Retirement Planning - Lessons Learned

two_bit_score

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With real estate booming my property taxes have gone up to $13,000 a year. The rate per $1000 should have gone down in my mind. I sure bet if real estate prices ever drop, they would raise the rate to keep the coffers full.
Once they get used to having a certain amount to spend it will never go down.

But as much as people complain about taxes, I almost never see an organized group show up at school boards, city councils or county commissioners budget meetings to voice their complaints to those who impose the taxes.

And they keep electing the same ones who keep giving themselves raises from the taxes they impose.
 

Larry Caldwell

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There are people out there that deserve help and there are also people that don't. How do you determine who does and who doesn't.

I know of a family where one brother saved and managed to retire early. The other brother didn't and is dependent on inheriting a retirement income. Both were raised in the same household so you have to assume by the same set of values and had similar opportunities.

As for the veterans that need assistance, I think our country has failed to provide the assistance they deserve. Unfortunately I don't have any answers. There are individuals that are trying to help but more is needed, and it's not just money, but also people's time.
My brother in law is a retired veteran. He gets 50% of his highest active duty pay, PX privileges and Tricare. He earned it with 22 years of service, including two tours in 'Nam as a helicopter pilot.

I'm a veteran too, but got out of the Army as soon as I could honorably do it. I have piddled away more time in my life than I spent in the service, and neither need nor want any veteran's benefits, though they did give me $50/month for going to college, which covered my rent at the time. Too many guys blame a two year hitch for screwing up their lives. Two years, out of decades. McNamara didn't turn them into drunks and druggies. I don't waste any more sympathy on them that I do on the guys who didn't serve and still screwed up their lives.

I often wonder what happened to some of the guys I went to high school with. Some of them had no interest in an education. They planned to "get a job in the mill" and work there the rest of their lives. It worked for their dads, and worked for them for about 15 years. Then the mills closed or automated. As my dad used to say, "Root, hog, or die." A lot of them did. I think at least a quarter of the boys I went to high school with are dead now, some by their own hand, either accidentally or on purpose.

If your health holds up, retirement is an opportunity to have some fun before you croak, but we're all headed for that long dirt nap. If you have a few bucks put by, you will get about 10 more years than somebody who is poor.
 

Larry Caldwell

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Agree, but that was about 60 years ago. Is there anyone that worked there that was anywhere near retirement age back then still alive?
It went from Studebaker to Peabody. The coal miner health care and pension funds got invested in spinoff subsidiaries that went bankrupt, dumping the whole expense on the government while Peabody pocketed the money.
 

California

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I woke up around 3:00am this morning and watched a few minutes of The Future Of Word on PBS. I plan on watching the rest of it when I'm more awake. The goal of most businesses is to employ as few people as necessary to do the job, as employees are one of the biggest expenses.
This is the reality those coming of age today will face. Even a good education is no guarantee. Look to India for an example, huge numbers of well educated people that no one needs to employ. Of course some will do well but the skills of many simply aren't needed.

Universal Basic Income will become inevitable, as automation pushes all the wealth to the owners of the machines and people are no longer needed for production.

What they need to teach people is the ability to learn and comprehend so that they can adapt to the changes they will be facing.
Aside from the nuts & bolts of financial analysis and forecasting, this was the main point that profs in my MBA hammered on: Keep your eyes open to recognize change as it approaches and respond by creating new strategy to take advantage of what's new - The alternative is that you will get run over by changing circumstances.

That, and for those starting out now: expect several unrelated careers as your work environment changes and evolves. I've read that the tech generation making the highest salaries change jobs every couple of years. They learn a skill, recognize that their new capability isn't appreciated by a new salary where they are, so they go where their skill level is recognized and rewarded. This seems otherworldly to us old timers who earned pensions working for one of a few firms, but it is the reality these kids now live within.
 

MossRoad

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Agree, but that was about 60 years ago. Is there anyone that worked there that was anywhere near retirement age back then still alive?
Not only did it affect the people that lost their jobs and pensions, that kind of stuff trickles down to their children and grand children in the form of lost generational wealth.
 

MossRoad

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This is the reality those coming of age today will face. Even a good education is no guarantee. Look to India for an example, huge numbers of well educated people that no one needs to employ. Of course some will do well but the skills of many simply aren't needed.

Universal Basic Income will become inevitable, as automation pushes all the wealth to the owners of the machines and people are no longer needed for production.


Aside from the nuts & bolts of financial analysis and forecasting, this was the main point that profs in my MBA hammered on: Keep your eyes open to recognize change as it approaches and respond by creating new strategy to take advantage of what's new - The alternative is that you will get run over by changing circumstances.

That, and for those starting out now: expect several unrelated careers as your work environment changes and evolves. I've read that the tech generation making the highest salaries change jobs every couple of years. They learn a skill, recognize that their new capability isn't appreciated by a new salary where they are, so they go where their skill level is recognized and rewarded. This seems otherworldly to us old timers who earned pensions working for one of a few firms, but it is the reality these kids now live within.
When I was in I.T. it was just an endless upgrade in learning and certifications. If you stopped for a few years, you were way behind the system. As soon as you got comfortable with a system, it was obsolete.
 

California

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When I was in I.T. it was just an endless upgrade in learning and certifications. If you stopped for a few years, you were way behind the system. As soon as you got comfortable with a system, it was obsolete.
Amen bro. In undergrad math a prof had said computerization of everything was inevitable. And the primitive 360-20 that we sent our cards to for overnight processing, was a faint headlight far in the distance coming at us fast, foretelling what would soon be commonplace. So get ready now for the changed world you will soon work in. That was good advice.

I don't know what today's equivalent of that advice is, maybe newcomer auto mechanics learning EV's. Maybe something that we haven't imagined. I think climate change will be the biggest change the new generation will need to learn to deal with. And maybe the possibility that continually mutating Covid could change education, entertainment, dining, dating and matchmaking, even food production. Circumstances that you never imagined could change - will change. We might as well get good at working within continual change. Or get left behind.
 
 
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