40% of retirees draw social security from outside United States

[frenchy]

6 minutes ago, Zambroski said:

No, I am.  You’re just sacrificing now to have later. Like I said, that’s normal.  Good for you!  I hope when you retire you follow through.....assuming you have your health and find it was all worth it.  See if you can buy a 10 year old corvette convertible!  A red one!!!  Living!!!!  

I always listen.  I just ignore a lot.

A lot of that in this thread, eh?

 

I don't have the foggiest clue what I want to do in retirement. I was speaking in generalities.

Part of me thinks I want to stay right where I am. Then there are times where I think I'd like to have a boat to live on somewhere in the winter and just a small little place on a lake here. It changes often! I think a lot of it will have to do with how old I am and how healthy I am.

 

Edited September 24, 2019 by frenchy

[Zambroski]

2 minutes ago, frenchy said:

I don't have the foggiest clue what I want to do in retirement. I was speaking in generalities.

Part of me thinks I want to stay right where I am. Then there are times where I think I'd like to have a boat to live on somewhere in the winter and just a small little place on a lake here. It changes often! I think a lot of it will have to do with how old I am and how healthy I am.

 

Ok, I thought you had lifestyle plan for after retirement  So, then making bank, and as much of it as you can, is a good plan right now.   

I’d bet most are similar to you.  Truthfully, I just started making good money but wanted a way out of the rat race (which I always hated).  Didn’t know if I’d technically “retire” or not but wanted out of the grinding wheel and live where I wanted and choose what I wanted to do, if anything at all.  Took a five year crunch plan for the both of us.  It sucked hard sometimes too.

We all gotta do what we all gotta do!   

 

 

 

[Highmark]

I really don't think I will change much as to what I do when I retire...in fact I likely will work until I die given one side of my families history of cancer and the other sides history of heart problems.   Won't need too but as of right now I like to work.   I'm more likely to semi-retire and still come into work a week a month or so at least until I'm 70.  

Plan on hunting, sledding and boating as much as I do now if not more.   Might take golf back up at some point as well.  Travel but no more than 1-3 weeks at a time.   Reality is I love my home and property and cherish every moment I have on it.  Friends always give me shit for not leaving enough for nights out.  

[1jkw]

 

It's all good to plan so you have enough money so you don't have to eat cat food, but having money and being healthy enough to enjoy it are very different things for most, people who have physical jobs will wear their bodies out and there will be a great difference between what they could do when 59-1/2 and 67-1/2.  My advice is retire as soon as you can and enjoy your life, your going to be dead a long time. 

[Highmark]

10 minutes ago, 1jkw said:

 

It's all good to plan so you have enough money so you don't have to eat cat food, but having money and being healthy enough to enjoy it are very different things for most, people who have physical jobs will wear their bodies out and there will be a great difference between what they could do when 59-1/2 and 67-1/2.  My advice is retire as soon as you can and enjoy your life, your going to be dead a long time. 

Agreed.   Sadly if people could invest the 12.4% that goes to SS and get a normal private sector return virtually everyone could retire with a nice nest egg in their late 50's. 

Honestly I think part of the whole SS scam is to make people work much longer than they need to.   

I advocate a SS scale that allows years working hard physical labor jobs full benefit retirement at earlier ages.  

 

Edited September 24, 2019 by Highmark

[ArcticCrusher]

6 minutes ago, Highmark said:

Agreed.   Sadly if people could invest the 12.4% that goes to SS and get a normal private sector return virtually everyone could retire with a nice nest egg in their late 50's. 

Honestly I think part of the whole SS scam is to make people work much longer than they need to.   

 

Most people are lousy money managers, but if they were not they could definately outperform any SS or DB pension.

[Highmark]

Just now, ArcticCrusher said:

Most people are lousy money managers, but if they were not they could definately outperform any SS or DB pension.

Yep.   You can't imagine how many refuse to match company contributions.   Free money they simply turn down.  

[Zambroski]

4 minutes ago, ArcticCrusher said:

Most people are lousy money managers, but if they were not they could definately outperform any SS or DB pension.

Agreed.  Give them the freedom to use that SS money and they’d pilfer it on garbage or end up with GICs.  Same.

1 minute ago, Highmark said:

Yep.   You can't imagine how many refuse to match company contributions.   Free money they simply turn down.  

