Author Topic: NGC retirement advice wanted  (Read 8918 times)

Offline Tusayan

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Re: NGC retirement advice wanted
« Reply #60 on: February 14, 2019, 09:28:41 AM »

 You cannot have ANY DEBT when you retire!!  No mortgage, no car / bike payments / "ZERO" credit card debt, no loans, NOTHING!!!!

That's one philosophy and a lot of people feel good that way.  Another is to use rental property income to pay tax deductible interest on your home mortgage, thereby sheltering that income from tax.  Later on, when you sell one or both properties at an appreciated value, you will have more money to buy the bike or car of your dreams.  What do you think is fueling the 'older people buying classic cars' bubble?  :grin:

If you're really ambitious, the property you eventually sell is your home, on which you pay no capital gains tax.  Then you move into the rental property and live there for a while, to make it your home from the tax POV.

Then someday you sell that one too and move into the old people's home, with enough cash to pay the bill until you keel over  :wink:
« Last Edit: February 14, 2019, 09:50:45 AM by Tusayan »

Offline screamday

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Re: NGC retirement advice wanted
« Reply #61 on: February 14, 2019, 10:04:31 AM »
Here's my plan.....I have been working in the woodworking industry for the past 40 or so years (pretty much all I've ever done) creating production drawings for the shop. I've seen many companies come and go and have on a couple of occasions, been the last person out the door who turns off the lights. About ten years ago, the last company I worked for was headed down the drain....mainly due to bad management. This time I saw the light and wasn't going to be there when it went under. At that time, my wife's job was just starting to come into it's own and she was making more money than me so we discussed me going it alone and starting a contract drafting service for the same industry. I contacted a few prospective customers to see if they would use my services in that capacity and the answer was a resounding "YES......absolutely!" So I bid my farewell to the company I worked with for almost 15 years and headed towards the horizon.

The long term plan was to eventually work part time and use this business for supplemental retirement income. I am just 61 YO, but looking forward to that time. In the ten years since I started my own business, we have continuously invested money in the stock market, I rolled over a 401K I had from my last company, my wife fully funds the contributions to her 401K (she is 64 YO), we have bought rental property (paid for in cash), completely remodeled (updated) our house (preparing for retirement) and paid off all our dept.

Will I ever retire 100%? Maybe.....someday, when I don't like what I'm doing anymore. My wife and I have always lived well below our means and hopefully that will play well when retirement time comes our way. Hopefully the plan we have in place will see us through.......we'll see.  :bike-037:
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kirby1923

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Re: NGC retirement advice wanted
« Reply #62 on: February 14, 2019, 10:08:26 AM »
QUOTEMy company spent a lot of time over the last several years pushing people out one way or another. If the writing is on the wall, you might do well to heed it. You need to do what is best for YOU in the long run.

Always remember, people, (individuals), genuinely care about people, but CORPORATIONS, and especially, large, faceless public corporations, DO NOT!!! 

Their philosophy is basically to use employees, regardless of their tenure / experience, just like "TOILET PAPER" = "Wipe, and then FLUSH!"

You need to look out for yourself!! :thumb: :cool: :smiley:




Sorry you have been treated  bad?? by Corporations, but that's  pretty broad stroke indeed.

I have not had the same experience, quite the contrary.

Its people I have had to take care with, many ambitious?! folks in the business world. (or just plain mean)

You have to learn/know how to look out for yourself...can be done.

I was raised in a place where you worked until you couldn't then contributed in any way you could after that,
cradle to grave.

No complaints.
« Last Edit: February 14, 2019, 10:12:24 AM by kirby1923 »

Online JJ

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Re: NGC retirement advice wanted
« Reply #63 on: February 14, 2019, 10:27:26 AM »

Sorry you have been treated  bad?? by Corporations, but that's  pretty broad stroke indeed.

I have not had the same experience, quite the contrary.

Its people I have had to take care with, many ambitious?! folks in the business world. (or just plain mean)

You have to learn/know how to look out for yourself...can be done.

I was raised in a place where you worked until you couldn't then contributed in any way you could after that,
cradle to grave.

No complaints.

My mother worked for IBM in NY for >38 years...and back then, it WAS cradle-to-grave...but those days went out the door starting in the mid-70's. 

In my >42 years, I can count the good bosses that I looked up to and respected on "one-hand."  The rest were all featured in the book entitled "Executives Behaving Badly..." 

