Retirement Planning - Lessons Learned

[ultrarunner]

Have not spent a $100 lifetime with Walmart and doubt a $100 annually with Amazon... maybe 3 visits to Costco each year tops...

But I have to say it is getting harder as many places I trade with are closing forever...

The 1946 city block ACE Hardware is no more... owner passed away and family sold land for housing...

One generation builds it up... another may hold on and by the third it is often gone...

Seen it with lots of family business where the personality/drive of the founder can't be replaced.

The local Walmart in a city nearing half a million closed as have area Targets, McDonalds, Rite Aid, Safeway, etc...

Just shows even the big players don't hit it out of the park everytime at bat and Home Depot said it will soon decide continue or not...

I do miss that big ACE as they had everything and lots of old stuff for older homes... the heirs just not interested in Hardware... all in their 60's and with careers in Law or Medicine...

 

[NorTracNY]

I don't drink, but I think I'll join you 3. It's clear that there are intelligent people here on all sides, but I'm guessing that emotions are clouding some of their thought process.

I hear people attacking Capitalism, but much of the complaining is about government helping out large corporations... I support the idea suggested by one, that if you feel guilty about your wealth, you should look to help the society around you that you feel needs it. Don't look for the government which you condemn for giving out help to large corporations to do it! Let me ask everyone one simple question. What country in the world has the most upward mobility opportunity for the most people? Sometimes looking to constructively make things better is more constructive than attacking something many truly love. I know personally, I'd rather discuss improving things than get into an argument.

 

[Fuddy1952]

How many billions did the US taxpayer subsidize through food stamps, section 8 housing, and healthcare because Walmart has for decades paid below living wages?

Good question but the Walmart friends and employees we know have never received any of those taxpayer subsidized things. They may live in a trailer or small home, drive an inexpensive car but no free stuff.
Years ago we listened to a radio talk show host Bruce Williams (wiki has good info about him). He did lots of things to make money from childhood.
People always were calling in "we're poor...can't pay mortgage", etc.
He always asked what did they do nights and weekends. In other works, get a second job!
My Mom has caregivers, 24/7...mainly for companionship, she doesn't need nursing care. Mom walks, bathroom/bath by herself, etc. Caregivers make $15/hr.
That's not much but do the math: $360/day...$2,520 a week...over $130,000/year TAX FREE! That's right. They make $120 every night while they sleep. They fix simple meals, wash clothes once a week, light housecleaning (they don't do windows ).
But an easy gig...easier than Walmart.
Walmart isn't the only game in town.
A nice restaurant we patronize one waitress works there a lot. We see her pocket lots of cash tips just while we're there. Of course, unreported income. Then we see her in grocery store, $150/groceries it rings up...she has to pay $30-$40 beer & cigarettes, rest is SNAP (food stamps). Sickens me.

 

[deserteagle71]

I guess I see blaming Walmart for the loss of small business the same as blaming Deere for the loss of plow horses. Lots of small businesses adapted and fill niches. Others died because they would not adapt.

^ Exactly. NO ONE is forced to work for Walmart. NO ONE is forced to shop at Walmart. Busy as my local Walmart is, obviously it is filling a need.

Until Walmart came to town, it was a ritual in the area where I live...drive to Reno (350 mile round trip) every two weeks or once a month to shop for what you needed. And that's because despite being a town for 150 years you still couldn't buy so many of the essential items you required here in the shops in town.

 

[dirttoys]

Dirttoys: "Both killed small business, and both have a work force of close to slave labor."
Yes I believe Walmart moving into areas has killed some small businesses, but consumers have a choice. I'm guilty by not paying $25 at a local hardware store for the same hammer I can buy at Walmart for $12.95.
Yes they may start workers off at $9.50/hr.
(All these $#'s I made up)...the point is no one forces consumers where to shop or work.
The two zero turn mowers I have I bought from a small business not far. I could have saved money buying from a big box store, but they have knowledge and service big store doesn't have.
The small business can offer different brands or services. That's our free enterprise
system at work.

