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

[texasjohn]

Yep, its part of the equation your insurance company uses to decide what risk group you fall into.
See https://www.esurance.com/insurance-resources/credit-score-myth for more info

Aaron Z

I learn the darndest things on a tractor site! I searched and discovered that there is a site funded by the Texas Department of Insurance which gives sample rates from lots of insurance companies for a particular zip code and insurance amount...better yet, my company, AMICA, is the cheapest A++ rated company, by a LOT. Yes, credit score is a factor. Good to know.

https://apps.tdi.state.tx.us/helpinspublic/ResProfileAction.do?d-4022653-o=2&covAmtCd=H3&resClaimHstyCd=N&d-4022653-s=4&cntyCd=246&creditScrCd=H&resRepAgeCd=H3&submitBySelect=N&resConstructCd=B&zipCd=78628

 

[Pixguy]

OK, so for another thought starter: A few of us have planned our retirements well and have plenty of savings and funds available, are free of debt, have good health and can probably live for a long time. I'm pretty lucky to say the least. Clearly the next rounds of 'generations' aren't going to be doing so well and will press Governments to funds their lifestyles with welfare, cheap housing, transportation and food. Where will the money come from ? I'm betting that 'THEY' are going to steal, tax, acquire, confiscate and or 'borrow' OUR retirements monies. What can we do to 'hide' our savings from 'THEM' so that we can convert it to sustainables as we need it ? .............

I'm in the same boat and wonder the same.

 

[jix]

You left out that I am fairly decent looking, have good table manners, am kind to stray cats, and help old ladies across the street.

And....YOU HAVE SUCH A SENSE OF HUMOR, JDG...>Chuckle<:laughing::laughing:

 

[DFB]

Yep, its part of the equation your insurance company uses to decide what risk group you fall into.

Aaron Z

Ya just miss a few payments and see what happens! :shocked:


I think its a lot tougher today for the youth to get established. Less factory jobs for the masses, not everybody is cut out to be in business for themselves, stock volatility, low savings bank interest, rising property taxes especially to pay for ever increasing municipal budgets. Even safe little vehicles like savings bonds that where once great aren't so great anymore. Rising college level educational costs, lack of secondary school technical training...interesting to where its all heading. Not that it cant be done.

There seems to be a lot of regression in the way younger people live today, back towards a century ago. Family units grouping up together sharing housing, longer work hours, declining pay scales and benefits. Just an example from my little viewpoint is a friends son after high school lived at home, worked a few menial jobs, decided at 24 to go to college (a plus) now pushing 30 just starting career. At least he's on his way...on the other hand I was working steady since high school even with the bad economy, then married and set up savings. Had a new auto (the only one in my life :laughing: ) and was headed into the most prosperous decade yet to come for me. And my cousin after high school it seemed he couldn't find suitable work his dad gave him an ultimatum find work or enlist! I have to say he turned out well though after his illustrious navy career he came back home went back to college got a chemistry degree, and has been a Post Office letter carrier ever since

 

[Egon]

Economics have always been beyond my grasp. It seems there are many terms & acronyms and learned folks that can easily converse in these terms befuddling the uneducated like myself.

Now, I have come to think it's not that complicated.

Namely:
Them that have a big hammer believe they can influence. Them's with a bigger hammer know they can influence. Those with the biggest hammer don't worry as they are the influence.

 

[texasjohn]

I'm in the same boat and wonder the same.

Maybe a topic for another thread!!

 

[jix]

My old friend from army days, Shakey, once said. "I got some money saved up. I am going to put it into houses and lots, and retire next year".... Everyone stared at Shakey, "houses and lots! " one guy replied. " too much hassle, why not just put it in the bank? "

"No" said Shakey, "I mean ***** houses, and lots of booze"...Coffee break was over!:mischievous:

 

[3930dave]

Namely:
Them that have a big hammer believe they can influence. Them's with a bigger hammer know they can influence. Those with the biggest hammer don't worry as they are the influence.

I'm a simple guy. Those hammers sum it up well.

Is it OK if I borrow that quote once in a while ?

Rgds, D.

 

[jrclark]

Very shocking in here is the median savings account balance of 3,000 to 12,000. I wish that was broken out by age group.

It could also be that some people are smarter these days and shift their savings monies to an actual interest bearing account. The wife and I have a fair amount in liquid savings now, but once the house is complete, we'll probably move the remaining savings along to a more productive place.

 

[JDgreen227]

It would be very interesting to know what the percentage is excluding entry level young workers under say 21 or maybe 25. Very alarming.

Edit
This report breaks it down by age group a little more.
Shocking number of Americans have no retirement savings - CBS News

Very shocking in here is the median savings account balance of 3,000 to 12,000. I wish that was broken out by age group.

Thank you for sharing that with us, but I wonder if the "savings" noted are just cash stashed away or are the savings in a 401K or 457K plan? And should these people be vested in an employee pension plan, with an assured payout, are those counted as savings also?

