Retired and broke.

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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?
 
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...
 
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.
 
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.
 
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.
 
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.
 
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.
 
Nothing wrong with working past 65 years old.

Let’s face it, every person is responsible for making retirement decisions when they are in their 30’s.... not when they are 60.
 
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.
 
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People need to plan for retirement. That means a 401K or IRA. Move to a state that is retirement friendly. Delay retiring. Delay collecting SSA. Pick up a retirement gig to earn money.
 
Planning is everything, and living in a retirement friendly state is the key if you're in fear of running out of money. Our goal is to get as far away from Long Island as possible. This is the last place to be for retirement.
 
Work part-time in retirement. It will help you live longer to keep some structure of the working life going, albeit lesser and more free time and flexibility.

SS may not be around forever. Your 401K might not either. There was scare talk some years ago that the gov't might try to pull what Argentina (?...) did and nationalize 401K's and IRA's, i.e. seize private savings to cover govt debt and hand you a promissory note that they'll pay you an extra govt stipend in retirement roughly equivalent to what you'd have drawn from the private retirement account. The scare talk was because at the time, the total of all US private retirement accounts was estimated to be close to the amount of the national debt.

https://www.forbes.com/sites/steveforbes...e/#1450cb825061
 
Disability and retirement are two different things.

I plan to work as long as I'm fit enough mentally to do so.

I have no desire to hang out with the old guys at the golf course who complain about the government all day long and count their money.

If I have enough down the road (I'm 56) I'll spend my time working for charities and Non-Profits.

“The young pessimist is much older than the old optimist!”
Mehmet Murat ildan
 
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Originally Posted By: Mr Nice
Nothing wrong with working past 65 years old.

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


Now you tell me.
 
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