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

[DFB]

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...

Boy you're dang right about the high mortgage rates way back then!

 

[ultrarunner]

My grandfather who was not a gambler did say "You play the hand you're dealt"

Didn't really know what that meant as a child...

I guess there are always ways to make the best of what you have and those born today most likely will have opportunities that we can't even dream.

I remember guys just a little older than me that were drafted and never came back... sure brings into prospective.

Another pet peeve of mine is it seems an entire generation laments about home prices... yet a few years ago... prices were rock bottom... can anyone say opportunity?

Also, vast numbers of the past generations earned benefits for education and home buying through military service... seems those crying the most wouldn't even consider military service in exchange for the same benefits...

 

[davrow]

Don't buy the coffee, buy the stock.

I was living in Seattle when Starbucks did their IPO. I would have hawked my house to buy stock.

They wouldn't let me. Institutional investors (millions of dollars) only. By the time the public was allowed to trade it had already doubled.

 

[ovrszd]

Also, vast numbers of the past generations earned benefits for education and home buying through military service... seems those crying the most wouldn't even consider military service in exchange for the same benefits...

Yes, the Military still offers excellent educational benefits. If you are energetic at all you can join the Reserves, get a second part-time job, spend your money wisely, and own your 4yr degree with no outstanding debt. I have helped hundreds of Reservists do just that. Had one female Soldier that also got into the ROTC program. With all benefits totaled, she brought in $750 a month for one weekend a month at the Reserve Center and one weekend a month at ROTC. Can't do that at McDonald's.

 

[DFB]

I do get to see quite a few "kids" at my job. They come thru the orchard in transition phase from high school to adulthood. The local job market here is tight for anybody not college bound. Its a shame a lot have no clue what they are going to do. Some do find the military an appealing opportunity. The rest all I can think is John Candy in Stripes "I'm here for the weight loss program"

 

[davrow]

Regarding the original question: "Are you "lucky"if you have a secure retirement?"

I have to reply I would be lucky... if I did have a secure retirement.

 

[newbury]

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%...<snip?

I loved those times, we had bought at 7% then lo and behold I was buying treasuries paying 14%.

<snip>
Another pet peeve of mine is it seems an entire generation laments about home prices... yet a few years ago... prices were rock bottom... can anyone say opportunity?

People have to have something to complain about. I bought some 70+ acres at what I consider rock bottom for the area in 2011. I'm aggravated that the 150 acres next to it is selling for 2.5 times as much today. Maybe the next recession

Also, vast numbers of the past generations earned benefits for education and home buying through military service... seems those crying the most wouldn't even consider military service in exchange for the same benefits...

No - a lot of them join up, especially during the brief times it seems the war is winding down.
I used to train them.

 

[vtsnowedin]

Boy you're dang right about the high mortgage rates way back then!

I remember a banker telling me my credit was good and I could borrow all I wanted at fifteen percent.

 

[ovrszd]

No - a lot of them join up, especially during the brief times it seems the war is winding down.
I used to train them.

Sadly, a percentage so small it's barely measurable. I used to lead them.

Should be mandatory service.

 

[bajabum]

CONGRATULATIONS on getting so close to being able to jump off the treadmill !!!

Thank You !

 

[mikehaugen]

I really do appreciate this thread guys. It seems most responses so far are from either retired guys or guys close to it. I am a long way off before retirement really, but I do try to think about it anyway. I can't say I am as disciplined as many of you sound like you were when you were younger, but I think I will be alright... hopefully. You have certainly given me a lot to think about.

 

[houstonscott]

Yes, the Military still offers excellent educational benefits. If you are energetic at all you can join the Reserves, get a second part-time job, spend your money wisely, and own your 4yr degree with no outstanding debt. I have helped hundreds of Reservists do just that. Had one female Soldier that also got into the ROTC program. With all benefits totaled, she brought in $750 a month for one weekend a month at the Reserve Center and one weekend a month at ROTC. Can't do that at McDonald's.

I would summit your military training alone is worth more than any degree in today's world, more useful than any college experience. Colleges turn out handicapped idiots. Takes years to shed all the lies those so call professors filled them with. HS

 

[riptides]

I remember a banker telling me my credit was good and I could borrow all I wanted at fifteen percent.

LOL.

I remember signing on the dotted line for a house at 10 percent. And we thought that was GOOD.

I had a paper bag so I would not hyperventilate.

I still have the bag.

