| | Your Golden Years |  |
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+5Chris Tony Marino Shale Hyacinth Girl Alan Smithee 9 posters |
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Alan Smithee
...is a 20G Chamber DIETY.
Join date : 2010-09-03
Location : 40º44’18.33”N 73º58’31.82”W
Posts : 25792
Rep : 381
| | Subject: Your Golden Years Tue May 31, 2011 7:48 am | |
| 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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Hyacinth Girl
…is a Power Member.
Join date : 2011-05-19
Posts : 1736
Rep : 70
| | Subject: Re: Your Golden Years Tue May 31, 2011 9:12 am | |
| 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! | |
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Shale
...is a Chamber Royal.
Join date : 2010-09-27
Location : Miami Beach
Posts : 9699
Rep : 219
| | Subject: Re: Your Golden Years Tue May 31, 2011 11:14 am | |
| - 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!
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)
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. | |
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Hyacinth Girl
…is a Power Member.
Join date : 2011-05-19
Posts : 1736
Rep : 70
| | Subject: Re: Your Golden Years Tue May 31, 2011 11:52 am | |
| - Shale wrote:
- 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!
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)
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. . . | |
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Tony Marino
…is a Global Moderator.
Join date : 2010-01-31
Location : New York
Posts : 26786
Rep : 607
| | Subject: Re: Your Golden Years Tue May 31, 2011 11:54 am | |
| I have a 401k and a pension plan that I contribute to. | |
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Chris
Chamber Admin.
Join date : 2010-01-30
Location : Oak Park, Michigan
Posts : 23201
Rep : 330
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RedBedroom
…is a Chamber DEITY.
Join date : 2010-02-18
Posts : 10696
Rep : 312
| | Subject: Re: Your Golden Years Tue May 31, 2011 4:30 pm | |
| I have a retirement fund, and hope that when I reach those years I have enough. | |
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Tony Marino
…is a Global Moderator.
Join date : 2010-01-31
Location : New York
Posts : 26786
Rep : 607
| | Subject: Re: Your Golden Years Tue May 31, 2011 4:44 pm | |
| Red I will bet you will be the best grandma any kid could have! | |
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TSJFan4Ever
…is a Chamber Royal.
Join date : 2010-03-28
Posts : 5362
Rep : 78
| | Subject: Re: Your Golden Years Tue May 31, 2011 6:11 pm | |
| 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. | |
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Nystyle709
...is a 20G Chamber DIETY.
Join date : 2010-03-16
Location : New York
Posts : 27030
Rep : 339
| | Subject: Re: Your Golden Years Tue May 31, 2011 7:26 pm | |
| - 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. | |
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Alan Smithee
...is a 20G Chamber DIETY.
Join date : 2010-09-03
Location : 40º44’18.33”N 73º58’31.82”W
Posts : 25792
Rep : 381
| | Subject: Re: Your Golden Years Tue May 31, 2011 7:28 pm | |
| I have my retirement account with Smith & Wesson. Either way, I'll be set for life. | |
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Marc™
…is a Chamber DEITY.
Join date : 2010-01-30
Location : Michigan
Posts : 12006
Rep : 212
| | Subject: Re: Your Golden Years Tue May 31, 2011 10:44 pm | |
| I have a pension plan. A 401k on top of that isn't a bad idea though. | |
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