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Jgarrick

(521 posts)

123. Did I assert I was morally superior? As for being "lucky"...

Sun Mar 23, 2014, 01:25 PM

Mar 2014

I don't consider getting cancer at age 50 particulary fortuitous. Having substantial savings wasn't luck, it was a choice. Now, you could make the argument that being in a position to make such a choice was "lucky", although much of that was also because of the choices I've made throughout my life.

Most people who work, especially those of us who are piecing together a "living" by working part time jobs do not get benefits

I'm skeptical that over 50% of those currently working have no benefits whatsoever. Should you have data showing otherwise, I'm certainly open to looking at it.

but I do not fool myself that I'm in any way confident that I can live a decent, middle class life if I live for another 30 years which is quite possible since I'm only 64.

I am fairly confident that I will, given my current level of savings, be able to retire 4 years from now and live a decent middle class life for my remaining years. Bear in mind that I'm not saying that this is in any way the norm in today's America...but with a quarter million in assets, no debt, and a retirement pension of $35K/year, I'm in moderately good shape for someone in their early '50s.

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Retirement: A third have less than $1,000 put away [View all] kpete Mar 2014 OP

I wish I had a Thousand dollars to put away... yuiyoshida Mar 2014 #1

maybe not a thousand at once. what about $5 a week? Sunlei Mar 2014 #100

That 5 dollars a week gets eaten up when there is an emergency Marrah_G Mar 2014 #114

yes I know, had some of my $5 a week 'nestegg' spent on emergency. A tiny nestegg was there & Sunlei Mar 2014 #115

K&R n/t jtuck004 Mar 2014 #2

Ahhhh, yes. The success of that good ol' 'Murican rugged individualism ... Mika Mar 2014 #3

I love some of these financial planner guys right out of school Warpy Mar 2014 #4

Amen.... daleanime Mar 2014 #16

Great post. llmart Mar 2014 #85

federal Poverty Line needs to be adjusted too. $11,490 (for one) is to low. Sunlei Mar 2014 #121

it depresses people to "do the numbers" Skittles Mar 2014 #5

plus the daily bombardment of consumer advertising... grasswire Mar 2014 #30

OH I hear you! Skittles Mar 2014 #31

What a joke! llmart Mar 2014 #87

Also, why save when one illness can wipe it all out.... llmart Mar 2014 #86

you are correct Skittles Mar 2014 #96

I blew my retirement plan taking care of my Grandmother. Walk away Mar 2014 #101

There are many examples like yours. llmart Mar 2014 #103

But...like your kids...I was glad to have the $$$ to help. nt Walk away Mar 2014 #108

I have similar thoughts about the future Skidmore Mar 2014 #124

I hope you don't really believe that. llmart Mar 2014 #125

I believe that I have accomplished Skidmore Mar 2014 #128

I understand. llmart Mar 2014 #132

Better have children now and encourage them to have them marshall Mar 2014 #143

ooops to late! Walk away Mar 2014 #144

That's the same fear all us 'savers' have. We save for security in our retirement years. Sunlei Mar 2014 #104

You could also be hit by a terrible driver tomorrow. Go to Tuscany. Exultant Democracy Mar 2014 #112

Depending upon how well one saves, even a catastrophic illness may not wipe one out financially. Jgarrick Mar 2014 #118

Most people don't have your level of benefits. llmart Mar 2014 #122

Did I assert I was morally superior? As for being "lucky"... Jgarrick Mar 2014 #123

nice but Skittles Mar 2014 #136

Do the majority of jobs in the United States not have accumulated sick leave? Jgarrick Mar 2014 #146

Definitely not as good as Europe - TBF Mar 2014 #148

I have worked almost 40 years and have NEVER accumulated sick leave Skittles Mar 2014 #150

I am sorry to hear about your health TBF Mar 2014 #142

Thank you! The good news is that I've fully recovered. Jgarrick Mar 2014 #147

The whole notion of 'retiring' Erich Bloodaxe BSN Mar 2014 #126

This doesnt surprise me at all. DCBob Mar 2014 #6

+1000. You really have summed it up well here. closeupready Mar 2014 #41

Such a shame yeoman6987 Mar 2014 #106

Even if you do have more than that (1000) Dyedinthewoolliberal Mar 2014 #7

Well. it's safe enough if you put the 403b money in something safe, like a stable value fund. HERVEPA Mar 2014 #19

