Save for retirement

[Gate Opener]

We hear this all the time. I see the effects of not saving all too often.

Know of a person who cannot make it without their children sending them money. Found out that in their younger years they had new cars, boats, nice vacations etc. In other words they were blowing and going. Person also gets help from social type programs. I see that this is not right in many ways.

Came across an elderly man who needs an operation. I told him that he should go ahead and get it that I heard it works. He said his problem was that he could not afford the down time. This guy cannot be making more than minimum wage. I made the comment to my husband that this was sad. He said that he thinks that our generation will be even worse when it comes to retirement because so few people are saving. I said well what are people going to do that hurt and need an operation? He said what did they do in the olden days? I said they hurt and did without. He said exactly.

I realize that some people are living paycheck to paycheck and are squeezing every penny but others are living like there is no tomorrow.

 

[I luv herfrds]

It's a gotta have it now mind set. Think this generation is bad look at the one my 10 yo is in.
It is no longer, we can wait for that, it is charge it and get it or go to the bank and get a loan.
We have plans for the future, we also have savings for our retirement.
We need a new corral, but is planned for a few years from now, a new equipment shop but, after the house is built.

Nobody budgets for anything any more.

Medical expenses are the worst.

Since we only get a paycheck when we sell our calf crop or grain crop we do live paycheck to paycheck.

 

[jkwilson]

We had a neighbor about a mile or so away. He was a trader in equipment, cows, sheep etc., etc. and a heck of a welder. Most of his income over the years was off the books. He lived fairly comfortably, drove new vehicles, paid very little in taxes. Then he got cancer. Went through every dime he had. Since he never reported any income, Social Security was almost non-existent. He died and left his wife with just about nothing but bills and 6 acres of the original 230 acre farm. Any planning at all and she'd have some SS and the rent from 200+ acres of cropland. Now she gets by on $400 a month and help from their son. Truly sad to see somebody who worked very hard all of their life, and is a really good person, in that situation.

 

[backhoeboogie]

Everyone has a story.

I was laughing at a guy today that said he was "broke". Right. He has a couple million in investments and CDs, but no cash in his pocket.

I have never had a 40 hour work week and that's it. I have always hustled on the side. There is nothing wrong with wanting things for your family and getting those things. You just need a plan and work for things. You also need an investment plan.

 

[bigbull338]

saving for your golden years can be both good an bad.now im not saying go out and drive new cars an boats.an ruin your credit in the process.im saying go out an work for what you got.alot of people that cant make it on their SS checks didnt pay in that much.because they spent their lives farming.i know a man thats a millionair.his house is oler than the hills.he drives a 40yr old pickup.all by choice because he dont want to spend any money.now his wife is real sick.she may end up going to the nursing home.an when that happens he will be paying $4500 a month to the nursing home.

 

[Lammie]

saving for your golden years can be both good an bad.now im not saying go out and drive new cars an boats.an ruin your credit in the process.im saying go out an work for what you got.alot of people that cant make it on their SS checks didnt pay in that much.because they spent their lives farming.i know a man thats a millionair.his house is oler than the hills.he drives a 40yr old pickup.all by choice because he dont want to spend any money.now his wife is real sick.she may end up going to the nursing home.an when that happens he will be paying $4500 a month to the nursing home.

It is a shame. My mom and dad are living on about 1400 a month in social security. They have no debt at all, so they manage. But when their TV got fried in a storm, we stepped in and got them another one cause they were worried about money. My dad was self employed for most of his working life, and they went through their savings pretty quickly. When he was younger, Dad could always hussle up something for money, little side jobs painting or something. Now he's too old. Their insurance is what eats up most of their money. I am trying to get them on Medicaid.

I feel obligated to help, not only because they are my folks, but because they put me through college, and I was the only one of the four of us that got to go to a four year university. Everyone else went to trade or nursing school. If I had it to do over again, I would have gone to trade school. I could have retired by now if I were a nurse. My college degree has opened up a few doors, but I could have done better in a trade. My step-daughter is a professional student. I am glad my son has made the choice to become a mortician. He'll never go wrong with that.

 

[CUZ]

Several years ago, before all of this HIPPA? stuff, Dad was going to have an outpatient procedure. I was sitting with him in the prep area when I overheard a Doctor talking to another guy (those curtains aren't very soundproof). The DR said "X procedure would be the best, but since you can't afford to pay for the therapy we're going to go with Y procedure. You won't be able to bend the knee as well but you'll be able to get around." Made me kinda sad for whoever it was.

 

[mnmtranching]

Why would you want to save for retirement when you can buy a load of hay. Or should I say how can you save when you got to buy hay.

 

[Susie David]

I trust our government and will rely on social security to take care of me in my old age....

Our government doesn't lie....ask an Indian!

I've got the best retirement plan going....
I married a successfull younger woman.

Dave Mc

 

[Gate Opener]

Dave I think you have it figured out.

Do you all think that when all the people who didn't save start needing things that the ones who did save will end up having to pay for it? You know through taxes or some sort of government program. Welfare retirement maybe?

 

[mitch2]

Do you all think that when all the people who didn't save start needing things that the ones who did save will end up having to pay for it? You know through taxes or some sort of government program. Welfare retirement maybe?

Isn't that what we do now? :roll:

There are more people that I know that money burns a hole in their pocket than people who think about their future.

Some wise old granny I know likes to say...

"It doesn't matter how much you make....what matters is how much you save"

Or...

