Are you "lucky"if you have a secure retirement?

[Mace Canute]

Thinking back on the events that panned out to give me a comfortable retirement, I have to say pure blind luck has more to do with it than anything. One of the first jobs I had was working in an asbestos mill for a year. Only later did I find out about the risks associated with asbestos. I was lucky to not die from an asbestos related disease soon after I turned 50. When I hired on with the provincial electrical utility where I had a 35 year career before retiring I already had a job but my brother told me they were hiring and because the pay was better I applied there. I was lucky my brother worked for them and knew they were hiring and encouraged me to try them...I liked the work, it paid well and the corporation had a defined benefits pension plan. I was lucky I wasn't afraid of heights, too. Over the years there were instances where I could have been killed but I was lucky and survived every one. Four days before I did retire, I found out I had kidney cancer. I survived that. I was lucky the cancer hadn't eaten through the vein or artery before I even realized I had a problem or I would have bled to death internally. I was also lucky that it didn't spread to other parts of my body.

Planning and hard work only go so far to ensure a secure retirement, they can both be easily rendered insignificant by a circumstance beyond your control...also known as a stroke of bad luck.

 

[ovrszd]

Thinking back on the events that panned out to give me a comfortable retirement, I have to say pure blind luck has more to do with it than anything. One of the first jobs I had was working in an asbestos mill for a year. Only later did I find out about the risks associated with asbestos. I was lucky to not die from an asbestos related disease soon after I turned 50. When I hired on with the provincial electrical utility where I had a 35 year career before retiring I already had a job but my brother told me they were hiring and because the pay was better I applied there. I was lucky my brother worked for them and knew they were hiring and encouraged me to try them...I liked the work, it paid well and the corporation had a defined benefits pension plan. I was lucky I wasn't afraid of heights, too. Over the years there were instances where I could have been killed but I was lucky and survived every one. Four days before I did retire, I found out I had kidney cancer. I survived that. I was lucky the cancer hadn't eaten through the vein or artery before I even realized I had a problem or I would have bled to death internally. I was also lucky that it didn't spread to other parts of my body.

Planning and hard work only go so far to ensure a secure retirement, they can both be easily rendered insignificant by a circumstance beyond your control...also known as a stroke of bad luck.

Without going back and rereading every post in this thread, I am going to declare this one as the most honest and logical. Including any I have made. Well stated

 

[Buggs67]

Without going back and rereading every post in this thread, I am going to declare this one as the most honest and logical. Including any I have made. Well stated

I scanned mosts posts.

I was a little put off when people kept telling me I was "lucky" to be retiring and having a pension. Luck had nothing to do with it. I worked hard at a job most people don't want to do and the pension at the end was what kept my nose to the grindstone. I also made reasonable decisions. I didn't buy cars above my means, I didn't jet all over the world on vacations I couldn't afford, and didn't spend every dime that came into my hands. Maybe it's fortunate I have simple requirements, but I was brought up by parents who were children of the depression.

So, No you're not lucky. You planned for your future and your retirement and now it's a reality. Luck is buying a lottery ticket and winning millions.

 

[JDgreen227]

I scanned mosts posts.

I was a little put off when people kept telling me I was "lucky" to be retiring and having a pension. Luck had nothing to do with it. I worked hard at a job most people don't want to do and the pension at the end was what kept my nose to the grindstone. I also made reasonable decisions. I didn't buy cars above my means, I didn't jet all over the world on vacations I couldn't afford, and didn't spend every dime that came into my hands. Maybe it's fortunate I have simple requirements, but I was brought up by parents who were children of the depression.

So, No you're not lucky. You planned for your future and your retirement and now it's a reality. Luck is buying a lottery ticket and winning millions.

OP here....I say THIS one is the most honest and logical....no frills, just facts. My parents too were children of the depression and that is probably why I was raised to make a dollar count by spending carefully.

