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  • .....wham!.....

    http://news.yahoo.com/s/ap/20090823/...smaller_checks
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  • #2
    Re: .....wham!.....

    I honestly understand I am responsible for my retirement.
    Social security is hardly going to provide peanuts over the next decade.What are the baby boomers planing.

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    • #3
      Re: .....wham!.....

      I don't know...but these indicators are why I'm working so feverishly to get somewhere before it ends to nowhere.


      Never expect security these days and you'll always have a plan.

      I'm going to make sure I've done everything to cover my bases as there are not too many things in life that are a sure bet.


      One of the reasons I haven't taken a day off since before christmas.
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      • #4
        Re: .....wham!.....

        Gee I might imigrate and collect $1,153.00 a month in retirement as we are about $40.00 worse off, then mybe not with medicare and all the rebates on utillities, travel etc no I think i'll stay put as I don`t like cold weather.

        Tony

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        • #5
          Re: .....wham!.....

          My take is that if the rest of the world isn't getting raises, why should senior citizens be special? Unless you were in the top 10-15% or so, the company I work for didn't give you a raise. If you were unlucky, they laid you off. In January they got almost 6% (5.8%). Even as a top performer, I don't get that much.

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          • #6
            Re: .....wham!.....

            If I was offered a buyout of 50% of my social security right now I would take it in a heartbeat. I don't even factor it into my retirement plans.

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            • #7
              Re: .....wham!.....

              During our working lives, my wife and I didn't plan on Social Security being a large part of our retirement. We both put maximum amounts into 401K's and IRA's. During our working years, we invested in mutual funds for growth and as we approached retirement switched to more conservative investments.

              Fortunately, we quickly recovered from the bursting "bubble" in the 2001-2002 period and felt that our strategy was working so we retired. We sold our house in Massachusetts and invested that money also.

              Then came this current economic mess and we watched as our investments fell big time along with everyone else's (except the corporate fat cats). We are still not as bad off as a lot of others due to the fact that we did save a lot. We did not spend on expensive cars, expensive vacations and lots of "toys".

              The message I am trying to send is that it is very difficult for the "average working person" to accurately plan out over forty something years of a career to have sufficient funds for a twenty plus year retirement. Start at an early age and save all that you can (known as pay yourself first) and use the law of compound interest to grow your savings over your career.

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              • #8
                Re: .....wham!.....

                IMO the best retirement plan is a purchase of a property on a few acres of land. My wifey being a city gal is hard to convince that 4 or 5 acres not too far from a city would go a long way towards at least surviving if major %^&$ hits the fan. Of course the chances of survival would increase depending on the type of shotguns I would buy and the number of vicious puppies to patrol the property.

                I know, sounds like something written by a whacked type but that's how I feel. City living makes me a bit nervous even if where I live is only 130K or so people.
                In order to understand recursion, one must first understand recursion.

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                • #9
                  Re: .....wham!.....

                  Originally posted by billmoy View Post
                  During our working lives, my wife and I didn't plan on Social Security being a large part of our retirement. We both put maximum amounts into 401K's and IRA's. During our working years, we invested in mutual funds for growth and as we approached retirement switched to more conservative investments.

                  Fortunately, we quickly recovered from the bursting "bubble" in the 2001-2002 period and felt that our strategy was working so we retired. We sold our house in Massachusetts and invested that money also.

                  Then came this current economic mess and we watched as our investments fell big time along with everyone else's (except the corporate fat cats). We are still not as bad off as a lot of others due to the fact that we did save a lot. We did not spend on expensive cars, expensive vacations and lots of "toys".

                  The message I am trying to send is that it is very difficult for the "average working person" to accurately plan out over forty something years of a career to have sufficient funds for a twenty plus year retirement. Start at an early age and save all that you can (known as pay yourself first) and use the law of compound interest to grow your savings over your career.
                  I agree with your post above the rest because it talks about living through the experience of reasonable expectations from investments and social security. Many stock market business leaders misled investors and misappropriated funds leaving trusting well intended folks broke. Social security was drained dry by politicians who dipped into it to fund programs that had nothing to do with social security. Charles thinks senior citizens are no different than anyone else, but they are! They are the ones who depend on those social security checks to sustain their lives in a atmosphere of rising inflation. They were lead to believe the funds were there and not to worry because their hard work would be rewarded. I think it's disrespectful and rude to sit in judgement of seniors who did not make better retirement plans when you have information they did not, hidesight makes wise men out of people who otherwise might find themselves in the same situation. We are living in a time when even the most well thought out financial planning can fall flat. Investments that were once thougth to be rock solid are going broke. Our government through several administrations of apathy in dealing with the trade deficit, illegals, overspending, bad lending and other financial blunders, has left us in a position where we may not be able to wisely secure our futures. Millions upon millions of dollars to provide healthcare and other services to illegals, Americans living in tent cities, communist china holding our national debt, we are in serious trouble. Don't assume you are so smart that you have all the answers, you will be terribly shocked to discover you do not!
                  Last edited by Frankiarmz; 08-24-2009, 10:06 AM.

