Go Back  The Hull Truth - Boating and Fishing Forum > BOATING FORUMS > Dockside Chat
Reload this Page >

People that have no retirement money.

Notices
Like Tree283Likes

People that have no retirement money.

Old 02-24-2019, 01:36 PM
  #41  
Admirals Club Admiral's Club Member
 
Join Date: Jun 2009
Location: Amongst the FL fishies
Posts: 6,793
Default

Originally Posted by Mpellet View Post
You’ve got a DEFINED BENEFIT PENSION, pat yourself on the back for picking the right place to work or your good luck working for an entity that has retained a DEFINED BENEFIT PENSION, you’ve probably also got health care as part of your pension. As long as the entity you worked for doesn’t default on your DEFINED BENEFIT PENSION saving for retirement for you is an entirely different proposal then those of us with a defined CONTRIBUTION pension or NO PENSION. Who are faced with amassing enough $$ to survive on for what could be decades of living expenses with nothing but a shaky promise of social security and medicare, anything else we gotta pay for and there will be no monthly check for us.
A million bucks in 401K or some other retirement fund not is even close to being a good as a $60K a year DEFINED BENEFIT PENSION with health insurance.
Not trying to be an asshole but you’re talking apple and oranges comparing retirement with a defined benefit pension and retirement without one.....I
So true. There's risk both ways. If you work in a world that offers a defined pension, be sure the plan is fully funded or you my be left in vapor trail. Those that work independently better live your life ssmartly and hope your savings don't go crash into the night. I know successes and failures both ways.


airbrush is offline  
Old 02-24-2019, 01:44 PM
  #42  
Senior MemberCaptains Club Member
 
Join Date: May 2005
Location: Saint Amant Louisiana
Posts: 3,018
Default


Thought we had it licked. Then the flood of 2016 hit. We are WAY blessed, but coming out of pocket 150k at 53 stung a little.
Point is, shit changes and shit can get real.....quick. Be comfortable in what you have and encourage others to save and give as well.

wdkerek is offline  
Old 02-24-2019, 01:46 PM
  #43  
Senior Member
 
Join Date: Oct 2014
Posts: 605
Default

Originally Posted by richinct View Post
On Cape Cod?????
More like Cape Catfish
Bargin likes this.
whorrall is offline  
Old 02-24-2019, 01:46 PM
  #44  
Member
 
Join Date: Aug 2016
Location: ZEBULON NC
Posts: 54
Default

A lot of the younger crowd are opting out of home ownership. They prefer to rent so they don’t have to take care of the house. They want to be flexible in where they live. Problem is that home ownership is one way to build wealth. I opened a 401k plan when I was 18 years old working for publix . I used that for school. Then I had a 401k working for a telecom firm. 1999 hit and the tech bubble wiped it out. Then the market was slow for so long after that I gave up and liquidated all of my accounts. Now I invest In realistate. what I make in rent will be ok. I can make payments on a CC and have a good retirement.
My house will be paid off in 3 yrs. that’s when I plan to get a CC and start spending more time on the water.
The Bermudian is offline  
Old 02-24-2019, 01:51 PM
  #45  
Senior MemberCaptains Club Member
 
Join Date: May 2003
Posts: 2,154
Default

ill be ok just have to bail out of ny to escape the taxes. have family south and some property not sure where we will end up. wife stayed home to raise kids and worked part time so the retirement is on me. have a defined pension and a 401k . have watched too many people on both sides of family struggle with debt and poor decisions and that made me stick to my plan many years ago. plan on taking ss at 62
total mayhem is offline  
Old 02-24-2019, 02:04 PM
  #46  
Admirals Club Admiral's Club Member
 
Join Date: Aug 2017
Location: North Carolina
Posts: 206
Default

I count myself lucky that I have a defined benefit pension that is just under 6 figures and I begin receiving it in 2 months at 49 years old. Just retired from the Army this month and while I am planning to continue working it will definitely not be as many hours or as stressful and will include a lot more time on the boat with the family that is for sure.
On the Half Shell likes this.
oatmans is offline  
Old 02-24-2019, 02:07 PM
  #47  
Senior MemberCaptains Club MemberPLEDGER
Thread Starter
 
Join Date: Jan 2002
Location: Northern Ohio
Posts: 15,216
Default

Originally Posted by Walleye Guy View Post
I retired December 1, 2018. We had a 401K that started in the late '90's at work. I have SOME money in it but not much by others standards. I do have a nice pension and both my wife and I draw SS.

The last year that we had a REAL bonus package (I was in Sales) I hit all my forecast and target numbers and then some. I received 50% of my annual salary which was a nice hit. With that I "retirement proofed" my house with a new roof, siding, windows, gutters with leaf guards, and a tankless water heater. Since then (while I was working) I used some of my 401 to pay off our house, new camper that we always use on weekends, my boat, and the truck. I am debt free.