 

[KennyG]

There have been a few comments about pensions and how companies treat them and it's a very significant issue. In today's world the old "defined benefit" pension model just doesn't work. To tie your retirement to the financial success of a single company over a period of 30 to 50 years is very risky. The "defined contribution" model works much better if it's done right. When my company decided to change plans, they calculated what the earned retirement benefit was at that point and bought annuities with an insurance company for all employees. Going forward they contributed an additional 6% of salary to the 401Ks. Some people object to this as shifting risk to the employees, but a worker can ride out a few bad markets through a 40 or 50 year work life, as long as they still have a job. A lot of companies (GM for example) can't ride through a short downturn if they have massive retiree liabilities.

It takes some discipline (IRAs and 401Ks have loopholes that allow money to be taken out early) but I think we've got a lot of good mechanisms for people to prepare for retirement now.

 

[randy41]

funny how the wealthy of our nation (the op) are so busy patting themselves on the back for being part of the system. and others complain about how their wealth is being sucked away by taxes that benefit the poor. what happened to charity and humbleness? is that lost when you have enough money to gloat?
pretty shameful.

 

[Buggs67]

funny how the wealthy of our nation (the op) are so busy patting themselves on the back for being part of the system. and others complain about how their wealth is being sucked away by taxes that benefit the poor. what happened to charity and humbleness? is that lost when you have enough money to gloat?
pretty shameful.

How do you characterize the OP as "the wealthy of our nation". It sounds like he got a good job, worked hard, made some good investments. It doesn't sound from his post that he's a millionaire. He's over 62 and has a pension some investment income and SS. And during those decades of working and paying taxes he did help support the social programs for the poor. And I don't see anything he said complaining about that.

Randy, you're the one who seems sour.

BTW, when a person is secure in his own future it enables him to be more charitable and helpful to his family and community.

 

[JDgreen227]

While randy41 does have the right to his opinion, I have never considered myself anywhere near wealthy. I began working back in 1967 for $1.40 an hour and I retired late in 2002 my wage was $19.57 an hour. Never got anything in the way of an inheritance nor was never given anything I did not work for. One more thing: I became totally deaf back in 1963 and have struggled to communicate with the world every since while doing my best to be a hard working and productive member of society. Yet someone demeans me as being wealthy when they actually know nothing about what my life has challenged me with?

How insulting.

There....I said it, and I am proud that I did.

 

[QRTRHRS]

While randy41 does have the right to his opinion, I have never considered myself anywhere near wealthy. I began working back in 1967 for $1.40 an hour and I retired late in 2002 my wage was $19.57 an hour. Never got anything in the way of an inheritance nor was never given anything I did not work for. One more thing: I became totally deaf back in 1963 and have struggled to communicate with the world every since while doing my best to be a hard working and productive member of society. Yet someone demeans me as being wealthy when they actually know nothing about what my life has challenged me with?

How insulting.

There....I said it, and I am proud that I did.

JD, not to get personal or change the direction of this thread but have you ever considered an implant? My wife was born deaf in one ear and with little to none in the other. She got an implant at age 63 and has done pretty well with it.

 

[DABSGT]

I have to agree with most that honest hard work is the biggest contributing factor in a comfortable retirement. I started work at a young age in a family business at the age of 16 I had my first real job wile in high school a year latter I was working 2 jobs, part time, and completed high school and have worked since and for many years 2 jobs. 31 years ago I started in law enforcement and even then working OT I continued part time employment. January of 2001 I had a heart attach and faced the possibility of early, forced medical retirement. But after 3 months of rehab was able to return but cut out the OT. I can now retire if I want and live comfortably with my pension along with some productive investments. But luck played a part as I was able to return to work I had very young children when in 2001, I was not only able to properly provide for them and my family but I was able to help them with college. Only 2 semesters to go!
Now the questions of retirement isn't about money but what will I do.

301 Moved Permanently

 

[BobRip]

Something that I have not seen here is buying old cars. I use to get cars with over 100,000 miles. I would go over them and replace worn items. Then keep them for 50,000 or more miles. I tried to buy them from people I know. A friend asked about my 15 year old 69 Rambler. He said "You do have a nice car at home.". I said "Yes, a 66 Impala". I was paying around $500 a car and fixing them myself. I did buy my first new car at age 46. I now buy new cars and try to keep them to 200,000 miles. Not real hard today. I just gave my Daughter and her husband a 2000 Caravan with 218,000 miles and an 1986 Caprice with 198,000. He loves the Caprice.

