Retirement thoughts Past Present Future

[bigtiller]

Once a day and twice on Sunday...sounds doable.

 

[westcliffe01]

I dont think I have much of a retirement to look forward to. I have no pension coming to me from the years I worked in ZA which was up to age 32. One only became eligible to keep our own pension contributions after 3 years at a job and thus employers put some effort into convincing you to not stay longer than that. Then from 2000-2003 I spent 3 years in Germany, paid all taxes and retirement contributions the same as any German but again one is not entitled to a german pension until you have contributed for 5 years. Then Nov 2003 arrived in the US at age 35 and have paid taxes and social security ever since. My employer has a 401k but the only actual stock one is allowed to buy is the company stock, beyond that index funds and bonds. The company stock has declined by about 90% in the past 5 years and there are frequent and long lasting "blackout periods" where we are locked out of our 401k accounts, usually when quarterly results are announced or other times like the start of the 2008/9 financial crisis. So it is pretty much impossible to take advantage of the few incidents when the stock has plummeted (at one point for a few days it was under $1/share in 2008 and in the recovery went as high as $60/share). Some people became millionaires but not me, my account was frozen...

I had a second wife on whom I spent a lot of money so that she could go from an associate in nursing to a NP, as soon as she graduated and got her promotion her divorce papers were filed... The court ended up awarding her another roughly $100k from our estate, mostly taken from my 401k and in new debt from her squatting in the house and not paying any bills. Making a financial recovery after the divorce has taken a lot of time. The worst part is that the house had been underwater from literally the day I bought it until 2020 when home shortages finally returned to my county after 14 years of no building. I bought the home in 2006 for $200k at a time when home prices had already dropped $50k on average, yet in 2 months it was valued at $130k and that held until 2020. Today I could sell it for $300k+

Despite making continued 401k contributions every month, this year I have watched my balance drop $40k due to the market. I have decided that this is not working. I have a good job, but because of the government driving electric vehicles, our sales continue to fall and our customers have been laying off ICE development people all over. We have already been through 2x 30% head count reductions. I think it is time to convert my high property tax home into cash and go and look for some rural land where the rules are few, taxes are low and hopefully there is no building department nor permitting. I think I can get myself set up with a nice shop where people are not going to bother me and work on repairing diesel injection pumps and general car repairs. Perhaps overhaul some transmissions as another sideline. I will need to continue to work for some time, but if the expenses are managed maybe not work as much as I have the first 3/4 of my life. There is even an opportunity to convert automotive engines into airplane engines. Have you heard how much Lycoming wants for an engine today ? $37k for a 118hp engine with a carb and magnetos... And you will have to wait a year...

Overall, I guess the concept of stable employment and retirement is a relatively recent phenomena.. Usually the elders were taken tare of by their children or grandchildren, there were no mortgages to be paid or car notes. One grew whatever you could in the garden and had to barter or trade for whatever else was needed. My biggest concern is simply the government trying to make anything we want to do illegal or raising the tax on fuel to the point that it is ridiculous and the ATF kicking down doors on anyone who tries to make their own fuel.....

If I sound like I'm complaining, I could still be back in Africa. I would probably have been killed in a hijacking or home invasion by now. They have had nationwide electric load shedding for probably 15 years, enjoy your power for 2x 4 hours a day at full price. City water has not been safe to drink in about a decade. Parliment just recently passed the expropriation without compensation bill, so the government can now legally take any of your assets without compensation... They are just 1 extended power outage from complete anarchy. If the power went out for a week, half of the transmission lines would no longer exist due to copper and aluminum theft which is rampant. No, I like it here just fine, thanks.

 

[grsthegreat]

I dont think I have much of a retirement to look forward to. I have no pension coming to me from the years I worked in ZA which was up to age 32. One only became eligible to keep our own pension contributions after 3 years at a job and thus employers put some effort into convincing you to not stay longer than that. Then from 2000-2003 I spent 3 years in Germany, paid all taxes and retirement contributions the same as any German but again one is not entitled to a german pension until you have contributed for 5 years. Then Nov 2003 arrived in the US at age 35 and have paid taxes and social security ever since. My employer has a 401k but the only actual stock one is allowed to buy is the company stock, beyond that index funds and bonds. The company stock has declined by about 90% in the past 5 years and there are frequent and long lasting "blackout periods" where we are locked out of our 401k accounts, usually when quarterly results are announced or other times like the start of the 2008/9 financial crisis. So it is pretty much impossible to take advantage of the few incidents when the stock has plummeted (at one point for a few days it was under $1/share in 2008 and in the recovery went as high as $60/share). Some people became millionaires but not me, my account was frozen...

