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

[BobRip]

Something that I have not seen here is buying old cars. I use to get cars with over 100,000 miles. I would go over them and replace worn items. Then keep them for 50,000 or more miles. I tried to buy them from people I know. A friend asked about my 15 year old 69 Rambler. He said "You do have a nice car at home.". I said "Yes, a 66 Impala". I was paying around $500 a car and fixing them myself. I did buy my first new car at age 46. I now buy new cars and try to keep them to 200,000 miles. Not real hard today. I just gave my Daughter and her husband a 2000 Caravan with 218,000 miles and an 1986 Caprice with 198,000. He loves the Caprice.

 

[TomSeller]

funny how the wealthy of our nation (the op) are so busy patting themselves on the back for being part of the system. and others complain about how their wealth is being sucked away by taxes that benefit the poor. what happened to charity and humbleness? is that lost when you have enough money to gloat?
pretty shameful.

I don't think he was gloating at all. I think he was merely observing the differences in his life choices and events compared to his classmate's after his classmate said he was "lucky" and he asked TBN members if they think he was lucky. I don't think he was at all. I think he has made wise choices in his life that others can learn from.

 

[ultrarunner]

Guess I have been unlucky when it comes to pensions...

As I was entering the workforce defined benefits were being phased out and the Union Shop where I worked and all the similar shops no longer exist... not to worry, got busy and was hired at a hospital with a defined contribution plan that was explained simply a different way of getting there... and that lasted a few years and then employer contribution stopped cold... through acquisitions and mergers they really no longer exist in my field and market.

 

[JDgreen227]

JD, not to get personal or change the direction of this thread but have you ever considered an implant? My wife was born deaf in one ear and with little to none in the other. She got an implant at age 63 and has done pretty well with it.

It's okay for you to inquire...and thank you. Read my PM.

 

[alchemysa]

'The harder I work the luckier I get.' I'm sure there's a big dose of truth in that but sometimes bad luck strikes hard working people mercilessly.

The GFC hit just a year after we had cashed in all our 'paper investments' and sunk them into building a house. Our perfect timing was pure luck. Other people we knew lost small fortunes or much of their super because their money was still in investments. All these people were hard working and had sensible plans for the future, just like us. But we were unscathed while they were shattered.

Having money in those investments was the result of years of hard work, frugal living and hard earned lessons. Getting that money OUT of those investments before the GFC was pure luck.

 

[riptides]

Prenups and marriage intrigue me. That “trust” thing, to me it comes down to reading people. And perhaps yourself. It is an interesting subject, and this may sound harsh, but what makes a marriage last? Is it perhaps that the relationship did not really get over some humps that were there in the beginning and were overlooked?

You see and hear people all the time getting married in what I consider very short times and of course in the very “best” times when they meet the person.

I don’t subscribe to that way of thinking. So, harsh as it sounds, what makes the “trust” between two people, that demands a prenup?

 

[riptides]

Guess I have been unlucky when it comes to pensions...

... and that lasted a few years and then employer contribution stopped cold... through acquisitions and mergers they really no longer exist in my field and market.

Been there, Remember Pabst Blue Ribbon beer? They were one of the first companies that "caught" my eye on how things agreed upon could be taken away.

My entire career has been one of mergers/aquisitions and independant consulting. I have always managed to move monies out of company defined/controlled "retirement" accounts.

If I could do the same movements with the SS benefit that will come my way one day, I would.

 

[mikehaugen]

The company I work for just announced that they are going to freeze the pensions for salary employees in 2017 or 18. I'm just a measly hourly employee and my pension is part of a union contract, I wonder what the big topic of discussion will be at the next contract negotiation?

 

[KennyG]

The company I work for just announced that they are going to freeze the pensions for salary employees in 2017 or 18. I'm just a measly hourly employee and my pension is part of a union contract, I wonder what the big topic of discussion will be at the next contract negotiation?

The issue will be what will they replace it with. If they give you a reasonable contribution to your retirement fund you will probably come out ahead in the long run, especially if you have a few years for it to accumulate.

 

[Capricious]

The company I work for just announced that they are going to freeze the pensions for salary employees in 2017 or 18. I'm just a measly hourly employee and my pension is part of a union contract, I wonder what the big topic of discussion will be at the next contract negotiation?

Very common these days.

First move is to eliminate defined benefit pensions for new hires; then a few years later existing pensions are "froze." Usually this is accompanied by a boost in 401K matching amount, but it is small consolation.

As far as unions go, the big issue at the moment is the solvency of multi-employer plans:
Teamsters pension plan stuck in crisis | BenefitsPro

While having a pension at all is certainly a plus, one had better not plan on it being the cornerstone of one's retirement:
Bill McClellan: Pulling the rug from under retirees : News