement plan isn't what it used to be but it can still be workable. More importantly, after reading this thread, I realize what a blessing being VA service connected is. My wife did her 4 years and got out and didn't qualify for much but was service connected. She was recently diagnosed with likely terminal cancer, and they have paid for everything except the meds which require a co-pay (we get our medications free on base since I retired). Looking at these costs people are paying for medical care and prescriptions, I'm glad we took the path we did. Could be a potential firebreak keeping service members from financial ruin later on. And it is never too late to file a claim. Also, an easy way to up your savings is to simply deposit your raises in whatever plan you have. You were living fine on your income before the raise, so you won't miss it, but it will be nice later. If you get flight pay, save it, as others aren't getting it and manage to survive. Finally, some expensive medications have coupons available in the hospital, and maybe some other providers for the first month's worth. Eliquis is one (I needed it right away for her and couldn't wait for the base pharmacy to be open). I think that coupon saved me $600-$800! Hope these help someone. Sorry about your wife’s medical issues.  Good point on pay raises going into investments. Most people immediately start spending their raises as soon as they get them. Some even start spending them before they get them and when their planned raise isn’t as much as they expected, they wonder how they are going to make ends meet. The funny part is, you are making more than you did last year but you are in worse financial shape….. I have done that with raises. I don’t put every penny of my raise into investments but I do put a portion of it. It also helps my standard of living from rising too fast. We have been paying extra on our mortgage and it will be paid off in less than 2 years. The extra we have been paying on the mortgage will be rolled into additional retirement investments once the house is paid off. |
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Posted: 3/29/2024 11:46:52 AM EDT
[#36]
All well and good, until your spouse's cancer treatments eat all your savings.
I was fortunate enough to not lose my home, although I have seen it more than once. |
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Posted: 3/29/2024 12:13:21 PM EDT
[Last Edit: Sputnik556]
[#37]
I realized this later than I should have, I was 27 when I started contributing.
Now I’m in my mid-30s and my total contributions to my 401k are 27%. I plan on increasing it to 30% over the next few years to make up for lost time. |
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Posted: 3/29/2024 12:42:35 PM EDT
[#38]
Quote HistoryOriginally Posted By Ber92fm: Just some thoughts: When I joined the military, I did it for the retirement. The retirement plan isn't what it used to be but it can still be workable. More importantly, after reading this thread, I realize what a blessing being VA service connected is. My wife did her 4 years and got out and didn't qualify for much but was service connected. She was recently diagnosed with likely terminal cancer, and they have paid for everything except the meds which require a co-pay (we get our medications free on base since I retired). Looking at these costs people are paying for medical care and prescriptions, I'm glad we took the path we did. Could be a potential firebreak keeping service members from financial ruin later on. And it is never too late to file a claim. Also, an easy way to up your savings is to simply deposit your raises in whatever plan you have. You were living fine on your income before the raise, so you won't miss it, but it will be nice later. If you get flight pay, save it, as others aren't getting it and manage to survive. Finally, some expensive medications have coupons available in the hospital, and maybe some other providers for the first month's worth. Eliquis is one (I needed it right away for her and couldn't wait for the base pharmacy to be open). I think that coupon saved me $600-$800! Hope these help someone. What is service connected? My dad did a few years in army/reserves and my FIL did 20+ in AF/reserves/civil service, but neither mentioned anything like that. Tricare really saves my in-laws during all their years of heart surgery, kidney cancer/dialysis and other issues. |
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MT, USA
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Posted: 3/29/2024 3:22:15 PM EDT
[#39]
Great post and I cannot add anything that hasn’t already been said.
Presently 58 and fully retired traveling in my RV for 8 months a year. It is wonderful. I earn more in interest every year than I spend so my savings and investments haven’t started to be depleted yet. I have tried talking with folks about how to do it (retire early) but nobody seems to want to know or learn. Thank the Lord I had a solid father to teach me and that I listened. |
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OR, USA
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Posted: 3/29/2024 3:42:34 PM EDT
[#40]
I disagree on a few points that have been made.
