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As a boomer retired engineer I have a decent pension from an aerospace company. My wife has a school teacher's pension. We also got in on the ground floor of 401K including employer matching contributions. We will leave our 401K to our kids. We only draw out is the minimum required to meet the IRS minimal draw down and that is about the interest.
Social Security would only be beer money if we were beer drinkers. Most of the fellow boomers that we know are similar. |
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Went through this when i burried my dad two years ago. Had made millions in his lifetime.
He died with around 6k in his bank, no burial arrangements, a brand new 30 year mortgage on a house over $500K that he had something like 10k down on, a brand new loan on a car over $55k, no end of life arrangements, and 6 ex wives fighting over his 6k in the bank. I could go on, but i love my Dad, so i wont. |
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Quoted: Who cares. They got to live life. Most people past 60 spend the bulk of their savings, if any, on healthcare. They can’t do shit, can’t walk, can’t breath, and on ten different meds. People that work their entire life in hopes of enjoying it at the end are the real fools. View Quote If only there was a way to strike a balance. As a 401k plan sponsor, I'm familiar with more than a few happily retired millionaires. Not everyone goes to shit the day they turn 60. |
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A lot of people on this thread absolutely refuse to talk about how divorce skews retirement and I hope they never find out the hard way on what can happen to all your well laid plans when, sometime in your 50's, your spouse decides to see if the grass is really greener on the other side of the fence and all your plans go POOF overnight. The people I know who have done very well in retirement were all hard workers, saved, invested but just as importantly, never divorced, and both retirements and SS are all pooled into living almost as cheaply as a single person can with their partial [from divorce] retirement and their one SS payment. Many actually increase their retirement funds over time after retirement because of 2 retirement and SS incomes.
No fault easy divorce really does come back to haunt many people later in life, especially if retirement assets have to be tapped to pay for it. |
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Quoted: Certainly gives an interesting perspective on all those Arfcom threads with guys claiming they'll have $5 million - $10 million at retirement. Either Arfcommers are WAY above average financially or are WAY more full of shit than average. I know where my vote goes. View Quote I can't qualify any individual online boast but there's more of them out there in real life than you'd think. |
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Quoted: 1/2 of the population is dumber than the rest so these types of reports are usually nonsense. Also, these stats are generally garbage because they come from firms measuring the size of 401k and ages but fail to realize people have multiple 401ks, accounts, etc. https://www.cnbc.com/select/average-net-worth-by-age/ https://dqydj.com/net-worth-by-age-calculator-united-states/ I’m in the high 80 percentile with a realistic plan to be in the 90s percentile in 5 years. The worst decision a man can make is getting married. You risk your life’s work to someone who benefits from breaking the contract. View Quote Divorce can be ridiculously expensive. Even my cheap one set me back. Child support which is more like alimony with a different name set me back even further. I have no problem providing for my kids. I have a huge problem when the State determines how much it costs my ex with zero proof of actual cost. |
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Quoted: Went through this when i burried my dad two years ago. Had made millions in his lifetime. He died with around 6k in his bank, no burial arrangements, a brand new 30 year mortgage on a house over $500K that he had something like 10k down on, a brand new loan on a car over $55k, no end of life arrangements, and 6 ex wives fighting over his 6k in the bank. I could go on, but i love my Dad, so i wont. View Quote So a ton of debt risked by others? Your Dad was smart. Other people's $$ is a good way to have it, yet not worry about who will take it. The hustlers of $$ still did work to get there, the lazy kids of today have their hands out waiting for the govt freebies. |
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That makes me more confident in getting a class A motor home for cheap in 5-7 years.
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Quoted: Certainly gives an interesting perspective on all those Arfcom threads with guys claiming they'll have $5 million - $10 million at retirement. Either Arfcommers are WAY above average financially or are WAY more full of shit than average. I know where my vote goes. View Quote GD is honestly the best when it comes to this kind of thinking. You've got a bunch of guys excoriating boomers for not having enough retirement funds while simultaneously declaring you should have bought enough ammo to last the rest of your life in the past decade, all while you were shooting 15k rounds a year to become elite operator proficient. (The only thing better was a guy in a recent thread telling us about how "he didn't waste money on taking the family out to dinner" so he could buy ammo, and then talking about his ex-wife in the next paragraph. Yep, that's what we call a clue.) |
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Some of it is because of fucking thieves.
