Retirement Planning - Lessons Learned

[YanmarFever]

My Dad said to me at an early age (12) to work hard and save your money because there is nothing worse than being old and broke.
It worked for my wife and I, we saved for many years and lived a frugal life style and are reaping the benefits now in our 60s.

 

[Frankenkubota]

Does anyone else find it fascinating that we will print money for nearly anything, but, SS which has expanded in scope, and has been largely self supporting has to live on a strict P/L?

This is a funny world.

Best,

ed

i was going to make the point that we

never run out of money for hurricanes

we never run out of money for forest fires

we never run out of money for defense

we sure ain't never gonna run outta money for the federal pension employees and benefits program

we never run outta money for food stamps and the entire welfare culture

never run outta money for medicare/cade

But......my entire adult life i've heard....we are gonna run outtamoney for SS.

I still find it insulting that a federal program, SS, is run by a bunch of federal employees that get a special deal. They must be better than the rest of us.

 

[RickB]

My Dad said to me at an early age (12) to work hard and save your money because there is nothing worse than being old and broke.
It worked for my wife and I, we saved for many years and lived a frugal life style and are reaping the benefits now in our 60s.

Right there with ya, bud!

 

[RickB]

i was going to make the point that we

never run out of money for hurricanes

we never run out of money for forest fires

we never run out of money for defense

we sure ain't never gonna run outta money for the federal pension employees and benefits program

we never run outta money for food stamps and the entire welfare culture

never run outta money for medicare/cade

But......my entire adult life i've heard....we are gonna run outtamoney for SS.

I still find it insulting that a federal program, SS, is run by a bunch of federal employees that get a special deal. They must be better than the rest of us.

What special deal do Federal employees get? My wife worked full time for the USPS 30+ years. I don't see much of anything special coming her way. Military pensions are non-existent until you have 20 years of service.
Please explain.

 

[Frankenkubota]

LOL wish you were a little quicker Thanks for the link.

It is so funny SS and medicare are so complex, about the time you are supposed to not have to do complex crap any more.

I have known so many older folks that did get care because they didn't understand what they were entitled to, really is a shame.

Best,

ed

do you have any problem buying something on amazon?

that's complex also except amazon reaps a reward for making it so simple. govt, just the opposite, status quo, make it worse, more jobs.

your comment reenforces my recurring comment.....tell me 1 thing the govt does well.

it's to their advantage to keep it complex.

it is what it is

shrink the govt? not a chance

 

[Frankenkubota]

What special deal do Federal employees get? My wife worked for the USPS 30+ years. I don't see much of anything special coming her way. Military pensions are non-existent until you have 20 years of service.
Please explain.

i have 2 friends retired from post office and he told me they are on a completely different retirement plan than SS.

I will ask him.

 

[Frankenkubota]

How can you tell the difference between an accountant and an actuary?

- an accountant looks at your shoes when talking to you.

- an actuary looks at his shoes when talking to you.

MoKelly

same for engineers, extroverts and introverts.

 

[RickB]

i have 2 friends retired from post office and he told me they are on a completely different retirement plan than SS.

I will ask him.

That's Civil Service. Those guys were hired before 1986 or so. After that all fed employees are on SSI like the rest of us. CS is different for sure, maybe better but not by a whole lot. My wife started shortly after the CS deal ended.

 

[ultrarunner]

No doubt some sweet deals are closed to new hires...

Several of the Unions have two tier plans... old and new depending on hire date.

The sweetest plan I know is my city police officers... retirement is tied to what the current rank pays which means there are some retired LEOs that have city pensions now paying 2.5 times higher than highest earning years.... the last of these under the old rules recently retired... plus lifetime medical incl vision...

 

[Frankenkubota]

That's Civil Service. Those guys were hired before 1986 or so. After that all fed employees are on SSI like the rest of us. CS is different for sure, maybe better but not by a whole lot. My wife started shortly after the CS deal ended.

ok, devils in the details.

imho, the govt is too too big, too too incompetent, too too apathetic, too too elite and too too many people go there for a comfy nesting spot and it's too too expensive. close friend just retired from VA, nurse. told me her entire compensation package was at least 30% above a private sector nurse.

quick example, only because you are in the tarhole state. i only say tarhole to irritate carolina fans!

a few years ago the nc dmv got caught running a private, "state employee only", drivers license office. apparently their service at the regular license agencies was so so slow, state employees were complaining they couldn't get to work on time because of the delays.

it's hard to make this stuff up.