Are you "lucky"if you have a secure retirement?

[KennyG]

I've been very fortunate to have had good jobs and to not have extravagant habits. So, I have an IRA, a 401K, maxed out social security and an annuity from a discontinued pension program. I could have retired years ago but kept working because I liked it. The one thing I've tried to tell my kids is the importance of starting to save early. As soon as they had jobs of any kind, I put as much as possible into Roth IRAs, in S&P 500 index funds, for them. In my early years before I qualified for a pension, I put a little over $10,000 into an IRA. Today, it's on the north side of $400,000. Dividend reinvestment (with the side benefit of automatic dollar cost averaging) is the closest thing to magic you can find in the investment world.

 

[buckeyefarmer]

Hard to find anyone offering a pension these days. My company had one, but stopped it a couple years ago. I'll get something from it, but it's not growing any more.

 

[QRTRHRS]

For me, I have made some good choices and some bad ones and some I had no choice in. Along the way, my 1st wife decided to be otherwise so that cost me. I did buy her out of my future pension but then lost 250k overnight back when Lucent Technologies took a dump. Then my job basically went overseas but I did have the time and age to start drawing a pension at age 53. Then I married into a relationship with horses, lol!

But then, my wife and I each get SS and both get pensions to the tune that we get hammered pretty hard with federal taxes.

Just this morning, I got an email from a former co-worker telling me of another that just stroked out at age 60.

I don't have to work at Wal-Mart but I am driving school bus because my medical is only 48 and change per month until I can get on Medicare at the end of the year.

For me, having enough to pay the bills, go out for dinner on occasion, good health and living in an area where people stop to chat with strangers are as much as I need.

 

[TomSeller]

. Private sector pensions that were gutted at the corporate level did wonders for beachfront property values in Belize, but left workers that had paid into them for decades with nothing. Those folks worked hard, put money away in something previous generations did well with, then got ripped off.

I am very much for individuals taking full responsibility (for their life in general), but do feel that private sector pensions were not adequately legislated. (Very) rarely do I ever say that I want to see more govt legislation. Yes, I have a pretty good idea why those protections were not in place.
.

This is very true, I have been the victim of this twice. I still managed to save millions of dollars and am in good shape financially, everything is paid for and I don't owe a dime. Don't even have a CC except a company Corp card for biz use. But it sure would have been nice if the companies had not been able to "underfund" their employee's pensions. Those of you that are enjoying pension benefits are very fortunate. They are a thing of the past for anyone in the private sector and who knows about the public sector. I am just hoping there isn't yet another financial crisis in the near future where all the white haired guys make off with everyone's money again and never get jailed. Every one of those b'tards ought to be on death row.

 

[downsizingnow48]

My Dad told me, get a job, work hard, do it as fast and good as you can, and keep on that way. The rest will take care of itself. I have to say he was pretty much right. Although good or bad luck can make a big difference as others have said. For our girls, I told them the same thing he told me except I added, whatever you make, save another 10-20% on top of any company sponsored plan or social security.

 

[texasjohn]

Even the standby's, pensions, 401K's, IRA's, savings, etc. are not fully reliable. Work for some, not for others. Seems that SS and Medicare figure as key components of retirement planning/alibilty. I suppose now the ACA is somewhere in the mix for those without independent means and insurance and superb health.

Life for each of us, filled with variability and uncertainty, from start to finish.

 

[CobyRupert]

I suspect that you just started this thread to pat yourself on the back, but in a way you've earned it.

... and then he made fun of the ugly trailer that his poor friend could only afford.

 

[texasjohn]

... and then he made fun of the ugly trailer that his poor friend could only afford.

Huh?? I only see posts which are sensitive and understanding...don't know what you saw.

 

[ultrarunner]

Uncertainty is why I bought my first home at age 22... it was a real dump scheduled to be condemned... bought it for cash by selling my bone stock 1968 Z28 Camaro I had restored... family and friends thought I was nuts buying the old shack... still have it today.

As a teenager working in an autoparts store the old guys that would come in were more than happy to give advice and many said get into Real Estate sooner as opposed to later...

I'm posting a picture of the Luck that is helping to secure my retirement... after rebuilding if from the foundation to the roof and everything inbetween... I decided to keep it as a rental and in 30 years it has been vacant a total of 3 weeks... Best $11,500 I ever spent was buying this SF Bay Area Cottage and saving it from demolition....

Even my Grandparents didn't have the heart to say what they were thinking at the time and that was I would be better to kiss that money goodbye...

 

[TomSeller]

Uncertainty is why I bought my first home at age 22... it was a real dump scheduled to be condemned... bought it for cash by selling my bone stock 1968 Z28 Camaro I had restored... family and friends thought I was nuts buying the old shack... still have it today.

As a teenager working in an autoparts store the old guys that would come in were more than happy to give advice and many said get into Real Estate sooner as opposed to later...

I'm posting a picture of the Luck that is helping to secure my retirement... after rebuilding if from the foundation to the roof and everything inbetween... I decided to keep it as a rental and in 30 years it has been vacant a total of 3 weeks... Best $11,500 I ever spent was buying this SF Bay Area Cottage and saving it from demolition....

And I bet it is worth a pretty penny today.