Retirement Plans

[E Zurcher]

You sir, need to get off the kool-aid. I've saved and did all those other things for the past 40 plus years. Now the dollar is quickly becoming worthless, and social security, well they think it's a hand out and instead of taking it away, they'll just make me wait until I'm dead to collect the first check. Sorry, but plan on working at least 25 more years and living in a relatives basement your last few years, just saying.

Wow! You seem to know a lot about me even though we've never met. Goals are goals and I have never not met any goal I have set for myself or my family. Sorry you have such a dim outlook on the future. BTW, I'm halfway there already and when I get there my mortgage will be paid. Cherry cool-aid is my favorite flavor!

 

[Revlis]

I didn't plan retirement, it's just sorta rolling out that way. I'm not complaining, hell I'm getting good at dishes even...

Planning the finances for retirement though, that's harder. Did shift money from some higher risk mutual funds to more steady funds. Did some shuffling around of Legacy 401Ks and Roth. I have NO idea where I'm going to stand come 67, or if I'll still be standing... But I know it's important to have fun with your life while you can, and I'll do what's fun now, spend money now while I'm still young and dumb enough to really enjoy it.

Hell I'll be old and crabby later, but I've met too many 30-40 somethings so hung up on being "adult", being "mature", and planning for a financial future that may never arrive, that they completely forget that life should be fun... Lots of fun. Otherwise, what is the point? Maybe I'm the grasshopper and they are the Ants, but whatever I'm having fun while I can, never know if tomorrow will arrive. When I hit that age, that age where I'm all old and tore up, the last thing I want is some BS "bucketlist" staring back at me mocking me. That I think would be a fail.

 

[rubbersidedown]

I feel a bit sorry for the folk who scrimp and save evey nickle.I mean I sure dont want to be poor when I'm old,but I dont want to be rich and have missed out either. My harley weighs 8-9 hundred pounds,I wanna enjoy that thing now,not wait for the golden years to try and tour on it. We have a convertible now,I want to have my hair blowing in the wind now,not when I'm 70 and dont have any hair left.I guess,find the happy medium,have some fun,but have a plan aswell. Me Mum always used to say"Everything in moderation." If you wanna smoke,go ahead,just dont do 2 packs a day.If you wanna drink,make the bottle last a week,not a night.ETC ETC.
I've lived life exceeding that advice at times,but I sure have had fun. At one point I had 7 insured vehicles at my house...for 2 drivers...thats nuts. So I cut back...to five.LOL. 5 is just right. Busa for me to blast around on. H-D bagger to haul us on longer trips in comfort. Audi turbo convertible for the HouseMouse because she works very hard and deserves a "Just her Toy", the big 1 ton turbo diesel 'cause it makes sense when you own a home(you always need a truck) and will tow a 5th wheel one day,and an old jeep TJ to haul the Rottweillers in so they dont trash the nice vehicles. Makes sense right? LOL.

Moderation,thats the key. Take one or 2 trips a year if you can,just dont let it or anything else become a sickness. Some folks travel all the time,and come home to a huge mortgage on a run down house.That aint right.
I just live life the way I want to. "Keeping up with the Jones's" fug that. I dont care what other people have. We have friends and family that are just a couple like us,no kids in the house. Some of them live in 5000 sq ft homes. Go for it. Not me,too much to clean,too much to heat,too much upkeep. I like my little place 12-1300 sq ft with a 500 sq ft detached shop. I'd rather have another shop than a dining room that sits 16 comfortably. I dont really feel to sorry for folks that lost it all when the bottom fell out. Its called living within yer means. We bought a house that we could afford,even if one of us lost their job. This idea of mortgaging to the hilt is stoopid. Folks figure home owning is a great investment,I disagree.Sure pay 400 G's now and hope it will be worth 8 when you go to sell it,awesome right,you just made 400 G's. WRONG.You prolly broke even or lost.When they were still offered some folks I knew took out a 40 year mortgage.Add up all those payments and all the maintenace and you just paid 800G's for a 400 G house. Mortgages are a great way to save if you cant invest each month for one reason or another. Do the math.

When we whent shopping for a house the bank said we were good to go,they offered half a million. 500K,no thanks. We found our sweet little house that we both loved and could retire in if we wanted(one level rancher,no stairs to break a hip on) for 161,000.oo Lots of dummies would have run out and spent the 500K or even asked the bank for more.We didn't want to live "Mortgage Poor." Sure,great big villa...spend every waking moment in worry and mowing 5 acres ever weekend,no thanks. My yard is 75X150 feet and I fuggin hate looking after that much.

Whatever you choose to do,I would say just live happy.If being a multi-millionaire when yer 70 is what floats yer boat,go for it.

If you like all the toys and travelling do that.

The happy medium is where its at for me.

All the best to all,with your chosen path.

RSD.

 

[dadofthree]

Wow! You seem to know a lot about me even though we've never met. Goals are goals and I have never not met any goal I have set for myself or my family. Sorry you have such a dim outlook on the future. BTW, I'm halfway there already and when I get there my mortgage will be paid. Cherry cool-aid is my favorite flavor!

Lighten up, don't take everything so personal. Yea the outlook is pretty dim and uncertain at this time. I've become a grumpy old man.

 

[frisbee]

Thats my plan at 55 work at only what I want , wife will do whatevr she wants . As for you I say #2 and #2

 

[mr8ball]

My wife just became the executor of an estate of a friend the lived to be 85. He and his wife worked all their lives and lived as though they had nothing. The last few years I knew this man all he would even say is that he had no money to do anything with or even buy food to eat. Come to find out he was worth almost 250K. I want to Live life to the fullest. Travel as much as I can and die broke so no one will be fighting over anything.

