Peak 2017

[Oldfart]

I guess many people don't start saving for retirement till they are in their 40's if they can't retire by the time they reach 66. There is no reason why you can't make small sacrifices during your working years that will enable you to be comfortable for retirement. I bet some of the people that claim they don't make enough money to even put 3% or more in a 401k visit Starbucks a few times a week, smoke a few packs of cigs a week. Eat out everyday at lunch instead of packing a lunch. Drive a car that is too pricey for their income. Those same people will refi. their house and instead of cutting their years or their monthly note, will cash out and start their mortgage length all over again. Small sacrifices for 30 or so years will result in having a nice retirement waiting on you when it is time.

 

[bacha29]

Full retirement age for us youngsters is 67. Wouldn't surprise me if it's moved up to 70 at some point without the increase in benefit 70 brings now. Of course one can work as much as they want at 62 also as long as they don't take SS. What I'm weighing is should I take SS at 62 and put the entire check into savings, or wait until I'm 67 for a bigger monthly check? If I wait I may get screwed out of SS at some point and wish I had that savings.

I'm sure that you know that if you take SS at 62 you'll have a permanent 25% reduction in monthly benefit. If you postpone taking SS until 66-67 there are obviously no benefits payed. However the general rule is that you'll recover the lost benefits through the higher monthly payout if you live to age 74. If you're Type 2 diabetic why not take a shot at SSD and be done with it? Granted 74% of all first time SSD claims are denied ,you have 1 in 10 chance of being granted a reconsideration and it takes an average of 21 months just to get a hearing granted if you get one at all.Yet no one was in a greater state of shock then I was when my first application went through in just 3 months. The kind of work I did along with a 40 plus year record of paying in at least something every year plus the short time until full retirement age is what weighed heavily in my favor.

 

[Oldfart]

I'm sure that you know that if you take SS at 62 you'll have a permanent 25% reduction in monthly benefit. If you postpone taking SS until 66-67 there are obviously no benefits payed. However the general rule is that you'll recover the lost benefits through the higher monthly payout if you live to age 74. If you're Type 2 diabetic why not take a shot at SSD and be done with it? Granted 74% of all first time SSD claims are denied ,you have 1 in 10 chance of being granted a reconsideration and it takes an average of 21 months just to get a hearing granted if you get one at all.Yet no one was in a greater state of shock then I was when my first application went through in just 3 months. The kind of work I did along with a 40 plus year record of paying in at least something every year plus the short time until full retirement age is what weighed heavily in my favor.

When to take SS is a question everyone must decide depending on their own circumstances. There is no right or wrong answer, only what works for you. I am right at the 62 mark and will take it at that age. I believe my break even age is right at 76, close to what you said. I don't care about how much I can or can't make while drawing SS because I am not gonna work and pension and 401k money does not come into play when drawing SS.

 

[Operational needs]

As vantexan pointed out on another thread, Amazon hiring early on had thin the herd...

There's 3 major fulfillment centers in my area, with 3 more north of me & I'm not in a huge state... having bennies from day one just working inside a warehouse is a better incentive than being out on the road in bad snowy weather & in the dark

I'm already passing the word around to customers that my route will split into 3 routes by thanksgiving & asking for any suckers, err, supplemental drivers to join team eggplant for the holiday season.

Quick research online will open their eyes that this is a dead end job, no OT, no bennies, no paid vacation or holidays, etc... it's gonna be tough to attract the decent wheel guys n gals who like being outside

I think that's fantastic! This will force FedEx to realize they have to cough up more money or end up with freight left behind in buildings on a daily basis because there are no bodies to deliver it.

 

[Operational needs]

I guess many people don't start saving for retirement till they are in their 40's if they can't retire by the time they reach 66. There is no reason why you can't make small sacrifices during your working years that will enable you to be comfortable for retirement. I bet some of the people that claim they don't make enough money to even put 3% or more in a 401k visit Starbucks a few times a week, smoke a few packs of cigs a week. Eat out everyday at lunch instead of packing a lunch. Drive a car that is too pricey for their income. Those same people will refi. their house and instead of cutting their years or their monthly note, will cash out and start their mortgage length all over again. Small sacrifices for 30 or so years will result in having a nice retirement waiting on you when it is time.