I had a second wife on whom I spent a lot of money so that she could go from an associate in nursing to a NP, as soon as she graduated and got her promotion her divorce papers were filed... The court ended up awarding her another roughly $100k from our estate, mostly taken from my 401k and in new debt from her squatting in the house and not paying any bills. Making a financial recovery after the divorce has taken a lot of time. The worst part is that the house had been underwater from literally the day I bought it until 2020 when home shortages finally returned to my county after 14 years of no building. I bought the home in 2006 for $200k at a time when home prices had already dropped $50k on average, yet in 2 months it was valued at $130k and that held until 2020. Today I could sell it for $300k+

Despite making continued 401k contributions every month, this year I have watched my balance drop $40k due to the market. I have decided that this is not working. I have a good job, but because of the government driving electric vehicles, our sales continue to fall and our customers have been laying off ICE development people all over. We have already been through 2x 30% head count reductions. I think it is time to convert my high property tax home into cash and go and look for some rural land where the rules are few, taxes are low and hopefully there is no building department nor permitting. I think I can get myself set up with a nice shop where people are not going to bother me and work on repairing diesel injection pumps and general car repairs. Perhaps overhaul some transmissions as another sideline. I will need to continue to work for some time, but if the expenses are managed maybe not work as much as I have the first 3/4 of my life. There is even an opportunity to convert automotive engines into airplane engines. Have you heard how much Lycoming wants for an engine today ? $37k for a 118hp engine with a carb and magnetos... And you will have to wait a year...

Overall, I guess the concept of stable employment and retirement is a relatively recent phenomena.. Usually the elders were taken tare of by their children or grandchildren, there were no mortgages to be paid or car notes. One grew whatever you could in the garden and had to barter or trade for whatever else was needed. My biggest concern is simply the government trying to make anything we want to do illegal or raising the tax on fuel to the point that it is ridiculous and the ATF kicking down doors on anyone who tries to make their own fuel.....

If I sound like I'm complaining, I could still be back in Africa. I would probably have been killed in a hijacking or home invasion by now. They have had nationwide electric load shedding for probably 15 years, enjoy your power for 2x 4 hours a day at full price. City water has not been safe to drink in about a decade. Parliment just recently passed the expropriation without compensation bill, so the government can now legally take any of your assets without compensation... They are just 1 extended power outage from complete anarchy. If the power went out for a week, half of the transmission lines would no longer exist due to copper and aluminum theft which is rampant. No, I like it here just fine, thanks.

Yeiks….

 

[Torvy]

Y'all do realize that SS cannot sustain itself indefinitely. It was built with parameters that no longer exist. Chief among them: exponential population growth and average life expectancy equal to retirement age. The whole thing was FDR buying votes and kicking the problem down the road. What a better approach for a politician, pay people today with taxes paid by other people's children and grandchildren. The cherry on top was spinning it so people felt like it was some type of savings account.

 

[Gale Hawkins]

Y'all do realize that SS cannot sustain itself indefinitely. It was built with parameters that no longer exist. Chief among them: exponential population growth and average life expectancy equal to retirement age. The whole thing was FDR buying votes and kicking the problem down the road. What a better approach for a politician, pay people today with taxes paid by other people's children and grandchildren. The cherry on top was spinning it so people felt like it was some type of savings account.

This is a Transit problem that will be solved as the baby boomers drop like falling rocks.

 

[Torvy]

This is a Transit problem that will be solved as the baby boomers drop like falling rocks.

No, it will not. The birthrate is way too low compared to the 1930s when it was conceived. The baby boom made it worse, but only because of the collapse since. There has to be significantly more people working than retired. Look at recent data on the number of people working. The math just doesn't work.

 

[Larry Caldwell]

No, it will not. The birthrate is way too low compared to the 1930s when it was conceived. The baby boom made it worse, but only because of the collapse since. There has to be significantly more people working than retired. Look at recent data on the number of people working. The math just doesn't work.

The GenXers are pretty thin on the ground, but they got wild about reproducing and there are more millennials than boomers. The real problem going forward is the number of people who live off the underground economy and don't pay taxes. They won't have a SS account, and many will be sunk in penury. I already know a couple people like that. Their only choice is to work until they die.

 

[Gale Hawkins]

A guy by the name of Sanders started Kentucky fried Chicken after he retired from the post office at age 65 if I remember the story correct.

It sounds like your mom has a real resource in you and y'all can just give it a shot decide how much money you want to risk and see what happens.

My business has been a struggle but it is getting traction and matches my SS income and growing a tad. Without something driving us we often help out the undertaker sooner than later.

Best off success!

 

[usmron]

I already got screwed by my parents' generation when they raised retirement age from 65-67 back in 1983 because they couldn't manage their finances and refused to fund the promises that they made. Thanks old people. It's your generation that screwed things up. So I don't want to screw my kids as well. Fix the problem. Don't kick the can down the road.

At the very least, make it a tiered increase in age, and don't start the tier for anyone that's already been born. I had the additional 2 years added to me when I was already 22 years old. So, as a young adult, I got screwed by a majority of elderly adults. Thanks.

I think you are putting the blame on the wrong people. Look to the House and the Senate. They make the rules and the changes. The people that is voters really have no say but politicians put the blame always on others.

 

[California]

I think you are putting the blame on the wrong people. Look to the House and the Senate. They make the rules and the changes. The people that is voters really have no say but politicians put the blame always on others.

And look who the politicians are indebted to. Large corporations mostly, who can funnel anonymous fortunes through political action committees. They should be wearing sponsor logos, like a racecar. The Supremes never should have ruled that PAC's are 'people'.

While individual voters have contribution limits.

The only way out of this mess is to elect better. less bought and more honest candidates to represent us.