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Retirement conspiracy?

Discussion in 'Uncategorized Threads' started by al391, May 18, 2008.

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  1. al391

    al391 TS Member

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    Well boys and girls, it seems we have entered the perfect "economic storm" that may prevent the first of the boomers from retiring. In years past economists have warned that that huge mass of boomers born right after WW11 will drain the federal coffers and bankrupt the SS system. Most of my friends approx. my age (62) have put retirement on hold. Suddenly, and I do mean "suddenly" that nest egg I've been accumulating looks like it's going to be short. I know SS wasn't ment to be a persons sole income in our retirement years BUT some of us planed to use that X-tra income to suppliment what we've saved. I think, it all came about as planned.
     
  2. shot410ga

    shot410ga Well-Known Member

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    And who, designed this so called "Retirement conspiracy?" I will be 62 in October and I've been retired since age 55. I never counted on SS, I saved and planned to retire at 55. SS will just be gravy.
     
  3. admiral Art

    admiral Art TS Member

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    shot410ga

    A mighty THIN gravy, at that.

    Between the wife's and my pensions, AND our deferred comp, AND our savings, we should be okay, and we can go to Burger King once a month on our SS checks.

    Of course, some unwed, unemployed mother with 4 or 5 rug rats can live like a queen.

    Too bad Darwin can not be allowed to work. In the REAL world, a female that cannot fend for her young, loses those young to the forces of nature. A female that cannot fend for herself, becomes nutritionally deficient, and her body restricts or turns off her ability to reproduce. A male that cannot (or will not) fend for himself becomes weak, and the stronger males see to it that HE does not get to mate, and pass on those deficient genes.
     
  4. oletymer

    oletymer Member

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    I told my wife that we should retire at 55 when we were married. We saved and invested 20% of our income for 32 years. One other key was we never paid interest on anything except the homes we have lived in for the first 15 years, after that no interest. We have been retired for 14 years now and have no money concerns. You have to plan,save big and don't pay interest if at all possible.
     
  5. jbmi

    jbmi Well-Known Member

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    Wife and I both retired at 57, hers thanks to a company buyout. She'll have to take SS at 62 as part of the buyout, I'll wait till I'm 65. Mine will be frosting on the cake. We were lucky, good pension plans, 40 years of savings/investing as a couple. If you want to retire early, you really need to save, save, save,plan, plan, plan. Don't wait till you're 50 and then decide to start. Lot's of ways to put money away, buy a few year old vehicle instead of a new one, pay as if it were new and take the 10 grand you save and invest it. Cash is king, pay off your CC each month, if you can't do that you're spending beyond your means, cut back. You can live well for less with a little bit of effort, live for today you have fun today, live for tomorrow and you have retirement at 55 or sooner.
     
  6. al391

    al391 TS Member

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    I'm OK for retirement.(don't need that lecture) I've invested in property and plan to hold mortages, when I unload these rentals, this will both increase income and spread out capital gains. I've got IRS's etc. My point is...........Is it a coincidence? Suddenly at about the time boomers are about to retire the cost of living increases have people scared. We have posts on TS.com about fuel, shot, shells, travel etc. Is this contrived? Is it part of the plan to make the US a 3rd world country? I remember reading a book many years ago called "the rise of the information age" or something like that. Basicly it's premis was we here in the US need to stop manufacturing stuff like cars appliances etc.and learn to deal in the sale of information. I thought it was BS then and it still is. If you deal in nothing your worth is nothing.
     
  7. Easystreet

    Easystreet Well-Known Member

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    >>>>Basicly it's premis was we here in the US need to stop manufacturing stuff like cars appliances etc.and learn to deal in the sale of information.<<<<

    Which is the better paying job........ factory worker or lawyer?

    As for "retirement conspiracy", I suppose the next step is to blame Bush for it....... whatever "it" happens to be. Personally, I don't see any "economic storm" at this time. The stock market is only 10% off it's record high. Housing prices are perhaps 15% to 20% off their record highs. Sure, gasoline and shotgun shells cost a bit more now than they did last year, but if that is keeping someone from retiring, they probably weren't ready to retire anyway.
     
  8. spitter

    spitter Well-Known Member TS Supporters

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    Hey Admiral... how many Whoppers you buying once a month?! (lol)

    In general, retirement is a relatively new concept (20th Century) - before that and today in undevelopment nations - one works until they die.

    Accumulating wealth and having the ability to live on assets was soley the domain of the rich - but with some good planning and discipline most can retire on a decent standard of living. For those who squandered opportunities to save, I have no sympathy.

    I wish I had a pension, I was forced early on into becoming a diligent saver by my maternal grandmother who endured the depression. I started IRAs, paid into my insurance, annuities and even some stocks. Bought a house 25 years ago and even with the small correction, I'm still way ahead in equity.

    If you earned a decent wage, be proud to take Social Security - I and my wife paid for it (me twice, being self-employed) and have earned those benefits even if taxed down the line. While a supplement, figure the value of the monthly benefit as an asset - at 5% interest, its more than half-million dollars we don't have to save for separately.

    Its amazing what a couple dollars a day can do over 40 years - you have to live BELOW your means. While my grandkids don't get it yet (too young), with chores they do I squirrel away their wages (no allowances) into big 2 liter pop bottles so they can visualize savings - then when full, we all go to the bank...

    Get your kids and grandkids saving today!

    Jay
     
  9. Tripod

    Tripod Well-Known Member

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    right on spitter. I retired poor at 57 and was still able to keep saving. I get my first ss check Sept. 9th, God willing, and it will go for yet more beer and components.
     
  10. grnberetcj

    grnberetcj Active Member

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    For me the good news was that during my career with the state policewe never paid a nickel into SS. I have in the recent past paid a token amount and will of course receive very little back. But that's the good news. My pension (with full medical) from the state plus investments more than makes up for SS benefits.

    My wife will be getting SS and we already plan to use that just for shooting/playing/etc.

    Curt - Delaware
     
  11. drh08

    drh08 TS Member

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    There is no retirement conspiracy to speak of, and SS was never meant for retirement. I am 39 years old and not even close to retirement so I look at it way differently. The government in all their wisdom spent the extra money coming in to SS for many many years. Now they are trying to figure out how to pay for your retirement SS checks they promised you. They really have 2 options, 1 is to pay you less then they said and spread less money to more people. The other is to let the working people pay more to make up the difference. Both solutions are not what anyone wants but those are the options. The sad reality is most people don't plan for retirement and are going to depend on SS to keep them alive. This country doesn't let anyone go hungry or cold because of a lack of funds. So even if SS doesn't cover what a lot of retired people need, the government in some form will pick up the tab. Yup that goes for medical also. Now ask yourself if the government has money??? Nope they get money from tax payers like you and I. So they are going to be running very very short in a short time and will have no choice but to ask the people with money to pay for those without. Yes that includes all the people that planned for retirement ( you have money), you will be paying also. I wouldn't at all be amazed if at some point the government says, anyone with a 401K pension or whatever, we are deducting what you get from retirement funds from your SS checks.
    Hey it sounds horrible and I sound negative, but the reality is the government doesn't have the money for the boomers to retire. It's coming from someplace. We already have a huge debt for this country to pay off and the retirement of a huge population is going to strain this country even more.
     
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