Time to Retire the Idea of Retirement

[Phanuthier]

Originally Posted by flamesfever

We used to have a saying, "Watch the pennies and the dollars would look after themselves". It seems that this concept has no place in people's minds these days.

I was in Timmy's this morning and said in the lineup "Doesn't anyone make coffee at home anymore?" One guy, ahead of me laughed, and responded, "Why bother?"

I think a large part of the potential money, that might come in handy at retirement, is being spent on things like coffee, eating out regularly, expensive phone contracts, trying to keep up appearances with expensive cars, clothing, various toys, etc.

In my day we made coffee at home, ate bag lunches, ate out once a month if possible, drove old cars (I bought my first new car on turning 65), bought second hand clothes, went to auctions for furniture, useful items, etc.

We had a garage sale awhile ago, and couldn't give away a set of dishes that had never been used before...probably because, so called, perceived second hand things have no value anymore. I think our " throw away, and everything has to be new mentality" is contributing to our tendency to spend more and save less.

I'm actually a pre Boomer, and have always thought I'd have so many years of happy retirement, before the Boomers hit 65, and then all of us oldies would be put on ice flows.

So what were you in line for?

[Rerun]

Doesn't anybody plan on having their children support them? That's my plan.

What's wrong with all of you? Supporting your parents is an age old custom and should be maintained. After all, I'm sure you have or will have forked out plenty to support your kids .... and you know what they say: "What goes around comes around and paybacks a bitch".

[GP_Matt]

Originally Posted by Dion

This is the problem with the generation of today



http://www.ctvnews.ca/canada/few-you...-says-1.900060

I had saved quite a bit before seeing a financial adviser for the first time. I had most of my savings in the company provided RRSP program and left them their coupled with my savings account until I had a bit of money and wanted more control than was allowed inside the company RRSP options.

The article makes it seem like if you don't consult an adviser you are doing something wrong

[nik-]

Originally Posted by Rerun

Doesn't anybody plan on having their children support them? That's my plan.

What's wrong with all of you? Supporting your parents is an age old custom and should be maintained. After all, I'm sure you have or will have forked out plenty to support your kids .... and you know what they say: "What goes around comes around and paybacks a bitch".

I told my mom I was putting her in a home, but in reality she'll probably live longer than I do.

[darklord700]

Originally Posted by flamesfever

In my day we made coffee at home, ate bag lunches, ate out once a month if possible, drove old cars (I bought my first new car on turning 65), bought second hand clothes, went to auctions for furniture, useful items, etc.

Not to fault your way of handling money but the way I look at it is you can't be too smart with money or you're actually being dumb with it.

I just recently got a $300 first ever smart phone and a $50 plan. I used to shun smartphone and expensive plan but once I got it, it improved my life so much that it's well worth the cost. To me, this smartphone is money well spent and I wish I had it sooner.

I used to drive used car as well but they too depreciate and incur more costly and frequent maintanence. Granted it is still cheaper to maintain and drive an old and reliable used car but driving a newer car and not having to worry about seeing the mechanics every six month has it's advantages.

There's a difference between not spending at all and spending your money wisely.

[NuclearPizzaMan]

Originally Posted by flamesfever

We used to have a saying, "Watch the pennies and the dollars would look after themselves". It seems that this concept has no place in people's minds these days.

I was in Timmy's this morning and said in the lineup "Doesn't anyone make coffee at home anymore?" One guy, ahead of me laughed, and responded, "Why bother?"

I think a large part of the potential money, that might come in handy at retirement, is being spent on things like coffee, eating out regularly, expensive phone contracts, trying to keep up appearances with expensive cars, clothing, various toys, etc.

In my day we made coffee at home, ate bag lunches, ate out once a month if possible, drove old cars (I bought my first new car on turning 65), bought second hand clothes, went to auctions for furniture, useful items, etc.

We had a garage sale awhile ago, and couldn't give away a set of dishes that had never been used before...probably because, so called, perceived second hand things have no value anymore. I think our " throw away, and everything has to be new mentality" is contributing to our tendency to spend more and save less.

I'm actually a pre Boomer, and have always thought I'd have so many years of happy retirement, before the Boomers hit 65, and then all of us oldies would be put on ice flows.

See THIS is how you argue on the internet. Don't let nerds get in the way with their silly facts. Just whip out a couple anecdotes and call it a day.

[Oil Stain]

Retirement freaks me out. I have a hard time seeing how I will ever save enough to quit working and still live a quality lifestyle.

I'm in a pretty good income situation and I put away around $20,000 per year towards retirement including my pension, but I just don't see how that will allow me to live comfortably after I quit working.

I'm 32 now, and say I want to retire at 55. If I were to put away $20,000 per year over the next 23 years I'm still shy of $500,000. That will be peanuts in 25 years.

It really seems like a person is going to need $2-3 million in net worth to have a quality retirement where you aren't constantly hampered by money limitations.

Seeing as how I'm above average in earning and I'm really struggling with how I am going to get there, I don't see how the average to below average earner even has a chance.

[Phanuthier]

Originally Posted by Oil Stain

Retirement freaks me out. I have a hard time seeing how I will ever save enough to quit working and still live a quality lifestyle.

I'm in a pretty good income situation and I put away around $20,000 per year towards retirement including my pension, but I just don't see how that will allow me to live comfortably after I quit working.

I'm 32 now, and say I want to retire at 55. If I were to put away $20,000 per year over the next 23 years I'm still shy of $500,000. That will be peanuts in 25 years.

