Three things
As a not-yet-retired person,I can think of three things that can seriously derail a retirement plan: Divorce, Disease(serious) and Unemployment(longish-term)[and the wild card-or do we now call it the Black Swan- of insolvency in your retirement plan].
Those who are retired already may need to add things, like changing values or interests, boredom or loss of social contact.
Did I miss anything?
As a not-yet-retired person,I can think of three things that can seriously derail a retirement plan: Divorce, Disease(serious) and Unemployment(longish-term)[and the wild card-or do we now call it the Black Swan- of insolvency in your retirement plan].
Those who are retired already may need to add things, like changing values or interests, boredom or loss of social contact.
Did I miss anything?
If you take a look at Zillow property values and real estate for sale, it's incredible how inexpensive it is to live in the Midwest vis a vis NY, NJ, MA or CA.
The odds of a state employee in NJ, or a municipal employee in Chicago seeing their promised pension are very slim indeed. The odds of Medicare being means tested within the next 10 years are very high.
I'm 40. Due to economic plundering by the people who run the monetary system I fully expect to never be able to retire.
Oh well.
Oh well.
I wonder how 10 million illegal imigrants impacts that analysis?
I'm going though divorce now, so I'm had. I'll pay for the rest of my (or her) life. I still hope to retire in 5 years.
I'm going though divorce now, so I'm had. I'll pay for the rest of my (or her) life. I still hope to retire in 5 years.
Denmark at the top of the list. 😎
There is no nationwide minimum wage in Denmark, most people fall under some form of collective agreement made between trade unions and employers organizations which ensures a minimum pay, vacation, pensions etc.
How does 6 weeks of paid vacation a year sound?
I currently have to pay 4% of my salary to a pension fund and the company has to pay 8% on top of my regular salary so in total an amount equivalent to 12% of my salary goes into the pension fund each month of which I only have to pay 4% myself and it is tax deductable.
Oh, and we are also guaranteed a minimum state pension of around 10K USD a year.
Only downside is the high taxes and high cost of living but overall, most people of my generation should be able to make a decent care free living when retired.
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Pay now, or deliver later.
Germany and France rank in the C-category (between 50% and 60% overall index figure), many poor folks among the elderly.
In particular for economic wonderboy Germany, it places a critical side note to it's success story.
C-category pension systems are too volatile, elements of a lottery.
Any real stats on that? I can easily find several countries where relocation for government boondoggles is done by force with arbitrary or no compensation.
Neat thread. I'm 52 and would like to retire in 10 years after 43 years in electronics (currently commercial airborne antennas & systems). Maybe work part time in retail (Home Depot or Best Buy etc.) just for beer money or to support my audio endevours. Problem is that my eyesight for close up stuff has gotten brutal and I need several pairs of cheater glasses depending on how cloase I am to the thing I'm working on.
Have the usual pension (some DB; mostly DC) and an RRSP as we call them in Canada. Glad my pension is mostly DC; it's mine with little (read no) chance of being grabbed in a bankruptcy etc. Now if the insurance company holding it goes belly up or if I invest in mutual funds that are holding popcorn farms as assets that's a different story
Also a biker (and a runner); love it. After 15 years on a Norco Alteres (a 10 speed looking hybrid) I just upgraded to a Kona Jake the Snake 2014 cyclocross bike. The best bike I've ever had. Light, fast and tough. I'll likely have that bike when I retire. I still boot along pretty good (18-22mph) depending on terrain.
Cheers
Matt
Have the usual pension (some DB; mostly DC) and an RRSP as we call them in Canada. Glad my pension is mostly DC; it's mine with little (read no) chance of being grabbed in a bankruptcy etc. Now if the insurance company holding it goes belly up or if I invest in mutual funds that are holding popcorn farms as assets that's a different story
Also a biker (and a runner); love it. After 15 years on a Norco Alteres (a 10 speed looking hybrid) I just upgraded to a Kona Jake the Snake 2014 cyclocross bike. The best bike I've ever had. Light, fast and tough. I'll likely have that bike when I retire. I still boot along pretty good (18-22mph) depending on terrain.
