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1 in 4 Americans never plan on retiring

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  • #16
    I do think the retirement messaging needs to be better. We need to encourage people to save whatever they can while also making it clear how much they need to save to replace their work income in retirement. It's a delicate balance because as others have mentioned, some people see the big numbers and decide if they can't do that, they might as well not do anything, but if they only save 2-3%, it's better than nothing but they still won't be able to retire.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

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    • #17
      Originally posted by Gailete View Post
      My ex, my son's father, never saved a penny while we were married towards retirement, although I do know that he spent over $7K on baseball cards. He still collects tacky stuff like bobblehead dolls and at one point was collecting plates. I could see in the window from the driveway before he moved that one of the plates was of Princess Diana. He is one of those that falls into the trap of if they say it is collectible it must be so he collects it. Over the 4th weekend, both my boys were chewed out by their aunts for not paying sufficient attention to their dad and that they were paying for him to have a home care person come in once a day. This man is independent, comes up from FL in the summer, drives around and does his own thing. What he is diagnosed with is from the descriptions I was hearing is the same thing he was doing/no doing when we were married. I don't know if they thought that my boys should be chipping in for this care person, which I have no clue what he needs help with. Yet because he never saved, his sisters over the years have helped him out and I know neither of my sons can help him out. Why is it his sisters and children should be left to pick up the pieces of his life that he never thought about? How much would that $7K, if invested, have been worth if put to grow to from the late 80's to this point in time?

      You are very right Smallsteps, all we hear is that we need a million bucks to retire. Wanting to retire or not, most people do and then find that they have to get a job as a WM greeter to make ends even begin to meet. I have been living on SSD for a long time now. I know how much more we need and I am working towards that goal! And what I find is that so many articles make it sound that when you hit 65, you don't save anymore and start taking your money out of your account right then and there. What is wrong with practicing economy and some frugality and putting off tapping your savings for several years. Which is why it is so important to have bills and mortgages paid off before you retire, and why do some take out mortgages for $300K+ for a new home at that point in their lives?
      Oh yes the collectors Ö I used to work with a lady whom passed up on signing up for retirement (401K) and was so smug towards us that were talking about retirement.
      She told us her husband was collecting hot wheels for their retirement. I know there are some hobbies and collections that MIGHT end up with one or two valuable pieces but I have also seen some items seem super hot at one point in time then fade into not being worth what they were in their heyday. Anyway a fire in their apartment complex wiped out their retirement collection... insurance did not seem to appreciate the "value" they saw in the collection. So many examples of people in my life, I wonder what happened to them as they were clearly chasing some get rich quick plan for life.
      Perhaps your sons can convince him to sell his collections to cover his costs.

      I honestly am super confused as to why MANY people take out big mortgages later in life. in the area I live in (is a HCOLA) some are literally taking out their FIRST mortgage in late 50s- 60s. I am lost as to why people chose the paths they chose.

      A good friend whom is in need to play serious catch up on retirement but works a low pay and seasonal job because she loves it and has zero plan to what will happen when she can not keep up with it. I showed her many alternatives to a year round office type job but she always has an excuse.

      Those chasing a dream such as one lady I worked with spent at least 50 a week on lottery, but did not save for retirement, as she was sure she would win. It has been 12 years. the money of small wins she had were just reinvested hoping for the big one. She is 70 now and still working in a store.

      Even a lady in the neighborhood that worked for a long time but had done nothing for saving. She quit and moved in with her father to help care for him and then in a few years he passed.
      Literally she had no idea that he had nothing and the house was worth about half of what she PLANNED on and then she absolutely had a meltdown when she did not get the whole sale price cause she was oblivious of realtor fees / closing cost things etc. I find MANY today assume their parents have more then they do and hope an inheritance will cover their lack of planning.



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      • #18
        Those who don't save always have an excuse and there is no point talking to them about it. I have managed to put almost $1000 more into my Roth IRA this year than last. The older I get the more I push it. I made a deal with myself that every penny we went over the sales goals each month will go into the retirement fund. The last two months that I have been doing this, I was over that goal by about $200 which with the usual percentage of sales that goes into retirement was a hefty amount for us and could have been used elsewhere. We are not well-to-do by anyone's imagination. To me, savings is like a game and every dollar that goes into the account is like more points to win the game.

        I think the ex either sold those cards or moved them to his moms as they were out of the house before he told me he wanted a divorce. I had done my duty and produced two sons to 'carry on the family name' nonsense and he figured he would get custody of the boys, etc. so I would have to hand over money to him until the boys were out of school. The joke in one way is on him and his family. One son had a miracle baby GIRL this past year and the other has never even been on a date. But they don't try to tell him anything. He had multiple mental health issues and for the most part, he thinks the world revolves around him and what he wants and needs.

        I too worked with a girl that was going up to Niagara Falls to gamble and she would boast about how they comped her room and how much she had won, Other Monday's things were getting slammed in the office and she wouldn't talk about her weekend - obviously she had lost money. She thought nothing of having her car detailed at $50 a pop, took her 7-8-year-old son to Red Lobster once a week because he liked eating there. She was a shopaholic and the last year I worked with her, I noticed she had new jewelry and new summer clothing, etc. And then she filed for bankruptcy. I think she tapped out and filled every card she had for her last round up. On top of her wages, she also got child support, something I didn't get and she would frequently comment on how she didn't know how I did it - living on the same wages as she did. We got car/mileage reimbursements. Anything over the gas I bought went into my car account so if it had to go in the garage, there was money to cover it. She didn't look at it that way. Her car reimbursement was treated as part of her income. She didn't save a penny of it. Right before she went bankrupt, her car needed a repair and rather than fix it, she bought a new car! She was my age and even though it has been 20 years since I worked with her, if I was a betting person, I would bet she is still in the same boat financially, working against herself.
        Gailete
        http://www.MoonwishesSewingandCrafts.com

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        • #19
          Not concerning at all.. I don't plan on retire.. Retiring is for people who don't enjoy what they're doing... what is more concerning is people not bein financially independent.