It really seems like a person is going to need $2-3 million in net worth to have a quality retirement where you aren't constantly hampered by money limitations.

Seeing as how I'm above average in earning and I'm really struggling with how I am going to get there, I don't see how the average to below average earner even has a chance.

stop buying bonds?

[nik-]

Originally Posted by Oil Stain

I'm 32 now, and say I want to retire at 55. If I were to put away $20,000 per year over the next 23 years I'm still shy of $500,000. That will be peanuts in 25 years.

But you don't just put $20000 a year into your mattress. That money grows. My current plan allows retirement at 55 and 20 years of good income.

If I run out of money ... SUICIDE BY COP BABY!

[jar_e]

nm.

[darklord700]

Originally Posted by Oil Stain

I'm 32 now, and say I want to retire at 55. If I were to put away $20,000 per year over the next 23 years I'm still shy of $500,000. That will be peanuts in 25 years.

If you retire at 55 and you just started saving now at 32, that means you'll save for 23 years to provide for the 25 years after the age of 55 (assuming you'll live to 80).

If you stretch it to retiring at 65, the you'll save for 33 year to provide for 15 years after the age of 65. And the math will look much better.

[flamesfever]

Originally Posted by darklord700

Not to fault your way of handling money but the way I look at it is you can't be too smart with money or you're actually being dumb with it.

I just recently got a $300 first ever smart phone and a $50 plan. I used to shun smartphone and expensive plan but once I got it, it improved my life so much that it's well worth the cost. To me, this smartphone is money well spent and I wish I had it sooner.

I used to drive used car as well but they too depreciate and incur more costly and frequent maintanence. Granted it is still cheaper to maintain and drive an old and reliable used car but driving a newer car and not having to worry about seeing the mechanics every six month has it's advantages.

There's a difference between not spending at all and spending your money wisely.

Yes, I can certainly appreciate the efficiencies these days, created by using smartphones, particularly in the workplace. However, it seems to me that many are being used primarily for entertainment, or substitutes for normal means of communication e.g conversing. I think the downside is we are gradually losing the art of conversation and letter writing. Also, I think the growing obsession, with always being connected with someone, is a huge time waster and contributor to lost production.

I can also appreciate where old cars can get to a point where the maintenance costs become excessively onerous.

[Slava]

Originally Posted by Oil Stain

Retirement freaks me out. I have a hard time seeing how I will ever save enough to quit working and still live a quality lifestyle.

I'm in a pretty good income situation and I put away around $20,000 per year towards retirement including my pension, but I just don't see how that will allow me to live comfortably after I quit working.

I'm 32 now, and say I want to retire at 55. If I were to put away $20,000 per year over the next 23 years I'm still shy of $500,000. That will be peanuts in 25 years.

It really seems like a person is going to need $2-3 million in net worth to have a quality retirement where you aren't constantly hampered by money limitations.

Seeing as how I'm above average in earning and I'm really struggling with how I am going to get there, I don't see how the average to below average earner even has a chance.

At eight percent, 33 years gets you to about $3.2M, so its not that bad...

[Ozy_Flame]

Plan to work until 65, let yourself go at about 55. Your body will want to shut down by 70, leaving you with boatloads of cash for a five year spending bonanza. Best whirlwind retirement you could hope for outside of winning the lottery!

[GP_Matt]

It is all about having the screw you money. Enough money that you can say screw you to anyone at work and not be concerned with the repercussions. I am saving for early retirement but like going to work and am not sure that I would want to stop altogether. Plus, I see how much money the senior staff get paid and how much work they do and it looks like a pretty sweet gig.

[Muta]

I'm saving for retirement, but then I figured that if I was retired I'd want to be busy anyways. I would want to go back to doing something that I love all the time - and get paid for it. Whatever that may be! Sitting at home isn't fun. Being involved is!

[Tinordi]

The macro economist would say that boomers working later in life would only add more demand to the economy and therefore more income. We see them as taking all the jobs but in reality they're earning money to spend that will create jobs new jobs.

[missdpuck]

Originally Posted by darklord700

If you retire at 55 and you just started saving now at 32, that means you'll save for 23 years to provide for the 25 years after the age of 55 (assuming you'll live to 80).

If you stretch it to retiring at 65, the you'll save for 33 year to provide for 15 years after the age of 65. And the math will look much better.

How dare someone work until 65!!

Flamesfever- I remember growing up and people saying "oh come over Saturday night and well show you the photos from our vacation".
Now it's just oh, check out my facebook.
Sure, that can lead to some further conversation, but it's not the same.

[MoneyGuy]

Originally Posted by Oil Stain

Retirement freaks me out. I have a hard time seeing how I will ever save enough to quit working and still live a quality lifestyle.

I'm in a pretty good income situation and I put away around $20,000 per year towards retirement including my pension, but I just don't see how that will allow me to live comfortably after I quit working.

I'm 32 now, and say I want to retire at 55. If I were to put away $20,000 per year over the next 23 years I'm still shy of $500,000. That will be peanuts in 25 years.

It really seems like a person is going to need $2-3 million in net worth to have a quality retirement where you aren't constantly hampered by money limitations.

Seeing as how I'm above average in earning and I'm really struggling with how I am going to get there, I don't see how the average to below average earner even has a chance.

I love clients like you. You can achieve wonderful things.

[SportsJunky]

Well, Ray Kurzweil has stated that the the first 300 year old human being has already been born and lives amongst us. That will throw the whole retiring at 65 thing right out the window I'd imagine. New retirement age will be around 225 or so?