- March 8, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Retirement Savings Dilemma: Feeling Stuck in the Past
### Doubts About Financial Freedom
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### Rethinking Retirement Planning
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### Beyond Financial Considerations
While supporting one’s children is a noble cause, it’s important to also prioritize personal financial security. By the time one reaches 60 and gains access to retirement funds, children should ideally be independent. Focusing on securing one’s own financial future can ultimately benefit both the individual and their loved ones.
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****** just grabbed a
My mom has resented her mother/my grandmother for her entire life. Her mother always lived with her since they both came to America. My grandmother retired from being a cook to a wealthy man and watched her grandkids for free while my parents and my aunt/uncle worked. So my grandmother helped a whole lot! But her social security was only $450. Oh and she lived up until Dec 2023 at 98 years old. You canÔÇÖt live on that. You donÔÇÖt want to be a burden to your kids. You need to save money in a 401k or an IRA to be able to live on your own. You could die right after you retire or you could live until 100. You never know. ItÔÇÖs good to have a safety net.
If you want to see hell early, be poor and old and see what your options are for care-assisted housing and healthcare. ThatÔÇÖs why I save.
Come read your post here again on your 60th birthday and see how you feel about what you just said lol.
IÔÇÖve seen old broke people. DoesnÔÇÖt seem fun. Obviously itÔÇÖs a balance but if IÔÇÖm less active I want to be less active on a tropical beach somewhere instead of part time greeter at an Omaha Walmart
Walk into a medicaid nursing home. Then walk into a nice Continuing Care Retirement Facility. Any more questions?
1. You don’t know how long you’ll live after you retire. It could be 10 years, it could be 30. You don’t know.
2. You don’t want to be elderly and *need* to work to be able to support yourself.
3. You could have unexpected and expensive expenses that you don’t anticipate (medical, family, etc.) that could drain a significant amount of your funds.
So you save because you want to be prepared for an uncertain future.
I look at my parents in their senior yearsthey dont have aches and pains. They have a lot of energy. Theyre having adventures, trying new things, and just loving life in general. Life doesnt stop or lose its luster when you retire, but you do have a lot more time to do what you want to do
Average life spans are closer to 80 (in US) so youÔÇÖll have close to 20 years left to live. How will you afford it without retirement accounts?
ThereÔÇÖs a balance to be had to live a good life now while still saving for retirement. Your kids will likely be self sufficient by then, but do you want to force them to take care of you and move in with them because you canÔÇÖt afford to pay your bills? I love my parents but IÔÇÖd be stretched so thin financially if they asked me to do that and it would seriously hinder my ability to really live a good life of my own.
YouÔÇÖre operating under the false assumption that if you spent more money, youÔÇÖd be way happier.
Safety, security, and satisfaction are huge components of mental wellbeing, and are resilient, where happiness is not.
I am satisfied watching my investments grow. It makes me feel a sense of accomplishment.
I feel safe and secure because I can kind of handle almost any negative situation- lose my job, no big deal, sudden car repair, no big deal, wife canÔÇÖt work for a while, no big deal.
And my WIFE also feels safe and secure. Many women desire money to feel safe, not to blow it.
It doesnÔÇÖt cost a dime beyond gas to go to a state park for a day, and I enjoy the shit out of it. I think some people are caught in the hedonic trap, where they feel they need to constantly eat out at restaurants, see live entertainment, and get drunk or high to enjoy life. No, I can assure you, there are other ways to enjoy life.
My retirement target is 62. That should give me a solid 10 years of good mobility and sense if I take care of myself, before I settle into country living with a dog and a porch and all that.
I also donÔÇÖt hate every day life, I just moderate what I spend. I have plenty of fun. ItÔÇÖs crazy to me how many people think they need to fly overseas every year to have a good vacation, when they havenÔÇÖt even been 5 hours down the road.
Thanks for the responses everyone, it puts things into a different perspective
Even if your best years are being you, what do you plan to do with yourself. Live in a box?
┬áEven if your house is paid off, it’ll still cost money to keep up. Eat, some form of entertainment. You won’t be buying and riding new dirt bikes. But you will want to do something… Go to the movies, hell, a tv with some sort of streaming/cable what ever exists at the time will cost something.┬á
Then there is extended care. What do you do when your health starts to fail. If you mentioned SS, assuming United States. Most places don’t have any right to die, so it’ll be real difficult to decide to just give up if things get bad. It’s mostly about being able to exist when your older and not able to earn anymore at the bare minimum.
IÔÇÖve worked with elderly people who had no savings and itÔÇÖs heartbreaking. Their SS checks barely covered rent. Some became disabled earlier (40s-50s) and relied in part on SSI which is even worse, but some worked their whole lives and SS was all they had. They struggled with missing rent, fighting off eviction, applying for/being cut off from food stamps, carrying stuff home from food banks and transportation to the doctor (couldnÔÇÖt afford a car), copays. Medicare doesnÔÇÖt cover everything, either. They were constantly stressed by money. My oldest client was over 80 and had been struggling for years. And remember, itÔÇÖs not a guarantee youÔÇÖll be able to work until your full retirement age. If you become disabled earlier in life, you will get smaller SS benefits. That work motivated me more than anything to save. I donÔÇÖt max out like a lot of people do, but I save enough to live comfortably.