However, in the end, I have no regrets from my career...and none of my jobs were ever boring.  I did what I had to and survived quite well...mostly do to the PEOPLE I worked with, and my "network and industry connections" that I kept active.  A lesson I learned quite well early in my career. :wink: ...and besides... there no looking back now. :wink: :smiley:
« Last Edit: February 14, 2019, 11:37:54 AM by JJ »
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Re: NGC retirement advice wanted
« Reply #63 on: February 14, 2019, 10:27:26 AM »

Online Ncdan

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Re: NGC retirement advice wanted
« Reply #64 on: February 14, 2019, 10:30:20 AM »
I agree there's a time to TAKE THE MONEY AND RUN. One can always start a new career at about any age if they need more income. Heck, even a "go fund me a retirement" add may be an option:)

Offline Dilliw

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Re: NGC retirement advice wanted
« Reply #65 on: February 14, 2019, 11:08:36 AM »

Since there are more old farts like you guys than aspiring old farts like me the good news is that you guys are going to have figure out some creative solutions to these problems.  Last I heard the average retirement account (outside of SS) is $200k for people over 60 and after managing my folks for a while (91 and 87) that ain't going to cut it.  Of course what I have saved up probably won't do it either.

One concept that you guys are working on and that I'm interested in is "Cohousing."  From my parents situation it's clear that it's the best solution for folks over 85 and it's probably a must over 90.  Their living and care situation is much better than their peers who either stayed alone or lived with relatives.  Giving in earlier  and entering cohousing at 65 could allow you to conserve resources just in case you are unlucky enough to live very long.  The downside would be what if someone like Lannis moves in, but lots of these communities address that with restrictions and trial periods in their charters.

Here's one in North Carolina as an example:  http://www.elderberrycohousing.com/

About 10 years ago it was vogue to do the Expat thing, but looks like that's cooled somewhat.  I do believe that countries like Panama, Costa Rica, etc are going to develop serious strategies to recruit American retirees over the next few years and the pendulum may swing back.  Medellin Columbia believe it or not is thriving as a retirement destination.  I would certainly consider that as a solution if someone can beat the deal we have here in the Southern U.S.

So all you retirees work it out for us at the tail end of the boomers!
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Online xackley

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Re: NGC retirement advice wanted
« Reply #66 on: February 14, 2019, 11:21:11 AM »
 For scenic travel check out the Senior Pass, free national parks, half  price camping at any national forest, blm, coe. COE is the best!
https://www.nps.gov/planyourvisit/senior-pass-changes.htm

Me and my wife have traveled 50,000 miles around america with the cost of 2000 to 2500 dollars for a month trip, gas food camping attractions. Before retiring I bought an old dodge caravan for long distance.



Put 40k miles on that thing with no big problem, then bought a used 2017 caravan to continue on. No worries and go anywhere as long as there is ground clearance. My brother is into campers and rv and seems to be afraid to leave the interstates.

Shorter trips a motorcycle works fine for two up, the destination decides camping or motel.
Even NYC doesn't cost that much if you plan well.

Travel doesn't have to be expensive.
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Online JJ

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Re: NGC retirement advice wanted
« Reply #67 on: February 14, 2019, 11:40:13 AM »
QUOTEShorter trips a motorcycle works fine for two up, the destination decides camping or motel.
Even NYC doesn't cost that much if you plan well.  Travel doesn't have to be expensive.


...and traveling to new destinations and adventures, by car or motorcycle...is LIVING!! :thumb: :cool: :smiley:
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Offline Lannis

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Re: NGC retirement advice wanted
« Reply #68 on: February 14, 2019, 12:12:47 PM »


Spot on...and I forgot to mention in my ramblings previously...very, very, VERY important!!

* You cannot live on Social Security alone...need to have a second and third source of income...rental property, investments, etc.

* You cannot have ANY DEBT when you retire!!  No mortgage, no car / bike payments / "ZERO" credit card debt, no loans, NOTHING!!!!

* Your fixed expenses, like food, property taxes, phone, gas, electric, water, Internet Wi-Fi, refuse pick-up, health care premiums, home-owners insurance, car / bike insurance, home maintenance expenses, etc. etc. will always be there...

* Then, there is ENTERTAINMENT expenses - travel, etc. - - "Having FUN cost money!!"

* So here is the SUMMARY (again)  "If you won't have the funds to do the thing you want to, don't retire!"