I worked for a start-up(ish) company. A lot of the compensation was in the form of stock options. As mine vested, I bought them. Most didn't they just sat on the options. Along came a bunch of fucking thieves that bought the company. They decided to be generous, and pay out on the options (including non-exercised options) at the price at which they were awarded. So those that did nothing with their options walked away with several hundred, to several thousand dollars. Those that had purchased, got their money back Properly valued and purchased at the real value I (and a few others) would have had a nice nest-egg. I thought this had to be illegal ... but apparently it was not. |
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Quoted: A lot of people on this thread absolutely refuse to talk about how divorce skews retirement and I hope they never find out the hard way on what can happen to all your well laid plans when, sometime in your 50's, your spouse decides to see if the grass is really greener on the other side of the fence and all your plans go POOF overnight. The people I know who have done very well in retirement were all hard workers, saved, invested but just as importantly, never divorced, and both retirements and SS are all pooled into living almost as cheaply as a single person can with their partial [from divorce] retirement and their one SS payment. Many actually increase their retirement funds over time after retirement because of 2 retirement and SS incomes. No fault easy divorce really does come back to haunt many people later in life, especially if retirement assets have to be tapped to pay for it. View Quote Yep. The biggest risk a man can make is getting married. Some will chime in and say their marriage is great and that they as a couple did all the right things, but it’s a biased sample and not the majority. The men who lost everything are now eking out an existence living in the ghetto with no money and not partaking in arfcom NVG debates. Stay fit. Take vitamins. Mind your money. Have relationships, but don’t marry. |
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Quoted: As a boomer retired engineer I have a decent pension from an aerospace company. My wife has a school teacher's pension. We also got in on the ground floor of 401K including employer matching contributions. We will leave our 401K to our kids. We only draw out is the minimum required to meet the IRS minimal draw down and that is about the interest. Social Security would only be beer money if we were beer drinkers. Most of the fellow boomers that we know are similar. View Quote @PCB66 Hasn’t the Secure Act fucked 401k inheritance? Like the beneficiaries have to spend within 10 years? |
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and when the housing corrects for not only the end of the bubble manipulation but the new normal?
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Yeah, system sucks cock, criminals steal every bit they can, social sec. is BS, and your hard earned tax dollars go to scumbag agendas.
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Quoted: @PCB66 Hasn’t the Secure Act fucked 401k inheritance? Like the beneficiaries have to spend within 10 years? View Quote View All Quotes View All Quotes Quoted: Quoted: As a boomer retired engineer I have a decent pension from an aerospace company. My wife has a school teacher's pension. We also got in on the ground floor of 401K including employer matching contributions. We will leave our 401K to our kids. We only draw out is the minimum required to meet the IRS minimal draw down and that is about the interest. Social Security would only be beer money if we were beer drinkers. Most of the fellow boomers that we know are similar. @PCB66 Hasn’t the Secure Act fucked 401k inheritance? Like the beneficiaries have to spend within 10 years? Screwed yes but you can always double or triple max out your own earnings into roths, 401k, and anything else you can legally do while tapping into an inherited 401K. |
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Quoted: Even the boomers with 401k's are not out of the water yet. What's going to happen to 401k values as waves of boomers retire and it is time for the required minimum distributions, but younger generations aren't buying in enough to offset? Oh, this is also taking place during a period where the stock market is at all time record high valuations. Yeah, the Fed is probably going to keep propping the market up, probably even buying more equities, but at what cost? View Quote View All Quotes View All Quotes Quoted: Quoted: Exactly, a lot of people became too scared to get back into the market. And they missed the recovery in their 401k's. Yeah, the Fed is probably going to keep propping the market up, probably even buying more equities, but at what cost? Required Minimum Distribution is levied on the retiree and his savings for retirement, wealth growth, or whatever. The latest Gens could disappear without affecting that filthy tax grab. Do you understand means testing for Medicaid? You should. |
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Young boomer here. Will retire in 18 months with a nice pension and a 401 way fatter than the mentioned 100k. I still would like all the young pups to keep working and paying into social security just like I did so two years after that I have it real good, not just good. It’s the American way....