"It doesn't matter how much you save... what matters is how much stays"

She lived through the depression and is very outspoken and will never fail to tell someone they are an idiot for foolish spending...

For some reason the only people who think her wise are the ones who don't run around with their pockets on fire.

Michele

 

[vs_cattle]

My generation wont have SSI it will be out of funds due to alot of reasons so thats another thing I have to have in the back of my head

 

[Tegerian]

SS is pretty much always out of funds, they have the money to pay out to current recipients, but all surplus cash is "loaned" to the general "budget" fund, so all you have is essentially a big box of IOU's.

Edit: Should have said General Budget Fund instead of General Tax Fund.

 

[backhoeboogie]

SS is pretty much always out of funds, they have the money to pay out to current recipients, but all surplus cash is "loaned" to the general tax fund, so all you have is essentially a big box of IOU's.

The government spends it every year.

Nuke plants have been paying over $10 million a year, per unit, for a repository. That has gone on for over 40 years. Hillary asked, "Where's the money going to come from?" to build a repository. Where has it gone?? Social Security is the same way. If there were a $100 Billion surplus, it would be gone by the end of the year.

 

[mnmtranching]

Gosh I sure hope no one is depending on SS to get them through old age. :help:

 

[hurleyjd]

saving for your golden years can be both good an bad.now im not saying go out and drive new cars an boats.an ruin your credit in the process.im saying go out an work for what you got.alot of people that cant make it on their SS checks didnt pay in that much.because they spent their lives farming.i know a man thats a millionair.his house is oler than the hills.he drives a 40yr old pickup.all by choice because he dont want to spend any money.now his wife is real sick.she may end up going to the nursing home.an when that happens he will be paying $4500 a month to the nursing home.

It is a shame. My mom and dad are living on about 1400 a month in social security. They have no debt at all, so they manage. But when their TV got fried in a storm, we stepped in and got them another one cause they were worried about money. My dad was self employed for most of his working life, and they went through their savings pretty quickly. When he was younger, Dad could always hussle up something for money, little side jobs painting or something. Now he's too old. Their insurance is what eats up most of their money. I am trying to get them on Medicaid.

I feel obligated to help, not only because they are my folks, but because they put me through college, and I was the only one of the four of us that got to go to a four year university. Everyone else went to trade or nursing school. If I had it to do over again, I would have gone to trade school. I could have retired by now if I were a nurse. My college degree has opened up a few doors, but I could have done better in a trade. My step-daughter is a professional student. I am glad my son has made the choice to become a mortician. He'll never go wrong with that.

Their home owners insurance should have taken care of the TV

 

[I luv herfrds]

When my mother in law got sick we talked with her about a nursing home. They wanted $3500 a month, even with her savings it would have put a huge strain on the place. When we talked to the lady in charge she told us to just go get a loan to pay for the nursing home. Hubby about had a stroke.
She passed away at home with her family holding her hands and by her side. Even though it was hard we do not regret having her here with us, but we agreed that if we had to we would do it again.
I would never put a family member in a nursing home. She had been in a couple on Dr.'s order for other problems and the stuff I saw about turned my hair white. One of them I would love to see closed down.

 

[GMN]

We had a neighbor about a mile or so away. He was a trader in equipment, cows, sheep etc., etc. and a heck of a welder. Most of his income over the years was off the books. He lived fairly comfortably, drove new vehicles, paid very little in taxes. Then he got cancer. Went through every dime he had. Since he never reported any income, Social Security was almost non-existent. He died and left his wife with just about nothing but bills and 6 acres of the original 230 acre farm. Any planning at all and she'd have some SS and the rent from 200+ acres of cropland. Now she gets by on $400 a month and help from their son. Truly sad to see somebody who worked very hard all of their life, and is a really good person, in that situation.

The world is a very different place as far as health insurance goes than 5 years ago. Its not hard for me to imagine alot of people not having money set aside for medical bills, considering everything is so high now, the cost of living, fuel, interest rates, etc... Medical premiums alone are outrageous, just for a major medical plan. Employers can not afford to pay the same way they use to for thier employees, and once you have been diagnosed with a cancer, or any major health issue, they drop you like a rock, or raise your premiums so high that you can't afford them, and you drop it.

Even if you plan and save for your future, doesn't mean that something isn't gonna come along, totally unexpected and leave you destitute.

GMN

 

[Gate Opener]

That was a noble thing ya'll did I luv. I think that if we are able we should take care of our parents. I know sometimes they have to go to a nursing home.

Lammie I bet that made you feel good buying your parents that TV. I like to get things for my parents especially if they don't have any idea about it. Making them feel good makes me feel good.

Mitch that granny is smart.

GMN I don't know the answer, I suppose we just all need to do the best we can and as the Good Lord says don't worry about tomorrow. He is in control.

I guess I should not pinpoint (judge) anyone like I did in my first post since I don't know all of what has taken place in their lives. And I think the kids are doing the right thing by helping.

 

[newrancher]

It is so sad to see, but time and time again it happens.Saw it with my parents, my grandparents,and now watching my inlaws. Good hardworking people who just want to live comfortably not extravagantly in their retirement years, buy a place, save a nest egg, work their benice off. Then get sick and medical expenses take everything they worked for away. We pay more taxes in this country and get less for our money than any other nation, Before anybody fires back about socialized medicine, I wouldnt put the govt in charge of wiping my donkey. I dont know what the solution is. ya just gotta have faith