Retirement Planning - Lessons Learned

[Steppenwolfe]

That is exactly what needs to somehow be figured out. Everyone wants to help those that truly need it.

Man... I have been conned by hundreds of those "in need".

 

[two_bit_score]

With real estate booming my property taxes have gone up to $13,000 a year. The rate per $1000 should have gone down in my mind. I sure bet if real estate prices ever drop, they would raise the rate to keep the coffers full.

Once they get used to having a certain amount to spend it will never go down.

But as much as people complain about taxes, I almost never see an organized group show up at school boards, city councils or county commissioners budget meetings to voice their complaints to those who impose the taxes.

And they keep electing the same ones who keep giving themselves raises from the taxes they impose.

 

[two_bit_score]

Look for universal income to increase as it is already here in a small scale roll.out.

Unfortunately true.

 

[Larry Caldwell]

There are people out there that deserve help and there are also people that don't. How do you determine who does and who doesn't.

I know of a family where one brother saved and managed to retire early. The other brother didn't and is dependent on inheriting a retirement income. Both were raised in the same household so you have to assume by the same set of values and had similar opportunities.

As for the veterans that need assistance, I think our country has failed to provide the assistance they deserve. Unfortunately I don't have any answers. There are individuals that are trying to help but more is needed, and it's not just money, but also people's time.

My brother in law is a retired veteran. He gets 50% of his highest active duty pay, PX privileges and Tricare. He earned it with 22 years of service, including two tours in 'Nam as a helicopter pilot.

I'm a veteran too, but got out of the Army as soon as I could honorably do it. I have piddled away more time in my life than I spent in the service, and neither need nor want any veteran's benefits, though they did give me $50/month for going to college, which covered my rent at the time. Too many guys blame a two year hitch for screwing up their lives. Two years, out of decades. McNamara didn't turn them into drunks and druggies. I don't waste any more sympathy on them that I do on the guys who didn't serve and still screwed up their lives.

I often wonder what happened to some of the guys I went to high school with. Some of them had no interest in an education. They planned to "get a job in the mill" and work there the rest of their lives. It worked for their dads, and worked for them for about 15 years. Then the mills closed or automated. As my dad used to say, "Root, hog, or die." A lot of them did. I think at least a quarter of the boys I went to high school with are dead now, some by their own hand, either accidentally or on purpose.

If your health holds up, retirement is an opportunity to have some fun before you croak, but we're all headed for that long dirt nap. If you have a few bucks put by, you will get about 10 more years than somebody who is poor.

 

[Larry Caldwell]

Agree, but that was about 60 years ago. Is there anyone that worked there that was anywhere near retirement age back then still alive?

It went from Studebaker to Peabody. The coal miner health care and pension funds got invested in spinoff subsidiaries that went bankrupt, dumping the whole expense on the government while Peabody pocketed the money.

 

[California]

I woke up around 3:00am this morning and watched a few minutes of The Future Of Word on PBS. I plan on watching the rest of it when I'm more awake. The goal of most businesses is to employ as few people as necessary to do the job, as employees are one of the biggest expenses.

This is the reality those coming of age today will face. Even a good education is no guarantee. Look to India for an example, huge numbers of well educated people that no one needs to employ. Of course some will do well but the skills of many simply aren't needed.

Universal Basic Income will become inevitable, as automation pushes all the wealth to the owners of the machines and people are no longer needed for production.

What they need to teach people is the ability to learn and comprehend so that they can adapt to the changes they will be facing.

Aside from the nuts & bolts of financial analysis and forecasting, this was the main point that profs in my MBA hammered on: Keep your eyes open to recognize change as it approaches and respond by creating new strategy to take advantage of what's new - The alternative is that you will get run over by changing circumstances.

That, and for those starting out now: expect several unrelated careers as your work environment changes and evolves. I've read that the tech generation making the highest salaries change jobs every couple of years. They learn a skill, recognize that their new capability isn't appreciated by a new salary where they are, so they go where their skill level is recognized and rewarded. This seems otherworldly to us old timers who earned pensions working for one of a few firms, but it is the reality these kids now live within.