Uh, do you think 60 something are unable to do things or enjoy things? ThatÔÇÖs kinda crazy.
And kids arenÔÇÖt just going to be look cool whatever when you canÔÇÖt afford things because SS is not enough to live a decent life for almost everyone.
It shouldnÔÇÖt be a question of ÔÇ£do I live now or do I live later?ÔÇØ Both. Both is good. No need to hoard money for your later years, but if you donÔÇÖt save anything you can never retire and will work yourself to the grave.
You sound extremely ignorant and quite honestly, childish.
I had a boss 25+ years ago that decided to save minimally for retirement – and he made a lot of money. I, on the other hand, saved aggressively.
His reasoning was that ÔÇ£I may not even make it to retirement age, I might as well live while IÔÇÖm youngÔÇØ. Well, he did just that. Vacations to Hawaii every year. Nice, new cars.
Fast forward until now. HeÔÇÖs still working and likely will never fully retire. HeÔÇÖs alive and very healthy. I retired at 56.
We talked just after I retired. He was lamenting his choices. He said that he wished heÔÇÖd saved like I did.
With retirement planning, you are planning to live. If you die, so what? No real harm (financially speaking as you will no longer need any money). I advocate for saving and living an enjoyable life, not one or the other.
There is no joy in money. Joy is found elsewhere. Money gives you options, but isnÔÇÖt a source of joy.
Live your life today, find joy. Set some money aside for the future you so they can live a good life when they no longer desire to work.
My parents have zero retirement. They will together bring in around $3k SSI when they come if age next year. They do not own their own home. In today’s market they are unable to rent a decent place because rent is too high. They live in my grandmother’s old house that is falling down around them and have everyone mad at them because they don’t settle her estate. Essentially they are homeless. I am not in a financial place to support them. If I did we would all be in a sinking ship. Senior public housing exists where they live but they are on a waiting list. My dad went from self employed and doing well to homeless and dependent on his kids and govt assistance because they never saved for retirement. If they owned a home, it would all be different. My FIL owns his home and lives a simple life but it’s doable on his SSI because of that. So it’s not just about savings but assets and a plan. My husband and I max our 401ks and have a plan to own our home before we reach retirement age because we have learned from our parents.
Because if you take care of yourself mentally and physically, these are maybe your second-best years, which can still be pretty awesome. In my 20s I didn’t have a lot of money and spent a lot of time embroiled petty drama, and also lot of lot of energy worrying how tf I was going to take care of myself.
Now, at 55, I don’t have all the answers, but I do have a lot more experience, no debt, and a pile of money, which I had to save the long/slow way. Now I’m about to retire, and will be able to spend all the time I want with my 70 year old bff. We’re probably going to re-roof my house this year in between running around doing things I/we never had time to do while shackled to our stupid jobs.
I have a garden to grow (since fresh vegetables aren’t getting any cheaper) , books to read, reunions to attend, time to go to the gym (I could be the next [Ernestine Shepherd](https://www.movesforseniors.com/meet-78-year-old-bodybuilder-ernestine-shepherd/)). I want to learn to do stained glass. I’m going to finally learn to cook, so I can have better food to eat than what most restaurants are offering these days, and to share that with the people I care about. The possibilities are many, and there is a lot to look forward to as soon as you outgrow the myopic and limited imagination of youth.
I know you don’t believe me, but your idea of “fun” is going to change. If you mean running around in clubs and getting hammered – you’re right, that’s not really an option – but when you reach a certain age that stuff just looks meaningless and shallow. If you’re lucky, you will also realize that owning the right iphone/clothes/car to impress people who don’t really matter is also no longer your jam.
You don’t want your kids to be financially responsible for you when you’re old.
because of the power of compound interest, especially on those tax deferred accounts you mention
Reason 1 – no one else is doing it for you. Running completely out of money is going to suck and may be a burden on your family.
Thought – itÔÇÖs not a digital choice- spend some and save some. The easiest way to save is to just have some pulled out of your checking account every month. Start with $100 and increase it when you get raises.
One way to a happy life is to spend as little as possible on the things that you are not interested in, so you will have more to spend where it matters. If you arenÔÇÖt in to clothes buy second hand. So you will have more to spend on your car or vice versa.
How old is OP?
Does your job pay you enough to allow you to save?
SSDI and SS alone is not a glamorous life.
Hope to live in free or discounted government senior living housing not the really what IÔÇÖm banking on.
