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Old 03-15-2015, 08:17 PM   #21
Johnny199r
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Are people saving enough for retirement?

What's enough?
Depends on retirement lifestyle. Lots of overseas travel? Eating out regularly? Living in Arizona for the Winter? Golf club memberships? New cars? Saving anything for assisted living/retirement homes?

Living large in retirement will certainly be harder to fund compared to a modest lifestyle.

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Old 03-15-2015, 08:22 PM   #22
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I asked my dad about his retirement plan. He said his plan is to not retire:P

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Old 03-15-2015, 08:24 PM   #23
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I have a question here, does anyone work for a company that has a policy about keeping employees past the age of retirement?

I have been pushing upper management at my work that they better do something. Something stating that at once an individual I'd eligible to receive OAS their employment is year to year and can be terminated on the anniversary date with a specified amount of notice, like 3 months Right now I am dealing with a situation where it's essentially a limitless liability. We don't have much work and our HD department is telling me that I can't lay them off. I have reviews stating that they have limitations and poor productivity ratings. We also did individual specific position descriptions where they show how limited they are in terms of tasks that they can do. Yet, we have to keep them and pay them high end salary for as long as they wish.
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Old 03-15-2015, 08:46 PM   #24
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I figure I have until I'm 70 to work, because if you like what you do, it's not really work.

That said, if I don't have enough by the time I'm 70, I'll just use a sliding scale from quality of life in a foreign country down to where I can afford it. I currently sit at the Iraq / Afghanistan option. Hopefully I'll make it to at least somewhere between Romania and Bulgaria. Anything better than that is pretty gravy.
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Old 03-15-2015, 08:55 PM   #25
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I get asked this question all the time, and as alluded to here by others, it really depends on what your plan is for your retirement. I am a firm believer that there are a few stages though,and the spending in those stages isn't the same. First you have your active retirement where you'll travel, golf, fish and basically do whatever you've wanted to do but weren't able because you were working. The number of years here varies, but I would say goes until about age 75-78. From here its not that you aren't traveling at all, or not longer doing anything, but you tend to slow things down because you're just getting older in general. Spending also declines here as far as those activities goes and you have a much more laid back lifestyle. This goes roughly until age 90-94, at which point you might enter into full(er) time care and live out your days. Clearly the years here aren't the same for everyone, and there is a lot of variance, but my point is that your spending isn't $X per month for X months because you live to a certain age. Its a moving target to say the least.

Its also interesting to see how the concept of retirement has changed over the years. The entire concept is a fairly new phenomena and our grandparents parents probably had very little hope of retirement, until they just could no longer work. Its only in the last couple of generations where this has become more widespread and then a certain company ran around promising to get you there by age 55 which lowered the bar for everyone. I have a lot of clients now who retire and then continue to work for a number of reasons. A lot of times it because they want to work longer; the jobs we hold today aren't as backbreaking as they were in decades past and working as a 70 year old is much easier than it was for previous generations. People identify with their jobs; if they're a lawyer they have a certain self image as a lawyer and that is both hard to let go of all of a sudden, and they just genuinely enjoy it. Rather than flat-out quit, people take on consultancy roles and things like that.

There is another mental thing that takes place with retirement that is probably incredibly difficult to overcome. Its that while you're saving for retirement there is a certain amount of pride you feel in building up that nest-egg for yourself and your family. Now its time to stop enjoying that growth and savings though and start whittling it down. I've never done this first-hand (obviously if you've met me), but have watched a lot of retirees go through this. Its hard. I know that this is where I will find myself when the time comes because I can see the struggle that my clients have with that today and I know how my relationship is with savings and money. Its definitely one thing to joke around about spending every last dime and bouncing your last cheque, but a whole other thing when the account balances decline because they have to and that's the plan.
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Old 03-15-2015, 09:02 PM   #26
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Nope... I know I need to but it seems like every time I get to saving something happens. Like now I was let go from my job last week and have to have surgery this week that will keep me out for 6 weeks.

I get nervous thinking about it being 30 on the 18th that I have little time to get cracking. The good news is that I don't have kids.
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Old 03-15-2015, 09:14 PM   #27
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I have four kids. One of them is bound to be super successful and rich. Other than that I'll have a pension and no mortgage. Like rube says, don't wait to spend all your money when you're too old to enjoy it.
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Old 03-15-2015, 09:19 PM   #28
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I have an older friend who always jokes he is on he freedom 75' plan if he budgets for cat food and wonder bread. He's about 67. I'm not sure if he's serious or not. I think he does well.

It just makes me laugh whenever he says it.
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Old 03-15-2015, 09:20 PM   #29
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I have four kids. One of them is bound to be super successful and rich. Other than that I'll have a pension and no mortgage. Like rube says, don't wait to spend all your money when you're too old to enjoy it.
"Sure you may have done a trip to Europe in your late 20s, but that extra $10k I put away has allowed me to golf every weekend in my 50s and work on my hobby car." YAWN
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Old 03-15-2015, 09:31 PM   #30
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"Sure you may have done a trip to Europe in your late 20s, but that extra $10k I put away has allowed me to golf every weekend in my 50s and work on my hobby car." YAWN
Actually that sounds pretty good.
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Old 03-15-2015, 09:46 PM   #31
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Probably not, but I'm still young. I really think it has to be a healthy balance, and you do have to say #### it and enjoy the present sometimes.

