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08-20-2017, 11:29 AM
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#57
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Senior Member
Join Date: May 2012
Posts: 2,792
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Quote:
Originally Posted by Badlands Bob
And while we're on the topic of putting your kids thru college, I don't pay for art history or psychology degrees. If we're going to spend the money and time in college, let's get something marketable in the real world.
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But, but....they can always ask, "Do you want fries with that?"
__________________
Gene, Gayle, & Oliver
2006 Holiday Rambler Endeavor 40 PDQ/2012 Honda CRV
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08-20-2017, 11:44 AM
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#58
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Senior Member
Join Date: Mar 2017
Posts: 322
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Quote:
Originally Posted by lynnmor
I tell young folks to get a government job of any kind. Why save and live cheap when you can party and collect a pension later?
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We made the choice to do jobs we LOVED and still managed to save and collect a pension.
__________________
Two lovers searching for special times traveling. No motorhome yet . . . still looking Steve & Debbie
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08-20-2017, 12:05 PM
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#59
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Senior Member
Join Date: Jun 2012
Location: The Bluegrass State
Posts: 8,889
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Reading all of the comments posted on this topic, i'm always amazed at the wide range of ideas and thoughts. Some I just sadly shake my head at, and some I smile at. You guys never cease to amaze me.
Saving for retirement takes on a whole lot of factors, and not just cash money in an account. I started my working life as a newspaper boy, and worked my way thru college, didn't party, got two engineering degrees and ended up supervising two divisions of engineers, technicians and office staffs. My retirement savings involved my two daughters, wife and pets. None of them did without anything essential but we didn't spend money we didn't have. My oldest daughter, now a doctor, still kids me that I would refuse to buy her McDonald's Happy meals when she was growing up because we just couldn't afford to waste money of throw away toys. I figured if that was the worst she can say about us, I did pretty good. I used to save the very small remnants of bars of soap and when collected enough I would squeeze them into one big bar of soap just to save money.
All of that leads me to today, where I am comfortably retired and happy. My two girls are doing well, my wife still loves me, and we have the money to do what we want in life. And best of all, my two daughters are not expecting any inheritance from us. They encourage us to "get out there and enjoy life", we will take care of the house for you. My plan is to have the money run out on the day we both die.
For those of you who say "live for the moment, and let retirement work itself out", I feel sorry for you. For those of you who criticize people who worked in the public sector, the military or worked private sector with pensions that support them I feel sorry for you also. We all make choices in life, and for good or bad you made yours. This is a great country. We are all free to make decisions.
In conclusion, let me say God Bless America, and that includes our Canadian and Mexican neighbors too!
__________________
Good Luck, Be Safe and Above All, Don't Forget To Have Fun
Pete
Central Kentucky
2006 Fleetwood Discovery 35H, 2014 Honda CR-V, M&G Engineering Braking System
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08-20-2017, 12:58 PM
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#60
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Senior Member
Join Date: May 2013
Location: Chester, VA/Zephyrhills, FL
Posts: 1,330
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Quote:
Originally Posted by Bigd9
Reading all of the comments posted on this topic, i'm always amazed at the wide range of ideas and thoughts. Some I just sadly shake my head at, and some I smile at. You guys never cease to amaze me.
Saving for retirement takes on a whole lot of factors, and not just cash money in an account. I started my working life as a newspaper boy, and worked my way thru college, didn't party, got two engineering degrees and ended up supervising two divisions of engineers, technicians and office staffs. My retirement savings involved my two daughters, wife and pets. None of them did without anything essential but we didn't spend money we didn't have. My oldest daughter, now a doctor, still kids me that I would refuse to buy her McDonald's Happy meals when she was growing up because we just couldn't afford to waste money of throw away toys. I figured if that was the worst she can say about us, I did pretty good. I used to save the very small remnants of bars of soap and when collected enough I would squeeze them into one big bar of soap just to save money.
All of that leads me to today, where I am comfortably retired and happy. My two girls are doing well, my wife still loves me, and we have the money to do what we want in life. And best of all, my two daughters are not expecting any inheritance from us. They encourage us to "get out there and enjoy life", we will take care of the house for you. My plan is to have the money run out on the day we both die.