Cheers
Matt
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I'm pretty sure "illegals" are a net positive for my retirement
people to do get annoyed that they cost local government's in services but the studies I read claim they are net positive in contributions when Fed taxes and withholding is included
they are here for the work, likely do depress wages which holds down costs in services I pay for
and as an engineer I likely faced some wage pressure from legal H-1b workers
while I don't "know" I'd guess the contractor's crew that redid my roof was ~1/2 "illegal" - here in Boston area it often used to be Irish workers abusing tourist or student Visas
I strongly urge any wanting to find scapegoats to do searches for politically loaded subjects with added terms like "fact check"
lots of people game the system - my father worked in retirement as a part time "gofer" but actually informal foreman to a home contractor - 1/2 the crew he worked with was illegal, mostly Mexican origin in the Kansas City area
my father also covered/hid most of his compensation with "mileage allowance" to avoid the reduction/taxation of his SS from too much other income
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I retired 4 years ago with 42 years and 3 days of employment. I had maxed out my retirement and there was a small bonus offered for anyone that retired...so I did. Retirement isn't too awful and our youngest graduated from high school last year. I've been a County Water Commissioner for the last 23 years and that provides a bit of spending money for a DIY Audio Project from time to time. I also helped to start the "Sound DIY" Audio Club, which has members with no skill at all (Yeah, that's me!) to a number of members whose names are probably familiar to many on Audio forums.
My wife has never worked outside the home since we married, she stayed home and raised our children, which included 12 years of homeschooling for each one. An extra income would have been nice, but our children have turned out so well, that I know we made the right decision.
Best Regards,
TerryO
My wife has never worked outside the home since we married, she stayed home and raised our children, which included 12 years of homeschooling for each one. An extra income would have been nice, but our children have turned out so well, that I know we made the right decision.
Best Regards,
TerryO
yes,of course, Scott... you think i sit here just making up stuff? Where have you been? Check for stats at CNN, Bloomberg Business Week etc. Its there and been widely reported about for years.
Also, there are many other countries and areas outside of USA that are very nice for retirement. Especially, if you only have Social Security to live on. Some governments are actively soliciting retirement to spend your retirement income in their country.
Despite pockets of violence in Mexico, certain popular vacation areas are heavily protected and secure there. Most speak English where you would want to live.
Now Guatemala is another story. I was there 2 years ago in the spring for Easter festival..... it was heavily guarded by truck loads of Military. I stayed in the center of the old capitol town..... in one shop there where two mercenary in uniform with shot guns. Bullet proof counter to pay at. It was just a regular shop for tourists. Spent a week there.... couldnt go anywhere by taxi... fake taxi drivers will kidnap you... only trusted hotel employees could take you anywhere in Guatemala City. Killings everyday. But it was still nice otherwise. When back in Mexico City, a waiter asked "weren't you afraid?" when he learned we were in Guatemala. No, not really. Like everywhere --- NY city, New Jersey etc.... I have had the same situation when in the wrong areas of American town. Its all relative.
Country side in the US of the A's? Sure you can find cheaper living there. Its the medical that is missing... hospitals are few and far between and the one nearest you wont likely be able to handle much of your needs adequately... something retired people need to consider and do. Also, medical costs alone in USA will kill you.
-RM
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Two things
1) Buy long term care insurance before you are 60 and for sure before you have any health issue.
2) Retire to a state with a 100% Homestead Exemption like Florida and get a good lawyer there are numerous ways to shield assets from medical bills.
Florida Bankruptcy Homestead Exemption. Homeowner Protections | Nolo.com
Or there's MA...
Trusts are now eligible for homestead protections. For those individuals over the age of 62 (elderly) or legally disabled, the new law now expressly states that a homestead may be filed on each individual's behalf and the aggregate protection increases to $1 million. Homestead declarations filed on manufactured homes must now be filed at the local Registry of Deeds, not the town offices.
So the blanket statement if you get sick they can take your house is wrong.
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I live by the premise if 'you never grow up, you never grow old', so I won't have to worry about retirement. Mind you retirement has looked pretty good on some friends of mine so maybe I'll give it a try one day. In the meantime, I'll cruise along, always searchin' for songs, not a lawyer, a thief or a banker, just a son of son of a sailor.
+1
As my wife would no doubt attest...I've got that one nailed😀
That hasn't led to some of the issues you guys have faced (mentioned earlier) otherwise my future might not be so settled.
+2 there, but it pays to be informed as I said. I can't believe how close friends have been "cheated" out of large amounts of money because their parents didn't bother with wills and trusts.
I gather you really believe that, we have a very different concept of tolerance of ambiguity, best to just forget it.
Though forgiving the bad grammar "wrong areas of American town."
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