 

[TomSeller]

funny how the wealthy of our nation (the op) are so busy patting themselves on the back for being part of the system. and others complain about how their wealth is being sucked away by taxes that benefit the poor. what happened to charity and humbleness? is that lost when you have enough money to gloat?
pretty shameful.

I don't think he was gloating at all. I think he was merely observing the differences in his life choices and events compared to his classmate's after his classmate said he was "lucky" and he asked TBN members if they think he was lucky. I don't think he was at all. I think he has made wise choices in his life that others can learn from.

 

[ultrarunner]

Guess I have been unlucky when it comes to pensions...

As I was entering the workforce defined benefits were being phased out and the Union Shop where I worked and all the similar shops no longer exist... not to worry, got busy and was hired at a hospital with a defined contribution plan that was explained simply a different way of getting there... and that lasted a few years and then employer contribution stopped cold... through acquisitions and mergers they really no longer exist in my field and market.

 

[JDgreen227]

JD, not to get personal or change the direction of this thread but have you ever considered an implant? My wife was born deaf in one ear and with little to none in the other. She got an implant at age 63 and has done pretty well with it.

It's okay for you to inquire...and thank you. Read my PM.

 

[alchemysa]

'The harder I work the luckier I get.' I'm sure there's a big dose of truth in that but sometimes bad luck strikes hard working people mercilessly.

The GFC hit just a year after we had cashed in all our 'paper investments' and sunk them into building a house. Our perfect timing was pure luck. Other people we knew lost small fortunes or much of their super because their money was still in investments. All these people were hard working and had sensible plans for the future, just like us. But we were unscathed while they were shattered.

Having money in those investments was the result of years of hard work, frugal living and hard earned lessons. Getting that money OUT of those investments before the GFC was pure luck.

 

[riptides]

Prenups and marriage intrigue me. That “trust” thing, to me it comes down to reading people. And perhaps yourself. It is an interesting subject, and this may sound harsh, but what makes a marriage last? Is it perhaps that the relationship did not really get over some humps that were there in the beginning and were overlooked?

You see and hear people all the time getting married in what I consider very short times and of course in the very “best” times when they meet the person.

I don’t subscribe to that way of thinking. So, harsh as it sounds, what makes the “trust” between two people, that demands a prenup?

 

[riptides]

Guess I have been unlucky when it comes to pensions...

... and that lasted a few years and then employer contribution stopped cold... through acquisitions and mergers they really no longer exist in my field and market.

Been there, Remember Pabst Blue Ribbon beer? They were one of the first companies that "caught" my eye on how things agreed upon could be taken away.

My entire career has been one of mergers/aquisitions and independant consulting. I have always managed to move monies out of company defined/controlled "retirement" accounts.

If I could do the same movements with the SS benefit that will come my way one day, I would.

 

[mikehaugen]

The company I work for just announced that they are going to freeze the pensions for salary employees in 2017 or 18. I'm just a measly hourly employee and my pension is part of a union contract, I wonder what the big topic of discussion will be at the next contract negotiation?

 

[KennyG]

The company I work for just announced that they are going to freeze the pensions for salary employees in 2017 or 18. I'm just a measly hourly employee and my pension is part of a union contract, I wonder what the big topic of discussion will be at the next contract negotiation?

The issue will be what will they replace it with. If they give you a reasonable contribution to your retirement fund you will probably come out ahead in the long run, especially if you have a few years for it to accumulate.

 

[Capricious]

The company I work for just announced that they are going to freeze the pensions for salary employees in 2017 or 18. I'm just a measly hourly employee and my pension is part of a union contract, I wonder what the big topic of discussion will be at the next contract negotiation?

Very common these days.

First move is to eliminate defined benefit pensions for new hires; then a few years later existing pensions are "froze." Usually this is accompanied by a boost in 401K matching amount, but it is small consolation.

As far as unions go, the big issue at the moment is the solvency of multi-employer plans:
Teamsters pension plan stuck in crisis | BenefitsPro

While having a pension at all is certainly a plus, one had better not plan on it being the cornerstone of one's retirement:
Bill McClellan: Pulling the rug from under retirees : News