Retirement: Are You Prepared?

Talk about things that are not necessarily related to music or the guitar.
PeteJ
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Re: Retirement: Are You Prepared?

Post by PeteJ » Mon Mar 12, 2018 8:27 am

muirtan wrote:
Sun Mar 11, 2018 12:06 pm

What do you mean by preparation?...
Ignore me. I was being over-serious.

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bear
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Re: Retirement: Are You Prepared?

Post by bear » Mon Mar 12, 2018 12:03 pm

PeteJ wrote:
Mon Mar 12, 2018 8:27 am
muirtan wrote:
Sun Mar 11, 2018 12:06 pm

What do you mean by preparation?...
Ignore me. I was being over-serious.
In the U.S., if you don't cover your assets then an illness can wipe them out. It has been said that the best thing to do if you're going to require long term health care is to rob a bank. Stay in the bank until the police arrive, go to prison and they will provide you with all of the health care that you need. This will also allow you (your family) to keep your home and your life savings.
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muirtan
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Re: Retirement: Are You Prepared?

Post by muirtan » Mon Mar 12, 2018 1:23 pm

@ bear but I'm in the UK with NHS, state pension, works pension ( index linked teachers pension and OH local government) plus savings. So can you think of anything else? OK the unforseeable happens but I don't plan for the worst but the average case. If I planned for the worse I'd save all the money I spend on guitar lessons and never would have bought my two guitars so would have missed 17 years of a life enhancing experience which I hope has many more years ahead.

PeteJ
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Re: Retirement: Are You Prepared?

Post by PeteJ » Mon Mar 12, 2018 2:40 pm

Hmm. I hadn't considered the situation in the US. A tough place to live. In the UK assets can soon be wiped out for those who need a lot of care (dementia etc) but there's a safety-net. Once one's assets are mostly gone the system steps in to pick up the pieces.

FHC
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Re: Retirement: Are You Prepared?

Post by FHC » Mon Mar 12, 2018 3:03 pm

It seems the role of insurance needs to be factored into the equation of preparedness. Home, auto, life, disability, health, long-term care.

chiral3
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Re: Retirement: Are You Prepared?

Post by chiral3 » Mon Mar 12, 2018 3:07 pm

muirtan wrote:
Mon Mar 12, 2018 1:23 pm
@ bear but I'm in the UK with NHS, state pension, works pension ( index linked teachers pension and OH local government) plus savings. So can you think of anything else? OK the unforseeable happens but I don't plan for the worst but the average case. If I planned for the worse I'd save all the money I spend on guitar lessons and never would have bought my two guitars so would have missed 17 years of a life enhancing experience which I hope has many more years ahead.
This is a very good and interesting commentary on the difference in how Americans versus Europeans view these matters. I suspect this will all change when millennials get a bit older.
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Rick Hutt
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Re: Retirement: Are You Prepared?

Post by Rick Hutt » Mon Mar 12, 2018 4:48 pm

I recall when I was young, in my late 20s, the thought of retirement was simply too abstract. But a close friend sole life insurance and explained the value of "whole life insurance". I bought a policy and it provided sufficient income in the e vent of y death, but more importantly, it grew and grew (since I had the good sense not to die) and now as I get closer to retirement will provide a very nice income. My annual premium is about $450, one of my partners in my firm pays $1500 annually for a term policy., So for you younger ones, plan now. It comes faster than you can imagine.
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powderedtoastman
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Re: Retirement: Are You Prepared?

Post by powderedtoastman » Tue Mar 13, 2018 5:27 pm

henders wrote:
Sun Mar 11, 2018 1:42 am
powderedtoastman wrote:
Tue Mar 06, 2018 8:23 pm

But, being still pretty young I don't know if I even care that much about retirement, beyond putting in enough to get my maximum employer match for my contributions.
Don't have any kids and eventually move somewhere cheap... that's my game plan!
I remember thinking along the same lines -- that retirement was years off, not worth really thinking about, etc. And now here I am in my early fifties, with just ten more years or so to work. It flies by.
Probably true!

More pressing to me is the issue that I don't believe I can last in my career for 30 years. I have a rare job where in principle I am in position to be a "lifer" but I've been at it five years and I'm already just about bored to tears with it... so if I stick with it I'm not so sure the time will fly actually.
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henders
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Re: Retirement: Are You Prepared?

Post by henders » Thu Mar 15, 2018 3:19 am

powderedtoastman wrote:
Tue Mar 13, 2018 5:27 pm
henders wrote:
Sun Mar 11, 2018 1:42 am
powderedtoastman wrote:
Tue Mar 06, 2018 8:23 pm

But, being still pretty young I don't know if I even care that much about retirement, beyond putting in enough to get my maximum employer match for my contributions.
Don't have any kids and eventually move somewhere cheap... that's my game plan!
I remember thinking along the same lines -- that retirement was years off, not worth really thinking about, etc. And now here I am in my early fifties, with just ten more years or so to work. It flies by.
Probably true!

