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Retirement

Last post Wed, Apr 6 2011 12:18 AM by cheapChic. 18 replies.
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  • Wed, Mar 30 2011 4:53 PM

    • Brandy
    • Top 10 Contributor
    • Joined on Wed, Mar 28 2007
    • Saving in South Mississippi
    • Posts 25,145

    Retirement

     Retirement tims looms and the accounts are low.

    This is a reality for many today. What can you do if you have not saved enough for retirement?

     

    The Dollar Stretcher Community Manager



  • Wed, Mar 30 2011 5:06 PM In reply to

    Re: Retirement

    I have seen this happen with my in-laws. Times were hard for them, so they delayed retirement until they could earn a better pension and higher Social Security check. Unfortunately, their health suffered for having to work longer.

    Stacie

    http://holdinghandswithmyhoney.blogspot.com/
  • Wed, Mar 30 2011 5:20 PM In reply to

    Re: Retirement

    If you don't have enough money to retire, then you don't retire.  You may have to work at something else, but you keep working.

    My grandparents never retired. It simply wasn't an option for most people two generations ago ( I am in my 50's). You worked until you died or were disabled.

    In my parents' generation, "retirement" moved from being a time when you no longer had to work everyday, to a "second childhood", with travel, & shopping, etc.  I find it interesting how fast the word re-invented itself.

    Looking at the economic climate today, I think we are headed back a couple of generations, to working longer, & playing less after retiring.

  • Wed, Mar 30 2011 5:33 PM In reply to

    • MarthaMFI
    • Top 10 Contributor
      Female
    • Joined on Wed, Apr 16 2008
    • New Westminster, BC, Canada
    • Posts 10,850

    Re: Retirement

    here the debate is having too much in rrsps (simialar to iras i think) which the money grows tax free but then you are taxed when the money comes out. so it counts as income so you get less social security etc  so how much should you save. now there is tsa  ..tax free savings accounts were money can grow non taxed (interest) but you can only put $5000 a year. not that we do that. dh saves in a spousal rrsp a little bit because that is the pension plan of the company..they match up to 5% of your salary.   common thing now instead of pensions. dh has some rrsp money locked in until retirement from his old job.

    I assume I will be working parttime or volunteering ..20 yrs from being 65. depends on what happens with our lifes.  plan to have the house paid off but don't know what lies ahead. dd will be 28 and ds 26 when I hit 65.  so we prepare and hope for the best!

    Officially recognized Stretchpert in Hobbies and Crafts
  • Wed, Mar 30 2011 5:37 PM In reply to

    Re: Retirement

    zohnerfarms:

    If you don't have enough money to retire, then you don't retire.  You may have to work at something else, but you keep working.

    My grandparents never retired. It simply wasn't an option for most people two generations ago ( I am in my 50's). You worked until you died or were disabled.

    In my parents' generation, "retirement" moved from being a time when you no longer had to work everyday, to a "second childhood", with travel, & shopping, etc.  I find it interesting how fast the word re-invented itself.

    Looking at the economic climate today, I think we are headed back a couple of generations, to working longer, & playing less after retiring.

    Very true ... for many   in our parents' generation if you got a 'good' job,  there was a guaranteed pension plus social security.  Now, pensions have been replaced, or frozen, or the companies have gone into bankruptcy and retirees get a mere fraction of what they had expected.

    I have relatives who retired early on pensions and savings ... the downturn has forced them back into the workforce.

    www.dodgeandweave.blogspot.com
  • Wed, Mar 30 2011 5:38 PM In reply to

    Re: Retirement

    Brandy:

      What can you do if you have not saved enough for retirement?


    Aye, there's the rub.   How much is "enough?"

    www.dodgeandweave.blogspot.com
  • Wed, Mar 30 2011 8:50 PM In reply to

    Re: Retirement

    LWolfT:

    Brandy:

      What can you do if you have not saved enough for retirement?

    Aye, there's the rub.   How much is "enough?"

     

    Always a good question... but there's no such thing as "too much", so better to plan for more than less, and save accordingly

  • Wed, Mar 30 2011 11:56 PM In reply to

    • Gigi
    • Top 75 Contributor
    • Joined on Wed, Mar 28 2007
    • Posts 1,065

    Re: Retirement

    Our accountant/now financial planner insists that the key to retirement is being frugal and debt free. Certainly, good, secure, investments make a wonderful retirement, but just what are those "good," "secure," investments? A basket of  investments, so if one investment falters, another is able to "come through." Some of us have no baskets, some small, and some large. We do what we are able.

    We are in uncharted territory. The advice that anyone gives us is just a turkey shoot. Buyer beware! We do not know what is going to (financially) happen tomorrow no less than six months or six years or more down the road.  Preparing for the future is wise, but being frugal and debt free, with a decent skill base, can turn any savings that makes it through the financial land mines of the future an even better investment. 

    By the Grace of God, we will all do well. 


     

    Create! Repair! Reinvent! Reassess!
  • Thu, Mar 31 2011 12:43 AM In reply to

    Re: Retirement

    When faced with living with less, dollar stretchers know to get a smaller place and live frugally in all areas of life. Maybe a garden in the backyard was not what was hoped for in retirement, but it might improve one's health.  AM

  • Thu, Mar 31 2011 8:23 AM In reply to

    Re: Retirement

    I heard that the new standard for saving for retirement should be 15%, not 10%.  That could be one thing a person can do if they still have some time left.

    My personal plan is to work as long as I can.  Granted, I don't know the future.  Any number of circumstances could arise that keep me from working into my later years.  But, G-d willing, I want to work for as long as possible.  My grandma is 82 and still works; the last 6 months she has had to transition from CNA-type work to more companion-type work, but she's still getting about 35-40 hours a week and she loves it.  My mom is 57, but has no plans to retire any time soon at all.

    Officially Recognized Stretchpert in the General forum
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