I know what you're saying, but Fay and I could live quietly and well on our social security income. No debt, $3800 a year in local tax, $1800 for insurance, $4800 a year in Medicare and supplements, $2500 utilities, $3600 gas for the car, $9000 to eat, and the rest for incidentals. And Fay only worked for 6 years....
« Last Edit: February 14, 2019, 01:15:12 PM by Lannis »
"Hard pounding, this, gentlemen; let's see who pounds the longest".

Online JJ

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Re: NGC retirement advice wanted
« Reply #69 on: February 14, 2019, 01:18:35 PM »
I know what you're saying, but Fay and I could live quietly and well on our social security income. No debt, $3800 a year in local tax, $1800 for insurance, $4800 a year in Medicare and supplements, $2500 utilities, $3600 gas, $9000 to eat, and the rest for incidentals. And Fay only worked for 6 years....

Sounds similar...but my property taxes are $4600 per year...on two homes, and one is a rental.   I am the only one collecting SS at this time, as my wife is 5 years younger than me.  She will collect in 2 years, (at age 62), and she is still working part-time, 2 days per week.  I sign up for MEDICARE in May, and go onto it in August (when I turn 65).

The only fear for many of us, is we are all just one major medical crisis away from personal bankruptcy, so God willing, none of us will have to deal with that...

At FRA, (Full-Retirement-Age), which is 66 for me, I can go choose to go BACK to work and make as much mony as I like, but I think I am through with all that buffoonery, and besides, I am too  "tired!" :shocked: :rolleyes: :wink: - - and like I said, time to "smell the roses" and enjoy what few good quality years I have left on this planet!!
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Offline Lannis

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Re: NGC retirement advice wanted
« Reply #70 on: February 14, 2019, 01:29:50 PM »

The only fear for many of us, is we are all just one major medical crisis away from personal bankruptcy, so God willing, none of us will have to deal with that...


There are several ways to avoid that for those of us in the 55-65 age range, and they don't involve the unaffordable "Government Exchanges", which, for us, was $14,000 annual out-of-pocket and a $2800/month premium for the base "bronze" plan .... the alternatives involve private mutual-aid associations designed for exactly that situation ...

My mother in law lived from age 70 to 89 on between $12,000 and $13,000 per year, and had everything she wanted in her small town ....

Lannis
"Hard pounding, this, gentlemen; let's see who pounds the longest".

Online xackley

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Re: NGC retirement advice wanted
« Reply #71 on: February 14, 2019, 02:32:41 PM »
There are several ways to avoid that for those of us in the 55-65 age range, and they don't involve the unaffordable "Government Exchanges", which, for us, was $14,000 annual out-of-pocket and a $2800/month premium for the base "bronze" plan .... the alternatives involve private mutual-aid associations designed for exactly that situation ...

My mother in law lived from age 70 to 89 on between $12,000 and $13,000 per year, and had everything she wanted in her small town ....

Lannis

You must have a large income. Bronze this year for my son and wife is $194 a month and my income is well above the median for our county. It is true that it is really only catastrophic coverage.
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Offline Lannis

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Re: NGC retirement advice wanted
« Reply #72 on: February 14, 2019, 06:37:55 PM »
You must have a large income.

Yeah-buddy, that's right.   Mr. Got-Rocks, that's me ... !

Lannis
"Hard pounding, this, gentlemen; let's see who pounds the longest".

Offline Muzz

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Re: NGC retirement advice wanted
« Reply #73 on: February 14, 2019, 07:51:58 PM »
Down here on the backside of the planet we have a universal superannuation which kicks in aged 65.  Ya don't get rich on it. :rolleyes:  The idea is to save up enough to supplement that basic income.

My gut feeling would be to take the money and run.

I have just turned 70, retired 3 years ago when my wife turned 65.  Although in those two years when I was receiving both the superan plus my wage the superan had the stuffing taxed out of it I used the bit extra overall that I got to further up the gear in the workshop; multiprocess welder, metal band saw, lathe etc.

In my case I find I am forever turning down work.  I do a bit of gardening work, clean a few heat pumps, work around the house and regularly get called in to add an extra pair of hands (unpaid in this one) in my son's business.  I have excellent neighbours and we trade skillsets.  I do more bike trips.