For those of you who say "live for the moment, and let retirement work itself out", I feel sorry for you. For those of you who criticize people who worked in the public sector, the military or worked private sector with pensions that support them I feel sorry for you also. We all make choices in life, and for good or bad you made yours. This is a great country. We are all free to make decisions.
In conclusion, let me say God Bless America, and that includes our Canadian and Mexican neighbors too!
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Well written. I really get tired of reading the posts/comments about public sector or private sector employees with pensions. We all make choices, some good, some not so good. Criticizing our friends and neighbors for their choices really doesn't do any good. I'm grateful I moved all over the world during my career and felt my family's lives were enriched because of it. I'm also grateful for the contributions I made. I have no regrets or complaints and do not envy those in better financial shape.
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Tom and Gloria 2022 Newmar Dutch Star 4081, TOAD: 2017 Buick Enclave/2023 GMC Sierra Denali, Blue Ox Towbar, Baseplate and M&G Braking System
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08-20-2017, 02:19 PM
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#61
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Senior Member
Join Date: Jan 2015
Posts: 1,080
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We maxed out our 401K contributions, Roth IRAs and employee stock ownership plans for 30 years. We learned to live on what was left. Retired at 62 now drawing dividends, Social Security, company retirements and VA disability. Not bad for a high school dropout.
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08-20-2017, 03:26 PM
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#62
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Senior Member
Join Date: Aug 2012
Posts: 1,580
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Instead of using I, we, me and us multiple times in one response, some concern should be shown for folks that are less fortunate and are being literally taxed out of their homes because of public pensions. Not everybody has the same choices and luck.
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08-20-2017, 04:16 PM
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#63
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Senior Member
Winnebago Owners Club Ford Super Duty Owner
Join Date: Sep 2010
Location: Chicagoland
Posts: 2,762
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Quote:
Originally Posted by lynnmor
Instead of using I, we, me and us multiple times in one response, some concern should be shown for folks that are less fortunate and are being literally taxed out of their homes because of public pensions. Not everybody has the same choices and luck.
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In Illinois, people love to blame the state and education workers for the "extravagant pensions" they supposedly enjoy. Well, I'm a retired state education worker and my pension is around $1300/mo. Fortunately I have other retirement assets. Education workers in Illinois don't pay into Social Security so their pension is it.
If you feel the need to cast blame on someone, blame the politicians who raided the pension funds and never found a way to make up the difference, or cared. Don't blame the average state worker who maybe made $55,000 max in their best year.
I'll agree with you however that seniors are being taxed out of their homes, especially evident here in Chicago's western suburbs. When my wife retires we'll be out of here as soon as possible.
__________________
Burns & Diane
2005 Winnebago Aspect 26A/2012 Subaru Impreza toad
Illinois! - Where the politicians make the license plates......
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08-20-2017, 05:10 PM
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#64
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Senior Member
Join Date: Aug 2012
Posts: 1,580
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In PA, the state pension system is billions in the hole and property owners are to foot the bill. When the stock market took a dump, the pension fund took a major dump just like it did for many. It was invested aggressively knowing that if they won, they really won. If they lost, oh well the taxpayers will replace every dime.
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08-20-2017, 05:52 PM
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#65
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Senior Member
Join Date: Apr 2010
Location: Western NY
Posts: 3,809
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We get asked the question a lot about how much will I need in retirement along with when should I draw my Social Security. The answer to both comes down to when will you draw your final breath. I have one client who is thouroughly convinced that their $4 million nest egg is not enough for them to live on. Another who was complaining about having to take their required minimum distributions because they don't need the money as they are quite comfortable on their Social Security alone.
Life style, expectations, health, and wants versus needs all play into how much is enough. How much should you have saved? Who knows? You play the cards you are dealt and hope for the best.
__________________
2018.5 Entegra Aspire 44R-Sold, 2019 Chevy Blazer-Sold. 2022 Genesis GV-80.
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08-20-2017, 06:59 PM
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#66
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Senior Member
Join Date: Nov 2015
Posts: 773
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I have always planned for the worst and hoped for the best. With that in mind, we have always put 10% of the paycheck into 401k since we first had the opportunity. We never planned on having SS available when we retired. We don't have a million dollars but we think what we have, supplemented with SS, will last longer than we do. I guess we'll see.
