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People that have no retirement money.

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People that have no retirement money.

Old 02-24-2019, 11:31 AM
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Default People that have no retirement money.

We have a couple of guys that I work with that are in their early 70's so I asked one of them why are they still working. I was shocked when he said he had to work because he has a house payment to make and really nothing in retirement money. I asked him if there was some tragedy or illness that he had to use up his retirement money and he said his plan was to never stop working so he never planned on retirement money. He told me he has 10+ years left to pay on his house.....I didn't know you could get a 30 year loan when you were in your 60's. He seems like a smart guy so I was just blown away that he is in this situation. I know some of my friends that are in a similar situation where they didn't plan well for retirement. I know one of them has a retirement plan, it will be from his parents inheritance when they pass, he admitted this right in front of his dad one day.

I'm sure there are some THT members on here that haven't planned very well for retirement and I just have to ask "what are you going to do?" Don't you ever plan on retiring? Why are you in the position you are in? When your employer contributes to a retirement account it's like free money that you are turning down. I am not looking down on anyone if you are in this position, in fact I feel awful for you which is why I am wondering what your plan is, never to retire or just live of off SS?
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Old 02-24-2019, 11:42 AM
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The guys at work had a plan,just not a good one.The problems start when the personal lifestyle or life in general makes a worker skip the weekly payment into their retirement program and spend the money on anything else.Weeks turn into years and they find themselves screwed.SS is a great supplement to a retirement plan,but you better be debt free and frugal if you plan on that for your sole income.I always figured I would keep a small job when I retired,but got over that thought in about a day.I planned well and don't need to work.
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Old 02-24-2019, 11:43 AM
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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
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Old 02-24-2019, 11:46 AM
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I sense the "humble brag" will be strong in this thread.

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Old 02-24-2019, 11:47 AM
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I wasnt a good retirement planner that is why I will have several pensions and I planned it that way..
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Old 02-24-2019, 11:49 AM
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Originally Posted by Marlin308 View Post
I sense the "humble brag" will be strong in this thread.


Thatís awesome......
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Old 02-24-2019, 11:50 AM
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Most people don’t have any money.

Most people don’t make a ton of money.

Bunch of people spend on crap, like smart phones and cars/toys. Even coffee and cigarette cost add up...

But asking this in THT? Everyone here saves the max, pays cash for everything and live within their means!!
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Old 02-24-2019, 11:50 AM
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Originally Posted by Marlin308 View Post
I sense the "humble brag" will be strong in this thread.
Yeah, itís not like there is any revelation to be had, itís as old as the ant and the grasshopper.
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Old 02-24-2019, 11:54 AM
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My retirement plan involves a box and some nails
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Old 02-24-2019, 11:54 AM
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Originally Posted by Cracker View Post
I wasnt a good retirement planner that is why I will have several pensions and I planned it that way..
Cracker that is one way to plan for retirement. You worked jobs that payed you less, but gave you a future dollar gain as a pension. Your basic retirement planning was akin to buying an annuity. So I think you were a better planner than you think. This thread is about people who have no pensions and never invested or saved any cash for retirement. My in-laws are a perfect example of people who live on SS and thought investing in the stock mkt. was like going to Vegas.
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Old 02-24-2019, 12:02 PM
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Well these are my honest answers.
Most people donít have any money.

I got some but want more.

Most people donít make a ton of money.

I used to make a lot of money which is how I was able to save for retirement.

Bunch of people spend on crap, like smart phones and cars/toys. Even coffee and cigarette cost add up...

I spend to much on fishing stuff......why does one man need 40+ rods and reels?

But asking this in THT? Everyone here saves the max, pays cash for everything and live within their means!!

Not me by far, I like to spend more than I like to save. I have never paid cash for a car but I have paid cash for a couple of boats but they were under $8K. I much prefer making payments than draining my savings accounts. As cheap as it is to borrow money I don't think it makes sense in most cases to pay cash. Just about everything I read online said to NEVER pay off your house.....but so glad we did! We are debt free except for the stuff we buy and the money we pay for our daughters school loan.
[/QUOTE]

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Old 02-24-2019, 12:03 PM
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Well it can go both ways. Save for a good retirement. Drop dead early. Kid buys a new Freeman with inheritance . The boat you never owned because you were saving for retirement .
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Old 02-24-2019, 12:04 PM
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Not a surprise, considering the average retirement account balance is ~$105,000 and about 1/2 the population has no retirement savings.
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Old 02-24-2019, 12:06 PM
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Both Gates and Bezos still work, so there's that.
Everything is relative.
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Old 02-24-2019, 12:09 PM
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Originally Posted by coastboater View Post
Both Gates and Bezos still work, so there's that.
Everything is relative.
Yeah, but is Bill Gates really happy?
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Old 02-24-2019, 12:10 PM
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I have hardly anything saved anything for retirement, and I'm almost 40. I'm currently investing 1% into my 401k because that's all my company matches. My financial situation is a house that's about 2/3 paid off, boat, truck, a little land, and no debt other than the house. Unmarried.

Sometimes I wonder how much money I'd really need monthly to get by. Property tax and house insurance together are about $200/mo.

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Old 02-24-2019, 12:10 PM
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There is a generation or more of Americans who have made little to no progress on savings for retirement. It will not be pretty for them, or society at large in the future, as (most) companies no longer offer a pension, and are totally company match for a retirement plan. No employee contribution, no company contribution.

I made both children set up ROTH IRAs in their early 20's, to which they contribute their $ monthly. They don't make a lot of $ now anyway, both being in .Phd grad programs. But, it helps cultivate the concept of saving, and if they ever need $ for an emergency, they can withdraw the principal at no penalty.
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Old 02-24-2019, 12:11 PM
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I’m the same Russ... for a HS grad, I make decent coin...

But I spend and live - now, not later. I have a boat now, and take my son fishing now... could wait 5 years and pay cash - but miss 5 years of fishing with my son. Easy answer for me...

I save - humblebrag - and have 2x the avg guy my age, but it’s 1/4 what the experts recommend. That’s reality, the recommended numbers the experts give is fantasy land. If everyone had that much money, everything would be that much more expensive.

And - save so much that you never touch the principal and die with unspent millions? Why?

Live a little now, save a little, retire with enough - and don’t die rich.
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Old 02-24-2019, 12:11 PM
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Originally Posted by coastboater View Post
Both Gates and Bezos still work, so there's that.
Everything is relative.
Bingo! Iíve always said ďweíre all broke at different levelsĒ!
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Old 02-24-2019, 12:13 PM
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Originally Posted by whorrall View Post
I have hardly anything saved anything for retirement, and I'm almost 40. I'm currently investing 1% into my 401k because that's all my company matches. My financial situation is a house that's about 2/3 paid off, boat, truck, a little land, and no debt other than the house. Unmarried.

Sometimes I wonder how much money I'd really need monthly to get by. Property tax and house insurance together are about $200/mo.
$200 a month? Do you live with an old woman in a big shoe?
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