It must be nice to have had an uneventful, perfect life with nothing bad ever knocking you off that path. Unfortunate though for those who had illnesses, divorce, low paying jobs, etc to prevent them from saving tons for retirement. I hope you consider yourself blessed and not that it's your due.

 

[bacha29]

I guess many people don't start saving for retirement till they are in their 40's if they can't retire by the time they reach 66. There is no reason why you can't make small sacrifices during your working years that will enable you to be comfortable for retirement. I bet some of the people that claim they don't make enough money to even put 3% or more in a 401k visit Starbucks a few times a week, smoke a few packs of cigs a week. Eat out everyday at lunch instead of packing a lunch. Drive a car that is too pricey for their income. Those same people will refi. their house and instead of cutting their years or their monthly note, will cash out and start their mortgage length all over again. Small sacrifices for 30 or so years will result in having a nice retirement waiting on you when it is time.

Point well taken but there are other factors involved. Slow wage and salary growth has failed to keep pace with inflation. Domestic issues also have an impact. When one of the Day 1's packed it in he used the proceeds to settle debts born out of the fact that he and his wife after raising their own kids found themselves raising their kids kids and their kids kids kids, (great grandchildren). Today at age 69 he's working full time.

 

[burrheadd]

Point well taken but there are other factors involved. Slow wage and salary growth has failed to keep pace with inflation. Domestic issues also have an impact. When one of the Day 1's packed it in he used the proceeds to settle debts born out of the fact that he and his wife after raising their own kids found themselves raising their kids kids and their kids kids kids, (great grandchildren). Today at age 69 he's working full time.

Should of had a few of them neutered

 

[bacha29]

Should of had a few of them neutered

I wouldn't go that far but this was a case of a couple trying to mitigate the impact of their kids socially irresponsible behavior and much of it occurred at a time when those kids were well into the age of consent.

 

[oldngray]

Should of had a few of them neutered

That doesn't always work.

NFL star Antonio Cromartie welcomes his 14th child despite vasectomy

 

[Oldfart]

It must be nice to have had an uneventful, perfect life with nothing bad ever knocking you off that path. Unfortunate though for those who had illnesses, divorce, low paying jobs, etc to prevent them from saving tons for retirement. I hope you consider yourself blessed and not that it's your due.

Other than illness, most of your other examples are excuses. They are just part of life's events and happens to plenty of people that still manage to prepare for retirement. When is the last time you carried your lunch to work instead of eating a $8 lunch? When did you last visit Starbucks? When is the last time you signed up to work a Saturday or even worked a day or 2 when you were on vacation and doing nothing, perfect time to make 2 1/2 salary? When is the last time you drove a few hours on Lyft or Uber, making $ instead of doing nothing? How many premium channels do you have on your cable package? What kind of car do you drive? Is it more car than you should be driving on your salary. I drive a '96 GMC with over 200k miles on it and luckily I can afford something way nicer but by making sacrifices during my working years, I will soon retire comfortably. I have never owned a new car and have never paid a car note. If a person has been working since they were 16 and had a job with a 401K since they were 25 or 30, there is no reason they can't retire by the time they are in their mid 60's. Unless they are like you, full of excuses. As you have found, it is much easier to make excuses than it is to make changes and sacrifices to achieve a goal.

 

[Operational needs]

Other than illness, most of your other examples are excuses. They are just part of life's events and happens to plenty of people that still manage to prepare for retirement. When is the last time you carried your lunch to work instead of eating a $8 lunch? When did you last visited Starbucks? When is the last time you signed up to work a Saturday or even worked a day or 2 when you were on vacation and doing nothing, perfect time to make 2 1/2 salary? When is the last time you drove a few hours on Lyft or Uber, making $ instead of doing nothing? How many premium channels do you have on your cable package? What kind of car do you drive? Is it more car than you should be driving on your salary. I drive a '96 GMC with over 200k miles on it and luckily I can afford something way nicer but by making sacrifices during my working years, I will soon retire comfortably. I have never owned a new car and have never paid a car note. If a person has been working since they were 16 and had a job with a 401K since they were 25 or 30, there is no reason they can't retire by the time they are in their mid 60's. Unless they are like you, full of excuses.

