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I was thinking about this before I read Chris' senior citizen post but he provided the motivation to ask. Especially to the younger crowd here, are you doing any financial planning for your retirement. I can't imagine anyone is counting on Social Security (which could be gone in the not too distant future) as their only means of support. Have you set up an IRA or have a 401K? Are you counting on a pension?
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Chris
Tony Marino
Shale
Hyacinth Girl
Alan Smithee
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Your Golden Years
Alan Smithee- ...is a 20G Chamber DIETY.
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Hyacinth Girl- …is a Power Member.
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I'm 44 and have been contributing to pension, Social Security, etc. since I was 23. Will I ever see any of that? My guess is probably not or very little; by the time I reach retirement age, there probably won't be one-- they will have upped it so far or discontinued it all together, so that we'll all have to work 'till we die!
Shale- ...is a Chamber Royal.
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That was pretty much the plan of Social Security when they implemented it in the depression. Life expectancy for working men was about 65. My grandfather, first gen SS died at 63 - on the job as a carpenter. (But my grandmother got that money out of uncle by living into her 80s)Hyacinth Girl wrote:...they will have upped it so far or discontinued it all together, so that we'll all have to work 'till we die!
As for me, I am drawing as a survivor on my wife's SS, which is just my rent short of what I am making on my job. So, I must continue working. Got a small IRA I got a few years ago, just to get some of my savings out of one place. Baring any huge setbacks, I could live my extravagant lifestyle for maybe 5 years on SS and the savings I have.
Hyacinth Girl- …is a Power Member.
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Shale wrote:That was pretty much the plan of Social Security when they implemented it in the depression. Life expectancy for working men was about 65. My grandfather, first gen SS died at 63 - on the job as a carpenter. (But my grandmother got that money out of uncle by living into her 80s)Hyacinth Girl wrote:...they will have upped it so far or discontinued it all together, so that we'll all have to work 'till we die!
As for me, I am drawing as a survivor on my wife's SS, which is just my rent short of what I am making on my job. So, I must continue working. Got a small IRA I got a few years ago, just to get some of my savings out of one place. Baring any huge setbacks, I could live my extravagant lifestyle for maybe 5 years on SS and the savings I have.
We have a couple of techs in the lab where I work, that are in their early to mid-seventies, who still work almost full-time because they couldn't make ends meet to stay retired. If it's that bleak now, I don't even want to know what it'll be like in another 25 years. . .
Tony Marino- …is a Global Moderator.
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I have a 401k and a pension plan that I contribute to.
Chris- Chamber Admin.
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Tony Marino wrote:I have a 401k and a pension plan that I contribute to.
RedBedroom- …is a Chamber DEITY.
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I have a retirement fund, and hope that when I reach those years I have enough.
Tony Marino- …is a Global Moderator.
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Red I will bet you will be the best grandma any kid could have!
TSJFan4Ever- …is a Chamber Royal.
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I have a pension plan I contribute to and some of my salary goes in automatically with my current job. I'm looking for a new job with more security and stability that will allow me to make larger contributions, though.
Nystyle709- ...is a 20G Chamber DIETY.
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Tony Marino wrote:I have a 401k and a pension plan that I contribute to.
Yep. I also put money in account separate from my everyday account that I do not touch. I act like I don't have it. I'm trying to get it 100k before I even think about looking at the money in that account to use as an investment. Hopefully by the time I retire, that money could be working for me to the point that my pension and 401k would just be extra.
Alan Smithee- ...is a 20G Chamber DIETY.
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I have my retirement account with Smith & Wesson. Either way, I'll be set for life.
Marc™- …is a Chamber DEITY.
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I have a pension plan. A 401k on top of that isn't a bad idea though.
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