Retirement years.... Is bankruptcy in your future?

[WylieCoyote]

The demise of corporate-funded pensions is a big part of what's happening to the idea of retirement. My dad never made a lot of money, my mother never worked, but thanks to his pension, combined with SS, they are very comfortable. I, on the other hand, own a 2,000 sq ft home I paid $159K for ($103K to go), no credit card debt, and a $25K car. But, wasn't able to start contributing to a 401K until I was 30. I will be working up until the day before my funeral.

 

[wtd]

Originally Posted by AZjeff
What I'm finding interesting is after a life time of saving and living fairly frugally and getting ready to retire I'm having a problem thinking about spending some of that money on fun things. Anyone else notice this?

Lots of people in this thread going to be seeking medical attention for a dislocated shoulder.

Yes, I have noticed that and is one reason I have not touched my TSP two years after retiring.

 

[ad244]

Sometimes, Ya just gotta live.

 

[atikovi]

Once they discover the aging gene, a lot people are going to be screwed.

 

[gfh77665]

Originally Posted by WylieCoyote
The demise of corporate-funded pensions is a big part of what's happening to the idea of retirement.


You are right. I don't have a pension either, but after I paid my house off I bought another, to rent it out. During the housing crisis 8 years ago, I bought more, now I have a number of rentals providing a great income stream that pretty much doubles my yearly income. This stream will take me into retirement and be better than a pension would have been.

Point is, if you don't have someone to give you a pension, or other income stream, generate your own. Delay gratification, work hard, and use financial dicipline. It pays off.

 

[atikovi]

Originally Posted by gfh77665
Originally Posted by WylieCoyote
The demise of corporate-funded pensions is a big part of what's happening to the idea of retirement.



People these days live in the present and don't think of the future. They expect high wages but don't think about benefits. You either get high income now without future benefits, or moderate income with a pension, medical, disability etc. Can't have both.

 

[Alfred_B]

Where do you get a moderate income with pension, medical, disability, etc?

 

[atikovi]

From large corporations?

 

[Alfred_B]

Originally Posted by atikovi
From large corporations?


I've never seen that. Low pay - yes, but benefits like that - never. Crappy benefits usually go hand in hand with crappy pay.

 

[atikovi]

I thought all tech companies that purport to take care of their workers do that. Google, Amazon, Microsoft etc. Don't they have free day care centers, free meals, free time off for men when their wife has a baby, etc.?

 

[Quattro Pete]

Originally Posted by atikovi
I thought all tech companies that purport to take care of their workers do that. Google, Amazon, Microsoft etc. Don't they have free day care centers, free meals, free time off for men when their wife has a baby, etc.?
Such companies are few and far between.

Besides, working for one of these companies is often not all roses. There is a reason why they supply certain free services at work, such as meals, dry cleaning, etc. They want you to stay at work 24x7 and work you to death. This often leads to employee burnout and high turnover.

 

[KrisZ]

Originally Posted by Quattro Pete
Originally Posted by atikovi
I thought all tech companies that purport to take care of their workers do that. Google, Amazon, Microsoft etc. Don't they have free day care centers, free meals, free time off for men when their wife has a baby, etc.?
Such companies are few and far between.

Besides, working for one of these companies is often not all roses. There is a reason why they supply certain free services at work, such as meals, dry cleaning, etc. They want you to stay at work 24x7 and work you to death. This often leads to employee burnout and high turnover.


Yup, nothing is free. They take full advantage of young employees that want to prove themselves, setting up a new norm for them. They have a boot camp of sorts, after you go through the interview process, to indoctrinate even further.

 

[Mr Nice]

IRA + 401K = $1M+ over 35 years.

Unless you are union and work for city/state pensions are gone.

 

[Vikas]

Originally Posted by atikovi
Once they discover the aging gene, a lot people are going to be screwed.

I think, at least initially, that will cost you a billion dollar to neutralize the aging gene. But as with anything else based upon technology, it few short years, the price will drop the few thousands or less.

Of course, in the mean time hang on to other genes and your assorted body parts

 

[Pew]

Originally Posted by Vikas
Originally Posted by atikovi
Once they discover the aging gene, a lot people are going to be screwed.

I think, at least initially, that will cost you a billion dollar to neutralize the aging gene. But as with anything else based upon technology, it few short years, the price will drop the few thousands or less.

Of course, in the mean time hang on to other genes and your assorted body parts


But we really only need one kidney right? I can sell the other for a lot of oil.

 

[supton]

Originally Posted by Mr Nice
IRA + 401K = $1M+ over 35 years.

Unless you are union and work for city/state pensions are gone.

Indeed. I'm hoping that once my kids get out of college that I can entice them into saving by "seeding" a Roth for them, or otherwise helping them set up their own retirement accounts. We'll see but I'd like to give them a larger amount of guidance than I got at that age.

Although I suspect many will need more than $1M to retire. Inflation is such a pain...

 

[atikovi]

Originally Posted by Vikas
Originally Posted by atikovi
Once they discover the aging gene, a lot people are going to be screwed.

I think, at least initially, that will cost you a billion dollar to neutralize the aging gene. But as with anything else based upon technology, it few short years, the price will drop the few thousands or less.

Of course, in the mean time hang on to other genes and your assorted body parts


Same with space tourism. I read it costs $35M for a tourist trip to the space station so only the mega rich can take advantage. Discovering the cause of, and stopping aging, will be significantly more profound and not cheap in the beginning as well.

 

[Quattro Pete]

What will happen first: ability of our body to stop aging or ability to transfer our brain into a computer?

 

[atikovi]

Well, seeing that all the supposed alien sightings are of creatures and not robots, I assume the former. Besides, they must have eliminated aging if it took them thousands or millions of years to travel here.

 

[Alfred_B]