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Quoted: Inflating the currency, doing their very best to try to tax people into poverty, destroying the economy through regulations, H1B visas, whatever hand they had in the collapse of manufacturing in this nation. I’m sure I’m missing some. Some people do better than others. I’ve been fortunate, but to think the government does not fuck people is foolish. 2 years of my fed, state, and local taxes would just about pay off my mortgage. If that isn’t confiscatory then I don’t know what would be. View Quote None of that has jack shit to do with disciplining one's self to save even a couple of dollars to put in their company's available 401k or get a Roth. The fact that the majority of boomers have such poor retirement savings point to never even having started their retirement savings, not that they were taxed to death or H1Bs took their jerbs. Boomers invented the culture of conspicuous consumption, and the majority of them (not all) smoked it to the filters. |
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Quoted: 16 year old truck, over 20 years since last vacation, same 16' Jon boat since the '90s, McDs is a big night out. But 0 debt, and way more than average savings and investments. Choices. View Quote I'm all about planning for retirement but no vacations in 20 years? Damn I believe there's a little better balance than that. |
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Quoted: Most of my fellow Boomers that I know hardly use a cell phone. They may have one but they only use it to talk to the kids and grandkids and for emergencies. They don't use for all the highfalutin stuff that the youngins use it for. View Quote View All Quotes View All Quotes Quoted: Quoted: I bet they have a $1500 smartphone and $150 cellular plan though. Edit. I'm obviously joking, they spent their money on beanie babies and longaberger baskets. Most of my fellow Boomers that I know hardly use a cell phone. They may have one but they only use it to talk to the kids and grandkids and for emergencies. They don't use for all the highfalutin stuff that the youngins use it for. You must be new around here? |
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I’m a millennial, have 4x that in retirement. And I still feel poor
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Quoted: Some of it is because of fucking thieves. I worked for a start-up(ish) company. A lot of the compensation was in the form of stock options. As mine vested, I bought them. Most didn't they just sat on the options. Along came a bunch of fucking thieves that bought the company. They decided to be generous, and pay out on the options (including non-exercised options) at the price at which they were awarded. So those that did nothing with their options walked away with several hundred, to several thousand dollars. Those that had purchased, got their money back Properly valued and purchased at the real value I (and a few others) would have had a nice nest-egg. I thought this had to be illegal ... but apparently it was not. View Quote Interesting and informative. I’d be super mad and also pissed that I accepted a form of compensation that meant my hard work to grow a company would negatively affect my compensation as the harder I work the more the stock goes up and then I have to purchase less stock because I worked so hard to make it go up. |
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Quoted: Even the boomers with 401k's are not out of the water yet. What's going to happen to 401k values as waves of boomers retire and it is time for the required minimum distributions, but younger generations aren't buying in enough to offset? Oh, this is also taking place during a period where the stock market is at all time record high valuations. Yeah, the Fed is probably going to keep propping the market up, probably even buying more equities, but at what cost? View Quote View All Quotes View All Quotes Quoted: Quoted: Exactly, a lot of people became too scared to get back into the market. And they missed the recovery in their 401k's. Yeah, the Fed is probably going to keep propping the market up, probably even buying more equities, but at what cost? Excellent points C.I. My .02 is the cheap money, J.Cramer's "homegamers", the RobinHoodies on the govt. dole that don't sell in downtrends. Will keep the mkt up with the Fed's q.e. For the short term they've been risk on in this era of overpriced stocks. Eventually they will be wiped out when we have the first 10-20% "correction" most likely? It could happen and normally does as the market does correct itself. The ones that were smart enough to have set back a good chunk of their "easy $" will come back looking for more. They're more market savvy and in this day and age of information overload have more access to free information thru discount brokers like TDA, Fidelity etc.. than ever before. Wallstreetbets, redit, youtube, etc... The boomers are probably going to go into reverse mortgage scams or whatever they can to maintain their current "lifestyle" expenses I guess? Another thing to take into consideration is Bitcoin, some large corporations are now holding their cash reserves in BTC instead of the USD. I know very little about BTC so can't speak to that. Some think its a great store of value that overshadows gold these days... |
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My money is on the boomers voting themselves into prosperity for retirement, they'll get plenty of help from the dumb ass millennials that they've produced.
