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DFW

(60,311 posts)

13. I fortunately make enough to preclude her ever sinking into poverty

Wed Mar 27, 2019, 09:30 PM

Mar 2019

But there are plenty of women here in Germany who do not share her fortune. Besides, I'm now 67, and I figure I'll be retiring in 15 years or less.

She has one friend who is a single mother who has mental health issues. Her daughter married a lawyer who now is doing well, so she doesn't have to worry about eating cat food, but if she didn't have that cushion of security, she would have to be institutionalized unnecessarily in order not to starve. As it is, she has to watch every cent she spends.

Our younger daughter, who lives in Germany, has landed a super-high-paying dream job, so she could provide for my wife, now, too, but that dream job only came because I used the money I got from MY inheritance to pay for her education in the USA. Almost no one in normal circumstances has anything like that to fall back on.

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Half of Older Americans Have Nothing in Retirement Savings [View all] ansible Mar 2019 OP

depressing Demonaut Mar 2019 #1

At least in my case, I have been saving since my 20s. susanna Mar 2019 #103

they were your gains, you anticipated correctly Demonaut Mar 2019 #105

And yet... susanna Mar 2019 #106

Those with defined benefit plans may also not be receiving that much. llmart Mar 2019 #2

Same here in Germany DFW Mar 2019 #4

I worked for a municipality for about 8 years. llmart Mar 2019 #5

I fortunately make enough to preclude her ever sinking into poverty DFW Mar 2019 #13

I won't ever sink into poverty either, but it bothers me that other senior women will. llmart Mar 2019 #30

Most public safety union plans pay 50% of some average of their last wage. Mosby Mar 2019 #68

My husband just retired as a ff at the end of January. He is 62. He also doesn't get anywhere seaglass Mar 2019 #83

did he get a sick/vacation payout? Mosby Mar 2019 #84

No sick payout, that was eliminated about 20 years ago I think. The only vacation pay he got was seaglass Mar 2019 #89

Well it does depend on the plan, how much you made and how many years you accrued UniteFightBack Mar 2019 #88

Those non-savers are the lucky ones! at140 Mar 2019 #3

Your mother in law appears to have lucked out, but with the direction government has been going pnwmom Mar 2019 #6

Yep, boomers don't realize how lucky they are and how fucked the younger generation is ansible Mar 2019 #7

We can and should fix social security for younger people by a combination of raising the cap pnwmom Mar 2019 #11

Yes! Delphinus Mar 2019 #79

I just learned that today's CPI would be 4 times larger based at140 Mar 2019 #12

I do. I'm a boomer and every time I do anything politically ooky Mar 2019 #67

Why do you think you are entitled to interest in an inflation free decade? riverine Mar 2019 #8

The condo I bought for $159k in 2011 is now going for at140 Mar 2019 #14

You bought your condo during the real estate crash of 2008-2012 and millions of foreclosures. riverine Mar 2019 #18

And the seniors who saved their pennies at140 Mar 2019 #20

Wrong...my healthcare insurance has escalated steadily from 1998 on at140 Mar 2019 #21

Congress gave the Federal Reserve just two mandates - Employment and Price Stability. riverine Mar 2019 #24

Bernanke/Yellen have robbed seniors more than all at140 Mar 2019 #25

You should thank them for your 3.5% mortgage you got in 2012. riverine Mar 2019 #26

Our first mortgage was over 10% and the 2nd was 15.64% SoCalDem Mar 2019 #32

Yes but at least you could still write it off on your taxes. gldstwmn Mar 2019 #63

At that time our income was not enough to SoCalDem Mar 2019 #66

If I need a mortgage at age 72 (in 2012) at140 Mar 2019 #99

Yep. llmart Mar 2019 #10

No kidding, the money goes from my IRA to cash account, at140 Mar 2019 #17

Congress should remove RMD or at least increase the age spooky3 Mar 2019 #27

Agreed! It is an onerous tax on seniors...nt at140 Mar 2019 #28

How does that work, exactly? Mariana Mar 2019 #77

Here is how it can happen... at140 Mar 2019 #98

OK, but that isn't what you claimed. Mariana Mar 2019 #100

You GOT the deduction for it when you earned/saved it..paid no tax SoCalDem Mar 2019 #33