You can’t work when you’re old. This isn’t about living it up in retirement. This is about not being destitute when you’re extremely vulnerable.┬áThe overlap between the “social security isn’t gonna be there for me” and “nah I’m not gonna save for retirement” crowd never ceases to astound me.┬á
And I’ll be brutally honest for a second. It’s overwhemingly people who grew up middle class. I’m not saying every poor person is *good* with their money or that you never see a “buy now, figure it out later” mentality, but most do not consciously abscond that it isn’t a good resource to have lying around for when you need it. The only people I know who don’t understand saving┬á money at a *conceptual* level grew up comfortable surrounded predominately by other people who grew up comfortable. They’ve had to suffer roommates but never a night as a shelter. Etc. Their framework is the pursuit of pleasure and not slaving away for “nothing” (ie not maximizing pleasure), rather than the avoidance┬á of catastrophe and dying destitute. Like they look at their parents and say “man fuck that” but don’t seem to have looked into the generationally poor folk and realize that could also be them, or at least for whatever reason don’t keep that same energy of “man fuck that”┬á┬á
If you’ve ever seen the brain splatter on the sidewalk when someone plummets downwards without a safety net, you don’t really question why other people try to fashion whatever kind of harness system for themselves they can muster.┬á
If you donÔÇÖt save for retirement then your kids will support you and honestly that makes you a POC. My friend bought a house for his mom and doesnÔÇÖt own one for himself. She refuses to work. Not saying you are a POC cause youÔÇÖre learning why itÔÇÖs important rn. But choosing to not save for retirement is putting the burden on somebody else.
There are many other things you may do where you decide to burden someone else or just be responsible for yourself. That determines what kind of character you have. IÔÇÖm hoping now that you know this you choose integrity.
Also I do know I canÔÇÖt not put into SS
Because it is good tax advanced method. I am in my 20s and have almost 4 million in taxable accounts and low figures in retirement accounts. Tax advantage accounts grew my retirement far faster than my taxable despite me putting less in it. Also why be a burden. The Asian thing is to build wealth for oneÔÇÖs kids. This is why Asians wealth is accelerating even faster than the other groups in America. Women in my family age well and live into the 100s. I plan to give my entire retirement if possible to my kids. If you are too poor to afford assisted at home care and you arenÔÇÖt independent you will forced in a nursing home/ assisted living center that will be one step above a nice jail.
How do you know how youÔÇÖll feel in the future? Nonetheless, thereÔÇÖs a good chance that youÔÇÖll still be here. How do you want that life to look? Peddling around at food pantries to scrape up food while waiting on your next social security check or actually living comfortably while still living (what is) your life?
Statistics show that youÔÇÖll likely need it for much longer than 10 years but even still, thatÔÇÖs quite a long time to struggle.
IÔÇÖm going to need income when IÔÇÖm too old to earn it.
ItÔÇÖs a sucky system, but until someone fixes it, itÔÇÖs the game I have to play
I calculated my life expectancy and it said 88. https://www.projectbiglife.ca/life-expectancy-calculator
I don’t plan to be a drag on my kids for 26 years. I want to continue to live a good life and pass along some real generational wealth to my kids.
Look into the costs of elder care and you’ll answer the question.
I understand your point completely. I read that 1 in 5 middle class family is one serious disease away from
Bankruptcy. I seen people struggle their whole lives save, get a serious disease and survive never recover and retire pretty badly.
I have to support my mom bc she been on disability since her 40s. Its not a pretty life.
Right now in my 40s with 2 teens , its so much sacrifice to be able to live/retire. Sometimes it feels like a loosing game. I do hear from older people that says this is the hardest season. After the kids are out of the house, its easier to save more.
I am trying to do my best and have come to the decision retirement is not feasible in the US.
So we will retire somewhere else, and just come back to visit the kids a couple times a year. That seems more affordable. I am not a tree, I dont have to be stuck here, I am going where is the most affordable to retire comfortable with whatever money I have saved. That changed my perception from whats the point of this, to okay I see a light at the end of the tunnel.
Instead of giving up you could also attempt to live a healthy life so you can still enjoy your retirement. No need to be pessimistic, just control what you can
My parents are 70. My dad has been retired for years and my mom is mostly retired (Works 1-2 days a week for $30/hr). They go on at least one long trip a year, sometimes two. In the past few years they’ve seen Yosemite, Mammoth Caves, Glacier National Park, Acadia, Shenandoah NP, Zion, and several others. This year they are going to the UK for two weeks. They also go to the beach every year for at least 5 days.
They spend their spare time pursuing hobbies like hiking, music, gardening, and volunteering.
I’d say they’re enjoying themselves. I, as their son, also know that they are financially stable enough that I likely will never need to take care of them financially. This is a huge weight off my shoulders.
Save/invest your money.
Do you have any idea how this society treats old people, especially **poor** old people?? You do not want that.
60 year old you will NOT feel the same way.
My in law is 59 turning 60 she recently widowed and is living her best life. IÔÇÖm jealous at 31 and raising kids I donÔÇÖt have the freedoms she does. Shes gone every weekend. Dating, cruising, road trips. 60 is not old if you take care of yourself. Well itÔÇÖs old but not debilitating. Save harder now and retire earlier. IÔÇÖm eligible to retire from my state job with a life pension of around $6200/mo as it stands now at age 59.
According to research I’ve done while helping my grandma after a hospitalization – it costs about $50k a year to die at home. And that can take several years.
Oh, and my dad is 72 and taking care of his mom right now.
I save for uncertainty, and I canÔÇÖt work forever. If I die young, then the people who will inherit my savings will be good financially.