My monthly retirement income is what I consider fairly good allowing me to salt more money away while maintaining the lifestyle we're used to. I do have a new outlook on buying things though. its called want-or-need. If I see something I want I ask myself if I really need it. Then I make a decision.

My Brother told me that when I retire that I'll have money in my pocket all of the time just as before because by choice you're not on the go as much and he was right. I'll continue to live like I did but just a little more carefully

This week we leave for Cape Coral, FL. and I have a house rented for the whole month of March. Yes the cost of renting makes it an expensive vacation but we just saved the money up and paid for the entire rent months ago. It really won't cost that much more to live there for a month. We have to eat there as we would at home, I'm not a freak for sightseeing although we'll go see some sights, watch some spring training baseball on occasion, take short walks, sit by the boat ramps and watch the entertainment, and hopefully find a great place to watch the sunsets with a cocktail.

I think we'll be okay without several million dollars saved up although I congratulate those who do.
I would say you have it pretty well figured out, way to go!
RussH is online now  
Old 02-24-2019, 02:16 PM
  #48  
Admirals Club Admiral's Club Member
 
Join Date: Oct 2010
Location: Weymouth, Ma.
Posts: 2,078
Default

Originally Posted by drowning shrimp View Post
The concierge at one of my customers got a loan mod at 72 years old.No wife ,kids gone .
They dropped his payment and gave him a 40 year mortgage.
With that he was able to retire a year later. Payment low enough now
Some will say it's a bad idea but this is exactly the type of scenarios that reverse mortgages were meant for.
hottoddie is online now  
Old 02-24-2019, 02:18 PM
  #49  
Senior Member
 
Join Date: Oct 2014
Posts: 605
Default

How much do you guys think I should have saved, based on my situation I described earlier?
whorrall is offline  
Old 02-24-2019, 02:22 PM
  #50  
Senior MemberCaptains Club MemberPLEDGER
Thread Starter
 
Join Date: Jan 2002
Location: Northern Ohio
Posts: 15,216
Default

I had a pension plan that I never contributed a penny in to it. After 17 years with the company I never received a single statement and never knew how much money I had in the account. I don't care what any of you may say, I NEVER put a penny in to it and I NEVER knew how much was in it. The company eliminated all of our jobs and about a year later I received a letter asking if I would like to take a pension buy out or wait until I retired. I talked to my wife and she asked me what I think I had in pension money so I guessed maybe $40K but really had no clue.

After discussing it with my wife and a financial guy I decided I wanted to take the buy out so I signed the buyout agreement and sent it back. The check came via registered mail and I think I shit myself when I saw the amount.....it was a check for over $200K!!!!!!! OMG what an absolute gift and I am still shocked when I think about it. I really hated the company because of them eliminating our jobs but after I got the check I didn't hate them quite as much!

The problem with pensions is that you never know when they will go away, this is why I decided to take the buy out. You hear about it almost every day where a company goes under and all of the pension dollars are just gone with the wind. I would have considered it hitting the lottery if the agreement would have also paid for our health insurance the rest of our life.....but then again that would be greedy.
meritmat likes this.
RussH is online now  
Old 02-24-2019, 02:23 PM
  #51  
Admirals Club Admiral's Club Member
 
Join Date: Jul 2012
Posts: 2,704
Default

Originally Posted by richinct View Post

He is not alone

1 in 3 Americans Has Saved $0 for Retirement

1 in 3 Americans Has No Retirement Savings | Money
The biggest stat to take out of there is, 28% of people 55 and older have no retirement.

I don't expect an 18-23 year old to have a retirement account. I know when I was in college I didn't have a 401K, that didn't start until I got my first job out of college.
RyanL11 is offline  
Old 02-24-2019, 02:24 PM
  #52  
Admirals Club Admiral's Club Member
 
Join Date: Feb 2017
Location: People's Republik of Kalifornia
Posts: 644
Default

I plan to come skidding into home plate, broke and worn out.
bobeast is offline  
Old 02-24-2019, 02:29 PM
  #53  
Senior MemberCaptains Club Member
 
Join Date: Mar 2004
Location: Boynton Beach Islamorada
Posts: 2,274
Default

Never had a 401. Put all my efforts into real estate and stock market. That's how I did mine.
kennyboy is offline  
Old 02-24-2019, 03:01 PM
  #54  
Senior MemberCaptains Club Member
 
Join Date: Aug 2002
Location: sebastian FL
Posts: 2,046
Default

Originally Posted by Mpellet View Post



You’ve got a DEFINED BENEFIT PENSION, pat yourself on the back for picking the right place to work or your good luck working for an entity that has retained a DEFINED BENEFIT PENSION, you’ve probably also got health care as part of your pension. As long as the entity you worked for doesn’t default on your DEFINED BENEFIT PENSION saving for retirement for you is an entirely different proposal then those of us with a defined CONTRIBUTION pension or NO PENSION. Who are faced with amassing enough $$ to survive on for what could be decades of living expenses with nothing but a shaky promise of social security and medicare, anything else we gotta pay for and there will be no monthly check for us.

