This is great bc I am all for sacrificing my immediate pleasure so I can pay for someone else's choice not to.
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One third of Americans have no retirement saved
- Thread starter squeak
- Start date
And of the 2/3rds that do, I bet a huge portion of them won't have near enough to actually support their retirement.
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I'm in the insurance/financial service field. If I had to bet, I would say about 10% of the people I meet with have saved or are saving appropriately, or even close to appropriately to be able to retire. I am genuinely shocked when I meet with someone that has solid savings.
Screw it. I'm blowing it all and letting the government and my kids take care of me.
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Know what the cause of that is? Bad parenting. The media and entertainment industry convinces our kids they need certain things to be successful. They're more effective in instilling values and expectations in children than parents are.
We are not an "acquire" society -- we're a "consume" society, and those are two different things.
Especially when it comes to food. A middle class family just can't afford to eat out every day. It's just expensive over the long haul. And automobiles, huge houses, golf, gas..... they're all expensive. We haven't even started on "nice" clothes.
Ya'll can try to isolate one race (dark, I'm sure) or class (poor, I'm sure) but I'm predicting any anomaly lies in the socioeconomic groups that are capable of, but don't, acquire wealth. The sad thing is they're broke from trying to project an image of wealth.
We are not an "acquire" society -- we're a "consume" society, and those are two different things.
Especially when it comes to food. A middle class family just can't afford to eat out every day. It's just expensive over the long haul. And automobiles, huge houses, golf, gas..... they're all expensive. We haven't even started on "nice" clothes.
Ya'll can try to isolate one race (dark, I'm sure) or class (poor, I'm sure) but I'm predicting any anomaly lies in the socioeconomic groups that are capable of, but don't, acquire wealth. The sad thing is they're broke from trying to project an image of wealth.
So Americans are trying to live like their elected officials. Spending more than they make and save nothing. Leaving the next generation worse off than the previous.
I do agree with SYS, bad parenting. When kids have kids, or kids born out of wedlock it is a harder battle than those with a better home life. And I'm not talking better by having more money, I'm talking about 2 parents who both care about their kids and do the things to raise them with morals and character. Not that it can't happen in a single parent home, it's just more difficult.
I do agree with SYS, bad parenting. When kids have kids, or kids born out of wedlock it is a harder battle than those with a better home life. And I'm not talking better by having more money, I'm talking about 2 parents who both care about their kids and do the things to raise them with morals and character. Not that it can't happen in a single parent home, it's just more difficult.
Everyone's situation is pretty unique, so it's dificult for me to recommend one book. My best recommendation would be to find an advisor that you can really trust, sit down with them and go over your goals and your numbers. In terms of philosophy on retirement planning, I really like a book by Tom Hegna, called Paychecks and Playchecks. He is pretty convservative for some people's taste but he makes a lot of sense. There are a lot of calculators online as well that simplify finding "The Number."
I'm happy to point you in the direction of someone in your area if you want. My email is cgapoke@yahoo.com
My goal is 1.5 Mill in the bank at age 55. With that and my wife's teacher pension I think we will be okay.
I've timed the home loan to pay off just prior to that.
SO, have the kids out of college, debt free, 1.5 Mil and a teachers pension. That's my plan. And so far on track.
I've timed the home loan to pay off just prior to that.
SO, have the kids out of college, debt free, 1.5 Mil and a teachers pension. That's my plan. And so far on track.
Ivan, I've met a lot of folks like you too. If you live to age 65, then your life expectancy goes from 77 to about 85. One way to have a better feel for your money is to sit down with your spouse and talk about your "needs" and your "wants" in retirement. Then you just set your budget around "needs" and "wants." Make sure your "needs" are covered by your guarantee money, if possible and your wants are covered by the rest. If you have enough guarantee money to cover both, then great! If not, you may have to still take on some risk on your investment during your retirement years. There are other factors to consider as well such as inflation and social security benefits, but the needs/wants deal is a great place to start.
The mistake that many people make that are actually saving for retirement, is that they've always expected to die in their mid to late 70's and that isn't reality anymore. People that actually live into their retirement years are spending about 20 years in that part of their lives now and with medical advances, that number will probably continue to climb.
Retirement? Personally don't think I will ever retire unless, god forbid, an illness gets me early. Will probably work until I just can't do it anymore. I will continue to draw a paycheck small enough that allows me to still get my social security check and continue to live out of my business. Don't think I could handle full retirement. Need to be doing something or I'll go crazy.
Don't want to be one of these big fat guys I see at the club playing golf all the time that can barely bend over to tie their shoes without passing out. They are there every day doing the same thing over and over. I would rather spend the day doing something productive at work then hit the course for nine holes after that. That's just me though.
Don't want to be one of these big fat guys I see at the club playing golf all the time that can barely bend over to tie their shoes without passing out. They are there every day doing the same thing over and over. I would rather spend the day doing something productive at work then hit the course for nine holes after that. That's just me though.
As I read through this I realize that trying to have enough money to retire is the wrong way to look at it. The goal should be to put yourself in a situation where you are no longer a slave (i.e. debt free, self employed, self sufficient, content); where you determine how you spend your day. If you treat your life as though you need a nest egg big enough so one day you can quit your job and not work, I think your life is probably pretty said right now. If you're doing something you hate, your life is wasting away.
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Best post I've seen in a long time. I agree 1000% and I have to tell you, I don't have a great "retirement plan" though I do love what I do, am nearly debt free and my business is growing, so I am going to see what happens with that and enjoy the ride.
I might have an opportunity to invest in a new start-up Oklahoma brewery. It'll take a significant chunk of my retirement if I do this. But, it'll be in something that I love. We'll see. I may die broke... but it'll be happy and broke.
Thanks mega. You should check out some YouTube videos of the recordings of Alan Watts. Start with "Music and Life." It's about 2-3 minutes long.
http://m.youtube.com/watch?v=ERbvKrH-GC4
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http://m.youtube.com/watch?v=ERbvKrH-GC4
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Dchi, that's called taking a risk. And it's what made this country great. Would love to see you do that but it's not a safe path (kinda like liberty itself). If you do that, I would love to help you brand it.
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Squeak, thst was a really simple but profound video. Thanks for turning me on to it.
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I am one of them.
Ever since my divorce, I have essentially exhausted every bit of anything I previously had.
Starting over is NOT easy!
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Ever since my divorce, I have essentially exhausted every bit of anything I previously had.
Starting over is NOT easy!
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