Don't misunderstand, I shop at walmart, and own their stock. My point was largely a comparison of amazon to walmart (~same to me).

I do my best to practice what I preach, I believe in capitalism, and our representative republic. I am still human and remember when every small town had a grocery and hardware store that each supported a family and a pile of kids for summer jobs.

The results speak for themselves, we for the most part have chosen sam and jeff. I can't see they did anything wrong to get there, and certainly those they closed could have/should have done better. It is the way it is, and I have no complaint. But, I miss the locals.

Best,

ed

 

[Fuddy1952]

Don't misunderstand, I shop at walmart, and own their stock. My point was largely a comparison of amazon to walmart (~same to me).

I do my best to practice what I preach, I believe in capitalism, and our representative republic. I am still human and remember when every small town had a grocery and hardware store that each supported a family and a pile of kids for summer jobs.

The results speak for themselves, we for the most part have chosen sam and jeff. I can't see they did anything wrong to get there, and certainly those they closed could have/should have done better. It is the way it is, and I have no complaint. But, I miss the locals.

Best,

ed

Me too Ed...me too. I miss all those small shops, the old super simple cars & tractors you could and made to work on.
I'd be happy living in a perpetual 1960s world (except for modern medical advances).

 

[Jstpssng]

Good question but the Walmart friends and employees we know have never received any of those taxpayer subsidized things. They may live in a trailer or small home, drive an inexpensive car but no free stuff.
Years ago we listened to a radio talk show host Bruce Williams (wiki has good info about him). He did lots of things to make money from childhood.
People always were calling in "we're poor...can't pay mortgage", etc.
He always asked what did they do nights and weekends. In other works, get a second job!
My Mom has caregivers, 24/7...mainly for companionship, she doesn't need nursing care. Mom walks, bathroom/bath by herself, etc. Caregivers make $15/hr.
That's not much but do the math: $360/day...$2,520 a week...over $130,000/year TAX FREE! That's right. They make $120 every night while they sleep. They fix simple meals, wash clothes once a week, light housecleaning (they don't do windows ).
But an easy gig...easier than Walmart.
Walmart isn't the only game in town.
A nice restaurant we patronize one waitress works there a lot. We see her pocket lots of cash tips just while we're there. Of course, unreported income. Then we see her in grocery store, $150/groceries it rings up...she has to pay $30-$40 beer & cigarettes, rest is SNAP (food stamps). Sickens me.

Some of that probably is tax free, but if she isn't declaring tips on her income it could come back to bite her.

 

[goeduck]

Good question but the Walmart friends and employees we know have never received any of those taxpayer subsidized things. They may live in a trailer or small home, drive an inexpensive car but no free stuff.
Years ago we listened to a radio talk show host Bruce Williams (wiki has good info about him). He did lots of things to make money from childhood.
People always were calling in "we're poor...can't pay mortgage", etc.
He always asked what did they do nights and weekends. In other works, get a second job!
My Mom has caregivers, 24/7...mainly for companionship, she doesn't need nursing care. Mom walks, bathroom/bath by herself, etc. Caregivers make $15/hr.
That's not much but do the math: $360/day...$2,520 a week...over $130,000/year TAX FREE! That's right. They make $120 every night while they sleep. They fix simple meals, wash clothes once a week, light housecleaning (they don't do windows ).
But an easy gig...easier than Walmart.
Walmart isn't the only game in town.
A nice restaurant we patronize one waitress works there a lot. We see her pocket lots of cash tips just while we're there. Of course, unreported income. Then we see her in grocery store, $150/groceries it rings up...she has to pay $30-$40 beer & cigarettes, rest is SNAP (food stamps). Sickens me.

^^^ Sobering reality.