Some decisions people make are astonishing.  Thank god they have the gubment to hold their wee hands!

[Big Crappie]

4 minutes ago, Highmark said:

Yep.   You can't imagine how many refuse to match company contributions.   Free money they simply turn down.  

That makes me crazy. Dude, it's free money! At least put enough $$ in to get the matching $$. :bh:

[DriftBusta]

53 minutes ago, Zambroski said:

Ok, I thought you had lifestyle plan for after retirement  So, then making bank, and as much of it as you can, is a good plan right now.   

I’d bet most are similar to you.  Truthfully, I just started making good money but wanted a way out of the rat race (which I always hated).  Didn’t know if I’d technically “retire” or not but wanted out of the grinding wheel and live where I wanted and choose what I wanted to do, if anything at all.  Took a five year crunch plan for the both of us.  It sucked hard sometimes too.

We all gotta do what we all gotta do!   

 

 

 

For so many that I talk to, the biggest hurdle people face entering retirement, is in their head. They’ve spent a lifetime living frugally and saving a tidy sum.  As soon as the paychecks stop they get paranoid about spending.  One of the best parts of my job is analyzing a persons saving and spending habits, and informing them that they have plenty, to go buy that new truck or boat or vacation home.   A longtime friend of mine who I’ve known since I was five years old, has been single most of his life. He lives in the house that he grew up in, his parents are gone, and it is long since paid for. He has over 1 million bucks in the bank and he drives a 17-year-old pick up that the frame is rotted out on. I told him go by the new truck, he just can’t wrap his brain around it.

[Zambroski]

7 minutes ago, DriftBusta said:

For so many that I talk to, the biggest hurdle people face entering retirement, is in their head. They’ve spent a lifetime living frugally and saving a tidy sum.  As soon as the paychecks stop they get paranoid about spending.  One of the best parts of my job is analyzing a persons saving and spending habits, and informing them that they have plenty, to go buy that new truck or boat or vacation home.   A longtime friend of mine who I’ve known since I was five years old, has been single most of his life. He lives in the house that he grew up in, his parents are gone, and it is long since paid for. He has over 1 million bucks in the bank and he drives a 17-year-old pick up that the frame is rotted out on. I told him go by the new truck, he just can’t wrap his brain around it.

Sometimes frugality is a hobby many enjoy.  I’m one....but I ain’t rolling around in some rusted out POS or living in a shit hole.  I buy what I want but haggling over the price is a thing of pride.  My father taught me how to make a mile of copper wire out of a penny.  I find that only making a half mile is sufficient.  

Frugality>cheapness

[ArcticCrusher]

2 hours ago, racer254 said:

Software Engineer.  I have lived in my dream location for most of my life except for the few years during and after college until I saved enough to buy.  Traveled a lot during some years.

We travel a lot to support and expand our install base.  So technically we can be located anywhere but in reality it needs to be not to far from an international airport.

Hiring the skills required for this career is already a challenge being a small company and that would be much more so being in a small town.

Are you in a satellite office?  

[ArcticCrusher]

13 minutes ago, DriftBusta said:

For so many that I talk to, the biggest hurdle people face entering retirement, is in their head. They’ve spent a lifetime living frugally and saving a tidy sum.  As soon as the paychecks stop they get paranoid about spending.  One of the best parts of my job is analyzing a persons saving and spending habits, and informing them that they have plenty, to go buy that new truck or boat or vacation home.   A longtime friend of mine who I’ve known since I was five years old, has been single most of his life. He lives in the house that he grew up in, his parents are gone, and it is long since paid for. He has over 1 million bucks in the bank and he drives a 17-year-old pick up that the frame is rotted out on. I told him go by the new truck, he just can’t wrap his brain around it.

I know that guy.

[ArcticCrusher]

36 minutes ago, Highmark said:

Yep.   You can't imagine how many refuse to match company contributions.   Free money they simply turn down.  

I did.

See $26K (our max) we put into a self directed RRSP cost me less about $12K net to fund after a tax refund and I get to put that where I want and have complete control over the investment.

Having a company PP where I would only have to fork over 13K to get the employers 13K actually hurts me or anyone who is in control of their own investments.  

edit:  I have little to no control of where this money is invested, and it gets locked in until retirement (not an issue really).

Edited September 24, 2019 by ArcticCrusher

[racer254]

19 minutes ago, ArcticCrusher said:

We travel a lot to support and expand our install base.  So technically we can be located anywhere but in reality it needs to be not to far from an international airport.