First, I wouldn’t save my self miserable. If you are saving comfortably and have a toy or a trip or something like that do it and enjoy it while you are young enough and able enough to enjoy it. No sense in waking up one day and realizing that you are too old to enjoy a hobby or a motorcycle anymore and dying with every dime you have ever made. Second, the I only pay cash crowd is wrong in a few aspects. If you have the cash and you can get something for 0% you always take the 0%. Leave the cash somewhere making you money. Same with property. If you can pay the mortgage with income from the property it’s worth having the property. It’s a pain in the ass but if someone else is going to buy it for you it’s a good investment. |
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USA
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Posted: 3/29/2024 4:29:29 PM EDT
[Last Edit: Ber92fm]
[#41]
Quote HistoryOriginally Posted By D_J: What is service connected? My dad did a few years in army/reserves and my FIL did 20+ in AF/reserves/civil service, but neither mentioned anything like that. Tricare really saves my in-laws during all their years of heart surgery, kidney cancer/dialysis and other issues. Quote HistoryOriginally Posted By D_J: Originally Posted By Ber92fm: Just some thoughts: When I joined the military, I did it for the retirement. The retirement plan isn't what it used to be but it can still be workable. More importantly, after reading this thread, I realize what a blessing being VA service connected is. My wife did her 4 years and got out and didn't qualify for much but was service connected. She was recently diagnosed with likely terminal cancer, and they have paid for everything except the meds which require a co-pay (we get our medications free on base since I retired). Looking at these costs people are paying for medical care and prescriptions, I'm glad we took the path we did. Could be a potential firebreak keeping service members from financial ruin later on. And it is never too late to file a claim. Also, an easy way to up your savings is to simply deposit your raises in whatever plan you have. You were living fine on your income before the raise, so you won't miss it, but it will be nice later. If you get flight pay, save it, as others aren't getting it and manage to survive. Finally, some expensive medications have coupons available in the hospital, and maybe some other providers for the first month's worth. Eliquis is one (I needed it right away for her and couldn't wait for the base pharmacy to be open). I think that coupon saved me $600-$800! Hope these help someone. What is service connected? My dad did a few years in army/reserves and my FIL did 20+ in AF/reserves/civil service, but neither mentioned anything like that. Tricare really saves my in-laws during all their years of heart surgery, kidney cancer/dialysis and other issues. If they have some kind of service related injury they can claim. Tinnitus and hearing damage are common. They don't count for much, but all it takes it a little bit and you are in the door just like everyone else with more serious injuries. If they were Active Duty AF, they should have been evaluated for a claim. Being in that long, something got damaged. The Disabled American Vets (DAV), VFW, American Legion and others can help them submit a claim. Being in the Reserves is a little different, as you have to prove they received the injury while they were on orders. Someone with better knowledge please chime in... Important point to get the VA to pay for a service like an ER visit to a non-VA facility, you have 72 hours to call and report your situation. The number to call is 844-724-7842. They should give you a case number for tracking/verification purposes. |
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Posted: 3/29/2024 5:10:21 PM EDT
[#42]
Quote HistoryOriginally Posted By Ber92fm: If they have some kind of service related injury they can claim. Tinnitus and hearing damage are common. They don't count for much, but all it takes it a little bit and you are in the door just like everyone else with more serious injuries. If they were Active Duty AF, they should have been evaluated for a claim. Being in that long, something got damaged. The Disabled American Vets (DAV), VFW, American Legion and others can help them submit a claim. Being in the Reserves is a little different, as you have to prove they received the injury while they were on orders. Someone with better knowledge please chime in... Important point to get the VA to pay for a service like an ER visit to a non-VA facility, you have 72 hours to call and report your situation. The number to call is 844-724-7842. They should give you a case number for tracking/verification purposes. Quote HistoryOriginally Posted By Ber92fm: Originally Posted By D_J: Originally Posted By Ber92fm: Just some thoughts: When I joined the military, I did it for the retirement. The retirement plan isn't what it used to be but it can still be workable. More importantly, after reading this thread, I realize what a blessing being VA service connected is. My wife did her 4 years and got out and didn't qualify for much but was service connected. She was recently diagnosed with likely terminal cancer, and they have paid for everything except the meds which require a co-pay (we get our medications free on base since I retired). Looking at these costs people are paying for medical care and prescriptions, I'm glad we took the path we did. Could be a potential