More pressing to me is the issue that I don't believe I can last in my career for 30 years. I have a rare job where in principle I am in position to be a "lifer" but I've been at it five years and I'm already just about bored to tears with it... so if I stick with it I'm not so sure the time will fly actually.
Such is life!
If it’s that bad, get out while you still can.

henders
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Re: Retirement: Are You Prepared?

Post by henders » Thu Mar 15, 2018 4:11 am

Believe me, I know that is easier said than done.

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David Gutowski
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Re: Retirement: Are You Prepared?

Post by David Gutowski » Thu Mar 15, 2018 6:29 am

My wife finally agreed to my retirement plan and what to do with all my money. I'm taking it with me and my wife said that after I die she will cash everything in and put the check in my casket. No worries mate, my retirement plan is set. :D
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David Gutowski
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Re: Retirement: Are You Prepared?

Post by David Gutowski » Thu Mar 15, 2018 6:56 am

muirtan wrote:
Sun Mar 11, 2018 12:06 pm
PeteJ wrote:
Sun Mar 11, 2018 11:17 am
muirtan wrote:
Wed Mar 07, 2018 12:07 pm


Really!!!!!! I retired at 62 the average age for a woman is about 82 in UK that gives me 20 years. 20 years is longer than I ever spent in one career. Time for me to do all the things I never had time for but wanted to and become myself not someone's mother or wife. So liberating.

And don't cover up the thought of death have already told my OH what I want for my funeral I'm just not going to dwell on it.
Each to their own. The trouble with this approach is that there's no preparation going on. I like the old Indian tradition where at 50, with the family now in the hands of the elder children, men would wander off into the forest to prepare for death. But then their religious system allows for such preparation and makes it meaningful. Our local religion tends to assume this is not possible or worthwhile.

What do you mean by preparation? Will written, money more than enough to live on, joint accounts so hubby can access my money if necessary, funeral discussed ( but not dwelt on). So time to do what I want, what else do you suggest I do to prepare? Will revise the situation as and when things change. As an atheist I have no religion so don't need to prepare in that way.
I have a cure for that: combat.
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Dave Stott
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Re: Retirement: Are You Prepared?

Post by Dave Stott » Fri Mar 16, 2018 4:32 pm

Retired 2 1/2 years ago at the age of 60. I worked most of my life in Manufacturing Companies in the U.S, and none of the companies ever offered a pension plan.

Before I was 30 years old, I got help from a financial advisor. We started with my putting $$ into several areas such as ; Life Insurance, Mutual Funds, IRA's, annuities, etc..

He also got me to maximize my contributions to my companies 401K accounts. Every year that I received a pay raise, my contribution into the 401K was increased by 1%. If I received any annual bonuses, 50% of it went into one of my accounts. (You don't miss the money that you never had.)

Part of the overall strategy was to be able to afford to retire without considering Social Security. Any monies received from Social Security would be considered a bonus to the overall effort. Mostly because there's been uncertainties about whether SS would even exist when the time came for me to retire.

By the time I retired, my annual contribution to my 401K's was maxed out for IRS purposes.

About 5 years ago, I purchased long term health care insurance which will cover me in the event of something major. Which in essence, prevents one big health scare from wiping out my savings. It can be fairly expensive, but it's at least something.

At some point, you just have to develop a retirement plan & then make adjustments along the way.
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Steve Kutzer
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Re: Retirement: Are You Prepared?

Post by Steve Kutzer » Fri Mar 16, 2018 8:38 pm

I read recently that 49% of Americans have zero retirement savings. If true, society is going to be quite, um, interesting.

I'm about to turn 60. While I could conceivably retire when I'm 65, I'm planning on going to about 72. I will have more saved by then, my house paid off, and I will continue to enjoy the health insurance benefits (such as they are). There are primarily two thoughts driving this - 1) I like my job and should be able to keep it another 12 years, and (2) I'm fundamentally a lazy person and don't think I'd do well in retirement. I need the structure of a work day.

We already travel a few times a year, and I enjoy hobbies such as CG. We have children and grandchildren close by. So life is good, and I don't feel any urgency around retirement.

I do wonder what will happen when technology eliminates a vast number of jobs.
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Charles Mokotoff
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Re: Retirement: Are You Prepared?

Post by Charles Mokotoff » Fri Mar 16, 2018 10:16 pm

My last day of work is 4/27/18. Gonna start really practicing after that :)
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