Hiring the skills required for this career is already a challenge being a small company and that would be much more so being in a small town.

Are you in a satellite office?  

Not in a satellite office right now.  Maybe I was lucky with the places I worked for.   I also agree with you about company contributions.  Money is locked up so you can't get it without a penalty is not worth the little bit of $$$ you gain from the company match, unless you have a plan that does not give you a penalty for accessing said money.

[1jkw]

 

To say that some are poor money managers is a huge understatement, I have friends that are between 50 and early 60's and have zero retirement, zero savings and are in debt, they only have SS. to live off when the time comes.

[Highmark]

48 minutes ago, Big Crappie said:

That makes me crazy. Dude, it's free money! At least put enough $$ in to get the matching $$. :bh:

The saddest part is the youngest workers are the most likely to not match.   It will have the largest impact on them yet they still won't do it.   Fucking crazy.

Any company worth a damn does minimum 4% in a program for workers which they can match.   Between the 8-10% in a 401K and SS a person should be able to retire comfortable with reasonable fixed bills at retirement.  

 

Edited September 24, 2019 by Highmark

[Highmark]

3 minutes ago, 1jkw said:

 

To say that some are poor money managers is a huge understatement, I have friends that are between 50 and early 60's and have zero retirement, zero savings and are in debt, they only have SS. to live off when the time comes.

Mostly their fault but our govt has convinced generations that SS should be all you need.  

[Angry ginger]

41 minutes ago, DriftBusta said:

For so many that I talk to, the biggest hurdle people face entering retirement, is in their head. They’ve spent a lifetime living frugally and saving a tidy sum.  As soon as the paychecks stop they get paranoid about spending.  One of the best parts of my job is analyzing a persons saving and spending habits, and informing them that they have plenty, to go buy that new truck or boat or vacation home.   A longtime friend of mine who I’ve known since I was five years old, has been single most of his life. He lives in the house that he grew up in, his parents are gone, and it is long since paid for. He has over 1 million bucks in the bank and he drives a 17-year-old pick up that the frame is rotted out on. I told him go by the new truck, he just can’t wrap his brain around it.

TBH it completely fucks with my head (softball for ya).  I could buy whatever I want but worry about making sure i have enough saved.  I went through a period where i could buy whatever i wanted from free cash flow,  never spent anything from savings until the market dropped out and using that rainy day fund sucked.  

[Angry ginger]

2 minutes ago, Highmark said:

Mostly their fault but our govt has convinced generations that SS should be all you need.  

yes and are you fucked in the head because the bold is so untrue.  

[Highmark]

26 minutes ago, ArcticCrusher said:

I did.

See $26K (our max) we put into a self directed RRSP cost me less about $12K net to fund after a tax refund and I get to put that where I want and have complete control over the investment.

Having a company PP where I would only have to fork over 13K to get the employers 13K actually hurts me or anyone who is in control of their own investments.  

edit:  I have little to no control of where this money is invested, and it gets locked in until retirement (not an issue really).

Our plan they have tons of investment options to choose from.   They also have access to the plan managers investment advisers free of charge for advice.   Well its a part of the very small management fee that we negotiate and shrinks upon the size of the overall fund.  

Edited September 24, 2019 by Highmark

[Highmark]

Just now, Angry ginger said:

yes and are you fucked in the head because the bold is so untrue.  

BS.   Many people head into retirement thinking SS is enough.  

[Angry ginger]

Just now, Highmark said:

BS.   Many people head into retirement thinking SS is enough.  

that is not the governments fault that people are stupid they never have said it's all you need and passed many a law to make sure people invested more.  I do think they should restart sending the paper statements about how much you will get.  Very few login to see how little or much they will receive.    

[AKIQPilot]

3 minutes ago, Highmark said:

BS.   Many people head into retirement thinking SS is enough.  

All they have to do is log on to ss.gov and they can see exactly how much they've contributed and what their monthly benifit check will be.

Its not the governments fault that people don't look to see what their benifit payments will be. 

[Angry ginger]

Just now, AKIQPilot said:

All they have to do is log on to ss.gov and they can see exactly how much they've contributed and what their monthly benifit check will be.

Its not the governments fault that people don't look to see what their benifit payments will be. 

ssa.gov