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Thread: The Retirement Thread

  1. #31
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    My idea of retirement is to endlessly go to school. I would enjoy that a lot.

    Aside from that I would want to work in my neighbourhood, take a pleasant daily constitutional and become an author just to pass along my thoughts to my kids... all that would suit me just fine.
    Solfe

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    "You're only given one little spark of madness. You mustn't lose it." Robin Williams.

  2. #32
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    Quote Originally Posted by Nereid View Post
    Apologies, I had no intention of derailing the thread.

    Perhaps I should have made my comments more clearly linked to the last line of the OP: "What are your retirement plans or situation? Any successes or significant hurdles? Some of us might be able to help or offer words of wisdom. At the very least, we can empathize."
    Understood, and thanks for bringing it back home without the need for moderator intervention! I appreciate your efforts.

    Quote Originally Posted by Jim View Post
    There is another consideration when picking a retirement spot. You may pick a place far from your old friends and family to enjoy the quiet. And you may pick a place that has a pleasant climate so you can really enjoy the quiet.

    And then they'll want to visit you.
    Lol, Jim! But they beat me too it. I'm the latecomer.

  3. #33
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    I just finished watching this clip, which is ominous. It states that as of 2010, "75% of Americans near retirement age had less than $30,000 in their retirement accounts." From the comments in the clip, I gather they're talking about IRAs, 401ks and the like, and do not include

    The professor says that people are simply not putting enough into their retirement accounts.

    I disagree with her statement that "the system asked humans to do what they just cannot do, that is anticipate the future." As a solution, she called for mandating savings. I'm not sure how that would go down, and the only way I could see that happening is by means of yet another tax which would be funneled into a government-run account held in escrow for the individual's retirement. I don't believe that would fly with most people.

    Her advice about "eat right, exercise more, save more" is dead on. Medical costs are rampant, and back when I was obese, my joints hurt so much I didn't think I could get decent exercise. I was even diagnosed with a "metabolic deficiency" by a competent medical doctor (endocrinologist) who knew a great deal about certain diseases and conditions, but who knew very little about how to prevent them in the first place. But more about that, here. What I learned later is that when you're sedentary and still eating like you're fifteen and playing football, metabolic deficiencies are the norm, yet a simple change in diet and exercise will reverse this in short order.

    It does require, however, effort, determination, and long-term consistency. In other words, discipline. Interestingly enough planning and saving for one's requirement also require discipline, often doing without what we want so that we'll late have what we need.

    For example, twenty years ago I had my eye on a handful of sailboats capable of circumnavigation. I figured I could live on it I love sailing, and have spent about a fifth of my vacations sailing somewhere or another, usually with friends, but I've taken a few solo trips. No matter how I sliced it, though, the long-term costs didn't add up. Yes, sailboats tend to appreciate, but they require a lot of expensive time and maintenance to maintain their toe-hold on the appreciation curve. When you throw in registration, insurance and slip fees and utilities required for a live-aboard, I couldn't justify the extra several hundred dollars a month required for a small liveaboard boat capable of circumnavigation as opposed to a small home with triple the square footage of a sailboat.

    So, I made a choice: Do without. I still sailed, but as a certified skipper who'd join week-long jaunts of the rich and famous. Pay? Minimal, if anything. Oh, room and board, the opportunity to travel, sail, and dive (for fun!) in some of the more beautiful waters in and around the Gulf of Mexico, Bahamas, Jamaica, etc. Essentially a free vacation.

    The thing is, I was making more than enough money to buy my own and live aboard her. Had I done that, though, I'd have been able to save between $500 and $1,000 less a month than I did, and would be a few hundred thousand dollars poorer right now, and wouldn't have been able to retire when I did.

    So, I don't believe the professor was right in saying American's aren't able to save for their future. I believe that for a variety of reasons, most Americans simply don't save for the future, and for much the same reason we're not good about eating right and exercise. I believe it's a problem of not having learned delayed gratification, or rather, having learned the bad habits of instant gratification.

