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Retired and broke. #4758326
05/15/18 10:17 PM
05/15/18 10:17 PM
Joined: Nov 2009
Posts: 5,175
Houston, Texas
motor_oil_madman Offline OP
motor_oil_madman  Offline OP
Joined: Nov 2009
Posts: 5,175
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?


2007.5 dodge cummins 6.7 liter. Chevron Delo400 15w40. 7000 mile or 250-300hr intervals.

Re: Retired and broke. [Re: motor_oil_madman] #4758332
05/15/18 10:25 PM
05/15/18 10:25 PM
Joined: Feb 2018
Posts: 509
Chester County/Pa.
BAJA_05 Offline
BAJA_05  Offline
Joined: Feb 2018
Posts: 509
Chester County/Pa.
Can be a scary thought -- im right with you at the moment.


2017 VW Jetta SE TSI 1.4L Turbo (hers)
M1 Euro 0W40 & FU (19K)
2008 Acura TL 3.2L PPPP 0W20 & FU (108K)
2005 Subaru Baja AWD 2.5L N/A 5spd.
QSHM 5W30 & FU (96K)
2000 Ram 4X4 5.9L (93K) PYB 10W30 & FU
Re: Retired and broke. [Re: motor_oil_madman] #4758334
05/15/18 10:29 PM
05/15/18 10:29 PM
Joined: Jan 2010
Posts: 962
Los Gatos, CA
JeffKeryk Offline
JeffKeryk  Offline
Joined: Jan 2010
Posts: 962
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...


2018 Tesla Model 3, Medium Range Battery
2018 Lexus RX450h
2013 Lexus GS350 F Sport
2006 Acura TSX
2001 Tundra Access Cab, 1998 Accord LX, 1968 Corvette L36 Roadster, 1965 Olds 4-4-2
Re: Retired and broke. [Re: motor_oil_madman] #4758337
05/15/18 10:32 PM
05/15/18 10:32 PM
Joined: Apr 2012
Posts: 5,786
MA
Wolf359 Offline
Wolf359  Offline
Joined: Apr 2012
Posts: 5,786
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.

Re: Retired and broke. [Re: motor_oil_madman] #4758338
05/15/18 10:33 PM
05/15/18 10:33 PM
Joined: Jul 2010
Posts: 19,615
PNW
ZeeOSix Offline
ZeeOSix  Offline
Joined: Jul 2010
Posts: 19,615
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.

Re: Retired and broke. [Re: motor_oil_madman] #4758347
05/15/18 10:57 PM
05/15/18 10:57 PM
Joined: Dec 2013
Posts: 2,604
Fort Worth, Texas
clinebarger Offline
clinebarger  Offline
Joined: Dec 2013
Posts: 2,604
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
2010 Toyota Corolla 2ZR-FE/U341E
2000 Toyota Avalon 1MZ-FE/A541E
Re: Retired and broke. [Re: motor_oil_madman] #4758357
05/15/18 11:56 PM
05/15/18 11:56 PM
Joined: Dec 2005
Posts: 3,360
The Canyons
02SE Offline
02SE  Offline
Joined: Dec 2005
Posts: 3,360
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.

Re: Retired and broke. [Re: motor_oil_madman] #4758362
05/16/18 12:14 AM
05/16/18 12:14 AM
Joined: Oct 2006
Posts: 1,008
Southwestern Alberta
Warlord Offline
Warlord  Offline
Joined: Oct 2006
Posts: 1,008
Southwestern Alberta
Thatís why you prepare for it when youíre young. Canít count on the government to take care of you.


07 GMC Canyon - 204km
01 Saturn SL2 - 240km
Re: Retired and broke. [Re: motor_oil_madman] #4758366
05/16/18 12:31 AM
05/16/18 12:31 AM
Joined: Sep 2010
Posts: 7,485
S California
OneEyeJack Offline
OneEyeJack  Offline
Joined: Sep 2010
Posts: 7,485
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.

Re: Retired and broke. [Re: motor_oil_madman] #4758388
05/16/18 03:11 AM
05/16/18 03:11 AM
Joined: Dec 2002
Posts: 41,979
'Stralia
Shannow Offline
Shannow  Offline
Joined: Dec 2002
Posts: 41,979
'Stralia
.

Last edited by Shannow; 05/16/18 03:13 AM. Reason: TMI
Re: Retired and broke. [Re: motor_oil_madman] #4758393
05/16/18 03:35 AM
05/16/18 03:35 AM
Joined: Oct 2008
Posts: 19,249
Sunny Florida
SteveSRT8 Offline
SteveSRT8  Offline
Joined: Oct 2008
Posts: 19,249
Sunny Florida
^^^Ditto!


"In a democracy, dissent is an act of faith."
J. William Fulbright
Best ET-12.79 @ 111 mph
4340 pounds, Street tires
Just like we go to Publix
Re: Retired and broke. [Re: motor_oil_madman] #4758398
05/16/18 04:09 AM
05/16/18 04:09 AM
Joined: Sep 2004
Posts: 22,131
Orlando, FL
Mr Nice Offline
Mr Nice  Offline
Joined: Sep 2004
Posts: 22,131
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.

Re: Retired and broke. [Re: motor_oil_madman] #4758407
05/16/18 04:31 AM
05/16/18 04:31 AM
Joined: Jul 2012
Posts: 2,638
South Carolina
alarmguy Offline
alarmguy  Offline
Joined: Jul 2012
Posts: 2,638
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.

Last edited by alarmguy; 05/16/18 04:33 AM.

14 Road King (current)
08 VStar 1300 Tourer
07 Suzuki C50
Re: Retired and broke. [Re: motor_oil_madman] #4758409
05/16/18 04:36 AM
05/16/18 04:36 AM
Joined: Oct 2008
Posts: 1,362
MD
ET16 Offline
ET16  Offline
Joined: Oct 2008
Posts: 1,362
MD
If you can work until you are 70 your SS income will be much higher.

Re: Retired and broke. [Re: motor_oil_madman] #4758410
05/16/18 04:37 AM
05/16/18 04:37 AM
Joined: May 2018
Posts: 1,678
Tri State Conservative
Zee09 Offline
Zee09  Offline
Joined: May 2018
Posts: 1,678
Tri State Conservative
The last day of work for me is the night before the funeral.
What's retirement?


"If I walked on water, they'd say I couldn't swim."
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