Worried I'll Have Enough Money In Retirement

Discussion in 'Money & Finances' started by Kitty Carmel, May 30, 2017.

  1. Chrissy Cross

    Chrissy Cross Veteran Member
    Registered

    Joined:
    Aug 11, 2015
    Messages:
    16,532
    Likes Received:
    15,172
    Very many turn down help and don't even bother collecting money they should be getting. I read they can even have it sent to a friend's address or some other accommodation.
     
    #26
  2. Ina I. Wonder

    Ina I. Wonder Very Well-Known Member
    Registered

    Joined:
    Jan 28, 2015
    Messages:
    3,502
    Likes Received:
    5,659
    I was raised in and out of foster home, and that can be a form of homelessness as well. Many times you never knew where you would be sleeping from night to night, and you might not even know the people's name that you were with. This was the way I grew up until I was married at the age of 13.

    So to say I became a bit obsessed with my future security is an understatement. The first time I heard that a person could set up a retirement fund, I was in. Then I heard about those poor people that got swindled out of their retirement funds, and that frightened me to the point that I started researching the different ways to build retirement funds.

    Now if you have plenty of money, it's not a big deal to just set aside monies and just let it grow over fourty or so years, or even speculate in the stock market. But, most of us aren't in that league. I play cards, and dominos very well, but I've never been a gambler.

    Before I became an accountant, the idea of 401K's was over my head, but I did understand how payroll taxes worked. So I convinced my husband to always file single and 0 dependents until the end of the year when he was able to filed married and seven or more dependents. He liked the large pay outs. But I could never convince him to pay in more than what was required.

    I on the other hand, filed single and 0 dependents, but I doubled the required dollar amount, and that has worked out well for me. I get almost twice the amount my husband received from SS, and I have a pension from the Houston Municipality. I also bought stock in the gas and electric utility company's. (I learned that from playing Monopoly.) I pretty much stuck with what I thought was safe.

    Now all those that said I was depriving myself and my family of much needed funds are wondering why I get so much in SS each month.

    Now I'm nowhere near rich, but I don't need to worry either, unless the ever present possibility of a calamity comes my way. :oops:
     
    #27
    Kitty Carmel and Holly Saunders like this.
  3. Frank Sanoica

    Frank Sanoica Very Well-Known Member
    Registered

    Joined:
    Feb 21, 2016
    Messages:
    4,511
    Likes Received:
    4,079
    @Cody Fousnaugh
    And I appreciate being told to my face if I have offended a forum member,. instead of that member whimpering to the Admin in a PM, behind my back. It worked like that in that other senior forum. Of course, I don't know for a fact that you..........

    OTOH, one liked it. So, to you, I apologize for offending. I try to be respectful of others' feelings, and am, if I know them in advance.
    Frank
     
    #28
    Gloria Mitchell likes this.
  4. Cody Fousnaugh

    Cody Fousnaugh Very Well-Known Member
    Registered

    Joined:
    Aug 12, 2015
    Messages:
    3,921
    Likes Received:
    3,041
    Thanks, Frank! BTW, one liked your reply, not necessarily the word used in it. Anyway, thanks for the apology.
     
    #29
    Gloria Mitchell likes this.
  5. Gloria Mitchell

    Gloria Mitchell Very Well-Known Member
    Registered

    Joined:
    Mar 18, 2017
    Messages:
    1,597
    Likes Received:
    2,243
    Even between the 2 of us , we will not have enough to retire on for long. Got started late on life so not much income here for future. But ....always said I would grow to be a bag lady
     
    #30
    Frank Sanoica likes this.
  6. Frank Sanoica

    Frank Sanoica Very Well-Known Member
    Registered

    Joined:
    Feb 21, 2016
    Messages:
    4,511
    Likes Received:
    4,079
    @Gloria Mitchell
    You may be "in the same boat" my Mother was. She never worked after my folks married, which was way before S/S was passed, thus received only 1/2 of my Dad's benefit after he died. They had a small nest egg put away which she pilfered as needed, not to often.
    Frank
     
    #31
  7. Kitty Carmel

    Kitty Carmel Very Well-Known Member
    Registered

    Joined:
    May 9, 2016
    Messages:
    1,157
    Likes Received:
    1,081
    Ina, you went through a lot. But unlike you I didn't think of the future and retirement when I was younger.

    I've stayed out of debt but made some choices I shouldn't have. I've managed to save money just renting. That house I had took a lot of my money. That's something I worry about if I buy a mobile.