__________________
2012 Dodge C3500 DRW 4x4 Long Box, WeatherGuard 90 Gal transfer tank, B&W Companion Hitch
2012 Keystone Montana 3100RL, 520W Solar, 460AH batteries, Morningstar MPPT 45 CC, Bogart 2030RV monitor.
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08-20-2017, 07:15 PM
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#67
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Senior Member
Country Coach Owners Club Solo Rvers Club iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 37,725
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Quote:
Originally Posted by lynnmor
I tell young folks to get a government job of any kind. Why save and live cheap when you can party and collect a pension later?
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Funny! I had a gov't job for 30 years. I took it knowing that I'd make at least 25% less than what industry paid and raises were at the whim of the state legislature. Lots of years we got nothing, a few times we got as much as 5% but it was still less than what cost of living went up. I haven't gotten a cost of living raise since I retired in 1998. Still getting the same amount so I figure I'm down about 40% over what I should be getting now.
The only "inheritance" I got was my parents $17,000 credit card DEBT and two years of calls from collection agencies wanting their money from the "estate" of which there was none. Everything I have now is due to hard work and the late DW's saving habits.
__________________
2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft, HWH Active Air
Charter Good Sam Lifetime Member, FMCA,
RV'ing since 1957, NRA Benefactor Life, towing '21 Jeep JLU Rubicon Ecodiesel
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08-21-2017, 05:43 AM
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#68
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Senior Member
Fleetwood Owners Club Workhorse Chassis Owner
Join Date: Nov 2016
Location: Central Jersey
Posts: 197
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Everything happens in cycles.
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08-21-2017, 05:55 AM
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#69
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Senior Member
Join Date: Jun 2012
Location: The Bluegrass State
Posts: 8,889
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Quote:
Originally Posted by wnytaxman
We get asked the question a lot about how much will I need in retirement along with when should I draw my Social Security. The answer to both comes down to when will you draw your final breath. I have one client who is thouroughly convinced that their $4 million nest egg is not enough for them to live on. Another who was complaining about having to take their required minimum distributions because they don't need the money as they are quite comfortable on their Social Security alone.
Life style, expectations, health, and wants versus needs all play into how much is enough. How much should you have saved? Who knows? You play the cards you are dealt and hope for the best.
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Very interesting. Thanks for the post! The second person you mentioned sounds like my parents! The older they got, the more paranoid they got about "their money running out". Dad hated to take out the required minimum distributions wanting to save it "for a rainy day". I remember once when I visited, their TV wasn't working. I told Dad "shoot Pop, that TV is older than I am, let's go buy a new one". He said "I can't afford a new TV boy, we'll just read a book or something". I told him I would pay for the new TV. That got him, he said "I never took "charity" from anyone, and I won't start now". He and I went out and bought a new set using his credit card.
__________________
Good Luck, Be Safe and Above All, Don't Forget To Have Fun
Pete
Central Kentucky
2006 Fleetwood Discovery 35H, 2014 Honda CR-V, M&G Engineering Braking System
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08-21-2017, 06:02 AM
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#70
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Senior Member
Monaco Owners Club
Join Date: Sep 2014
Posts: 4,569
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Quote:
Originally Posted by Bigd9
So my question to you kind people is "Did you save for retirement?"
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Yes, 10-12% starting at 30 (plus 5% matching). Plus a few rental houses that are starting to pay off next year.
I also took 5 year loan from retirement to buy another rental. It makes money tight right now but I'm paying myself back and for the next few years 1600 a month is going into retirement account.
My wife and I our Blue collar (She has degree) and will not get an inheritance. When we retire unless the market totally crashes we're expecting 9-10K gross per month. We didn't do everything right and are even driving cars with no AC right now. Looking forward to the future and rental houses starting to be paid for.
__________________
1996 Tioga Class C
2007 Monaco Diplomat 40 PDQ
TOAD 2012 Cadillac SRX 4
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