"...put the 403b money in something safe, like a stable value fund." pangaia Mar 2014 #133

Well... Adrahil Mar 2014 #42

I had retired with a decent amount of savings, until 2008 Divernan Mar 2014 #8

Same here. I had a fair amount in my 401K RebelOne Mar 2014 #11

Not smart. why didn't you move it to somethingin the 401k that wasn't risky. HERVEPA Mar 2014 #20

Nope, the way the market was failing, RebelOne Mar 2014 #83

Sorry, I don't understand your response. HERVEPA Mar 2014 #84

uh, you're aware you can put your 401k into bonds or even cash, right? dionysus Mar 2014 #152

Coulda, shoulda, woulda.... dreamstst Mar 2014 #117

you can thank GWB for stealing your savings in 2008. olddad56 Mar 2014 #82

Sorry to hear about yr truedelphi Mar 2014 #138

We've crunched the numbers spinbaby Mar 2014 #9

3rd Way Free Trading MISSION ACCOMPLISHED!!! bvar22 Mar 2014 #10

+1 daleanime Mar 2014 #17

+1 fleabiscuit Mar 2014 #21

"The 401(k)" ReRe Mar 2014 #26

+1. Great post. CrispyQ Mar 2014 #130

THIS ^ does NOT happen by accident. Roland99 Mar 2014 #80

Hmm, I just clicked on 'permalink' for that comment Erich Bloodaxe BSN Mar 2014 #127

Oh bvar - truedelphi Mar 2014 #140

401ks were meant to supplement traditional pensions. They were never supposed to be all of your Skeeter Barnes Mar 2014 #12

Do what everyone did 100+ years ago? madville Mar 2014 #43

pretty much yeah elehhhhna Mar 2014 #62

yes Marrah_G Mar 2014 #153

How are people supposed to survive? llmart Mar 2014 #88

Survive? Hah. Soylent Green time. nt Erich Bloodaxe BSN Mar 2014 #129

401Ks were meant to transfer wealth from the Working Class to Wall Street Bankers. bvar22 Mar 2014 #141

Retirement? What's that? progressoid Mar 2014 #13

I'm schiz re- this. snot Mar 2014 #14

I saved 10% of my income for a couple decades... magical thyme Mar 2014 #23

Totally relate marions ghost Mar 2014 #32

1 guarantee: death. I'd include taxes, but not if you land in the 1% magical thyme Mar 2014 #34

As a single mother there was never anything left to save Marrah_G Mar 2014 #105

Saving 10% of paycheck to paycheck will do that... Earth_First Mar 2014 #15

Massive for sure... n/t ReRe Mar 2014 #28

I don't have jack squat put away. Darkhawk32 Mar 2014 #18

Child support is "extortion" now? VanillaRhapsody Mar 2014 #27

Yes, it certain cases, it is. Darkhawk32 Mar 2014 #54

hmmmmm would love to hear the other side of this story... VanillaRhapsody Mar 2014 #57

Post removed Post removed Mar 2014 #58

NO, what is beyond the pale is that you Darkhawk32 Mar 2014 #59

Yeah, it is. Many (most...all?) states have child support calculators that impose a fine! Roland99 Mar 2014 #78

I'm sorry, You consider your responsibility to the support of the children only 50% of their 2banon Mar 2014 #71

So where's the mother in all this? Darkhawk32 Mar 2014 #73

Your reaction is as alarming as it is disturbing. eom 2banon Mar 2014 #92

uh...wtf??? Roland99 Mar 2014 #79

since when did the term "visitation" equate to "responsibility"? 2banon Mar 2014 #91

One that understands what Darkhawk was talking about, that's what kind Roland99 Mar 2014 #109

I actually know a guy that's been saving since his first job... Spitfire of ATJ Mar 2014 #22

gratitude deek Mar 2014 #111

I've often observed that those who got there easy assume anyone can. Spitfire of ATJ Mar 2014 #113

"not counting their primary residence or defined benefits plans such as traditional pensions" geek tragedy Mar 2014 #24

Yeah, not counting defined benefits plans not only skews it, it destroys the validity of the result. Gormy Cuss Mar 2014 #48

ideally, all assets should be considered. geek tragedy Mar 2014 #50

Age is certainly important because a 20 something has 40 years of future contributions. Gormy Cuss Mar 2014 #53

true true true. geek tragedy Mar 2014 #55

The problem is, it can take years to amass sizable savings, but only takes TwilightGardener Mar 2014 #25

