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

murphy1244 · Feb 12, 2015

riptides said:
That's too deep for me, care to explain?

Yea about 6 feet too deep. No luck means your dead.

riptides · Feb 12, 2015

murphy1244 said:
Yea about 6 feet too deep. No luck means your dead.

:O

zzvyb6 · Feb 12, 2015

300UGUY said:
I have a friend that took a pension buyout in 2006. He did very well for a couple of years. Nice vacations and a new 45 ft motorhome. 2008 the Great Recession came, and now he works nights as a security guard. His wife complains a lot....

I worked for GM as a salaried employee and took the lump sum instead of the Prudential based annuity pension replacement. My Financial advisor took the money and has doubled it since it was issued in spite of the 4% draw I am taking. We invested the lump sum along with other IRA monies into 4 S.P.I.A.s (funny: including one from Prudential that's doing even better than the GM plan !!). I never thought of blowing it on extravagances. (I did, but never DID it). I know people who bought that $250K motor home and took it to Arizona one time. Now it sits in their yard, probably stuck in the frozen ground and worth 10% of what they paid for it.

So, I'm actually still making a lot of money from 401k funds. My Social Security welfare check pays for food and maybe some heat and electricity.

The nice part about not being dependent on a pension is that I don't need the same amount of money every month. Taxes, insurance, gifts and farm repairs are periodic, but not every month. I just draw it when I need it and of the amount needed. Even for play money (Craigslist, auction and eBay finds). Those who took the easy way out are stuck with their fixed pension amount until they die. Living 'paycheck' to 'paycheck'. After the market recovery, I am so far ahead that the pension replacement offer is out of sight.

Retirement for me means having the time and money to do what we want when we want. I'm 'Lucky' as far as JD's original question, but deserving of my current condition because I saved, lived frugally, educated my kids and kicked them out of the house. Now, I'm living the life of Riley (her maiden name was Riley, too !).

If money leaks out of your wallet like water, you're gonna drown later in life. I don't feel the least bit sorry for you. Now go back to the casino or buy some lottery tickets or just put a match to any paper money in your back pocket. Maybe a minimum wage increase will look good to you but be wary: The Earned Income Tax credit evaporates when you get that minimum wage increase, so you'll actually be farther behind. Makes good sense to naive ground-feeding voters, though.

JDgreen227 · Feb 12, 2015

murphy1244 said:
If I needed a prenup, I am with the wrong woman.

I must respectfully disagree with that....I was married almost 21 years to my ex and everybody inclusive of me thought we had a good marriage until my ex began having bipolar mood swings and demanded a divorce. Had I had a prenup in place, she would not have been able to (bleep) me out of over 200 grand in property equity. I went from having zero debt to being in debt for the most money ever in my life....Now, are you going to tell me I was with the wrong woman, or was it bad luck for me she went bipolar?

murphy1244 · Feb 12, 2015

bipolar mood swings can be helped with medicine. I can't tell about your situation as I only know you from what you posted. Maybe she married the wrong man?

And I don't know her at all. What you have together is split equally. It is half hers.

Capricious · Feb 12, 2015

It might be about time to start discussing tractors again...

murphy1244 · Feb 12, 2015

Capricious said:
It might be about time to start discussing tractors again...

Yes I think you are right. JD, I did not intend to insult you.

ovrszd · Feb 12, 2015

Capricious said:
It might be about time to start discussing tractors again...

True that.

We all tend to get pretty defensive about our past decisions don't we.

JDgreen227 · Feb 12, 2015

murphy1244 said:
Yes I think you are right. JD, I did not intend to insult you.

You did not...and as much as I insult others here, I should be prepared to get something in return....:laughing:

Actually,my ex and I simply grew apart....she was the exact opposite of who I should have married...and as the saying goes: "Opposites attract".

300UGUY · Feb 12, 2015

zzvyb6 said:
I worked for GM as a salaried employee and took the lump sum instead of the Prudential based annuity pension replacement. My Financial advisor took the money and has doubled it since it was issued in spite of the 4% draw I am taking. We invested the lump sum along with other IRA monies into 4 S.P.I.A.s (funny: including one from Prudential that's doing even better than the GM plan !!). I never thought of blowing it on extravagances. (I did, but never DID it). I know people who bought that $250K motor home and took it to Arizona one time. Now it sits in their yard, probably stuck in the frozen ground and worth 10% of what they paid for it.

So, I'm actually still making a lot of money from 401k funds. My Social Security welfare check pays for food and maybe some heat and electricity.

The nice part about not being dependent on a pension is that I don't need the same amount of money every month. Taxes, insurance, gifts and farm repairs are periodic, but not every month. I just draw it when I need it and of the amount needed. Even for play money (Craigslist, auction and eBay finds). Those who took the easy way out are stuck with their fixed pension amount until they die. Living 'paycheck' to 'paycheck'. After the market recovery, I am so far ahead that the pension replacement offer is out of sight.

Retirement for me means having the time and money to do what we want when we want. I'm 'Lucky' as far as JD's original question, but deserving of my current condition because I saved, lived frugally, educated my kids and kicked them out of the house. Now, I'm living the life of Riley (her maiden name was Riley, too !).

If money leaks out of your wallet like water, you're gonna drown later in life. I don't feel the least bit sorry for you. Now go back to the casino or buy some lottery tickets or just put a match to any paper money in your back pocket. Maybe a minimum wage increase will look good to you but be wary: The Earned Income Tax credit evaporates when you get that minimum wage increase, so you'll actually be farther behind. Makes good sense to naive ground-feeding voters, though.

I thought SPIA's were a fixed sum product? How would the market change how much you have in a SPIA? And, they go away when you die?