firebreak keeping service members from financial ruin later on. And it is never too late to file a claim. Also, an easy way to up your savings is to simply deposit your raises in whatever plan you have. You were living fine on your income before the raise, so you won't miss it, but it will be nice later. If you get flight pay, save it, as others aren't getting it and manage to survive. Finally, some expensive medications have coupons available in the hospital, and maybe some other providers for the first month's worth. Eliquis is one (I needed it right away for her and couldn't wait for the base pharmacy to be open). I think that coupon saved me $600-$800! Hope these help someone. What is service connected? My dad did a few years in army/reserves and my FIL did 20+ in AF/reserves/civil service, but neither mentioned anything like that. Tricare really saves my in-laws during all their years of heart surgery, kidney cancer/dialysis and other issues. If they have some kind of service related injury they can claim. Tinnitus and hearing damage are common. They don't count for much, but all it takes it a little bit and you are in the door just like everyone else with more serious injuries. If they were Active Duty AF, they should have been evaluated for a claim. Being in that long, something got damaged. The Disabled American Vets (DAV), VFW, American Legion and others can help them submit a claim. Being in the Reserves is a little different, as you have to prove they received the injury while they were on orders. Someone with better knowledge please chime in... Important point to get the VA to pay for a service like an ER visit to a non-VA facility, you have 72 hours to call and report your situation. The number to call is 844-724-7842. They should give you a case number for tracking/verification purposes. They’re both passed so it’s a non-issue. I was just curious since I hadn’t heard the term. |
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ME, USA
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Posted: 3/29/2024 8:11:09 PM EDT
[#43]
I have a co-worker who is planning on retiring next year. I really believe his retirement is based purely on the fact that he'll reach his full retirement age.
I don't see how he could remotely retire based on what he has told me. He basically has zero savings and while he brags about how much his house value has increased over the years, he has been refinancing and taking cash out right up until two years ago. Up until a couple of months ago he was talking about selling his house in retirement and buying something closer to the water (more $$$). He just recently decided not to do that. He said he'll get about $3k/month from SS, but considering he has a 28 years left on his mortgage, I don't see much money leftover for much else. Just last week he told me he bought a $50k "shed" to start renting through Airbnb as he needed some additional income in retirement. I have a hard time believing he will break even considering it's a 10x20 room with a compost toilet. I know it's none of my business, but I feel he needs to consider working past his full retirement age. |
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ND, USA
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Posted: 3/29/2024 9:53:13 PM EDT
[#44]
Well, I retired at 59. I have a sweet government pension with lifetime medical insurance. Now getting my early S.S. In addition to renting out some land to a neighbor farmer. My farm is paid off, have a bit of money coming in from my 403b too, had to take distribution because of my age. I’m thinking of getting a part time job just to get out of the house. They are begging for workers out here in BFE.
No debts, single, divorced. Wife even took half and I’m still living like a king of my domain. Lots of cool guns, trucks and cars to play around with. Travel when I feel like it. Still fairly healthy. I appreciate every day of retirement and the luck of waking up every day. I started thinking about retirement at age 22 and had the goal of being debt free ASAP and stopping having to be a god damn wage slave as early as possible. The key is to have a Plan early in life. Mine worked. 
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Posted: 3/29/2024 10:29:01 PM EDT
[Last Edit: ColtRifle]
[#45]
Quote HistoryOriginally Posted By bondryan: I disagree on a few points that have been made. First, I wouldn’t save my self miserable. If you are saving comfortably and have a toy or a trip or something like that do it and enjoy it while you are young enough and able enough to enjoy it. No sense in waking up one day and realizing that you are too old to enjoy a hobby or a motorcycle anymore and dying with every dime you have ever made. Second, the I only pay cash crowd is wrong in a few aspects. If you have the cash and you can get something for 0% you always take the 0%. Leave the cash somewhere making you money. Same with property. If you can pay the mortgage with income from the property it’s worth having the property. It’s a pain in the ass but if someone else is going to buy it for you it’s a good investment. I could be wrong but I don't think anyone has advocated to "save myself miserable". I personally believe we all need to find the fine line between saving and investing for retirement while still enjoying the fruits of our work (meaning spend the money we make doing things we enjoy). In my case, I am building my retirement while at the same time, my wife and I are making trips to places we would like to go to. We