^^^^^^^ n/t truedelphi Mar 2014 #139

I had my best earning years before I was 40 arikara Mar 2014 #29

Why wouldn't you count primary residence or a defined-benefit plan? Recursion Mar 2014 #33

then where are they going to live. olddad56 Mar 2014 #49

Well, you could always downsize SoCalNative Mar 2014 #81

You still have renter's insurance..... llmart Mar 2014 #90

Depends on where you live SoCalNative Mar 2014 #110

Well, when a loaf of bread is $3 and a gallon of gas goes for $4... Octafish Mar 2014 #35

Yet they spend $70 per month on a cell phone plan. lol cbdo2007 Mar 2014 #36

Forget the sarcasm tag or something? Cal Carpenter Mar 2014 #37

I have a cellphone plan for $60. leftyladyfrommo Mar 2014 #40

Disgusting comment. ForgoTheConsequence Mar 2014 #46

I used to pretend I had the relevant financial knowledge of other people too. LanternWaste Mar 2014 #52

Show me tazkcmo Mar 2014 #64

No, you're right... cbdo2007 Mar 2014 #68

I saved plenty for retirement. Le Taz Hot Mar 2014 #89

I guess +1 is the standard around here for Erich Bloodaxe BSN Mar 2014 #131

If I had a million in the bank workinclasszero Mar 2014 #38

People used to have retirement plans Marrah_G Mar 2014 #39

The elderly are doing okay Demobrat Mar 2014 #44

It will be worse for those after the boomers. ForgoTheConsequence Mar 2014 #47

No, it will be worse because boomers had parents with defined benefit plans Gormy Cuss Mar 2014 #56

Many boomers supported Reagan. ForgoTheConsequence Mar 2014 #60

The majority of boomers did not support Reagan. Gormy Cuss Mar 2014 #61

I'm an "old" Gen-Xer (born mid-late 60s) and that segment of that generation in general Arugula Latte Mar 2014 #63

Blaming whole generations, especially the biggest one in modern history, is just silly. Gormy Cuss Mar 2014 #67

Baby Boomers top supporters of war in Iraq. ForgoTheConsequence Mar 2014 #70

And that has nothing to do with your earlier statement that Boomers gave us Reagan. n/t Gormy Cuss Mar 2014 #74

No, but it has to do with my first statement. ForgoTheConsequence Mar 2014 #95

"61. The majority of boomers did not support Reagan." ForgoTheConsequence Mar 2014 #66

Those numbers do not support your claim. They do support mine though. Gormy Cuss Mar 2014 #72

Gen-X'ers couldn't vote in 1980. ForgoTheConsequence Mar 2014 #69

Yes, I know. In fact a number of Boomers couldn't vote in 1980. Gormy Cuss Mar 2014 #75

The majority could. ForgoTheConsequence Mar 2014 #94

Every age cohort went for Reagan in '84. Gormy Cuss Mar 2014 #107

I'm a Boomer - LiberalElite Mar 2014 #119

It's still your fault. Gormy Cuss Mar 2014 #120

Yes, thats what I meant Marrah_G Mar 2014 #65

the divide actually starts between the older boomers and the "younger boomers" Skittles Mar 2014 #97

No, it will be about 5-10 years from now as the boomers peak retirement wave hits n/t Fiendish Thingy Mar 2014 #98

It seems overwhelming to save for retirement when you're just trying to pay rent/mortgage, Arugula Latte Mar 2014 #45

if the federal government had to pay it's debts, it wouldn't have a $1000 either. olddad56 Mar 2014 #51

had one--then i got laid off--work till i die dembotoz Mar 2014 #76

Me too TexasBushwhacker Mar 2014 #149

The shift to 401k has been a disaster. Ed Suspicious Mar 2014 #77

it's really hard if you don't work for a company that has mackerel Mar 2014 #93

I understand about living paycheck to paycheck, or in fear of losing that job. Sunlei Mar 2014 #99

i totally agree but it is hard unless they take it from mackerel Mar 2014 #134

The first little bit saved is the hardest! Sunlei Mar 2014 #135

= get the red out Mar 2014 #102

I would compliment you on your TSA... dreamstst Mar 2014 #116

What's your problem? get the red out Mar 2014 #145

Message auto-removed Name removed Mar 2014 #151

How can they not include pensions, homes, or social security in this report. Jesus Malverde Mar 2014 #137