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Are you as concerned about retirement as I am?

[BabyBoomers] 
11K views 50 replies 24 participants last post by  VinnieBob 
#1 ·
I'm new to the Personality Cafe. I'm an original Baby Boomer born in 1946. I've had many careers... from being a 6th grade public school teacher in Chapel Hill, NC: to being a tax accountant in Century City, CA; to being a financial analyst in Scotts Valley, CA; to being a financial advisor in New Ulm, MN; to currently being an information product creator. With all those professional experiences you would think I wouldn't have a financial care in the world.

But all during those years I always lived a little beyond my means. So consequently I never saved enough money to kick back in my so called retirement years. I'm sure my story is not that unusual. And I certainly fit the stereotype of the baby boomer who will never retire.

But I've accepted that fact... and now accept it as a blessing. Actually I'm glad I can't, because it keeps me involved in other endeavors. It keeps my mind active and always striving to better myself as a person.

Can anyone relate?
 
#2 ·
I'm ten years younger than you are and never cared much about money. I've had some well-paying jobs... nothing spectacular, but enough to own a small house on the shabbiest street in an affluent community. I was sick for a few years and made a lot less money/had to dip into savings for a while. Now I'm making decent money but it's not enough to catch up to where we were. I'm a little concerned but we do have options because of the equity in our house. My wife and I both come from families who live a long time, and I do kind of worry that we could outlive our money. We might sell and move back to Japan, where the cost of living in Hokkaido for seniors is about half of what it is here in Colorado. We live a pretty simple life as it is. And we can both imagine living in a small flat in Sapporo with no need for a car someday. We also like the idea of tiny houses with the problem being you can't have one in most urban areas and we love the benefits of shared infrastructure. A medium to large city with a cultural life, excellent public transportation, always able to walk to shopping, and with world class skiing isn't asking too much. At least we know where it is... it's where we met. I expect we'll make it work, but it will be tight at times, as it often seems to be anyway.
 
#3 ·
I'm 60 & will retire at 61 Oct 30 if I'm still alive. So looking forward to it! All my time & energy goes into working (& my long commute) & I'm burned out to the point I let go of all my hobbies last year. Things I did when I had time & energy are no longer done. Until then my life is a grind. Work eat, sleep & repeat. I might be divorced next year. I haven't lived near my family since 1975 & want to spend more time with my brother before I'm dead. My wife has never experienced living away from her family in her 59 years so she may stay here after I move. She spends more time with them anyway.
 
#4 ·
I don't think about retirement. My career died years ago. There is nothing to retire from. I'll just keep going on as I have, doing freelance journalism and taking care of gardens. Maybe I will write a book about my adventures.
 
#5 ·
When we married over 30 years ago, Hubby and I watched our friends and siblings have big, expensive weddings, move into big new houses, then a few years later into even bigger, more expensive houses in neighborhoods they couldn't afford. Watched them buy big, trucks and SUVs they didn't really need. They financed everything. Built up big credit card debt. Refinanced their houses to pay it down.

We flew to Lake Tahoe and got married in roadside chapel. Just the two of us. Had a three day honeymoon. We used all of our savings and the money we would have spent on a big wedding to buy two new, reliable Honda sedans when we married. Drove them both for 20 years. Then paid cash for two new ones 10 years ago. We've never made a car payment.

When we first got married, we lived in a small apartment. A few years later, bought an old, smallish (1500 sq ft) 3 bedroom house in a solid middle class neighborhood. We've lived in it for 30 years. Paid it off when we were in our early 40s. So, haven't made a house or car payment since then.

We're in our late 50s now. I retired a few years ago. Hubby still works because he enjoys it. We have no debt. Haven't for a long time. Our retirement is funded. We've lived well - never wanted for anything - but never beyond our means. Never felt the need to - that's served us well. Our friends and siblings still haven't paid off their houses, are in debt, and wonder how they can ever afford to retire.

Our friends and family used to make fun of our little house and laugh at our old cars.
Who's laughing now? :wink:
 
#6 ·
@MsBossyPants, that is smart! We did a similar thing. No debt, house is paid for, spent most of my money loading up my 401K instead of making new car payments like nearly everyone I know. I work with people eligible to retire & hate their jobs but can't afford to retire. And they laugh at my little beater car with 130K miles on it. I could have retired years ago but not with company benefits so I'm basically working for the insurance & pension. My sister-in-law; her & her hubby just sold their big house to buy a bigger house & used the equity to remodel it & put a down payment on a new SUV. They struggled to make payments on the last house, now the payments are bigger & they're making 3 car payments now instead of 2. And no equity. Starting over again. Not one dime saved for the kid's college or retirement so I think they'll work into their 70s & lose the house at some point. They're stressed out now & fighting all the time. I learned a hard lesson in my 20s. Life isn't about acquiring new stuff. At some point new stuff can acquire us. I'm not a hardcore minimalist, I've got my "toys" but have nothing that I don't need or want.
 
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#7 ·
Good for you... MsBossyPants!!