UBI is coming, it's the only way this scam keeps working. |
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Quoted: So a ton of debt risked by others? Your Dad was smart. Other people's $$ is a good way to have it, yet not worry about who will take it. The hustlers of $$ still did work to get there, the lazy kids of today have their hands out waiting for the govt freebies. View Quote View All Quotes View All Quotes Quoted: Quoted: Went through this when i burried my dad two years ago. Had made millions in his lifetime. He died with around 6k in his bank, no burial arrangements, a brand new 30 year mortgage on a house over $500K that he had something like 10k down on, a brand new loan on a car over $55k, no end of life arrangements, and 6 ex wives fighting over his 6k in the bank. I could go on, but i love my Dad, so i wont. So a ton of debt risked by others? Your Dad was smart. Other people's $$ is a good way to have it, yet not worry about who will take it. The hustlers of $$ still did work to get there, the lazy kids of today have their hands out waiting for the govt freebies. Yea, i mean, fuck kit. Stick your kids with your funeral costs, and place the burden on them to make end of life decisions for you because your too afraid to accept your own mortality. |
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Quoted: Went through this when i burried my dad two years ago. Had made millions in his lifetime. He died with around 6k in his bank, no burial arrangements, a brand new 30 year mortgage on a house over $500K that he had something like 10k down on, a brand new loan on a car over $55k, no end of life arrangements, and 6 ex wives fighting over his 6k in the bank. I could go on, but i love my Dad, so i wont. View Quote Your pops sounds pretty cool. |
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A lot of us in our 50s lost a ton of retirement in the crash of 2007-2008.
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Quoted: Interesting and informative. I’d be super mad and also pissed that I accepted a form of compensation that meant my hard work to grow a company would negatively affect my compensation as the harder I work the more the stock goes up and then I have to purchase less stock because I worked so hard to make it go up. View Quote View All Quotes View All Quotes Quoted: Quoted: Some of it is because of fucking thieves. I worked for a start-up(ish) company. A lot of the compensation was in the form of stock options. As mine vested, I bought them. Most didn't they just sat on the options. Along came a bunch of fucking thieves that bought the company. They decided to be generous, and pay out on the options (including non-exercised options) at the price at which they were awarded. So those that did nothing with their options walked away with several hundred, to several thousand dollars. Those that had purchased, got their money back Properly valued and purchased at the real value I (and a few others) would have had a nice nest-egg. I thought this had to be illegal ... but apparently it was not. Interesting and informative. I’d be super mad and also pissed that I accepted a form of compensation that meant my hard work to grow a company would negatively affect my compensation as the harder I work the more the stock goes up and then I have to purchase less stock because I worked so hard to make it go up. You got it. Normally, in an acquisition the acquired company stock just gets converted to the acquiring company stock at a price based upon the acquisition price. In this case the acquiring company is a sort of VC company that wanted 100% ownership, so a condition of the sale was that all outstanding stock and options had to be transferred to them. Only after signing the paperwork did we find out how they were going to calculate the compensation. Almost all of my bonuses came as options, and I was quite happy with that. It had worked well for me previously. |
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Quoted: Your pops sounds pretty cool. View Quote He was a great dad. But my savings took a huge hit to make sure he got buried in the way he requested on his death bed. Im not trying to complain. Just trying to point out that boomers are indeed sticking their children with the burden of dealing with their failure to plan for end of life. Most boomers i know are terrified of death. They refuse to even think about their own mortality, let alone plan for it. My Dad was like that. He had a great run though. Wish he was still here. |
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Quoted: Yea, i mean, fuck kit. Stick your kids with your funeral costs, and place the burden on them to make end of life decisions for you because your too afraid to accept your own mortality. View Quote Bet ya he was happy and had no worries in life. Not what you see in the mirror? When I get old and barely alive, I do want to be the best burden on others that I can. Eff 'em. Having to care too much makes for a miserable life. That full BS of "life liberty and pursuit to be happy", all a f'n lie man. Just some shade purple coolaid for the sheeple to behave. |
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Quoted: Imagine screwing up a 40 year run that saw the Dow Jones go from 800 to 30,000. View Quote They assumed their good returns were merit, measured against an invariant background they could pick up at any point. An eternal carcinisation-free utopia assumed into existence and thrown away just as casually. Crazy to think about when one writes it that way, it makes the SJWs look rational, but much of a generation legitimately believed it. It's a parable for my generation to tell our grandkids. |
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Quoted: Bet ya he was happy and had no worries in life. Not what you see in the mirror? When I get old and barely alive, I do want to be the best burden on others that I can. Eff 'em. Having to care too much makes for a miserable life. That full BS of "life liberty and pursuit to be happy", all a f'n lie man. Just some shade purple coolaid for the sheeple to behave. View Quote Your right, you got him all figured out. I hope your not alone when your time comes. |
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Quoted: A lot of us in our 50s lost a ton of retirement in the crash of 2007-2008. View Quote That doesn't compute. Anyone in their 50's now would have made back every penny and much, much more unless they foolishly locked in their losses by selling, no one or nothing to blame but themselves after doing the one thing that would have guaranteed them to lose money. |
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My mid 60’s in-laws just refinanced their mortgage to take advantage of today’s rates. Wouldn’t shut up at the dinner table about how we should too and we should use their guy. Finally had to explain that we’re about 2 years from paying off our note so any interest savings would be negated by fees, appraisals, ect. Could have heard a pin drop at that moment. I cannot imagine being that age and still paying mortgages and car payments.
