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#4758326 - 05/15/18 11:17 PM Retired and broke.
motor_oil_madman Offline


Registered: 11/29/09
Posts: 4919
Loc: Houston, Texas
So I got to thinking about this, although I'm not sure why. What happens when you retire and you run out of money? Not everyone has a stock pile of money saved up and we know social security wont necessarily always pay out enough, plus not everyone can work until they're 90.

So run up debt on a bunch of credit cards? You see it all the time, people struggle to make ends meet when they have a job, what about once they don't and retire?
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2007.5 dodge cummins 6.7 liter. Chevron Delo400 15w40. 7000 mile or 250-300hr intervals.


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#4758332 - 05/15/18 11:25 PM Re: Retired and broke. [Re: motor_oil_madman]
BAJA_05 Offline


Registered: 02/04/18
Posts: 411
Loc: Chester County/Pa.
Can be a scary thought -- im right with you at the moment.
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2017 VW Jetta SE TSI 1.4L Turbo (hers)
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#4758334 - 05/15/18 11:29 PM Re: Retired and broke. [Re: motor_oil_madman]
JeffKeryk Offline


Registered: 01/09/10
Posts: 368
Loc: Los Gatos, CA
I am lucky enough to have plenty of money
But believe you me, I face this issue.
I have friends who are on the fringe.
I think people will have to buddy up.
Others will have to open their doors.
I turned 65 in March...

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#4758337 - 05/15/18 11:32 PM Re: Retired and broke. [Re: motor_oil_madman]
Wolf359 Online   content


Registered: 04/27/12
Posts: 5035
Loc: MA
I believe they just don't retire. That's why there's elderly people working at Walmart and McDonalds. Warren Buffet is still working and he's 87.

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#4758338 - 05/15/18 11:33 PM Re: Retired and broke. [Re: motor_oil_madman]
ZeeOSix Offline


Registered: 07/22/10
Posts: 18188
Loc: PNW
Lots of people don't think about the long distance future or about saving for retirement. Think it's becoming a worse problem with the younger generations, they must think their parents will leave them tons of money or something.

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#4758347 - 05/15/18 11:57 PM Re: Retired and broke. [Re: motor_oil_madman]
clinebarger Online   content


Registered: 12/19/13
Posts: 2080
Loc: Fort Worth, Texas
I have about 15-18 years 'til retirement. I try to live debt free now! House paid off, All vehicles paid off, Just enough credit accounts to keep a decent credit score.
SAVE, SAVE, SAVE!!!!!

It's good to have some small time thing you can do to make money after you retire.
_________________________
2001 Chevy Camaro L92/4L80E
2006 Chevy 2500HD LBZ/Allison 1000
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#4758357 - 05/16/18 12:56 AM Re: Retired and broke. [Re: motor_oil_madman]
02SE Offline


Registered: 12/30/05
Posts: 2806
Loc: The Canyons
I had a long-winded replay typed out, but decided to succinctly sum it up: Save as much as you can, don't blow money on [censored], and live within your means.

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#4758362 - 05/16/18 01:14 AM Re: Retired and broke. [Re: motor_oil_madman]
Warlord Offline


Registered: 10/15/06
Posts: 1001
Loc: Southwestern Alberta
Thatís why you prepare for it when youíre young. Canít count on the government to take care of you.
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07 GMC Canyon - 204km
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#4758366 - 05/16/18 01:31 AM Re: Retired and broke. [Re: motor_oil_madman]
OneEyeJack Offline


Registered: 09/14/10
Posts: 7485
Loc: S California
Retire broke? That's what your kids are for. For some, it doesn't work well. They're already living at home and not paying rent or buying groceries.

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#4758388 - 05/16/18 04:11 AM Re: Retired and broke. [Re: motor_oil_madman]
Shannow Offline


Registered: 12/12/02
Posts: 40483
Loc: 'Stralia
.


Edited by Shannow (05/16/18 04:13 AM)
Edit Reason: TMI

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#4758393 - 05/16/18 04:35 AM Re: Retired and broke. [Re: motor_oil_madman]
SteveSRT8 Offline


Registered: 10/10/08
Posts: 19046
Loc: Sunny Florida
^^^Ditto!
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J. William Fulbright
Best ET-12.79 @ 111 mph
4340 pounds, Street tires
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#4758398 - 05/16/18 05:09 AM Re: Retired and broke. [Re: motor_oil_madman]
Mr Nice Offline


Registered: 09/12/04
Posts: 21509
Loc: Orlando, FL
Nothing wrong with working past 65 years old.

Letís face it, every person is responsible for making retirement decisions when they are in their 30ís.... not when they are 60.

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#4758407 - 05/16/18 05:31 AM Re: Retired and broke. [Re: motor_oil_madman]
alarmguy Offline


Registered: 07/10/12
Posts: 2237
Loc: South Carolina
Originally Posted By: motor_oil_madman
So I got to thinking about this, although I'm not sure why. What happens when you retire and you run out of money? Not everyone has a stock pile of money saved up and we know social security wont necessarily always pay out enough, plus not everyone can work until they're 90.

So run up debt on a bunch of credit cards? You see it all the time, people struggle to make ends meet when they have a job, what about once they don't and retire?



We are all responsible for ourselves and for our own actions in life. Its just called survival.
Sadly, just your mention of "credit" explains the mess many people are in. They chose to deal with the devil (banks) to buy things in life they could not afford and now are paying the price.
We are part of the animal kingdom, its survival, in reality, there is no reason for most to be broke going into retirement, it was the road we chose during life.
True, many got a raw deal in some way or another whether a sickness or whatever but many and most people were just irresponsible borrowing money and buying things they could not afford.


Edited by alarmguy (05/16/18 05:33 AM)
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#4758409 - 05/16/18 05:36 AM Re: Retired and broke. [Re: motor_oil_madman]
ET16 Offline


Registered: 10/28/08
Posts: 1300
Loc: MD
If you can work until you are 70 your SS income will be much higher.

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#4758410 - 05/16/18 05:37 AM Re: Retired and broke. [Re: motor_oil_madman]
Zee09 Offline


Registered: 05/05/18
Posts: 635
Loc: Tri State Conservative
The last day of work for me is the night before the funeral.
What's retirement?
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"If I walked on water, they'd say I couldn't swim."

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