Hindsight is 20/20. Now that I'm at this stage in my life, I can see where I could have done things differently. Intellectually I knew that it was wiser to live within my means and at times I did. But easy credit was always so addicting and before you knew it I was back in debt... living paycheck to paycheck. The supposed "American Dream".

I do my best to not have regrets about anything I've ever done and accept total responsibility where I am in my life. I've learned to be much more grateful for my good health, my wonderful wife, and my desire to fulfill my dreams. Every day is an opportunity to be the human being I've always wanted to be.

I not sure whether it's a rationalization on my part or not, due to the situation I put myself in; but I really don't want to retire in the traditional sense. I always liked being challenged... to be doing something to earn money. So that's what I do and I actually enjoy it. Fortunately, I can do it on my own terms from my home office.

But again... congrats MsBossyPants for the path you chose.
 
#14 ·
Hindsight is 20/20. Now that I'm at this stage in my life, I can see where I could have done things differently. Intellectually I knew that it was wiser to live within my means and at times I did. But easy credit was always so addicting and before you knew it I was back in debt... living paycheck to paycheck. The supposed "American Dream".

I do my best to not have regrets about anything I've ever done and accept total responsibility where I am in my life. I've learned to be much more grateful for my good health, my wonderful wife, and my desire to fulfill my dreams. Every day is an opportunity to be the human being I've always wanted to be.

I not sure whether it's a rationalization on my part or not, due to the situation I put myself in; but I really don't want to retire in the traditional sense. I always liked being challenged... to be doing something to earn money. So that's what I do and I actually enjoy it. Fortunately, I can do it on my own terms from my home office.

But again... congrats MsBossyPants for the path you chose.
I'm not retired in the traditional sense, either. I'm not any less active than I was before. I'm just not getting paid for it. The freedom of not working allows me to select projects that interest me.

I've helped to set up a mentoring program for a neighboring city that assists the near-by college, now serve on the board, and volunteer my time in other ways. I'm involved politically (am already working on finding candidates to run my district in 2018), and so on.

I think the people who either keep working, or those who stay as active and vital as they were when they were working tend to have a better quality of life than those who see retirement as "the end" of their productive years and slow down.

Whether you continue to work for a wage, or find projects that interest you, the point is to stay active, challenged, engaged and to appreciate your good health, family and friends, and see each day as gift.
 
#8 ·
Teleparish, I relate to your story. Both my wife and I also come from families with longevity, which I think is a blessing. We have also considered living overseas for the same reasons... cheaper cost of living. We have been on a few scouting missions to Roatan, Mexico and Panama, but always find ourselves still living in America. Like you said, we know as a "Plan B" we can always do that. For now the comfort and familiarity with our culture keeps us here. I agree with you things always seem to work out... everything always provides. Good luck to you.
 
#10 ·
I retired at age 53. My main career lasted for 25 years then I was gone, with a monthly pension in my hands and full health/dental insurance. Thank god for "benefits" and what I consider great decisions when I was younger. Husband and I are not rich by any means, but we don't suffer for anything. We never had kids, a huge house or expensive cars/lifestyle. Looking back I wish I could have been "retired" my whole life. I love my life so much now, now that I'm not working.
 
#13 ·
yikes!


hmm. Glad i have a 401k. It should cover my student loan debt, and then i'll be left with whatever else i can scrape together to live on.

My boomer parents were born in 1950. They just retired last year. They're having a blast.
 
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#16 ·
I know I'm not suppose to be here, but I just wanted to say that some of your stories make me feel like the future won't be so bleak after all. Thanks for sharing!
 
#18 ·
Hmm... I was born unto a Silent generation working class, week-to-week paycheck, parents. I'm 55 and have nothing but my just surviving job. My ex went through manopause... a new guitar and a new girl and I was left with nothing. But, it's quite all right I don't need much. I walk to work and I do my thing. I do have a degree in Business Office Administration, but my town is a bit on the dead side. I have an IRA thank goodness. Not much but something. I'll make do. : )
 
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#20 ·
I'm getting worried retirement will never get here. Exactly 10 weeks from tomorrow is my last day at work but that feels like forever. Burned out from the night shift, the increasing demands & expectations but no training. Moral is dropping & friends are now fighting. It's the stress. We're all winging it now to keep the bean counters happy. Some people I know won't be there long enough to retire. They will be laid off around Christmas. Already announced but no names given. My first day as a free man is Halloween & I'm going to turn off all the lights & sleep. After that life begins. Will get my health back, reset my sleep cycle & no more sitting at a desk 8 hours a day + 2 hours commuting. I'll be on my bicycle, at the gym, walking, running & doing my old forgotten hobbies once again.
 
