This Is What Life Without Retirement Savings Looks Like - Page 2
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  1. #16
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    Retirement is a tricky thing-it can creep up on you when you're least expecting it.

    A lot of us have kids and want to help the kids with college. And when the kids are younger, the kids are in lots of sports. It eats up a lot of cash. I agree that prices continue to rise and basics like, water, electric, etc. are always rising. It's tough to think about retirement with so much going on. Now that the kids are older, we then start thinking about it and how we didn't do better when we were younger. That's where DH and I stand. Job losses, taking low income jobs due to flexibility (kids didn't need a babysitter if hours were flexible) and so much goes into it. It was never that we were frivolous or even cared about material things. We just didn't believe in 401k as they're tied to stock market. I still don't. That's why we put some $ in annuities or IRA with desirable minimum interest rates.

    I'm conservative by nature and try to see what types of things can generate income for retirement. There is no right or best answer.

    I also have conflict in the sense that I want to enjoy things with the kids. Take a trip with them as they may not want to do that at some point. And I'm losing time with them as I age. So, any money spent on a trip (big or small) is worth it to me, rather than putting it into stocks or something. I'm not getting younger or healthier and want to be with the family. Once a year is ok and I don't mind spending that for a memorable time.

  2. #17
    Registered User NikoSan999's Avatar
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    Quote Originally Posted by Spirit Deer View Post

    I think people are spending beyond their means again. That means we're going to see a repeat of the last crash, and it might be even worse this time. I saw a stat lately about the average credit card debt in this country per capita. I forget what it was, but I recall I was shocked how high it was. That's never a good sign. Payday lenders are being deregulated too, another way people get into financial trouble. Lots of signs make me nervous these days.

    We're heading into retirement starting next week. We think we'll be okay financially, but it's still scary.
    For the most part I agree with this. However what we're seeing here in Florida is even though Northerners are here and I don't know if the amount is average, up or down is that they aren't spending like normal. Not only that but they aren't recycling. Maybe that means not as many really are here for the winter. I don't think there's as many Canadians. Someone said that's because the exchange rate sucks right now. But thats HERE. Not necessarily everywhere.

    But I DO think in general that people ARE spending again and yes probably on credit. Stores, malls etc. Our mall has died out. But it's not a young peoples mall and I believe online is taking over sales.

    Let's face it. The recession or depression whatever you want to call it was in 2008. It's 2019. 11 years ago. Rule of 7 says it's past due or due again. Regardless it's going to happen again at some point.

    You said you start retirement next week. Me, I'm seriously considering signing up a little early for SS. I'll be 66 Aug 30th. I wanted to wait until then but with his health and barely any business I don't see a choice. We have a buyer for the business but after all said and done it's not going to be enough to "see us through". I wanted to wait and stock up on expensive stuff... HBA, groceries etc. Bigger ticket items so they at least wouldn't have to be bought for awhile. That would help for awhile. New to us vehicle, tires for his and have all that out of the way. But as it stands I get a paycheck and have to put it right back in the business to pay customers and bills are running behind.

    Yeah I'm scared again. And I'm not good with change.
    Bank of America is THE godfather of Hell with Wells Fargo running neck and neck. When the world ends the only things that will be left are cockroaches, Walmart, Wells Fargo and Bank of America. Not necessarily in that order. The order remains to be seen.

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  3. #18
    Registered User Spirit Deer's Avatar
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    Will you need 2 cars if you don't have the business anymore?

    I think you are in the age group that can still get full SS benefits at 65, but I don't recall for sure.

    Husby is technically on vacation now. He goes back for 1 day on May 1. It hasn't sunk in yet that he's done.

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  5. #19
    Registered User NikoSan999's Avatar
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    Quote Originally Posted by Spirit Deer View Post
    Will you need 2 cars if you don't have the business anymore?

    I think you are in the age group that can still get full SS benefits at 65, but I don't recall for sure.
    My age group is 66 for full.
    As far as 2 vehicles his is old and eh... kinda reliable... least for now. It's starting to need repairs. It's one thing he refuses to give up. I'm not sure about going down to anyway for many reasons one of which is health.

    With being off almost all of this week since him being in the ER I can see where I'd want or need a semi part time job that's not physical... ( good luck with that one ) cause I will go stark raving mad. We've been off a week several times before because of health or Christmas etc... but this time is hitting home knowing that it's getting close to being a have to.
    Bank of America is THE godfather of Hell with Wells Fargo running neck and neck. When the world ends the only things that will be left are cockroaches, Walmart, Wells Fargo and Bank of America. Not necessarily in that order. The order remains to be seen.

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  6. #20
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    https://www.newstatesman.com/politic...-dangers-ahead

    I have read multiple times that credit card debt has risen to pre-recession levels. That combined with the millenials student loan debt makes for a very scary possible future impact on the economy.