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          • #20
            Originally posted by Captain Save View Post
            Not concerning at all.. I don't plan on retire.. Retiring is for people who don't enjoy what they're doing... what is more concerning is people not bein financially independent.
            You are lucky that you enjoy your work i think the amount of people who DO NOT enjoy it is probably a large number.
            Perhaps that would be a better selling point not saving some X amount for retirement but instead teaching/ encouraging people to work towards financial independence to face multiple things in life not just retirement.

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            • #21
              Originally posted by Captain Save View Post
              I don't plan on retire.. Retiring is for people who don't enjoy what they're doing.
              1. Many people don't plan on retiring. They are forced to due to illness or disability or elimination of their job. If they haven't adequately prepared for that possibility, then what are they supposed to do?

              2. I love my job, and I can't wait for the day when I can walk away from it for good. Enjoying what you're doing and not wanting to do it until the day I die are completely different concepts.
              Steve

              * Despite the high cost of living, it remains very popular.
              * Why should I pay for my daughter's education when she already knows everything?
              * There are no shortcuts to anywhere worth going.

              Comment


              • #22
                Originally posted by disneysteve View Post

                1. Many people don't plan on retiring. They are forced to due to illness or disability or elimination of their job. If they haven't adequately prepared for that possibility, then what are they supposed to do?

                2. I love my job, and I can't wait for the day when I can walk away from it for good. Enjoying what you're doing and not wanting to do it until the day I die are completely different concepts.

                #1 .. They should be prepared for that.. hence why I said .. "what's more concerning is people not being financially independent" .. or at least not preparing to be.

                #2 .. that's great.. just because I don't want to retire does not mean everyone should do the same. At the same time just because you plan to retire.. doesn't mean everyone should as well. However I think everyone should be in a position to be flexible when that time comes. Another thing that's probably just as common as health problems when you get old.. is that you change your mind .. or circumstances change.

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                • #23
                  Originally posted by Smallsteps View Post

                  You are lucky that you enjoy your work i think the amount of people who DO NOT enjoy it is probably a large number.
                  Perhaps that would be a better selling point not saving some X amount for retirement but instead teaching/ encouraging people to work towards financial independence to face multiple things in life not just retirement.

                  not lucky at all.. .I was in an industry for 12 years. .and I actually enjoyed what I was doing but I did not have any control over my life. I decided to quit and take a major paycut and now my focus is doing something that will bring me income whether I'm actively "working" or not...however it takes some sweat equity on the front end.

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                  • #24
                    >Those chasing a dream such as one lady I worked with spent at least 50 a week on lottery, but did not save for retirement, as she was sure she would win. It has been 12 years. the money of small wins she had were just reinvested hoping for the big one. She is 70 now and still working in a store. <

                    $50/week x 52 weeks x 12 years=$31200!! That doesn't even include interest/dividends. etc. that would have grown that money!
                    Gailete
                    http://www.MoonwishesSewingandCrafts.com

                    Comment


                    • #25
                      I rather see people realistically envisioning not retiring than those who unrealistically say they plan to retire at an early age but not having nearly enough to live on. TD Ameritrade has a commercial where the guy says he doesnít want to retire.

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                      • #26
                        Originally posted by QuarterMillionMan View Post
                        I rather see people realistically envisioning not retiring
                        Those are the ones I worry about the most. Itís lovely to think youíll never retire but itís not at all realistic. If your ďplanĒ is to work until you die, what happens when youíre no longer able to work at 61 or 67 or 58? If you havenít been aggressively saving for retirement youíll be in a lot of trouble.
                        Steve

                        * Despite the high cost of living, it remains very popular.
                        * Why should I pay for my daughter's education when she already knows everything?
                        * There are no shortcuts to anywhere worth going.

                        Comment


                        • #27
                          Hum you've got a good point there ds. I was only looking at the people the people my age (I'm 53). A lot of friends on facebook post their retirement but then they have to go back to work at a lower paying job nonetheless. I would scratch my head thinking why did they retire and give up a higher paying job only to return to the workforce at a lower paying job. They should have kept working.

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                          • #28
                            Originally posted by QuarterMillionMan View Post
                            Hum you've got a good point there ds. I was only looking at the people the people my age (I'm 53). A lot of friends on facebook post their retirement but then they have to go back to work at a lower paying job nonetheless. I would scratch my head thinking why did they retire and give up a higher paying job only to return to the workforce at a lower paying job. They should have kept working.
                            I guess it depends on the whole story. Did they leave a high stress job and take something low key that covers expenses and letís their retirement savings continue to grow? Or did they think they could retire and then realize they couldnít support themselves and get forced back to work?
                            Steve

                            * Despite the high cost of living, it remains very popular.
                            * Why should I pay for my daughter's education when she already knows everything?
                            * There are no shortcuts to anywhere worth going.

                            Comment


                            • #29
                              Both of those scenarios. One person I know constantly posts sayings on her page sort of "anonymously" such as "toxic workplace culture drives good workers out." Another person thought he could retire but found out to have insufficient retirement income and forced to go back to work.

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                              • #30
                                I had congratulated the female on her FB page a few years ago when she announced she would be retiring after 30'ish years of employment saying that was a tremendous accomplishment. When she announced that she would be returning to the work place I thought WTF (lol). If I announce my retirement on FB, I am not planning on returning to the work force.

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