only pay cash for our trips though. I don't disagree with the getting a loan for 0%. We purchased my wife's vehicle new for 0% Toyota financing. Now we were careful not to overpay or to purchase all the stupid crap they try to sell you in finance but that vehicle was a very good purchase. We didn't pay it off early. We could have but we didn't. However, aside from some deals on vehicles and some equipment, it's rare to get 0% financing. I'm all for taking advantage of it but it's rare. And, you aren't going to get 0% on something like a house. I can't speak for every single situation but as a general rule, MOST people would be better off to start retirement with a paid for house. If you are talking about property like rental properties, I agree mostly but....there is risk. Not saying it's bad but it can be risky. For example, if you own one rental and you get a bad tenant, depending on your state's laws it could be 1-3 months (or more) before you get that tenant out. Then, you'll have damage and cleaning to do before you can rent it again and restart the income. Easily 6 months without income. But the mortgage payments don’t stop. If you have more income properties, their income can cover expenses till the eviction property starts making money again. Some states are very easy to evict a bad tenant and some are very hard to evict anyone. It really depends on how risk adverse you (or I) am. I think you make some good points for anyone to consider. There is no one right answer for everyone as all our situations are different. There is one wrong answer for all of us though....failing to plan. |
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IN, USA
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Posted: 3/30/2024 5:00:04 PM EDT
[#46]
Quote HistoryOriginally Posted By bgenlvtex: There are still pensions out there, for instance UPS(that everybody hates, and is too much work for most fats) offers a pension,401k and stock. Yes they do and it’s a pretty darn good pension, but I thanked the lord everyday for the awesome insurance my family had for 41 years |
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Posted: 3/31/2024 9:12:34 AM EDT
[#47]
Watched this video and it has some good points to consider.
If it’s too long, skip to 16:00. He makes important points about reducing expenses in retirement. Remember, if you make $100 you’ll still have to pay somewhere around 25% (ballpark) in taxes but if you SAVE $100 in expenses, that’s a true $100 extra in your pocket to either keep invested or spend on something you enjoy.  Can I Retire at 62 with $150,000 Saved For Retirement || Married & Single Scenarios |
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Posted: 3/31/2024 12:08:24 PM EDT
[#48]
Quote HistoryOriginally Posted By ColtRifle: Watched this video and it has some good points to consider. If it’s too long, skip to 16:00. He makes important points about reducing expenses in retirement. Remember, if you make $100 you’ll still have to pay somewhere around 25% (ballpark) in taxes but if you SAVE $100 in expenses, that’s a true $100 extra in your pocket to either keep invested or spend on something you enjoy.  https://www.youtube.com/watch?v=ZRYiGa03gOYI wonder how realistic $50k in avg. retirement expenses is. I want to say my mom said her budget for her and my dad before he passed was around $4500/mo. |
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Posted: 3/31/2024 1:24:45 PM EDT
[#49]
Quote HistoryOriginally Posted By D_J: I wonder how realistic $50k in avg. retirement expenses is. I want to say my mom said her budget for her and my dad before he passed was around $4500/mo. Quote HistoryOriginally Posted By D_J: Originally Posted By ColtRifle: Watched this video and it has some good points to consider. If it’s too long, skip to 16:00. He makes important points about reducing expenses in retirement. Remember, if you make $100 you’ll still have to pay somewhere around 25% (ballpark) in taxes but if you SAVE $100 in expenses, that’s a true $100 extra in your pocket to either keep invested or spend on something you enjoy. https://www.youtube.com/watch?v=ZRYiGa03gOYI wonder how realistic $50k in avg. retirement expenses is. I want to say my mom said her budget for her and my dad before he passed was around $4500/mo. Debt load and taxes [including property for sure] determine a huge amount of retirement expenses. Keep both low as possible and the rest of your expenses tend to be easily met unless you are irresponsible. |
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Posted: 3/31/2024 3:00:57 PM EDT
[#50]
Quote HistoryOriginally Posted By fxntime: Debt load and taxes [including property for sure] determine a huge amount of retirement expenses. Keep both low as possible and the rest of your expenses tend to be easily met unless you are irresponsible. Pretty much this. Some easy assumptions- 1. If your responsible at all, you'll likely have your house paid off by the time you retire. Unless you played the "house atm" game, or moved a bunch, "upsized" etc. 2. Your medical expenses will be a lot higher when your older. Everything breaks down, including our bodies. Find some hobbies that also save some money or bring in some side cash. Or continue to work on the side. We should be past the wage slave 9 to 5 only and I have to/"owed" a retirement at X age mentality by now, at least if we want to get ahead. It's not unAmerican to want to work at least part time in retirement. |
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