 

[JDgreen227]

I would summit your military training alone is worth more than any degree in today's world, more useful than any college experience. Colleges turn out handicapped idiots. Takes years to shed all the lies those so call professors filled them with. HS

In my career I met and worked with a huge number of people with college degrees who were basically intelligent folks but many had very little common sense.

Because they had a higher education there are a lot of them who were convinced they know everything...but usually they were talented in ONE thing only and failed to realize their limitations.

My term for such individuals was "Book smart but life stupid"

 

[houstonscott]

LOL. I remember signing on the dotted line for a house at 10 percent. And we thought that was GOOD. I had a paper bag so I would not hyperventilate. I still have the bag.

Yeah, my first mortgage was at 9.5%. Was luckily to have it that low, most at that time were 10.5 or a bit higher. Refinanced at 7.5, then 4.8, then payed off. HS

 

[bf109v7]

I never saved money, because I thought I would never reach 65, and the last shirt hase no pockets. But things came different than I thought. With 60 I married a Filipina. She was 38 and a widow and she was not poor, because her late american husband left her his life insurance. And I worked till 65. I enjoyed it, my emploier gave me nice toys and very expensive toys to play with. I did not see much of my salery (more than 200 000 USD/ year) my wife took it and saved it for me. And I had to pay into the german goverment pension when I worked in Germany. I did not when I worked in other countries, what I did most of the time.
And, because my wife forces me to eat healthy food and live healthy, I am still alive with 67 and, as the doctor says, in perfect health. And with my small goverment pension and the money we saved in the last 5 years of my work we do quite good in a cheap country like the Philippines. But it is not enough to live in the US in the house my wife inherited, because a health insurance for me in the US ist to high.
O.K. I know that my live is not nomal, but it shows that it can work when you start saving when you are 60.

 

[DABSGT]

I would summit your military training alone is worth more than any degree in today's world, more useful than any college experience. Colleges turn out handicapped idiots. Takes years to shed all the lies those so call professors filled them with. HS

Houstonscott we could start a thread call "The Dumbing Down of America with a College Education" !

I agree that the professors fill the kids heads with a lot of garbage but a lot of it is reinforcing what the went into the class with either from home, high school or the street. I have had more than one good laugh with story's from my children telling me "dad you won't believe what the teacher said today" once my daughter called me after turning in her first paper in a political science class and said "dad I'm in trouble in this class" , before returning papers the professor looked right at her and said "I know who my one conservative republican is in the class. She stuck to her guns backed up her opinions and papers and aced the class.

Sent from my iPad using TractorByNet

 

[bf109v7]

I think in the US it is very dufferent from Germany. In Germany, if you never realy worked in your live and never saved anything the goverment will take care for you when you are old, They pay for your housing, your health care and all the rest. you can live quite good.
Of coarse, when you saved a lot you can live better.
Very bad is when you saved not so much, because if you have something you get nothing from the goverment, and you might end up living worse than the guy who did not save anything. And you feel real bad, because your saving was for nothing.
Alex

 

[ultrarunner]

Not totally true... but this is what many of my German and Austrian colleagues think.

Not that long ago I managed low income housing... these were rentals in typical single family neighborhoods... mostly houses with a few two and three family units too.

There were a lot of 50+ that lived in subsidized Section 8 homes, have 100% medical insurance, receive a check each month for the government, get free cell phone service, discounted electricity, assistance with food, taxi vouchers, free energy savings upgrades, etc..

About the only item not discounted or subsidized is cable TV.

It can be a real eye opener for my Bavarian friends when the same questions come up... about being poor in America means living on the street or a tenement house where no one would live.

If you have nothing... you actually qualify for everything.

Case in point.... I had a small two family home in the SF Bay area... one was rented normally and the retired couple paid $950 in rent... the identical adjoining unit was rented to Section 8 and that retired couple paid $111... same units, same nice garden, same gardener... etc.

It is true that those that have a little more do have more worry... they must pay for everything and often have little left... those with 100% assistance often have much less stress...

I have a retired Austrian police friend...his wife is from the Philippines and was also a widow... they moved to the Philippines when he retired and live very well... they have a very nice home with a cook and housekeeper on his retirement pension...

I do notice my Austrian friends save to buy things... especially for their homes and think of nothing of spending a fortune for the best copper roof or efficient heating system... it is looked at as an investment and there is little need for a rainy day fund... totally different thinking where Americans are suppose to save because one never knows what "Might" happen.