 

[dk55belair]

One of the resorts in Robbinsville was up for sale, I am a licensed NC Broker, so shoot me an email and I will try and find out about it and send to you. dk55belair@charter.net

 

[GNBRETT]

like they say a fool and his money are soon parted. lotts fools on this planet.... I have friends that have easily made a million $$$$$ in their lifetime and have virtually nothn to show for it.

at 45 I could retire and earn more retired then working but what the hell am I gonna do for the next 20 years of my life? money doesnt guarentee you happiness but it does give you options and those options are usually quite pleasing....

 

[TallTom]

My wife just became the executor of an estate of a friend the lived to be 85. He and his wife worked all their lives and lived as though they had nothing. The last few years I knew this man all he would even say is that he had no money to do anything with or even buy food to eat. Come to find out he was worth almost 250K. I want to Live life to the fullest. Travel as much as I can and die broke so no one will be fighting over anything.

That is a great plan. However the problem is, you don't know how long you will live and how much your cost to live will be when get old. My dad beat the odds. Died peacefully in his brides arms. But had he needed assisted living, at 6K a month, you need money to pay for a crappy long ending.

 

[TallTom]

None of my plans for retirement include living in this country.

 

[dadofthree]

My wife just became the executor of an estate of a friend the lived to be 85. He and his wife worked all their lives and lived as though they had nothing. The last few years I knew this man all he would even say is that he had no money to do anything with or even buy food to eat. Come to find out he was worth almost 250K. I want to Live life to the fullest. Travel as much as I can and die broke so no one will be fighting over anything.

Lots of folks who lived thru the first great depression not the present one were like that. At times I find myself thinking the same way, then I think about all I've worked on and chuckle a little at myself. When you save for the future sometimes you forget about what you have put back.

 

[dadofthree]

That is a great plan. However the problem is, you don't know how long you will live and how much your cost to live will be when get old. My dad beat the odds. Died peacefully in his brides arms. But had he needed assisted living, at 6K a month, you need money to pay for a crappy long ending.

Someone make note. I totally agree with you.

 

[GNBRETT]

That is a great plan. However the problem is, you don't know how long you will live and how much your cost to live will be when get old. My dad beat the odds. Died peacefully in his brides arms. But had he needed assisted living, at 6K a month, you need money to pay for a crappy long ending.

thats a good point. my father is paronoid that if him or my mother had to go into assisted living it wud eat up their savings which is what they live off via mutual funds.

the cost of comfortable assisted living is just staggering. I dont think its always a crappy long ending but if u cant do it at home then I guess something is seriously wrong with you and that is pretty crappy.

 

[hillbilly]

thats a good point. my father is paronoid that if him or my mother had to go into assisted living it wud eat up their savings which is what they live off via mutual funds.

the cost of comfortable assisted living is just staggering. I dont think its always a crappy long ending but if u cant do it at home then I guess something is seriously wrong with you and that is pretty crappy.

While assisted living is expensive it is much cheaper than the dreaded nursing home. In my area assisted living can be found for 2500 a month compared to a nursing home at over 6000.
You have to get those assets out of your name five years before entering the nursing home. The problem is finding someone you trust. If you enter the nursing home with assets it begins the medicaid spend down. I suggest you check out your states medicaid rules for your father. My state only takes half of the assets if the other spouse continues to live in the family home.

 

[mr8ball]

That is a great plan. However the problem is, you don't know how long you will live and how much your cost to live will be when get old. My dad beat the odds. Died peacefully in his brides arms. But had he needed assisted living, at 6K a month, you need money to pay for a crappy long ending.

I think about this all the time and have for the past few years. My mother in law is under Hospice care at the moment. My wife saw a bill today where they charge 4K a month. My wife's aunt is in a home that is 2800 a month she is 90 now. To be honest I cannot afford either at the moment and feel sure I never will be able to. After seeing a few nursing homes lately, I really pry to God I never end up in one of them. If I try to save for this I would never be able to enjoy my life. With not knowing how long I will live I do want to enjoy life while I can. Only thing I can do is trust in God and believe he will take care of me in the end.

 

[dadofthree]

It's a mess.

 

[TallTom]

Nursing home care is the end of the line and the,y in my opinion, are simply warehousing you til you die. They suck every dime out of the estate if you have not pre-planned for it. Even with a pre-plan, it can still get very expensive to be old and healthy enough to want to live but not healthy enough that you don't need help. And the X generation (those born from the late 40s to the mid 60s), far outnumber the number of elderly that currently need help. In other words, it is really gonna suck for us when we get old.

 

[dadofthree]

Nursing home care is the end of the line and the,y in my opinion, are simply warehousing you til you die. They suck every dime out of the estate if you have not pre-planned for it. Even with a pre-plan, it can still get very expensive to be old and healthy enough to want to live but not healthy enough that you don't need help. And the X generation (those born from the late 40s to the mid 60s), far outnumber the number of elderly that currently need help. In other words, it is really gonna suck for us when we get old.

You are making me really grumpy. It makes me think back to my grandparents that went to sleep one night and didn't wake up. They were happy, mentally there, and living on their own.

 

[TallTom]

I'll off myself before I let myself get into this situation. Bottle of sleeping pills, some booze and go to sleep in a running car in the garage.

 

[Robusa]

Travel the world more often. One of the most underestimated educations out there. Still amazes me how many people have never left the US. Pretty sad.