Retirement Planning - Lessons Learned

[Fuddy1952]

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.

Great reply:"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."
You just described my brother and me. A step further: my brother was given a free car after high school, I had to work buying my own car. My brother was a straight A student while I was C average. His I.Q. was higher (not now after drugs/alcohol), his business 10X more successful than mine. I have a few community college years, PhD for him (all paid for by parents, $0 for me).
Now he's bankrupt.

 

[MossRoad]

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. I was involved in quite a bit of automation of processes over the years at my last job. Those human jobs were done away with through attrition and buyouts. But at the end, they were done away with by RIF (Reduction In Force). Which is basically, "we no loner need you, bye".

As fast as you can get trained on a new technology, that technology can and will be automated. 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.

Some people on that show were predicting a net loss of jobs world wide as automation and AI takes over. With a net loss of jobs, there's going to be a lot of people in need. That's just a fact that's going to have to be dealt with by anyone left that has money.

 

[MossRoad]

Also, just because you come from the same parents doesn't mean you're going to be exposed to the same levels of care, education, love, etc...

Growing up in a household with multiple children, spread out over 15 years in age, there's going to be times where the parents have to devote more time and effort into one or more of the children than the others. There's also times when the parents are stressed at different levels when their children are of different developmental stages in their lives.

It's why birds lay multiple eggs and the one that hatches first usually gets the most attention and has the best chance of survival.

 

[ultrarunner]

Off Shore and Automation...

Thankfully some things cant be Off Shore or Automated!

 

[goeduck]

Apparently that single pension failure is neither small nor unimportant in South Bend. Most problems are local in nature.
Hardship is easy to overlook for those that never experienced much or any.

Agree, but that was about 60 years ago. Is there anyone that worked there that was anywhere near retirement age back then still alive?

 

[goeduck]

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.

That is exactly what needs to somehow be figured out. Everyone wants to help those that truly need it.

 

[Torvy]

The trick is that the best delivery systems of aid are not governments, but private entities.

 

[Jstpssng]

That is exactly what needs to somehow be figured out. Everyone wants to help those that truly need it.

Not everybody, if you read some of the threads here.

 

[grsthegreat]

wife retired about 6 years ago when her company folded up and offered early retirement package. i shut down my company almost 1 year ago, but still maintain a bunch of standby generators a few days a week for spending money.

my wife has planned out retirement for many years. she forced me to pay off mortgage and all vehicle loans. so now only costs are food, utilities and taxes for the most part. plus the occasional house repair and vehicle bill.

with the 2 SS checks, we have not had to touch the IRAS, pensions, CD's or any savings. She just got on medicare last year and i get on in about 8 months. that will help with the unknown health cost burdens. but even if we had to use 4% of investments to live, it would be more than we made in combined income over the years. we had expected to do some vacationing and sight seeing when we retired, but with covid thats gone.

but thankfully we live in a place where others chose to visit, so we feel blessed.

my biggest advice is dont retire if you own mortgage and vehicle bills. i know people that have, and they ended up going back to work full time to get back on their feet.

 

[Steppenwolfe]

98% of people make their own choices... Not to get educated, not to work hard, not to give up the booze or drugs, not to show up 40 hours a week. I chose higher education over a sports scholarship, chose to work like a rented mule, chose to never do drugs or use alcohol to self medicate, and chose to excel in my profession. I also chose to emulate the Son of God, which is the hardest thing I have ever done.