Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#1
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Future retirement is becoming much more difficult:
This article paints a not so rosy picture of the situation facing coming of age retirees:
Half of Americans will see their standard of living fall in retirement - MarketWatch Whenever there is an opportunity to encourage folks still working to save more I do so. I don't even ask how much they have or want. Just point out that the average person facing retirement is not going to have enough egges in their basket to maintain the lifestyle they would like when they retire. Some very interesting numbers in the article. Especially how many are currently retiring each day....also the precipitous drop in retirement benefits form companies down to almost nothing. I am glad we came through life during the times that we did. The American dream was alive and doing well. It can still be but more younger folks need to understand they need to be taking actions now to enjoy the lifestyle we do. They do understand.....they (just like us when we were their age) have other priorities. I feel fortunate that I woke up to the issue at age 50. |
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#2
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Most homes= way too big Investment in electronics excessive At least two cars - new every few years, and far bigger than needed. 3,4,5 tvs and unused cable add ons Cigarettes and alcohol( at $8-10) per glass when eating out for the 4th or 5th time each week. Rip off Gym memberships. Giant popcorn and soda at movie ($15-20) For most( but not all) there are adequate funds for a reasonable retirement. We can't protect folks from their own excesses. Give me time to put on my Kevlar!!!
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"All that is necessary for the triumph of evil is that good men do nothing" Edmund Burke 1729-1797 |
#3
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Well, the game has changed. Few enjoy defined benefit retirement plans any more. I started investing in stocks in 1959 at age 17, kept at that and investing in commercial real estate and am glad I did!
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"No one is more hated than he who speaks the truth." Plato “To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine Last edited by manaboutown; 04-02-2015 at 04:02 PM. |
#4
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We have a son who is 38 and I keep stressing to him to max out his 401k. The company matches a portion I think up to 5%. He will not have the benefit of a retirement that my husband and I enjoy. Hubby has a federal retirement. Guaranteed certain amount per month each and every month. Companies just don't offer those types of retirements that often any more.
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#5
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My first response is to say no need to worry if you live in The Village because you can live like a millionaire on your retirement savings.......NOT
Many of us understood we needed to depend on ourselves for retirement. Because during our working years corporations began dumping defined pension plans and raising contribution for other benefits. We put away as much as we could and focused on need vis a vis want. We continue to live that way now and continue to bank income as much as we can in order to maintain our estate for personal and family reasons. Being a prudent spender we believe is essential when you retire |
#6
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Unfortunately for them, people did not listen to financially savvy people that one should save 10% or more of their salary for their future after all their bills are paid. I don't know what the statistic by AARP is at the moment but many people don't have 25K in savings when they are ready to retire.
It's sad that so many people didn't take advantage of the tax deferred options that companies offer or other investment opportunities. I have heard the sad lament that so many people have said, "I don't have enough in my paycheck to put away, any savings". Some people have it backwards saying they will save after, (fill in the blank), and realize too late in life they should have saved more. I always say, "it doesn't pay to be stupid about money".
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"It doesn't cost "nuttin", to be nice". MOM I just want to do the right thing! Uncle Joe, (my hero). |
#7
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I am feeling this pain.
My wife's pension was frozen years ago. Mine has been trimmed . My 401K that I have looks good , but knock on wood we don't take any more hits. Living in IL, every time you turn around you have a new tax. We live in a under 1500 sq ft house. My truck is a 2002. I don't do smartphones, or any of the gotta have crap. My hobby is fishing and my dogs. To top it off the company I work for is moving out of state. Good grief.
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My alarm doesn't have a snooze button. It has a paw. Chloe & Lulu |
#8
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Kyrie Eleison Philadelphia(Germantown) 20 years, Brandywine Hundred, DE 3 years, St. Mary's County, MD 38 years, Villages |
#9
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It's all about the lifestyle you live prior to retirement. My advise to my kids: 1. Get a good education. 2. When you marry don't have more kids than you can afford. 3. Always pay yourself first ----every paycheck---starting with 5% of gross and put it in a Roth IRA and/or a 401k. As you earn more add to the 5%.
If you do this, you will still have a good lifestyle prior to retirement and retirement will take care of itself.
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Most people are as happy as they make up their mind to be. Abraham Lincoln |
#10
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#11
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High Federal Corporate tax rates and the Fed's plan for wealth re-distribution. Sorry but if we continue on the path of enabiling those who wish to have us pay for their desire to get everything for nothing, the future genrations 5 or 10% contribution to retirement will have to be re-directed to wealth re-distribution.
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#12
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Was disappointed.......
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"Kindness is more important than wisdom, and the recognition of this is the beginning of wisdom." - Theodore Rubin |
#13
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Also, over the last several years the stock market has been driven by boomers investing for retirement. As boomers sell off shares to fund their golden years prices (P/Es) may drop.
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"No one is more hated than he who speaks the truth." Plato “To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine |
#14
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Or you can retire and drop dead one week later. There have been four people where I work that have died in the past three months within weeks of retiring. And this week close friend died 3 days before her retirement party. We will be ok, with no structured money from our jobs, that disappeared, when company was sold. We invested and spend wisely. I do not lecture my children, as to their course of life.
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Do not worry about things you can not change |
#15
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Has anyone thought of renting in retirement instead of buying? We have just sold our house in Mexico and have cash. We always owned but are not so sure this is still the best thing. Living in Mexico for more than seven years, we have lost the consumerism and learned the joy of living a simple life. I am sure we will experience culture shock when we move to TV.
All opinions would be welcomed. |
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