 

[ultrarunner]

Good question but the Walmart friends and employees we know have never received any of those taxpayer subsidized things. They may live in a trailer or small home, drive an inexpensive car but no free stuff.
Years ago we listened to a radio talk show host Bruce Williams (wiki has good info about him). He did lots of things to make money from childhood.
People always were calling in "we're poor...can't pay mortgage", etc.
He always asked what did they do nights and weekends. In other works, get a second job!
My Mom has caregivers, 24/7...mainly for companionship, she doesn't need nursing care. Mom walks, bathroom/bath by herself, etc. Caregivers make $15/hr.
That's not much but do the math: $360/day...$2,520 a week...over $130,000/year TAX FREE! That's right. They make $120 every night while they sleep. They fix simple meals, wash clothes once a week, light housecleaning (they don't do windows ).
But an easy gig...easier than Walmart.
Walmart isn't the only game in town.
A nice restaurant we patronize one waitress works there a lot. We see her pocket lots of cash tips just while we're there. Of course, unreported income. Then we see her in grocery store, $150/groceries it rings up...she has to pay $30-$40 beer & cigarettes, rest is SNAP (food stamps). Sickens me.

I think there were more like Bruce Williams at the time...

There was a time when law enforcement with a family always had side jobs until they advanced in rank...

Several of my grade school dads were police/deputies... they were always working overtime and second jobs.

That has certainly changed and 12 from my high school went straight into law enforcement with 2 year Admin of Justice and now retired with 100 to 180k city pensions and life time medical... sobering to see just how much it changed.

Growing up it seemed every fire fighter had a second income... painting, alarm installer, etc... now... not so much.

 

[RustyA]

Worked for a Walmart vendor in late 70's and early 80's when Mr Sam was still alive. He personally visited every store once a year and shook every associate's hand. Profit sharing for every employee was company stock distribution. Share price was posted daily in break room. Lots of truck drivers, cashier's and asst mgrs retired as near to or millionaires based on what Sam set up for them. His business plan was stores in midsize towns in rural areas where people had to drive 50 miles or more to shop. To this day I admire him as a business man and a person. Drive an old truck and wore Walmart uniform and baseball cap. He put customers and employees first. Money made was shared and used to grow and hire more people.

 

[goeduck]

Worked for a Walmart vendor in late 70's and early 80's when Mr Sam was still alive. He personally visited every store once a year and shook every associate's hand. Profit sharing for every employee was company stock distribution. Share price was posted daily in break room. Lots of truck drivers, cashier's and asst mgrs retired as near to or millionaires based on what Sam set up for them. His business plan was stores in midsize towns in rural areas where people had to drive 50 miles or more to shop. To this day I admire him as a business man and a person. Drive an old truck and wore Walmart uniform and baseball cap. He put customers and employees first. Money made was shared and used to grow and hire more people.

I gotta love that !

 

[Larry Caldwell]

It's interesting that so many people think I "have money," when I live a pretty modest middle class existence. Any wealth I have accumulated will not long survive me, and is earmarked for elder care as my wife and I age. I guess it shouldn't surprise me, because fewer and fewer people will have the opportunity to live the lifestyle I did. I stayed away from "get rich quick" schemes because I had a grandfather who was always looking for the next best thing, and died a pauper. I stuck to "plan your work and work your plan." I won't go into details, but it was not always easy. I about starved to death in 1982, when there was no such thing as a social safety net for young men. A 13 foot $500 travel trailer kept me from being homeless. It's why I have no truck with people who badmouth the poor.

I'm also a student of history. I'm familiar with the horrible abuses of aristocracy. I know about the private armies killing miners and their families. I see the same thing coming in the United States, fueled by vast accumulations of wealth beyond any possible use. We're turning into a third world country controlled by the wealthy, while the ranks of the poor grow and grow.

I count myself lucky that my retirement will probably survive long enough for me to die. Some of you will not be that fortunate.