    Side note: I heard a radio advertisement for over age 55 condos in the San Francisco Bay Area starting in the 900,000's. No joke. The pricing in these kinds of areas has gone too far in my opinion. Who has this freaking money? People invested in pharmaceutical companies?! Then I watch YouTube videos of people living in little trailers etc. Wouldn't work with the cats, they need indoor room.

    There is a mobile home park I looked at that has some travel trailers in the park. I asked the managers if the were temporary or permanent and she stated permanent. Seriously I'd never look down on someone living like that. At least it's their own place, they can have pets, a little yard and feel secure. Maybe it beats an apartment for some people. And it's what they can afford.
     
    #32
    Holly Saunders likes this.
  8. Ina I. Wonder

    Ina I. Wonder Very Well-Known Member
    Registered

    Joined:
    Jan 28, 2015
    Messages:
    3,502
    Likes Received:
    5,659
    @Kitty Carmel , I'm not sure where your located, but for 60 to 80 thousand you can get a good sized piece of land, and a new trailer here in Texas. Less than that if you can catch foreclosure. A friend of mine got a 1/2 acre with a five year old two bedroom trailer for $20,000 from an IRS foreclosure.

    I think today's trailer make nice home. Several of my friends live quite comfortably in them.
     
    #33
  9. Lon Tanner

    Lon Tanner Well-Known Member
    Registered

    Joined:
    Apr 14, 2016
    Messages:
    305
    Likes Received:
    580
    I never worried about it because I planned for it by living within my means/ saving & later investing. I retired in 1990 and have had a fantastic retirement with much travel and fun activities, and now that I am 82 and single I am happy that I have more resources than I really need to live well and can gift to my great grand kids.
     
    #34
  10. Holly Saunders

    Holly Saunders Veteran Member
    Registered

    Joined:
    Nov 16, 2015
    Messages:
    27,426
    Likes Received:
    8,124
    I believe there's a couple of members of this forum who live very comfortably in trailer homes.

    @Kitty Carmel , I do hope you can find something to suit you soon, it must be a huge worry for you..
     
    #35
    Ina I. Wonder likes this.
  11. Kitty Carmel

    Kitty Carmel Very Well-Known Member
    Registered

    Joined:
    May 9, 2016
    Messages:
    1,157
    Likes Received:
    1,081
    Ina, I'm in Northern California. With my step dad here, it seems moving is not an option. If I did move, I'd like to move some place with more rain. Moving is expensive on its own and I don't seem to have the ability to do that at this time. Feeling kind of trapped.
     
    #36
  12. Hal Pollner

    Hal Pollner Active Member
    Registered

    Joined:
    Feb 11, 2018
    Messages:
    251
    Likes Received:
    210
    I'm now more comfortable then when I retired in 1998, mainly because I have no Mortgage, no Car Payments, and enjoy a nice 37-year Pension from Boeing, as well as Socialized Security!

    I'm also in great health for being almost 82, because my Wife keeps me properly fed and cared for!

    Cheers,
    Hal
     
    #37
  13. Martin Alonzo

    Martin Alonzo Veteran Member
    Registered

    Joined:
    Mar 7, 2015
    Messages:
    2,894
    Likes Received:
    2,639
    I wish you all the best Hal.
     
    #38
  14. Ken Anderson

    Ken Anderson Greeter
    Moderator Registered

    Joined:
    Jan 21, 2015
    Messages:
    8,668
    Likes Received:
    11,451
    Fortunately, we're both still working online, but if all we had were our Social Security payments, we could get by. We'd have to cut back on some things but we don't have a mortgage and taxes aren't so very high here. Either one of us would have a tough time living on just one of our SS checks though.
     
    #39
    Last edited: Apr 17, 2018
    Holly Saunders and Frank Sanoica like this.
  15. Martin Alonzo

    Martin Alonzo Veteran Member
    Registered

    Joined:
    Mar 7, 2015
    Messages:
    2,894
    Likes Received:
    2,639
    The amount I get though my pensions if I were back in Canada I would have to find a job as my pensions are not enough. Here in the DR i lived on my pensions and built a house with a two bedroom apartment on to also built a house out the back with two bedrooms and a bath. I live well with no debt.
     
