Posted on 03/12/2016 11:50:43 AM PST by SeekAndFind
Yep it’s our own fault. Lost it all in the downturn of 2008-2009. Not enough time left to recover.
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There are a number of reasons for age discrimination:
1. for physical work, the body is far more susceptible to injury after age 40
2. health insurance is more expensive
Midnight on my birthday when I turn 62, I turn into a retiree with more speed that a pumpkin turns into a carriage.
I am emotionally ready to retire this very moment, but financially won’t be ready until then. I run spreadsheets monthly to make sure I am on target.
But I started saving in earnest 25 years ago — if I could go back to my young self 35 years ago I would smack him on the head and say SAVE FOR RETIREMENT YOU IDIOT!!
If that lunkhead had put away just a few percent I could retire today.
There are millions and millions of dollars waiting to be made by the person or entity that comes up with a way to productively hire these older workers. And once the right way or ways is/are configured, they will be copied around the world in zero time.
That is a sure as the sun rises.
In a few years, employer pensions might be created that pay out at age 55 until age 59.5. At age 59.5, you can take money out of an IRA penalty free.
You need to have a household income of at least 100% of FPL (~$11,000/year for one person, ~$13,000/year for two persons) to get PPACA health insurance subsidies.
By age 55 you should have a paid-up house.
I got a “Special Early Retirement” offer (They paid an additional benefit equivalent to SS until 62 yr old + retirement based on service to that point) that they told me I shouldn’t refuse.
I took ‘em up on it and proceeded to to the skiing in the Rockies that the rest of America doesn’t want to do. The supplement has run out and I’m eeking it out until I’m 70.
But I’m in a sweet spot of being neither a maker nor taker. Any time I spend working for myself or others is not taxed. I do contribute a more than fair amount of taxes, but NONE of my time is taxed any more.
We did all of that. Property free and clear, very frugal life style savings and investments. When the crash hit, we divided investments between stocks and bonds, under professional management. Both asset categories took hits. We could not afford to stay invested and pay managerial fees. In hindsight, maybe we should not have exited the market, but we did. We had some assets in CDs. When they matured, rates went down, down, down. We cut expenses further. The prices rose. This happened several times. We had a medical emergency with part of the costs not covered plus lost income. We are both self-employed, grossing around $80k in 2008, down more than 50% for 2015.
Besides staying invested, I don’t know how much else we could have done to prepare. Running the numbers, we would have lost $$ and still had to pay fees had we stayed in and the gains have been fickle over the past 7+ years. We could have ended up in a similar place financially or done even worse.
Right now, we are getting our property ready for sale. We will not completely retire for another 4.75 years and even then, after taking SS, we’ll work some. The next house will be small, fewer taxes, fewer utility bills, but somehow, I know the taxes and utilities will increase each year.
These past 8 years have seen the middle class hit from all sides. Lots of us have been forced to dip into savings early. I have seen professionals with medical degrees hit hard. It’s been brutal for everyone.
I do think it has been harder for identifiable conservatives, Christians and Jews. I have seen people lose positions and business accounts based on those factors. I have seen others harassed by SJW just looking for targets. The liberals in our families, especially the ones around 40 or so, are doing just fine.
Good one! Bears repeating to younger people. Me and my wife started saving for retirement in our late twenties, and it has served us well. We observed friends who ignored our advice and did the opposite, and now they're broke in their senior years. When we started saving, seniors could count on a nest-egg to support them just from the interest alone. That is no longer true. But a nest-egg means you have no debt, and enough to tide you over for the little emergencies that happen in life. Like poor health, replacing broken items, and providing a supporting hand for those around you who need help. Elders, adult children, siblings, grandchildren may all need a helping hand in dealing with life issues.
Young people must save for retirement! It is not just your life that needs money to get by; your family and friends will thank you also.
The way I saw it, those in their 50’s were the first ones to get a really crappy education by the school system.
Same here. I had a healthy chunk put away, but 4 years of unemployment years ago chewed through it in a hurry. At 62, I’m basically starting over, when had I not been laid off, I’d have been in good shape.
So people can blame us for not preparing, when we did, but had to use it to survive.
Thankfully, I make a good buck and am putting money away with very little, very little credit card debt.
It sucks, but I never, NEVER applied for government assistance in the form of welfare or disability. I can pat myself on the back for that one.
Home health care is big business. If you can handle the physical demands. CNA or medical assistant is not a pricey education.
Here’s the drill.....
Start a corporation, do it by yourself, it is easy. If your location is a problem, find a less oppressive location
once in business find something for it to do. As a starter, buy some black paint, a wire brush and a paint brush. Cruze neighborhoods with by the curb black mail boxes. Offer to paint the ragged ones for say $20.
It’s that easy.
One thing that can be looked into is tutoring the kids in public school. It is a certainty that they are not getting the kind of education that today’s seniors received.
It does not pay all that much, but it is something that can be done almost anywhere.
Your story is an inspiration to me. I’m still working at 59, and expect to keep at it for at least the next 15 years. Luckily, in my field of caregiving, you can often pick and chose exactly what kind of work you will need to do and for what kind of clientele.
I like your idea of starting your own business. I never seem to have the start up funds to open a group home for the mentally ill, but I have not given up hope. It’s still something I’d like to own and operate or at least manage once again. If they are talking about ‘free tuition’, for the first two years, I hope they include those of us who already have degrees, and need to keep our skill sets updated.
I found out the hard way that even if you think you’ll continue working until 65 your employer may have other ideas. As you lose your mentors, champions, and network it becomes increasingly difficult to hang in. Once you’re out after 55, good luck finding another salaryman position. It’s a real problem.
...’portant ping....
I think the older worker can be a very valuable worker. I find that the young often exhibit an I don’t care attitude and often don’t have a work ethic. I find that dealing with the mature person is often a much more personable and satisfying experience. They have more common sense and experience when it comes to working out any situation that is unique or difficult.
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