I got no deduction when I earned it. llmart Mar 2019 #35

That $2000 was and still is deductible A HERETIC I AM Mar 2019 #40

Nope. Most of it did not come right off my AGI. llmart Mar 2019 #54

And if those contributions were non-deductible they dumbcat Mar 2019 #61

Yes, I know all about Form 8606. llmart Mar 2019 #64

And you are correct in your reply dumbcat Mar 2019 #70

What a coincidence! llmart Mar 2019 #72

Another coincidence, and dumbcat Mar 2019 #78

Oh brother. llmart Mar 2019 #94

Fair enough A HERETIC I AM Mar 2019 #62

While it's true that all IRA contributions weren't deductible Mariana Mar 2019 #101

"those of us who saved our pennies, have seen the value of our savings dwindle at a fast clip" brooklynite Mar 2019 #56

I feel this post very keenly. susanna Mar 2019 #104

If half of older households depend on SS, why is Trump trying to cut it? procon Mar 2019 #9

He expects them to Runningdawg Mar 2019 #16

Trump got his tax cut, so he has to cut else where at140 Mar 2019 #19

He wants to give the money to himself and his friends Mr Tibbs Mar 2019 #57

Which is compounded by the fact Yo_Mama_Been_Loggin Mar 2019 #15

Very few people today stay with the same employer for decades MichMan Mar 2019 #22

Except for governmental work shanti Mar 2019 #65

I got a little to supplement social security and the house paid for, but it was tough... PeeJ52 Mar 2019 #23

Many people don't know this but just because a company matches your contribution... llmart Mar 2019 #29

So true GP6971 Mar 2019 #31

Matching Is A Competitive Thing ProfessorGAC Mar 2019 #38

That's what I argued against when our union was voting on switching from pension to 401(k)... PeeJ52 Mar 2019 #42

Why wasn't the match included as part of the union contract? MichMan Mar 2019 #49

Non negotiable as far as I am aware... PeeJ52 Mar 2019 #51

I can absolutely relate to your experience. llmart Mar 2019 #55

The little man can't get ahead in tRumpeconomics Joe941 Mar 2019 #34

Employers largely to blame. Dropped pension Laura PourMeADrink Mar 2019 #36

We've been self-employed much of our working lives, so our retirement plan is keep working. Vinca Mar 2019 #37

Kind Of Makes Me Feel Like A Freak ProfessorGAC Mar 2019 #39

This has all been known for years. I've said for a long time schools need to teach basic finance.... machoneman Mar 2019 #41

Some people don't have extra money to save. Get it? Nt USALiberal Mar 2019 #43

Thank you. MrsCoffee Mar 2019 #45

Amazes me sometimes how people do not know how some people scrape by. Nt USALiberal Mar 2019 #46

The issue is "some" vs "most" brooklynite Mar 2019 #58

Easy for you to say. Nt USALiberal Mar 2019 #59

I'm sure that's the reality in the circle of the rich and famous. MrsCoffee Mar 2019 #69

So true! Nt USALiberal Mar 2019 #74

Comforting (and self-serving) allegation... LanternWaste Mar 2019 #71

My wife and I started out with Government salaries... brooklynite Mar 2019 #73

Somehow predicted this response. Nt USALiberal Mar 2019 #75

You make it sound like that was a brilliant strategy. llmart Mar 2019 #95

I'm delighted you love your kids... brooklynite Mar 2019 #97

Thank you! Nt USALiberal Mar 2019 #76

Based on what numbers? BlueWI Mar 2019 #87

It's about dignity Johnny2X2X Mar 2019 #44

I am close to retirement but worry about a crash. Nt USALiberal Mar 2019 #47

Do you have a financial adviser? Johnny2X2X Mar 2019 #48

My advisor..... USALiberal Mar 2019 #50

Got to stay as healthy as possible and plan on working till death do you democratisphere Mar 2019 #52

This entire discussion shows how far our country has fallen Johnny2X2X Mar 2019 #53

+1 Chin music Mar 2019 #81

I agree! Lifelong Protester Mar 2019 #85

Most employers match 401k contributions up to a certain percent. gldstwmn Mar 2019 #60

You are right there is an order to tax deferred withholding exboyfil Mar 2019 #82

hi- I'm 50, and I have $15,000 in a 401k..... and I just bought a house TalenaGor Mar 2019 #80

Yep Smith and Wesson retirement plan for me Still In Wisconsin Mar 2019 #86

gonna have to work till i die. KG Mar 2019 #90

I'm used to living on $1192 a month SSDI so I'm good to go. Kaleva Mar 2019 #91

.. Demovictory9 Mar 2019 #93

what about traditional savings accounts, equity in homes, savings other than 401K? Demovictory9 Mar 2019 #92

Of course they have no savings.... clementine613 Mar 2019 #96

$3.93 Aussie105 Mar 2019 #102