Retirement planning

[dave1949]

My father-in-law is 87. Sometimes he puts his self propelled mower in neutral and pushes it because its not going fast enough UP the hill! :laughing: Yesterday he cleared his driveway with a snow blower, TWICE, and its not self propelled. Let's face it... these "old" folks that lived a harder life than us as kids really know what hard work is!

Well, obviously lifestyle plays a role but so do genetics. For every 87 year-old like your FIL, there are many more that are vegetating in a nursing home or were buried years ago.

When I was 13-14 an 80-something man lived alone about 1/2 mile from our house. Often when I passed by on my bicycle if he was outside he wanted to show me how many pull-ups he could do using the frame of his old windmill tower. He was a tough old guy.

 

[zzvyb6]

The reality that will save Social Security will be all the Lardos who will drop from heart, kidney, liver, brain, lung and knee failure before they reach 60. There's enough gravy in them to feed a standing army. Notice all the new orders for Heavy Lift Survival Flight helicopters in the past year ? Now they even want to blame gluten for their downfall. Actually, they are falling down because of gravity.

Meanwhile take a gander over to Match.com or any one of the many single partner finder websites. Check out what the new 'About Average' body style looks like. We used to call then FAT. Next level is OBESE and beyond that its TOO SHORT. Good thing shoes don't have voices, the screaming would drive me nuts. Good Grief....

 

[MossRoad]

I enjoy doing things myself and haven't called a repair man yet so I should be good in that respect. If nothing with our mortgage changes we will pay it off a couple years before our planned retirement, but we are thinking about switching from our current 30 year mortgage to a 15 year so we can be done with it sooner. Thanks for the comments.

Can't you just pay it off sooner, rather than switching it? Or, can you refinance to get a lower rate and lower payments. You have to watch out to make sure the refinance fees don't eat any savings in interest if you're close to paying it off. Sometimes folks get caught up in the lure of lower interest rates when they can just make larger payments, pay it off sooner, and come out better or at least even VS refinancing. You have to put pencil to paper to make sure its a good deal for you.

 

[MossRoad]

Well, obviously lifestyle plays a role but so do genetics. For every 87 year-old like your FIL, there are many more that are vegetating in a nursing home or were buried years ago.

When I was 13-14 an 80-something man lived alone about 1/2 mile from our house. Often when I passed by on my bicycle if he was outside he wanted to show me how many pull-ups he could do using the frame of his old windmill tower. He was a tough old guy.

I think my F.I.L. could kick my rear end if I ticked him off enough! My only defense would be to fall on top of him... he's a little dude and I don't think he can bench press 210... any more!!! :laughing:

 

[MossRoad]

The reality that will save Social Security will be all the Lardos who will drop from heart, kidney, liver, brain, lung and knee failure before they reach 60. There's enough gravy in them to feed a standing army. Notice all the new orders for Heavy Lift Survival Flight helicopters in the past year ? Now they even want to blame gluten for their downfall. Actually, they are falling down because of gravity.

Meanwhile take a gander over to Match.com or any one of the many single partner finder websites. Check out what the new 'About Average' body style looks like. We used to call then FAT. Next level is OBESE and beyond that its TOO SHORT. Good thing shoes don't have voices, the screaming would drive me nuts. Good Grief....

Pro-tip for married folks..... don't take a gander at dating sites.... just sayin'.

 

[smstonypoint]

Pro-tip for married folks..... don't take a gander at dating sites.... just sayin'.

Are you speaking from experience?

Steve

 

[ultrarunner]

I did the test and 21 years left to go... maybe it's time to retire early... and no... I don't smoke or drink.

Strange thing is the age quoted is within 2 years of the age when all the men on dad's side passed away... cancer of various types.

The old stand-by for retirement was to own your home free and clear, have no debt and savings on the side...

The big wild card today is the cost of Health Care... many I know with modest pensions pay their entire pension check in health care premiums or part B supplemental... just a sobering thought.

I work in Health Care and often think how difficult it would be for my older family members if I did not have this connection... Health Care costs more and for many... access is more difficult... at least in my Bay Area market...

 

[dave1949]

I did the test and 21 years left to go... maybe it's time to retire early... and no... I don't smoke or drink.

Strange thing is the age quoted is within 2 years of the age when all the men on dad's side passed away... cancer of various types.

The old stand-by for retirement was to own your home free and clear, have no debt and savings on the side...

The big wild card today is the cost of Health Care... many I know with modest pensions pay their entire pension check in health care premiums or part B supplemental... just a sobering thought.

I work in Health Care and often think how difficult it would be for my older family members if I did not have this connection... Health Care costs more and for many... access is more difficult... at least in my Bay Area market...

There are so many medical treatments that exist now compared to years ago, and corresponding differences in longevity, it is hardly worth comparing. People are being treated for more conditions and over a longer lifetime.

Some of those treatments have cascading effects. Take knee joint replacements; when people were left to hobble around as best they could that had to have an impact on their cardiovascular health too as their activity levels declined. Cancer incidence has a strong correlation to age. The longer one lives, perhaps due to improved heart health enabled by new knees, the better chance they have of developing some sort of cancer.

 

[SPIKER]

Pro-tip for married folks..... don't take a gander at dating sites.... just sayin'.

Doing so really helps out SS though as that gets rid of at least ONE retired person prior to getting to that age lol.

The average family income in this country is only 40 or 50K. Chances are, most folks will never earn enough money to save much for retirement. Maybe the top 10 or 15% ? Factory jobs around here are paying up to $20 per hour, or 40k per year. Pay a mortgage, food, utilities, car expenses, and not much is left. If you have kids, forget it.

I have only once or twice earned near 50K never solidly broke it (gross) yet by making wise choices & taking my finances seriously. I have 4 or 5 times that amount in the market/IRAs Savings etc, with (next year) will be paid off my 2nd home (farm,) & my other half still has 4 years to pay off her's. Biggest costs have been her medical bills. I am back in school for more education to make even more for next 20 years prior to my "full retirement age" so I can figure that I can easily bank 6 figures into the accounts...

The farm was bought in 2000 Dec 30th, 15 yr mortgage I have not paid additional onto it as variable rate has been stuck at 4%, not worth it however the first home I paid off & sold I made a LOT of double payments to keep the extended costs down from having higher interest of the 80's and yes I was still in my Teens when I signed paperwork for the 1st place. Starts with Working my @$$ off from time I was rather young, living within my means and putting my saved $ to work.


Mark

 

[MossRoad]

Are you speaking from experience?

Steve

I'm just passing on the wisdom of professionals....