what happens when someone retires without any savings?

[Mo_Gearhead]

Quote: "..because Social Security has accumulated surpluses from previous years totaling $2.5 trillion."

______________________

Nothing like a good belly-laugh on a Monday morning!

If ANYONE believes THAT quote ...I have some ocean-front property in Missouri you will want to add to your retirement portfolio.

PM me soon ...it's going fast!

[Joeaksa]

Wondered if anyone was going to pick that one up.

And what is that giant sucking sound we hear?

Its the Fed/State Govt sucking all the money in sight in every program then asking us, the taxpayer, to make up for it.

[aigel]

Originally Posted by Aurel

Here is how I see retirement: 20 or 40 acres with a pond or two, living off the land growing tomoates, fishing, hunting and fixing old cars in my 6 car garage.

I could buy this place for cash already, and have cash left over from the sale of my NJ house. And I wouldn`t care living in the middle of effen nowhere (but my wife would...).

(private lake/pond) real estate Homes for sale in Bernhards Bay NY 39 Acres With 2 Private Ponds! property properties, lakefront, waterfront

All good and nice but that's no climate for an old person. Snow is not easy to deal with when you are 70+. One slip on ice and you may be in bed for the rest of your life ... and rheumatism, arthritis etc. don't go too well with cold and damp weather either.

George

[Aurel]

Originally Posted by aigel

All good and nice but that's no climate for an old person. Snow is not easy to deal with when you are 70+. One slip on ice and you may be in bed for the rest of your life ... and rheumatism, arthritis etc. don't go too well with cold and damp weather either.

George

Good point...
I`ll try to be able to also afford a place in Florida for the winter then...more motivation for increasing my savings!

[herr_oberst]

Great advice on saving for your twilight years, but, you can still be boozed, screwed and tattooed, even if you do save:

Here is my mom and dad's situation: Dad saved every bit of money he ever made from OT/bonus, etc, in addition to a great pension and an aggressive retirement plan. Had a great retirement to look forward to, traveled lots, interest income bought his cars, mortgage was a distant memory, lived at an airpark in Idaho with his cronies. Life was good, and definitely, prior planning was key.
He's in his 80's now, two years ago, he had a stroke, lives in a nursing home, (for the rest of his life), Health care is going to suck him dry. Mom and dad were smart enough to lawyer-up when it happened, he is almost through "his" half of the retirement, then medicare will take over. (in theory) He keeps getting "healthier", (as opposed to knocking at death's door, which he was while the experts got the medication stabilized - don't get me started) but his left side is paralyzed forever, and he will never be able to take care of even his most basic needs alone, ever, and there is absolutely no way for him to be able to live apart from 24 hour care.

So, yes, absolutely plan for your retirement (I know I am trying) but understand that the best laid plans of mice and men . . .

Yeah, I know, way to harsh the ol' mellow.

[BLEW911]

Most of us will never see 80 I'll bet.

[dan88911]

Don't forgo the healthy life style side of the equation guys. Of course there are no guarantees. But your health is your number one wealth.

[Hetmann]

I agree that those of us who are planning and saving will likely see our nestegg get pillaged for those who aren't. We will hear more and more about "means testing" as the government social programs go further into the hole. We'll all be workin'

[Joeaksa]

There are ways around what you are talking about. Most of my assets are in a private trust and are staying there.

[m21sniper]

Originally Posted by vash

i just argued with a good friend. he was about to cash out his 401K for the second time. first time he did, he stated he was going to use the money to pay off CC debt. he bought a glock, a caltec...and some other BS. turns out he already did cash out for the second time. i had begged him to start another 401K with his new lame job. he did..but it is meager. $200, and he is mid 40's. he cashed out his 401k to fix a motorcycle, and his porsche.

i cannot see how he isnt effed! what? low income housing? work till he dies? who keeps a 70 year old around working? damn, i am annoyed, but i guess it really isnt my problem.

He might meet a girl and get married, hit the lottery, or at worst live on his social security check with a room mate or buddy.

Don't worry about him, it's really none of your concern anyway. Perhaps what you should be asking yourself is how much better you'd be living now if you actually had all your money to spend instead of sinking it into a volatile investment vehicle.

[924slover]

retiring with out any savings is like driving through death valley with an empty gas tank

[m21sniper]

Originally Posted by Aurel

Here is how I see retirement: 20 or 40 acres with a pond or two, living off the land growing tomoates, fishing, hunting and fixing old cars in my 6 car garage.

I could buy this place for cash already, and have cash left over from the sale of my NJ house. And I wouldn`t care living in the middle of effen nowhere (but my wife would...).

(private lake/pond) real estate Homes for sale in Bernhards Bay NY 39 Acres With 2 Private Ponds! property properties, lakefront, waterfront

So why not retire now?

[m21sniper]

Originally Posted by 924slover

retiring with out any savings is like driving through death valley with an empty gas tank

No, not really. I know people that've done it and they seem quite happy.

[cmccuist]

I can see the bunch that is in power right now taking a hard look at 401k's. There are several TRILLION dollars in people's personal accounts. That has to rankle the congress and pres.

How hard would it be to take that money under the guise of paying it back when the "donor" reaches retirement age. Then the government could just tell the poor bastard "sorry, there's no money in the budget to pay you back what we promised, but here's some crappy health care."

[herr_oberst]

Originally Posted by cmccuist

I can see the bunch that is in power right now taking a hard look at 401k's. There are several TRILLION dollars in people's personal accounts. That has to rankle the congress and pres.

How hard would it be to take that money under the guise of paying it back when the "donor" reaches retirement age. Then the government could just tell the poor bastard "sorry, there's no money in the budget to pay you back what we promised, but here's some crappy health care."

Nice job. Just managed to get the thread sent to off PARF

[m21sniper]

That doesn't mean his observation is not a realistic one.