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                  • #10
                    Re: .....wham!.....

                    Originally posted by Josh View Post
                    If I was offered a buyout of 50% of my social security right now I would take it in a heartbeat. I don't even factor it into my retirement plans.


                    I know exactly why you make this statement because the amounts you've probably put into it, and knowing how much you won't get back.

                    Since I've been self-employed for many years I'm not putting enough in to even draw it back out. That has to change eventually but for the time being I can't do anything to put me in that paralell to make it happen...too expensive.
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                    • #11
                      Re: .....wham!.....

                      Originally posted by Frankiarmz View Post
                      Charles thinks senior citizens are no different than anyone else, but they are! They are the ones who depend on those social security checks to sustain their lives in a atmosphere of rising inflation. They were lead to believe the funds were there and not to worry because their hard work would be rewarded.
                      Frank,

                      Seniors have their problems and expenses, but so do the rest of us! I have to pay for my kid's day care, heating my home, and all the rest too. I'm expected to do it with the same amount of money. Giving extra money to seniors because they are nice people isn't free, the way the system is structured it comes out of everyone else's pocket. How are we going to even begin to attack the structural problems with our national deficit, until we start telling people NO --- even when they don't want to hear it.

                      Charles

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                      • #12
                        Re: .....wham!.....

                        I have said it once and I will say it again,

                        UNTIL we bring back, Manufacturing everything is going to fall apart

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                        • #13
                          Re: .....wham!.....

                          Originally posted by cpw View Post
                          Frank,

                          Seniors have their problems and expenses, but so do the rest of us! I have to pay for my kid's day care, heating my home, and all the rest too. I'm expected to do it with the same amount of money. Giving extra money to seniors because they are nice people isn't free, the way the system is structured it comes out of everyone else's pocket. How are we going to even begin to attack the structural problems with our national deficit, until we start telling people NO --- even when they don't want to hear it.

                          Charles
                          Charles, you don't give "extra" money to seniors because they are nice poeple, that would be stupid and wasteful. You might want to allot a little bit more money to seniors so they do not suffer at their advanced ages by going without food, medication, some basic comforts. I totally agree that "No" has got to become more of our vocabulary, but why not apply that word towards the CEO's who take multi million dollar draws from their companies that have received millions in bailout funds? How about saying no to the illegal aliens who use our hospitals, schools and other services that we pay for while seniors go without? Lastly, I suggest our structural problems be resolved by addressing the causes of our present situation trade deficit over a trillion, non-taxpaying illegals, loss of millions of manufacturing jobs, irresponsible lending, a system that extends credit with almost no oversight. I would like to pick and choose where the money from my pocket goes as well, however making a choice between big business millionaires, illegals and our own American senior citizens is a no brainer. Just my opinion. I would remind you that unless we start euthanizing seniors, they are the largest growing sector of our population and if you are lucky someday you will join their ranks. Don't assume your grand schemes and wise planning will save you a similar fate of financial dependance. There are plenty of very smart people who invested wisely and were the victims of fraud, who built empires and fell victim to troubled times that uspet their brilliant equations.

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                          • #14
                            Re: .....wham!.....

                            I know a woman right now that transports senior citizens to doctor's appointments. You'd be surprised how many of them senior citizens are drug dealers that sell off their prescriptions for money, through necessity.
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                            • #15
                              Re: .....wham!.....

                              Originally posted by DUNBAR View Post
                              I know a woman right now that transports senior citizens to doctor's appointments. You'd be surprised how many of them senior citizens are drug dealers that sell off their prescriptions for money, through necessity.
                              Makes sense to me. I'm not shocked but upset with how many seniors go without their meds all together, so they can pay for food. Let's give some more money for the clunker program so cars can be crushed and communist china can sell us more junk. Maybe communist china will make the death machines we can stuff the seniors into when they become too much of a bother?

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