I know I shouldn't dignify your comments with a response but I've never been good at shutting up, much like you..... I bring my lunch three days a week. And the other two I get a cheap lunch from a grocery store (too tired to make lunch the other two days). The only times I've ever bought coffee from Starbucks was when I found a $100 gift card. The rest of the times I make coffee at home (and not Keurig). I work almost every Saturday except when I have plans I can't miss. I have never, nor will I ever work during my vacations. I need to rest sometime and schedule doctor, dentist appointments, etc. I have not, nor will I ever drive for Uber or Lyft because I value my safety more than money and also, sometimes I don't get home til 9:00 at night and get up at 04:40 in the morning. I have one premium channel (for the first time ever) because I just moved and they gave me free HBO for a year with my cable (Yay GOT). I just bought a used car because my previous car (2005 with 197,000 miles) bit the dust and wasn't worth fixing. Unfortunately it comes with a car note (my first in about 15 years) but I have to get to work. I have had two new cars because I live in an expensive area and need reliable transportation without having to worry about getting raped when I take it to for repairs. If those are all excuses, oh well, so be it. And as far as you go, WDFD.

 

[Oldfart]

I know I shouldn't dignify your comments with a response but I've never been good at shutting up, much like you..... I bring my lunch three days a week. And the other two I get a cheap lunch from a grocery store (too tired to make lunch the other two days). The only times I've ever bought coffee from Starbucks was when I found a $100 gift card. The rest of the times I make coffee at home (and not Keurig). I work almost every Saturday except when I have plans I can't miss. I have never, nor will I ever work during my vacations. I need to rest sometime and schedule doctor, dentist appointments, etc. I have not, nor will I ever drive for Uber or Lyft because I value my safety more than money and also, sometimes I don't get home til 9:00 at night and get up at 04:40 in the morning. I have one premium channel (for the first time ever) because I just moved and they gave me free HBO for a year with my cable (Yay GOT). I just bought a used car because my previous car (2005 with 197,000 miles) bit the dust and wasn't worth fixing. Unfortunately it comes with a car note (my first in about 15 years) but I have to get to work. I have had two new cars because I live in an expensive area and need reliable transportation without having to worry about getting raped when I take it to for repairs. If those are all excuses, oh well, so be it. And as far as you go, WDFD.

So you work 50 to 55 hrs every week and still can't contribute to the 401k or save any money? Even if you made $20 an hour, you would be in the 58k to 60k range. That is a pretty good salary. Sounds like you need to read a book on money management.

Lyft and Uber are very safe. Just as safe as making FDX deliveries. With your attitude, I believe the ONLY people that should fear for the safety would be ANYONE that would be riding with you at the wheel.

 

[bacha29]

I know I shouldn't dignify your comments with a response but I've never been good at shutting up, much like you..... I bring my lunch three days a week. And the other two I get a cheap lunch from a grocery store (too tired to make lunch the other two days). The only times I've ever bought coffee from Starbucks was when I found a $100 gift card. The rest of the times I make coffee at home (and not Keurig). I work almost every Saturday except when I have plans I can't miss. I have never, nor will I ever work during my vacations. I need to rest sometime and schedule doctor, dentist appointments, etc. I have not, nor will I ever drive for Uber or Lyft because I value my safety more than money and also, sometimes I don't get home til 9:00 at night and get up at 04:40 in the morning. I have one premium channel (for the first time ever) because I just moved and they gave me free HBO for a year with my cable (Yay GOT). I just bought a used car because my previous car (2005 with 197,000 miles) bit the dust and wasn't worth fixing. Unfortunately it comes with a car note (my first in about 15 years) but I have to get to work. I have had two new cars because I live in an expensive area and need reliable transportation without having to worry about getting raped when I take it to for repairs. If those are all excuses, oh well, so be it. And as far as you go, WDFD.

In the end all you'll have are your memories. The fugal lifestyle OF lives is commendable. It is designed for a long and comfortable retirement with the expectation that he won't outlive his money and he'll still have the health to enjoy it . At the same time your health can go overnight and in the end the nursing home gets it all anyway so all you can do is hope for the best but plan for the worst The same holds true with all those people who moved to Florida and built houses there. They knew the increased risk of getting it blown away by a hurricane but they now must be prepared for the prospect of it actually happening now along with the growing prospect of more frequent occurrence Life itself is about risk management and having a little bit of money to work with when something bad happens makes it easier to cope with .