 

[MossRoad]

Agree, but that was about 60 years ago. Is there anyone that worked there that was anywhere near retirement age back then still alive?

Not only did it affect the people that lost their jobs and pensions, that kind of stuff trickles down to their children and grand children in the form of lost generational wealth.

 

[MossRoad]

This is the reality those coming of age today will face. Even a good education is no guarantee. Look to India for an example, huge numbers of well educated people that no one needs to employ. Of course some will do well but the skills of many simply aren't needed.

Universal Basic Income will become inevitable, as automation pushes all the wealth to the owners of the machines and people are no longer needed for production.


Aside from the nuts & bolts of financial analysis and forecasting, this was the main point that profs in my MBA hammered on: Keep your eyes open to recognize change as it approaches and respond by creating new strategy to take advantage of what's new - The alternative is that you will get run over by changing circumstances.

That, and for those starting out now: expect several unrelated careers as your work environment changes and evolves. I've read that the tech generation making the highest salaries change jobs every couple of years. They learn a skill, recognize that their new capability isn't appreciated by a new salary where they are, so they go where their skill level is recognized and rewarded. This seems otherworldly to us old timers who earned pensions working for one of a few firms, but it is the reality these kids now live within.

When I was in I.T. it was just an endless upgrade in learning and certifications. If you stopped for a few years, you were way behind the system. As soon as you got comfortable with a system, it was obsolete.

 

[California]

When I was in I.T. it was just an endless upgrade in learning and certifications. If you stopped for a few years, you were way behind the system. As soon as you got comfortable with a system, it was obsolete.

Amen bro. In undergrad math a prof had said computerization of everything was inevitable. And the primitive 360-20 that we sent our cards to for overnight processing, was a faint headlight far in the distance coming at us fast, foretelling what would soon be commonplace. So get ready now for the changed world you will soon work in. That was good advice.

I don't know what today's equivalent of that advice is, maybe newcomer auto mechanics learning EV's. Maybe something that we haven't imagined. I think climate change will be the biggest change the new generation will need to learn to deal with. And maybe the possibility that continually mutating Covid could change education, entertainment, dining, dating and matchmaking, even food production. Circumstances that you never imagined could change - will change. We might as well get good at working within continual change. Or get left behind.

 

[MossRoad]

...We might as well get good at working within continual change. Or get left behind.

That right there about sums it up.

 

[Fuddy1952]

Maybe I'm just optimistic about things but I've always thought there's something good that can come from something tragic.
Covid is a good example. I have a good friend who's a college math professor and because of covid works from home. The good part is it saves all that driving time, both he and students. Then lots of things can be ordered online delivered right to your door.
I'll be glad when things get back to normal.
Every time I go in Lowe's or Home Depot I try to imagine what someone like Thomas Edison would think!
Opportunities are out there, and I believe new technology like satellites, cell phones, etc. lends itself to new ideas.

 

[3Ts]

As for the veterans that need assistance, I think our country has failed to provide the assistance they deserve. Unfortunately I don't have any answers. There are individuals that are trying to help but more is needed, and it's not just money, but also people's time.

My brother in law is a retired veteran. He gets 50% of his highest active duty pay, PX privileges and Tricare. He earned it with 22 years of service, including two tours in 'Nam as a helicopter pilot.

I'm a veteran too, but got out of the Army as soon as I could honorably do it. I have piddled away more time in my life than I spent in the service, and neither need nor want any veteran's benefits, though they did give me $50/month for going to college, which covered my rent at the time. Too many guys blame a two year hitch for screwing up their lives. Two years, out of decades. McNamara didn't turn them into drunks and druggies. I don't waste any more sympathy on them that I do on the guys who didn't serve and still screwed up their lives.

I often wonder what happened to some of the guys I went to high school with. Some of them had no interest in an education. They planned to "get a job in the mill" and work there the rest of their lives. It worked for their dads, and worked for them for about 15 years. Then the mills closed or automated. As my dad used to say, "Root, hog, or die." A lot of them did. I think at least a quarter of the boys I went to high school with are dead now, some by their own hand, either accidentally or on purpose.