A million bucks in 401K or some other retirement fund not is even close to being a good as a $60K a year DEFINED BENEFIT PENSION with health insurance.

Not trying to be an asshole but you’re talking apple and oranges comparing retirement savings with a defined benefit pension and retirement savings without one.....
Uhh.. you did know the benefits when you took the job, right?
whenever I hear people begrudge someone who has a defined benefit plan all I can think of is: A DEAL IS A DEAL
My Turn is offline  
Old 02-24-2019, 03:12 PM
  #55  
Admirals Club Admiral's Club Member
 
Join Date: Aug 2017
Location: WI
Posts: 237
Default

Originally Posted by Mpellet View Post
...

A million bucks in 401K or some other retirement fund not is even close to being a good as a $60K a year DEFINED BENEFIT PENSION with health insurance.

...
Depends. With a pension (defined benefit plan as you described) when you pass (and spouse depending on how you defined it), it's gone. Poof.

With a 401k, some careful planning and a little luck, there's money for the future, if that's what you are inclined to do so.
SouthpawHD is offline  
Old 02-24-2019, 03:14 PM
  #56  
Junior Member
 
Join Date: Dec 2015
Location: Ohio ~ The I'm outa here state
Posts: 18
Default

Russ

Is the 200k the stock issue that you invested in afterwards with not happy returns based on an earlier post?

I mean this with all due respect

Regards
loverofshells is online now  
Old 02-24-2019, 03:16 PM
  #57  
Admirals Club Admiral's Club Member
 
Join Date: Feb 2012
Location: Beaufort, NC
Posts: 1,436
Default

Originally Posted by My Turn View Post
Uhh.. you did know the benefits when you took the job, right?
whenever I hear people begrudge someone who has a defined benefit plan all I can think of is: A DEAL IS A DEAL
Until a merger or bankruptcy or other event happens and the pension goes away.
STIPulation is online now  
Old 02-24-2019, 03:23 PM
  #58  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Nov 2003
Location: Dartmouth MA
Posts: 5,787
Default

I will say age has a way of catching up to you. I turned 56 this year and for whatever reason it dawned on me that traditional retirement (65 years of age) was now less than 10 years away. That reality certainly has me now focused on retirement planning. I have been self employed for over 25 years so there was never a traditional company retirement plan/package etc., it was always on me. I have saved over the years in SEP's and my wife will have a small pension through her teacher's plan provided she gets to the 10 year mark -she switched careers when she turned 50. The retirement plan she had with an old employer went poof when the company owner drained it (he's still in jail thankfully) so there are never any guarantees. I am fortunate that as an architect I can work well into my 70's provided my mind stays sharp as it's not a physically demanding job, so I am thinking I'll slow down when I hit my 60's and work part time to hold off dipping into my SEP and SS until I'm 70. My advice to my 18 and 22 y.o. kids is to start saving early.....
mymojo is online now  
Old 02-24-2019, 03:25 PM
  #59  
Admirals Club Admiral's Club Member
 
Join Date: Nov 2009
Location: Deale, MD
Posts: 2,201
Default

I grew up between a bean field and a corn field in BFE Illinois. Did bodywork for awhile - considered a "good job" in that economically depressed environment. Saw no future in that and decided to join Uncle Sam's Canoe Club For Misfit Children at 19 years old. Some of it sucked - scrubbing shitters, cranking, three-section duty, countless missed birthdays, Christmas's, anniversaries, etc... BUT I also had a blast, grew up, saw the world (which makes you appreciate how good we have it), made life long friends and after 26 years climbed out of the hatch with a check that I will draw as long as I can fog a mirror.

While I was there, I learned a rare and lucrative skill set that still pays well and will also provide another retirement check in a few years.

As Cracker said - I put my money into jobs that have a fairly secure pension. 401K and TSP saving are a bonus.

I spent most of my Navy pay on whiskey and women now it goes towards boats and baits - the rest I wasted.

Last edited by Tawn; 02-24-2019 at 03:32 PM.
Tawn is offline  
Old 02-24-2019, 03:29 PM
  #60  
Senior Member
 
Join Date: Aug 2009
Location: CT
Posts: 4,065
Default

Originally Posted by My Turn View Post
Uhh.. you did know the benefits when you took the job, right?
whenever I hear people begrudge someone who has a defined benefit plan all I can think of is: A DEAL IS A DEAL
Stand the eeef down, I’m not begrudging anyone anything just pointing out that saving for retirement is a very different planning situation for the retiree depending upon a defined benefit pension verse a defined contribution pension. If you’ve got a “nice pension” aka defined BENEFIT pension, savings for retirement and having “enough” is an entirely different endeavor then attempting to build a retirement nest egg that one might have to live off and fund health care out for 30 years or more.


Mpellet is offline  

Thread Tools
Search this Thread