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#21 ·
We've been looking at downsizing because by far the biggest chunk of our net worth is tied up in the house we live in. We love this house but we know we won't be able to afford to live here paying the mortgage after retirement. Still looking for a flat in Sapporo, but in a perfect world we would be able to live there in winter and here in Summer. The only problem is we would not be able to afford both in the area where we live. We would either have to move somewhere a lot cheaper where we really don't want to live, or... this is my wife's idea--buy a motorhome and travel full time in the summer and still live in Hokkaido in winter. I love it. Travel to live, visit all the national parks we have missed, visit friends all over the country, and have only the expense of eating, running the vehicle, and staying in the occasional RV park to keep the tanks full and/or empty as the case may be. ;-)
 
#22 ·
We've lived//survived? on benefits for a long time. Both disabled, I had a career for a short time and was invalided out (and it was quite likely the employer's fault). Then Gov decided I was well enough to work so no more benefits for me.
Hubby is highly qualified but also quite disabled, completely unemployable and has been working on his own research for a long time, hoping to write an academic treatise someday, which will make very little money.
I have a teeny pension from my employer, and thank God we have almost paid off the mortgage.
We'll continue to survive. But it's never been easy, and I don't expect it will ever be.
 
#23 ·
I'm 63. Will work as long as I'm healthy. For which I am deeply thankful. Got married in my 20s I have saved a little over the years. I tend to be the saver in our home and my wife while not extravagant by any means has the philosophy that money is to be spent. It has been a source of some friction.
Not setting aside for any type of retirement is one of the great regrets of my life
 
#24 ·
My dad has back problems, had a hip replacement, gets a sore leg sometimes.. Physically he's in pain most of the time. He can't work in what he used to do now, and he's currently looking after my mum, has to be there 24/7. I have no idea what he's going to do after she gets better, (which honestly, I don't think it'll be anytime soon) because where I live, they raised the retirement age to 75! :mad::mad:

Its really hard to see my parents like this, and government benefits don't give out much money (to people who've worked all their life! Yet someone can get $600 a week, housing benefits etc just because they're of certain races!)

My siblings and I work and we pay board, and help our parents around the house.

The way its going my dad may as well be retired...
But he feels bad sometimes because he can't be the "bread winner" at the moment.

:/

I wish I had a million bucks I'd buy my parents a house, or pay for a holiday or something... :blue:
 
#25 ·
I retired yesterday & what a relief! Night shift was a beat down & so were 2 coworkers sometimes but that's all behind me now. Will chill a few days & then start going to the gym, rediscovering my old hobbies & making some day trips out with my wife.
 
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#26 ·
Well, my wife has been in Japan and it appears we just bought our retirement mansion (mansion means condo in Japan) in central Sapporo. It's a beautiful little place and the seller is an old friend. It's 2 minutes on foot from a subway station, 2 blocks from a stunning park with lakes and trails, 2 blocks from a streetcar line, and a short ride on the streetcar to skiing. We are not ready to move back there yet but it feels wonderful to have a place that is all ours all paid for (not yet but we will finish the deal in December). It's a milestone in our lives. I am so looking forward to living in Japan again and with a little luck, finding a condo here too. Winters in Hokkaido, summers in Colorado. WooHoo!!!
 
#27 ·
I'm just curious has anyone here ever been taxed on their superannuation? When my dad had to take money out for an operation, or whatever it was, something drastic, they said, "You can only take money out for emergencies". Sure, its not like anyone was dying on the floor bleeding to death, but really? The thing that angered me the most was the super is my dad's own money! And they tax you for it. Well... You would hope its 'your' money, it should be though... Unless they really own it. Which then makes it a big sham. Wait... It all is a sham.
 
#28 ·
It's a shame that government taxes money that taxes were already paid on. Social security checks started getting taxed in the 90s. Not sure how that got passed. The media ignored it & people seem to forget why their checks got smaller.
 
#29 ·
Life is good! Almost 6 months into retirement. My brother-in-law also just retired, we're doing a road trip soon. Another brother-in-law says he's retiring in 4 years at 54. We all gasped when he announced that. He & his wife dug themselves into such a financial hole they steal money from their own kids to buy food, gas & lottery tickets. Now the kids use "Bank of Aunt." Credit cards maxed out & frozen. Late on house payments. Half their unpaid for possessions are in pawn shops. Kids don't go to the hospital or dentist, they can't afford it. His wife has been getting child support for 15 years & that stops in 6 weeks. The daughter never saw one penny of that child support. The kids come to aunts & uncles for band instruments, football uniforms, food, cloths, etc. The parents aren't rich but school teachers don't have to live like that. I know, my whole family taught school but lived within their means. It's none of my business but it hits a nerve when I hear stuff. Like the daughter being at home sick for a week because they don't have $60 to take her to a doctor or won't take time off work to check on her so my wife has to, then she gets sick. My ex was that way & it destroyed us. Maybe another reason this "triggers" me. It's like watching a neighbor's dog slurping up antifreeze & a little voice telling me "Walk away, it's none of your business." I need to stop wanting to fix people sometimes. There are places I don't belong & I'm still learning this at 61. Until it's my problem, it's not my business. I'd rather help animals anyway, they want it! Keep wanting to volunteer at the local animal shelter but I know it would rip my heart out.
 
#30 ·
I am yet to finish a degree let alone retire, but I worry about retirement; not for myself but for those who will soon. Once you no longer are able to work I think you should live in comfort without worry of funds or food or entertainment.... I wish you all the best :heart:
 
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