If your health holds up, retirement is an opportunity to have some fun before you croak, but we're all headed for that long dirt nap. If you have a few bucks put by, you will get about 10 more years than somebody who is poor.

I am a veteran as well and I think I did not convey the "need assistance" phrase adequately. I came back from combat in one piece, some of my friends did not. The case of need assistance, is tempered with "deserve assistance". Things like coming back from combat missing body parts qualifies as "need" assistance (among other things). Many of my neighbors are veterans and do not need nor use assistance. Then there is an occasional veteran that is dependent on assistance but one wonders why they need it since there is no apparent need other than they won't apply themselves to a task. Everyone in the military should have learned to to a job well and on time even if they really don't want to do it, other people (and lives) are dependent on that - and that should carry into the civilian world. So, if they didn't learn that or won't use what they learned . . .

 

[dirttoys]

I woke up around 3:00am this morning and watched a few minutes of The Future Of Word on PBS. I plan on watching the rest of it when I'm more awake. The goal of most businesses is to employ as few people as necessary to do the job, as employees are one of the biggest expenses. I was involved in quite a bit of automation of processes over the years at my last job. Those human jobs were done away with through attrition and buyouts. But at the end, they were done away with by RIF (Reduction In Force). Which is basically, "we no loner need you, bye".

As fast as you can get trained on a new technology, that technology can and will be automated. What they need to teach people is the ability to learn and comprehend so that they can adapt to the changes they will be facing.

Some people on that show were predicting a net loss of jobs world wide as automation and AI takes over. With a net loss of jobs, there's going to be a lot of people in need. That's just a fact that's going to have to be dealt with by anyone left that has money.

I struggle with automation vs people. My old/last employer's only meaningful high roller always said (and I think he believed) "the single thing I would like to pass on to my employees, is the ability to deal with change". Other than being ridiculously successful, the company is a bit of a turd, but, I think from his point of view of making people irrelevant for a living, his "heart" was in the right place.

Best,

ed

 

[dirttoys]

When I was in I.T. it was just an endless upgrade in learning and certifications. If you stopped for a few years, you were way behind the system. As soon as you got comfortable with a system, it was obsolete.

You are correct, funny I had an IT shop as well, probably the most productive gig of my life.

The reality does remain, in IT or probably a load of other careers, in your mid 30's if you can't be a useful mid manager, you won't be able to keep up. At least when I was there, there was a place to go and server out another 10 years with some value to the company and not stay up all night reading white papers.........

Best,

ed

 

[California]

Lets not go all political on this point. But as we imagine possible changes to come, something to keep in mind as people are made unnecessary by automation and offshoring jobs is the example of the Middle East (and elsewhere) with an excess of bright enthusiastic people who have no job prospects at all. In some countries that's a formula for revolution in the streets by those who aren't needed. The US isn't at risk of this but universal guaranteed basic income might eventually become needed to keep the public settled down if enough people know, realistically, that they have no prospect of earning enough to support a family and live decently. In the richest country in the world. May you live in interesting times ....

My point here is we may see universal basic income adopted, out of necessity - not to stir up political rivalries!

 

[goeduck]

I know what a universal joint is. Is it similar?

 

[California]

You could Google it, if it confuses you.

 

[Frankenkubota]

That is exactly what needs to somehow be figured out. Everyone wants to help those that truly need it.

i want to help those that truly deserve it

big difference

 

[Frankenkubota]

Once they get used to having a certain amount to spend it will never go down.

But as much as people complain about taxes, I almost never see an organized group show up at school boards, city councils or county commissioners budget meetings to voice their complaints to those who impose the taxes.

And they keep electing the same ones who keep giving themselves raises from the taxes they impose.

term limits, people are lazy

 

[Frankenkubota]

I know what a universal joint is. Is it similar?

i know what a UJ is. like a cv joint

i constantly read about the universe (current book, einstein's telescope)

i know what a joint is, funny, the cure for a bad joint is a good joint!

so what's a universal joint?