 

[Operational needs]

So you work 50 to 55 hrs every week and still can't contribute to the 401k or save any money? Even if you made $20 an hour, you would be in the 58k to 60k range. That is a pretty good salary. Sounds like you need to read a book on money management.

Lyft and Uber are very safe. Just as safe as making FDX deliveries. With your attitude, I believe the ONLY people that should fear for the safety would be ANYONE that would be riding with you at the wheel.

Lol. I never said I don't contribute to my 401k. YOU did. I have for many years. I've had many people comment on me being a good driver, yes managers included.
If I have to do all this to make extra money, it's not for me.
https://www.quora.com/As-an-Uber-Ly...ened-where-passengers-have-hurt-their-drivers

 

[Oldfart]

In the end all you'll have are your memories. The fugal lifestyle OF lives is commendable. It is designed for a long and comfortable retirement with the expectation that he won't outlive his money and he'll still have the health to enjoy it . At the same time your health can go overnight and in the end the nursing home gets it all anyway so all you can do is hope for the best but plan for the worst The same holds true with all those people who moved to Florida and built houses there. They knew the increased risk of getting it blown away by a hurricane but they now must be prepared for the prospect of it actually happening now along with the growing prospect of more frequent occurrence Life itself is about risk management and having a little bit of money to work with when something bad happens makes it easier to cope with .

Nursing homes are why you buy Long Term Care Insurance. Fedex offered it for about $18 a month a few years ago. I jumped on it and hope I never need it but it pays about 50k a year and maxes out at about 250k lifetime.

 

[Oldfart]

Lol. I never said I don't contribute to my 401k. YOU did. I have for many years. I've had many people comment on me being a good driver, yes managers included.
If I have to do all this to make extra money, it's not for me.
https://www.quora.com/As-an-Uber-Ly...ened-where-passengers-have-hurt-their-drivers

You say Lyft and Uber is dangerous but you knock on strangers doors on a daily basis and walk up to strangers home and apts. every day. You can't go thru life afraid. Cautious yes, afraid no. I might knock on doors but I never stand in front of that door just in case someone has some crazy ideas.

 

[bacha29]

Nursing homes are why you buy Long Term Care Insurance. Fedex offered it for about $18 a month a few years ago. I jumped on it and hope I never need it but it pays about 50k a year and maxes out at about 250k lifetime.

Based on most current charges it will pay about 70% of a nursing homes charges for 5 years. Not bad for the price. Many insurers won't offer this type of coverage to begin with and many others have cancelled their policies. If you haven't checked on it lately might be a good idea to do so to see if it's still in effect.

 

[Operational needs]

It must be nice to have had an uneventful, perfect life with nothing bad ever knocking you off that path. Unfortunate though for those who had illnesses, divorce, low paying jobs, etc to prevent them from saving tons for retirement. I hope you consider yourself blessed and not that it's your due.

You say Lyft and Uber is dangerous but you knock on strangers doors on a daily basis and walk up to strangers home and apts. every day. You can't go thru life afraid. Cautious yes, afraid no. I might knock on doors but I never stand in front of that door just in case someone has some crazy ideas.

*sigh*. My whole point to this post that, (as usual) went over your head, was that everyone's life doesn't always work out how they plan. Sometimes life just happens and it's all they can do to hold on financially. I was talking about people in general, not me.

 

[Oldfart]

Based on most current charges it will pay about 70% of a nursing homes charges for 5 years. Not bad for the price. Many insurers won't offer this type of coverage to begin with and many others have cancelled their policies. If you haven't checked on it lately might be a good idea to do so to see if it's still in effect.

4k a month is the average price for assisted living in this area, and that if for some very nice places. This is thru Met Life I believe or Genworth. Money is taken out each paycheck and I get yearly documentation. I know Fedex no longer offers that coverage.

 

[Oldfart]

*sigh*. My whole point to this post that, (as usual) went over your head, was that everyone's life doesn't always work out how they plan. Sometimes life just happens and it's all they can do to hold on financially. I was talking about people in general, not me.

If you are so much brighter than me, why will I be able to retire very comfortably and you talk about the struggles of living as a single wage earner. My wife doesn't work. I must have been bright enough to make those small sacrifices in life to have a nice nest egg. Meanwhile, you criticize me and make excuses.