I have just come back from a funeral of a friend,  68 years young.  Although he had been given a terminal sentence his death was still unexpected and sudden.  I intend to make the most of any remaining time above ground.  I am sure if you retire with the payout you will not regret it, even if the funds are a little tight at times.  Make the most of life. :thumb:
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Offline stonelover

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Re: NGC retirement advice wanted
« Reply #74 on: February 14, 2019, 08:33:41 PM »
Lannis has already said everything that I would offer.  I retired in 2003 and have never had regrets.  Bottom line is that if you can swing food, shelter, clothing and transportation-GO FOR IT!! :azn:

Offline Joliet Jim

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Re: NGC retirement advice wanted
« Reply #75 on: February 14, 2019, 09:14:17 PM »
If I live as long as my dad, someone gets a shit load of money next year. If I live as long as my mom, I should be able to handle 20 years. Had two stents put in this year and Dad, mom and grandparents all died of heart disease. Time is precious.
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Offline Lannis

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Re: NGC retirement advice wanted
« Reply #76 on: February 15, 2019, 08:31:12 AM »
Down here on the backside of the planet we have a universal superannuation which kicks in aged 65. 

That's a terrible name, "superannuation".  :tongue:   Sounds like a description for a 110-year-old guy.  :azn:   I like "Social Security" better .... !    Ours is supposed to be a supplement too, but it's surprising how many people have saved Nothing by the time they're 70 ....

Lannis
"Hard pounding, this, gentlemen; let's see who pounds the longest".

Offline Chuck in Indiana

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Re: NGC retirement advice wanted
« Reply #77 on: February 15, 2019, 08:36:40 AM »
Quote
Time is precious.

That's a fact. I've had a couple of chats with the Grim Reaper, and he told me the same thing. "This must be a mistake. I'm not ready yet." Heard that a million times. "Wish I was at work." Uhh, not so much.
 :smiley:
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Online JJ

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Re: NGC retirement advice wanted
« Reply #78 on: February 15, 2019, 10:35:23 AM »
That's a fact. I've had a couple of chats with the Grim Reaper, and he told me the same thing. "This must be a mistake. I'm not ready yet." Heard that a million times. "Wish I was at work." Uhh, not so much.
 :smiley:

Famous QUOTE

"Nobody on their deathbed ever said:  I wish I spent more time at the office..."  :wink:
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Offline Lannis

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Re: NGC retirement advice wanted
« Reply #79 on: February 15, 2019, 10:47:59 AM »
Famous QUOTE

"Nobody on their deathbed ever said:  I wish I spent more time at the office..."  :wink:

We can't prove it, but I'd wager a goodly amount that that is true!

I ALSO think (and this could be disproved by someone here, maybe) that no one has ever said "Oh, man, I'm broke - I WISH I hadn't retired so soon!".    Every one that has ever offered an opinion that I've heard says "Man, I wish I'd retired years sooner than I did.   This is EASY!"

Lannis
"Hard pounding, this, gentlemen; let's see who pounds the longest".

Offline Gliderjohn

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Re: NGC retirement advice wanted
« Reply #80 on: February 15, 2019, 11:20:00 AM »
In the last few years I have lost a number of friends and relatives that were in that upper 50s through upper 60s range, dying just before or just after retirement. Life IS to short not to enjoy as much of it as possible.
GliderJohn
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Offline LowRyter

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Re: NGC retirement advice wanted
« Reply #81 on: February 15, 2019, 12:21:39 PM »
That's one philosophy and a lot of people feel good that way.  Another is to use rental property income to pay tax deductible interest on your home mortgage, thereby sheltering that income from tax.  Later on, when you sell one or both properties at an appreciated value, you will have more money to buy the bike or car of your dreams.  What do you think is fueling the 'older people buying classic cars' bubble?  :grin:

If you're really ambitious, the property you eventually sell is your home, on which you pay no capital gains tax.  Then you move into the rental property and live there for a while, to make it your home from the tax POV.

Then someday you sell that one too and move into the old people's home, with enough cash to pay the bill until you keel over  :wink:

Yep,  my cousin retired from a big oil company and has always used the spread on debt to make income and build capital. 

While I might be debt free, with a few stocks and mutual funds, he owns 1000 acres toward Kansas boarder that he has farmed, is paying on a huge house with 80 acres of hay close to Grand Lake and who knows what else in stocks and real estate he owns.  Plenty of interest write-offs to boot.  OTOH, I was riding my bike and visited him on the way to an Ozark bike rally and he was working his place in 90 degree weather.  He has a different idea of "fun" than me.

So there are several ways to consider debt.  I think the "no debt" solution works for folks with pensions but there is certainly more lucrative ways to play the game.