    So, is it "can't" or is it really "won't?" Possibly, even probably, "didn't think I coulds?"

    If so, what's the missing ingredient? Is it simple discipline? Raising our children to work hard, live frugal, and never give up?

  4. #34
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    Quote Originally Posted by DoggerDan View Post
    Her advice about "eat right, exercise more, save more" is dead on.
    Tell that to those who can't afford to eat "right"...who are too poor to save "more".


    Sheesh...

  5. #35
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    Recent numbers I've seen says that on average Americans saved about 1% of their income before the current crisis, now it's 4%.

    People are actually starting to save, which naturally comes right when the economical climate says they should be spending all the money to enable the country produce its way out of recession.

    This is rather likely to be socially skewed as many people can't afford to save anything.
    __________________________________________________
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  6. #36
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    Of course, if more and more of us have to keep working when we're 70, 75 years old, that won't help the employment opportunities for younger people.

  7. #37
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    Quote Originally Posted by Trebuchet View Post
    I retired almost two years ago, so far I've manged to stick with it! I'm even beginning to feel less guilty about sleeping a little more.

    My wife will be 65 in a few months. She got FOUR junk mails today for Medicare supplement plans. There's at least one a day lately.
    My man, Same here. You gotta get over the guilt of having nothing important to do, having no more importance in anybody else's lives, And give up on the idea of finding something important to do; you will never again have a significant effect on other people's lives. Most people will ignore you. You are no longer good looking. Young girls will be friendly with you, but only as a sympathetic gesture.

    And you will have to accept the fact, that no matter how late in life you retire, you are getting old and older, and your time on Earth is getting shorter and shorter.

    Sorry

  8. #38
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    potoole, you've had a signifigant impact right here on this board, just by the questions you've asked. They often trigger deep though, stirring discussion, and sometimes passionate argument.

    You don't need to be working a paid job to be important in someone's life, or to have an effect on others. I got mediocre grades at best in school, yet I had a teacher tell me that I made her laugh, and that helped lighten up her day. Little things we do can still make a difference to others, and to ourselves.
    I'm a cynical optimist. I think the only way out is through, but once we get through it'll be better. Very different, but better. Howard Tayler

    It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change. Charles Darwin

    Any technology distinguishable from magic is insufficiently advanced. Gregory Benford

    Power, Lord Acton says, corrupts. Not always. What power always does is reveal. Robert A. Caro

  9. #39
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    Quote Originally Posted by Noclevername View Post
    potoole, you've had a signifigant impact right here on this board, just by the questions you've asked. They often trigger deep though, stirring discussion, and sometimes passionate argument.

    You don't need to be working a paid job to be important in someone's life, or to have an effect on others. I got mediocre grades at best in school, yet I had a teacher tell me that I made her laugh, and that helped lighten up her day. Little things we do can still make a difference to others, and to ourselves.
    I agree. I can still make my kids, grandkids, and great grandkids laugh. And my wife loves me, as I love her. And I can still ride my Harley at age 68, and I love that.

  10. #40
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    Retirement is too far away for me to be of much help here.
    Maxing out 401k and doubling up on mortgage payments, but with 3 kids going to college (hopefully) in the next 10 years, my retirement planning won't begin in earnest until 15 years from now.

  11. #41
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    Quote Originally Posted by R.A.F. View Post
    Tell that to those who can't afford to eat "right"...who are too poor to save "more".

    Sheesh...
    Actually, R.A.F., my healthy and wholesome food budget is about half what I used to spend on processed foods.

    Quote Originally Posted by HenrikOlsen View Post
    Recent numbers I've seen says that on average Americans saved about 1% of their income before the current crisis, now it's 4%.

    People are actually starting to save, which naturally comes right when the economical climate says they should be spending all the money to enable the country produce its way out of recession.

    This is rather likely to be socially skewed as many people can't afford to save anything.
    Perhaps, but as with all systems, it'll either spiral out of control, or it'll re-stabilize around a new point.

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