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You cannot have ANY DEBT when you retire!! No mortgage, no car / bike payments / "ZERO" credit card debt, no loans, NOTHING!!!!
QUOTE: My 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!!
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.
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, $9000 to eat, and the rest for incidentals. And Fay only worked for 6 years....
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
You must have a large income.
Down here on the backside of the planet we have a universal superannuation which kicks in aged 65.
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.
Famous QUOTE: "Nobody on their deathbed ever said: I wish I spent more time at the office..."
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? 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
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."
That's a terrible name, "superannuation". Sounds like a description for a 110-year-old guy. 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