Of course business debt is a different animal vs consumer debt.
« Last Edit: February 15, 2019, 12:38:43 PM by LowRyter »
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Offline LowRyter

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Re: NGC retirement advice wanted
« Reply #82 on: February 15, 2019, 12:32:43 PM »



Sorry you have been treated  bad?? by Corporations, but that's  pretty broad stroke indeed.

I have not had the same experience, quite the contrary.

Its people I have had to take care with, many ambitious?! folks in the business world. (or just plain mean)

You have to learn/know how to look out for yourself...can be done.

I was raised in a place where you worked until you couldn't then contributed in any way you could after that,
cradle to grave.

No complaints.

I am not sure that what you say is the rule or the exception.  You might consider all the big corporate players and see what has happened to them over the past 30 years: 

The auto business?  contracted. 
Remember when IBM, Xerox and Kodak were tops?
Think about Sears?  GE? McDonald Douglas? Pan AM?

But we have Apple, MS, FB, and Amazon but where were they 30 years ago?

Think about Wall Street having forced all corporations to consider "share holder value" and "deregulation" as first priority. 

Mike, I am not saying you're wrong at all.  But I do know Dr John said about being "in the right place but at the wrong time."
John L 
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Online Tkelly

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Re: NGC retirement advice wanted
« Reply #83 on: February 15, 2019, 12:51:15 PM »
Tell them you need more time to consider the offer.Maybe there is room to negotiate bot there is also the possibility that if you say "no"you are told to clean out your desk.

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Re: NGC retirement advice wanted
« Reply #84 on: February 15, 2019, 03:19:29 PM »
I am not sure that what you say is the rule or the exception.  You might consider all the big corporate players and see what has happened to them over the past 30 years: 

The auto business?  contracted. 
Remember when IBM, Xerox and Kodak were tops?
Think about Sears?  GE? McDonald Douglas? Pan AM?

But we have Apple, MS, FB, and Amazon but where were they 30 years ago?

Think about Wall Street having forced all corporations to consider "share holder value" and "deregulation" as first priority. 

Mike, I am not saying you're wrong at all.  But I do know Dr John said about being "in the right place but at the wrong time."


Hey John, congrats on your new scooter. I know you know this but ...take it easy 'till you get to know each other!

Well I have been lucky to have only worked for the Military and two rather large corps and one was a ground floor start up airline that is now an Icon and they have treated us pretty good. (We had our share of bad players for sure)

I have a real good situation now and I really like what I do and have never really disliked or been miserable (salt mine type job)at doing what I do, it is and has been a great pleasure.

Will continue till I can't!

Its an attitude thing, half full or half empty. Every situation is temporary as long as your free. Life is fragile and too short to make it miserable. What I try to say to folks is that the $$ are only a part of the equation, and if you have been able to work steady till your 60s' surely you financial condition will be adequate of a decent life. If not can't' blame the job..no?(Baring some physical/catastrophe/ailment).

The hardest job I ever had was punching cows on the family patch, tough but here again I knew it wouldn't be a profession.

I really shouldn't be giving any advice on the subject, not qualified.

:-)
« Last Edit: February 17, 2019, 08:51:19 AM by kirby1923 »

Offline Muzz

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Re: NGC retirement advice wanted
« Reply #85 on: February 15, 2019, 03:31:32 PM »
That's a terrible name, "superannuation".  :tongue:   Sounds like a description for a 110-year-old guy.  :azn:   I like "Social Security" better .... !    Ours is supposed to be a supplement too, but it's surprising how many people have saved Nothing by the time they're 70 ....

Lannis

It's not so bad Lannis.  The Prime Minister of the day when it was set up was quite a polarizing sort of guy, Rob Muldoon. He did some good stuff, he did some stupid stuff.  With the superan I agreed with his idea.  His view was that upon retirement everyone got it, rich or poor, which made it a superannuation.  It was NOT to be a pension, which would be means tested; his view was that people who were prudent with their finances should not be penalised for being so, and people who "pissed it on the porcelain" should not be rewarded for doing so.

Although I started a savings scheme the day I started work I have mostly been in jobs that, although not bringing in vast amounts of money, were not highly paid either.  Consequently, our backup could only be described as "modest.  NZ has a low wage economy, so at the present time many have a hard job putting away that extra required; most going in to just living.

Pleased we own our own house, rents have gone through the roof recently.


Muzz. Cristchurch, New Zealand
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Ya wake up in the morning and it's there

 

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