 

[goeduck]

 

[goeduck]

It's interesting that so many people think I "have money," when I live a pretty modest middle class existence. Any wealth I have accumulated will not long survive me, and is earmarked for elder care as my wife and I age. I guess it shouldn't surprise me, because fewer and fewer people will have the opportunity to live the lifestyle I did. I stayed away from "get rich quick" schemes because I had a grandfather who was always looking for the next best thing, and died a pauper. I stuck to "plan your work and work your plan." I won't go into details, but it was not always easy. I about starved to death in 1982, when there was no such thing as a social safety net for young men. A 13 foot $500 travel trailer kept me from being homeless. It's why I have no truck with people who badmouth the poor.

I'm also a student of history. I'm familiar with the horrible abuses of aristocracy. I know about the private armies killing miners and their families. I see the same thing coming in the United States, fueled by vast accumulations of wealth beyond any possible use. We're turning into a third world country controlled by the wealthy, while the ranks of the poor grow and grow.

I count myself lucky that my retirement will probably survive long enough for me to die. Some of you will not be that fortunate.

I think you are massively wealthy and you are gaming us into thinking you are not. No dice.

 

[ruffdog]

A poor person can dream of great happiness if they get wealthy while a rich person can't....and many are not happy.

 

[ultrarunner]

It's interesting that so many people think I "have money," when I live a pretty modest middle class existence. Any wealth I have accumulated will not long survive me, and is earmarked for elder care as my wife and I age. I guess it shouldn't surprise me, because fewer and fewer people will have the opportunity to live the lifestyle I did. I stayed away from "get rich quick" schemes because I had a grandfather who was always looking for the next best thing, and died a pauper. I stuck to "plan your work and work your plan." I won't go into details, but it was not always easy. I about starved to death in 1982, when there was no such thing as a social safety net for young men. A 13 foot $500 travel trailer kept me from being homeless. It's why I have no truck with people who badmouth the poor.

I'm also a student of history. I'm familiar with the horrible abuses of aristocracy. I know about the private armies killing miners and their families. I see the same thing coming in the United States, fueled by vast accumulations of wealth beyond any possible use. We're turning into a third world country controlled by the wealthy, while the ranks of the poor grow and grow.

I count myself lucky that my retirement will probably survive long enough for me to die. Some of you will not be that fortunate.

Follow the money often explains the way of the world or so it seems to me.

Your success and path taken isn't unique. It shows what determination and a plan comes together.

My experiences might not be representative but many I know came to the SF Bay Area with dream starting with nothing as refugee or nearly so... what they lack in education they more than made up in determination...

I'm not ready to throw in towel on the next generation...

 

[newbury]

It's interesting that so many people think I "have money," when I live a pretty modest middle class existence.<snip>

I count myself lucky that my retirement will probably survive long enough for me to die. Some of you will not be that fortunate.

Yup.
So many sayings to reflect our lives.
"S^it happens" just don't be underneath.
-

 

[ultrarunner]

The reality is if you own a home you have money to many...

If you own a home and timber land, etc... well, you might as well be rich

My biggest expense in life are taxes of all shapes and sizes...

A rental property in WA takes 8 months rent to cover property tax and another for property management and another for insurance and it is vacant at the moment...

Expecting taxes to take a big leap next year...

 

[marhar]

I didn't get my PERFECT job until I was 59. For 15 years I traveled my tail off working on large generator voltage regulators. Had extensive dealings with the guy I work for now and he reached out to me. I had 2 stipulations, cut down drastically on my travel and I work from home. Done and done. Since I was eligible I've been putting 23% in my 401K. I have 2 partial retirement checks that go in the bank and never are used. My wife still works and has a really good job that she could walk away from anytime. I plan to work to 66, I'm 62 now. If I still feel good I may go longer. Mine is a niche job and in very high demand. I've already bought and paid for all the toys I presently own. I need to buy a new truck at some point to replace my 2008 Tundra.

Well done.

 

[Wakey]

I count myself lucky that my retirement will probably survive long enough for me to die. Some of you will not be that fortunate.

You seem pleasant.