Not bragging here, but when I retired I had about 130 grand saved up in 401 and 457 plans, and on the advice of my finance guy I used 30 grand of it to buy 5 years of service time and enhance my pension. He calculated the payback time at 7 years and I have been retired and collecting a pension for over 12 now...meaning I MAY be money ahead. So many variables involved.

 

[riptides]

... Things that will make people say "Geez, I had one of those when I was younger, wish I had one now". I tend to be attracted to metal stuff and some forms of tools and gadgets...

I don't agree with waiting until retirement to enjoy life. My father in law in his 70's has had a change of heart in values of late. Last time I saw him he had just purchased a new Camaro with all the fixings.

His wife cannot drive it, it's a "d***" bumpy a** ride", and he has a hard time getting in and out of it.

I hope when my time comes, to just give a lot to charity and not have to worry about "them" coming for whatever is left. I guess, I am starting to just want simplicity and value in my older years. Toys, tools and collectibles? Something to enjoy in the now.

I guess it is the old balance thing again, balance to include the tax man and "them" when the time comes.

Interesting thoughts, though!

 

[ovrszd]

Funny addition to that. Someone mentioned earlier that they weren't worried about the younger generation getting their assets as much as they were worried about the government. Have you old guys not noticed that the government is now controlled by that younger generation?? Politicians don't spend 5 seconds trying to get us to vote for them. They go where the votes are, young and ethnic minorities. Both of which might be more inclined to "take" what's yours.

 

[Egon]

I'm a simple guy. Those hammers sum it up well.

Is it OK if I borrow that quote once in a while ?

Rgds, D.

Go for it.

 

[Redneck in training]

Sometime you have to get lucky if you kids are doing well. Our son, when he was about 8 or 10, after I beat his butt for something bad he did told me: "I will be a millionaire when I hit 30 and if you want to sit in your rocking chair by the swimming pool and watch grandchildren playing be better nice to me." He was always entrepreneurial since he was kid. His "company" cut grass for the whole block. He bought lawnmowers on a garage sale, hired his classmates to do the work, got the jobs, collected the money, paid the kids and never touched the mower himself. Well he is a millionaire today. Wife is already working for him and I will start working for him sometime this spring. Cutting grass I suppose.

 

[Capricious]

I don't agree with waiting until retirement to enjoy life. !

Everyone has to make their own decisions.

I would prefer to live more modestly now rather than risk being destitute when I am too old to make any more money.

And if I die and "leave money on the table," I won't care, because I am dead.

I don't really find my simple life to not be enjoyable, and while more money might be mean more "things," I don't know if that would bring a whole lot more enjoyment.

(A new tractor and new pickup would be nice)

 

[Parkanzky]

Funny addition to that. Someone mentioned earlier that they weren't worried about the younger generation getting their assets as much as they were worried about the government. Have you old guys not noticed that the government is now controlled by that younger generation?? Politicians don't spend 5 seconds trying to get us to vote for them. They go where the votes are, young and ethnic minorities. Both of which might be more inclined to "take" what's yours.

That's not what I've read. Older Americans (55+) vote at a much higher rate than younger adults. The AARP is one of the largest lobbying groups in the US. Generally, politicians consider anything that might be viewed as an attack on the elderly as political suicide.

 

[KennyG]

.... Wife is already working for him and I will start working for him sometime this spring. Cutting grass I suppose.

Forrest Gump?

 

[ultrarunner]

Ya just miss a few payments and see what happens! :shocked:


I think its a lot tougher today for the youth to get established. Less factory jobs for the masses, not everybody is cut out to be in business for themselves, stock volatility, low savings bank interest, rising property taxes especially to pay for ever increasing municipal budgets. Even safe little vehicles like savings bonds that where once great aren't so great anymore. Rising college level educational costs, lack of secondary school technical training...interesting to where its all heading. Not that it cant be done.

There seems to be a lot of regression in the way younger people live today, back towards a century ago. Family units grouping up together sharing housing, longer work hours, declining pay scales and benefits. Just an example from my little viewpoint is a friends son after high school lived at home, worked a few menial jobs, decided at 24 to go to college (a plus) now pushing 30 just starting career. At least he's on his way...on the other hand I was working steady since high school even with the bad economy, then married and set up savings. Had a new auto (the only one in my life :laughing: ) and was headed into the most prosperous decade yet to come for me. And my cousin after high school it seemed he couldn't find suitable work his dad gave him an ultimatum find work or enlist! I have to say he turned out well though after his illustrious navy career he came back home went back to college got a chemistry degree, and has been a Post Office letter carrier ever since

Back in the late 70's and much of the 80's many said the same... how can people starting out make it when a mortgage is pushing 15%...

Today's rate are some of the lowest in generations...

Each generation has their own things to deal with... I'm sure the kids of today will say the same about their parents...