    So many people are unprepared for retirement. I am many years away but I know I'm nowhere near where I need to be. I am ahead of the "average" person my age, but that's not saying much. I also want to add insurance in case either of us dies. We have some through hubby's work, but it's not enough.

    So many considerations.
    2018/2019 Pay Off the Windows Challenge: $26,286.34/$31,057.34 (Goal: Pay Off By 12/31/2019)

  7. #21
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    Quote Originally Posted by MsMarieH View Post
    https://www.newstatesman.com/politic...-dangers-ahead

    I have read multiple times that credit card debt has risen to pre-recession levels. That combined with the millenials student loan debt makes for a very scary possible future impact on the economy.
    I have read the same thing multiple times in the last little bit. Also reading another housing bubble getting close to bursting in near future. Hence.... another recession. Supposedly the gurus of financial predictions that predicted 2008 are the same ones that are saying that this one is not far off. Not like next month or even this year but very very possible by end of 2020 or thereabouts.

    After everything we went thru with 2008 and beyond I'm proceeding very very cautiously. I'll continue to stockpile and save any money that I can save. The business will be sold soon. I signed up for Social Security last week. It starts toward end of April. He's been on it for 5 years. That's as good as "retirement" is going to get for us.
    Bank of America is THE godfather of Hell with Wells Fargo running neck and neck. When the world ends the only things that will be left are cockroaches, Walmart, Wells Fargo and Bank of America. Not necessarily in that order. The order remains to be seen.

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  8. #22
    Registered User EmilyD's Avatar
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    So glad to see this topic.

    We started this last fall. DH has 3.5 yrs. to go until 66.
    He thought he would never get to quit working. I am
    hoping to prove him wrong.

    We refinanced our last credit account that hasn't
    gone down much for years. It will be paid off in 4 yrs
    unless I make extra payments (planning to).

    We only had one auto and it kept me home all the time.
    We found a pick-up that would give us more hauling options.
    It will be paid off in the same time and /w extra.

    We had to replace the roof last fall (Nov), so that is done.
    I am also planning to replace appliances and stock up on
    a few things. Sheets, towels, etc.

    We have prepaid our cemetery plots and the stuff that
    goes with that. I am a veteran so I can get a monument
    for me and put dh's info on the back ;-)

    Lots more to do, but "poor" people have to do what they
    can do. For most of our marriage, there were no jobs
    with pensions and no extra money. It's only been last
    couple of years that he could do the 401K thing, but they
    have mismanaged before so we are not going to give our
    money to them.

    I started my second family at 30, so haven't had any
    time to amass a savings account. However, we have
    our $1000 baby emergency fund and working to add
    more monthly. We have paid off 2 credit accounts,
    only use debit cards now, etc.

    I have had two knee replacements, two cataracts
    removed, hoping to have all my replacement parts
    done by then as well. ;-)

    Looking forward to this topic as I make further plans.
    EmilyD



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  9. #23
    Registered User forHISglory's Avatar
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    I'm a boomer....70 years old. Some boomers got sensible after their early teens and 20s and started to save and work double jobs and watch the spending. Others did not. Some got stuck in jobs that folded. So I'm seeing among my peers and friends a wide variety of retirements.

    Hubs and I came from families of farmers and factory workers. We both grew up with poor conditions, but also with families who did their best and saved and lived thriftily. We tried to emulate them. We both became teachers, which provides a steady income and moderate living. We decided to live on his salary and bank mine (I was in a private school, so the salary wasn't large). Plus, he worked summer jobs and we both taught night school. Life was good, and I think that was because we just decided to enjoy what we had and not pine after what we did not have.

    We retired early and I was in a tizzy about it. Scared me to death. But Hubs had a teachers pension and he chose the option that when he died, that the pension would continue as is for my lifetime. Of course, that meant a smaller payout each month, but the peace of mind has been worth it. We put our savings into investments and began to take a small money stream from that . So far, the investments continue to grow even with our withdrawals. Our last source of income is social security. Because Hubs was public school teacher, he did not get SS. I get a very small SS.... about $1000 a month. Small, but still I'm grateful for that. We felt it unfair that Hubs had paid into SS with all his summer and night jobs, but was denied any payout. And that situation changed a few years ago. He now gets all of about 100 dollars a month..... and it's eaten up with Medicare!!!! But hey..... it's something!!

    Anyway, we are doing OK. A few health problems, but we try to live a healthy lifestyle. We hope that if and when the big health problems strike that we are ready. We live quite modestly, have no debt, and are able to indulge our love of travel. But that is only possible by saving some of our pension/SS each month to pay for trips.

    I'm glad that our hard work and thrifty habits are paying off, but my heart goes out to those who have not planned, or those with whom life interfered.
    Spiritual:
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