    #40
    Holly Saunders and Frank Sanoica like this.
  16. Gloria Mitchell

    Gloria Mitchell Very Well-Known Member
    Registered

    Joined:
    Mar 18, 2017
    Messages:
    1,597
    Likes Received:
    2,243
    I will be the bag lady on the corner if I make it 5 more years.;):eek::(
     
    #41
    Frank Sanoica likes this.
  17. Holly Saunders

    Holly Saunders Veteran Member
    Registered

    Joined:
    Nov 16, 2015
    Messages:
    27,426
    Likes Received:
    8,124

    It must be quite a worry for you @Gloria Mitchell
     
    #42
  18. Gloria Mitchell

    Gloria Mitchell Very Well-Known Member
    Registered

    Joined:
    Mar 18, 2017
    Messages:
    1,597
    Likes Received:
    2,243
    It does cause concern,but I have other things to contend with-so I will not fret over it.
     
    #43
    Holly Saunders likes this.
  19. Ken Anderson

    Ken Anderson Greeter
    Moderator Registered

    Joined:
    Jan 21, 2015
    Messages:
    8,668
    Likes Received:
    11,451
    It could well be the pit and peak of our lives. "On the positive side, I lived a long time. On the other hand, I'm broke."
     
    #44
  20. Hal Pollner

    Hal Pollner Active Member
    Registered

    Joined:
    Feb 11, 2018
    Messages:
    251
    Likes Received:
    210
    I've read several times that financial retirement planners say that a retiree should have $500,000 in savings to be "comfortable" in retirement.

    Hal
     
    #45
  21. Don Alaska

    Don Alaska Well-Known Member
    Registered

    Joined:
    Mar 6, 2018
    Messages:
    470
    Likes Received:
    588
    Many say $1,000,000, but they are making money on your investments. They are also assumeing that you have no other source of income.
     
    #46
  22. Babs Hunt

    Babs Hunt Veteran Member
    Registered

    Joined:
    Feb 12, 2016
    Messages:
    6,718
    Likes Received:
    8,478
    Though we don't have much...we have everything we need...and sometimes even a few things we just want. :)

    As a Christian God is our Provider and we trust Him to keep providing for our needs until we leave this earth for our heavenly Home. We do our part by being good stewards of what He provides and knowing when we have a need to go in prayer and thanksgiving to Him to meet that need. God has never failed us yet. :)

    Though money and earthly things can be here today and gone tomorrow...our heavenly Father's provision is eternal.
     
    #47
    Last edited: May 2, 2018
    Don Alaska likes this.
  23. Don Alaska

    Don Alaska Well-Known Member
    Registered

    Joined:
    Mar 6, 2018
    Messages:
    470
    Likes Received:
    588
    ...the birds in the air and the lilies in the field....
     
    #48
    Babs Hunt likes this.
  24. Hal Pollner

    Hal Pollner Active Member
    Registered

    Joined:
    Feb 11, 2018
    Messages:
    251
    Likes Received:
    210
    I foresaw the need for providing for my retirement when I entered into my Aerospace career at age 26, after my Army discharge in 1962.

    I hired on at a major Aerospace firm with a degree in Electronics, landing a good-paying position in the Engineering and Test department, and my first paycheck stated that I could enter a Payroll Savings Plan and contribute up to 14% of my pay.

    I didn't think that was enough, so I contributed an extra amount, making it 20 % of my pay.

    I kept this up for 36 years, never "dipping in" to my growing savings, and when I retired in 1998, (after the interested kept compounding over the years), I took home a huge sum, which I immediately placed into my retirement savings plan.

    Over those 36 years I bought 4 new automobiles, and paid each one off in 2 years.

    Now I'm enjoying retirement on a comfortable 36-year Aerospace pension from Boeing, plus "Socialized Security", with no mortgage and no car payments, paying cash for my 2012 Mazda3, which now has 22,000 miles after 6-1/2 years of driving.

    My advice to those young people just entering the job market.....

    SAVE FOR YOUR RETIREMENT!

    Hal Pollner, age 81.
     
    #49
  25. Kitty Carmel

    Kitty Carmel Very Well-Known Member
    Registered

    Joined:
    May 9, 2016
    Messages:
    1,157
    Likes Received:
    1,081
    Unfortunately I never worked anyplace that had a retirement. Just a 401K with absolutely no matching. It just seemed better to save money myself. I don't expect much for retirement. No fancy care, travel. I just want a roof over my head and the cats and to live someplace I feel safe and secure. And no one can ever try to tell me I haven't worked very, very hard. No ten minute break in years. Even missed lunch breaks.

    I think people can live well with less money. I also find some people with retirement forget others will never have this. I found this with my own mother. She would almost snicker that there were people living in their mobile park "on social security only" I guess she chose to not remember she got less than 600 dollars a month, with their comfortable income coming from my step father's county pension and his social security. People forget fast.
     
    #50
    Holly Saunders and Don Alaska like this.

Share This Page