Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

Retirement In The Future: Harder, Much Harder

Wednesday, November 20, 2013 - 9:09 PM
From the Asset Builder:

     "[...] The reality is that those who retired over the last 20 years
      are citizens of the Golden Age of Retirement. Their children don’t
      have the same future.

      [...] younger workers will have to plan their futures differently than
      those recently retired. Here are some active steps that will help:
              
      ..Work longer.
      ..Delay taking Social Security benefits
      ..Radically reduce home size and value expectations
      ..Squeeze any and all unnecessary expenses out of your 401(k) plan
        and other savings.

      Will that be enough? I really don't know.

Read more:
7
cumuluscumulus365 posts since
Jan 16, 2010
Rep Points: 1,717
1. Thursday, November 21, 2013 - 8:19 AM
Tell me about it.  It is hard now and definitely harder in the future.  I think that the timing for retirement is mostly uncontrollable; enforced by job situations, mental conditions, and most likely health/physical status.  Thus I think it is unwise to plan for an "expected" retirement age since we do not have control of our destiny even for tomorrow.
7
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
2. Thursday, November 21, 2013 - 11:25 AM
It is so true that we don't have control of our destinies especially if they include jobs.  I had our future all planned out for DP to retire with full pension at 65 and when he was in his late 50's they put him and a bunch of others in his company who were also in that same age group out to pasture.  They even had taxis waiting to make sure they left the building!  What a grateful goodbye to people who had given the company the best years of their lives!  Companies are cruel when it comes to what is best for their bottom line.  Hiring younger people who will work for half the salary of the more experienced older ones looks better on their books.  So I think it is a big joke or anyone to think "they" have the last say when it comes to working late in life.  Trying to find even part time work at that stage in life doesn't always work out.  I finally told him to forget about a job and I would redo our financial plans to make up for the turn around in our lives. 

I went to work for a few months but he couldn't manage as a "housefrau" so I had to return to take charge of everything again.  Men may be excellent at the jobs they do for years but you take them out of that job and they just always can't multi-task the way women seem to be able to.  Maybe some men can but my DP is only a "one thing at the time" person.  No big deal, we survived but it would have been nice for him to be able to have worked to at least 65.  He really loved his job and was great at it.
5
paoli2paoli21,406 posts since
Aug 10, 2011
Rep Points: 6,152
3. Thursday, November 21, 2013 - 11:58 AM
Thanks for sharing that with us, Paoli2. 

This is certainly the cold reality for most of us today, even worse than previous eras.  Just take a look at the economy and how our Government runs things.  Eventually we all need to plan our survival route for the "rainy day" (i.e., worst case) scenario. 
5
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
4. Thursday, November 21, 2013 - 3:11 PM
51:  In case you haven't figured me out yet, I am an "umbrella factory".  I have a different umbrella for whatever storm hits us.  When Katrina hit our state and took our home, I had a really big "umbrella" ready to keep us all protected.  Life has to go on no matter how rainy our days may get.
3
paoli2paoli21,406 posts since
Aug 10, 2011
Rep Points: 6,152
5. Thursday, November 21, 2013 - 6:57 PM
You never know what can happen. Just save for the worst and hope and plan for the best. We have no control. My father died at 61. 50 days before he was going to retire. This was in the 60's and he lost 100% of his pension, no SS. My mom was 12 years younger and was thankful she had a job. My husband was hurt in an auto accident caused by drunk drivers on cocaine but was able to do some work for another 10 years before he was put on 100% disabilitly at 55. I was already working 2 jobs, knowing what was happening and had 2 boys in college and continued until my husband needed 24 hours a day care. I was fortunate to have worked for good companies and had jobs that I could do some work from home on my husband's bad days for the first 13 years he was home.

Don't dwell on the worst that can happen. Things work out. 
4
Ally6770Ally6770944 posts since
Jan 16, 2010
Rep Points: 2,748
6. Thursday, November 21, 2013 - 7:18 PM
I only believe in the theory that "things work out" if "we" take control of the problems and do something about them.  That is sad about your dad dieing so young but things may have worked out for your mom because she had a job and was able to continue to support herself.  You prove by your own experience with your husband that it was "you" that got things to work out at this time.  If we just sit and feel sorry for ourselves we don't just have a Fairy Godmother who takes over and makes things all better.  I agree with you that "things work out" but only if we take control and do what it takes to make them work out.
4
paoli2paoli21,406 posts since
Aug 10, 2011
Rep Points: 6,152
7. Thursday, November 21, 2013 - 7:27 PM
Yes, you take control. Like my mom would say "you take the bull by the horns." 
4
Ally6770Ally6770944 posts since
Jan 16, 2010
Rep Points: 2,748
8. Friday, November 22, 2013 - 8:14 AM
The "future" is here now folks. Many current retirees, who rely on FDIC insured depoait accounts to augment their meager pensions (if they have one) and Social Security, are having to considerably pare-back their expectations in the "Golden Age of Retirement". Chairman Bernanke has seen to that through endless QE and ZIRP.
5
ShorebreakShorebreak2,700 posts since
Apr 6, 2010
Rep Points: 14,636
Reply