Some of my parents friends have by all accounts a healthy amount of money set aside for retirement - but they've been cheap #######s for as long as I can remember. The ones that have retired now (55-60, a reasonable age anyways) never went on any fun vacations, drove beat up cars all of their lives, drank ####ty beer and never ate out. That's not the life I want to live.

I don't want to be broke either, but who knows if I'll make it that far anyways
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Old 03-15-2015, 09:55 PM   #32
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"Sure you may have done a trip to Europe in your late 20s, but that extra $10k I put away has allowed me to golf every weekend in my 50s and work on my hobby car." YAWN
But I hate golf. And have no mechanical inclination. :/ Europe trips it is!
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Old 03-15-2015, 09:57 PM   #33
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My retirement plan consists of me thrashing around frantically on the office floor trying to call 911.
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Old 03-15-2015, 10:06 PM   #34
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Probably not, but I'm still young. I really think it has to be a healthy balance, and you do have to say #### it and enjoy the present sometimes.

Some of my parents friends have by all accounts a healthy amount of money set aside for retirement - but they've been cheap #######s for as long as I can remember. The ones that have retired now (55-60, a reasonable age anyways) never went on any fun vacations, drove beat up cars all of their lives, drank ####ty beer and never ate out. That's not the life I want to live.

I don't want to be broke either, but who knows if I'll make it that far anyways
yeah, it would blow chunks to be a cheapas$ until you are 50 and then die of either a heart attack or cancer. I would be one angry ghost
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Old 03-15-2015, 10:07 PM   #35
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Actually that sounds pretty good.
By all means, if that's your deal then go for it. It's just not something that's going to motivate me to get out of bed in the morning.
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Old 03-15-2015, 10:18 PM   #36
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I'm definitely not saving as much for retirement as I probably should at the moment, but I'm with rube here. I'll gladly fork out money for "experiences" while I'm still healthy and able, but I'm also a total cheap ass for material possessions. Maybe it's just me, but I've never met anyone who says "I wish I saved more", but my only living grandma routinely speaks of the experiences she wish she had while she was younger.
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Old 03-15-2015, 10:18 PM   #37
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I have no idea if I'm saving enough, and I have no idea what a 65 year old Mr.Coffee's expectations are. I really don't. I did the Sunlife retirement planner but it was pretty depressing so I stopped. I guess based on that, I'm not saving enough, but wtf, I need money now more than I will later. Got a ridiculous amount of #### to pay for to live a "normal" life.
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Old 03-15-2015, 10:22 PM   #38
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I'm definitely not saving as much for retirement as I probably should at the moment, but I'm with rube here. I'll gladly fork out money for "experiences" while I'm still healthy and able, but I'm also a total cheap ass for material possessions. Maybe it's just me, but I've never met anyone who says "I wish I saved more", but my only living grandma routinely speaks of the experiences she wish she had while she was younger.
Really? I've known many people who say they wish they'd saved more, but I'm older than you are and my job is to talk to people about their money.
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Old 03-15-2015, 10:23 PM   #39
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These days, people are living longer, university tuition and houses cost more than ever and pensions are being eliminated from many work places. There's a great deal of personal responsibility needed for people to plan accordingly for their retirement.

Are you putting enough money away for retirement? Do you have a realistic estimate of your yearly living expenses in retirement? Or are you, like some, planning on never retiring?

It's strongly advised that you start putting money away as early as you can, in order to take advantage of compound interest:http://www.moneychimp.com/calculator...calculator.htm

I've always been a saver and am constantly planning for retirement. I've whipped my woman into shape after years and years of her being in debt (she'll have all of her debt paid off this summer at age 36, after spending all of her money on "good times" in previous years).

It seems most of the co-workers I know (I'm a government lawyer) don't really set much savings aside (nice cars, big houses, going out for lunch most days, while some are still paying off student loans)

I get a DB pension with the government, but I save like it's not going to be there, or if it is, it will be in a severely reduced form from today's current state. I hope to be able to have a good retirement at 55 or 60. I don't want end up like some of the 65+ year old guys in my office working (I have to make sure not to get divorced like they did, fingers crossed).
Sorry to sidetrack, but you're finished university and your mom is 36?
How old are you?
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Old 03-15-2015, 10:26 PM   #40
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I'm definitely not saving as much for retirement as I probably should at the moment, but I'm with rube here. I'll gladly fork out money for "experiences" while I'm still healthy and able, but I'm also a total cheap ass for material possessions. Maybe it's just me, but I've never met anyone who says "I wish I saved more", but my only living grandma routinely speaks of the experiences she wish she had while she was younger.
This is a huge part of it for me. I don't really care if I own a house, or about having nice furniture. I'll gladly purchased used stuff to fill wherever I live. The only thing I really tend to splurge on is electronics. The only reason I'd like a house as opposed to bachelor or studio suite is so I could own a dog, but that's not really feasible with my current lifestyle anyways. I also don't own a car because I'm perfectly fine with taking public transit and cabbing it on the few occasions I do find myself needing a ride.

I guess the other big thing on my end is not having/wanting kids. Realistically speaking, I could live quite comfortably on $60k/year and still have money for travelling and all of the other stuff I enjoy.
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