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My parents were boomers. They are gone now. They never made over 70k/yr combined. They retired with a paid for house and over a million in investments. No huge windfalls or anything for them just consistent investing and wise spending decisions. Anyone who reaches retirement age with little to no assets has no one to blame but themselves.
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Quoted: My mid 60's in-laws just refinanced their mortgage to take advantage of today's rates. Wouldn't shut up at the dinner table about how we should too and we should use their guy. Finally had to explain that we're about 2 years from paying off our note so any interest savings would be negated by fees, appraisals, ect. Could have heard a pin drop at that moment. I cannot imagine being that age and still paying mortgages and car payments. View Quote Hard to imagine having a mortgage in my mid-60s, let alone owing so much that I'd be super excited about a refi. Ouch. |
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Quoted: Yea, i mean, fuck kit. Stick your kids with your funeral costs, and place the burden on them to make end of life decisions for you because your too afraid to accept your own mortality. View Quote Meh. I'm going to leave my kids some cash. Funerals are for the living, not the dead. My kids can donate my carcass to the local teaching hospital, or throw it in a pine box or furnace. If they have to take a few hundred of what I'm giving them to do that, then so be it. |
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Quoted: Meh. I'm going to leave my kids some cash. Funerals are for the living, not the dead. My kids can donate my carcass to the local teaching hospital, or throw it in a pine box or furnace. If they have to take a few hundred of what I'm giving them to do that, then so be it. View Quote So your covering the costs for your own disposal, and making end of life decisions so they dont have to. Good. Thats kind of the point. I dont care how you want to be disposed of. But if you leave disposal costs, and end of life decisions to your children, your an asshole. |
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Quoted: You got it. Normally, in an acquisition the acquired company stock just gets converted to the acquiring company stock at a price based upon the acquisition price. In this case the acquiring company is a sort of VC company that wanted 100% ownership, so a condition of the sale was that all outstanding stock and options had to be transferred to them. Only after signing the paperwork did we find out how they were going to calculate the compensation. Almost all of my bonuses came as options, and I was quite happy with that. It had worked well for me previously. View Quote View All Quotes View All Quotes Quoted: Quoted: Quoted: Some of it is because of fucking thieves. I worked for a start-up(ish) company. A lot of the compensation was in the form of stock options. As mine vested, I bought them. Most didn't they just sat on the options. Along came a bunch of fucking thieves that bought the company. They decided to be generous, and pay out on the options (including non-exercised options) at the price at which they were awarded. So those that did nothing with their options walked away with several hundred, to several thousand dollars. Those that had purchased, got their money back Properly valued and purchased at the real value I (and a few others) would have had a nice nest-egg. I thought this had to be illegal ... but apparently it was not. Interesting and informative. I’d be super mad and also pissed that I accepted a form of compensation that meant my hard work to grow a company would negatively affect my compensation as the harder I work the more the stock goes up and then I have to purchase less stock because I worked so hard to make it go up. You got it. Normally, in an acquisition the acquired company stock just gets converted to the acquiring company stock at a price based upon the acquisition price. In this case the acquiring company is a sort of VC company that wanted 100% ownership, so a condition of the sale was that all outstanding stock and options had to be transferred to them. Only after signing the paperwork did we find out how they were going to calculate the compensation. Almost all of my bonuses came as options, and I was quite happy with that. It had worked well for me previously. I get awarded stock grants and any change in control results in all stock vesting. |
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Im 46 with a $3mill net worth. Strangely, I dont feel its enough.
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Quoted: After 40 years of stamping out the same widget on the same machine. They were everything they were ever going to be by age 35. After that, life was a routine to be tolerated. They live to go out for that Friday Night Fish Fry and 2 old fashioneds each once or maybe twice a month, with a $2 tip built in. View Quote And I miss some fucking fish fry! |
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