What's a "good livin" in your area

[D2Cat]

CB, you said, "Sounds like a decent retirement plan when I retired 10 years ago at that time every financial consultant I talked with said you needed at least one million. For our area that is only about 10 years salary seems pretty tight looking at average life expectancy with today's rates."

Ten years ago those financial consultants were thinking, you put the money (the million) in the bank and live on the interest. With those ideas now the interest probably pays your utility bills!!

 

[boondocks]

Around here anything above 85K a year for a family of 3 is not considered "middle class".

Are you saying it is more or less than middle class?

85K a year is a $40 an hour job, pretty rare around here. Even a couple each having a $20 an hour job is not real common.

I took it to mean that 85k for a family (2 working parents) puts you in the upper middle class. That would be true around here as well, though I don't know anyone not driving a new truck AND suv no matter how low their income.

Lots of people in the medical field, and lots of people working at the remaining plants make plenty more than that though, there is starting to be a large divide around here.

There are very few good jobs around here anymore, period. Starting pay at many "good" jobs in our area is 11-12 an hour, if you are lucky enough to have a LOT of pull to get on.

Remington just announced it is closing near me, that is 200 more good jobs down the drain. I can't keep track of all the plants that have closed their doors around here.

Kell, Remington (owned by Cerberus Capital, a/k/a fatcats) has a history of playing off their workers (and states) against each other. In 2014, we lost a bunch of jobs from our Remington plant to Alabama. (Remington was founded here in 1816, and is the lifeblood of the area, even though salaries drift ever lower). Now, we are running 3 shifts while your plant is hurting. They like to keep everyone on edge so no one gets any bright ideas about not giving them tax breaks, or about giving workers' raises, etc. Our workers are on mandatory overtime right now (and many of them glad for it, I'm sure), while down the street their neighbors can't put food on the table. SMH....

 

[boondocks]

One thing we're looking into are the fixed deferred annuities that kick in when you reach a certain age. See https://www.immediateannuities.com/

The problem with the current low interest rates (as others noted above) is that everyone gets scared to actually use up that retirement $ you've saved. So you scrimp in retirement, due to fear of "running out." The benefit of this kind of annuity is that it provides monthly payments that start if you live to be elderly. For example, if I put in $100k today (using the calculator at the website above), I can wait to start receiving payments in, say, 25 years. (I would be mid-70's). (You can pick shorter timeframes too).

Beginning in 25 years, we would receive $1771/ mo for as long as either of us is alive. (You can pick different options in the calculator, but in my scenario, our beneficiaries would get all of the principal back if we croak before it's paid out). This is an interesting idea to me, as my family has some (scattered) longevity genes and I don't want to eat Alpo when I'm 70 because I'm afraid of living to 90! This kind of plan lets you spend down your regular retirement with more peace-of-mind, then kicks in when you are, say, 70, 80, even 90...My one concern is picking a company that is rock-solid and will still be around. (The later you buy-in, the lower the benefits).

 

[Caustic Burno]

One thing we're looking into are the fixed deferred annuities that kick in when you reach a certain age. See https://www.immediateannuities.com/

The problem with the current low interest rates (as others noted above) is that everyone gets scared to actually use up that retirement $ you've saved. So you scrimp in retirement, due to fear of "running out." The benefit of this kind of annuity is that it provides monthly payments that start if you live to be elderly. For example, if I put in $100k today (using the calculator at the website above), I can wait to start receiving payments in, say, 25 years. (I would be mid-70's). (You can pick shorter timeframes too).

Beginning in 25 years, we would receive $1771/ mo for as long as either of us is alive. (You can pick different options in the calculator, but in my scenario, our beneficiaries would get all of the principal back if we croak before it's paid out). This is an interesting idea to me, as my family has some (scattered) longevity genes and I don't want to eat Alpo when I'm 70 because I'm afraid of living to 90! This kind of plan lets you spend down your regular retirement with more peace-of-mind, then kicks in when you are, say, 70, 80, even 90...My one concern is picking a company that is rock-solid and will still be around. (The later you buy-in, the lower the benefits).

I own a couple I consider it the part of a balanced plan of stock, bonds and CD's. Just be sure to read up on your State Guaranty association this is your protection and the amount the annuity is insured for as this varies greatly from state to state.
Example Texas will only cover 250k per company to a max of one million.
So example if you wanted to invest a mil you would have to spread it over
four companies to be insured.

 

[Kell-inKY]

Kell, Remington (owned by Cerberus Capital, a/k/a fatcats) has a history of playing off their workers (and states) against each other. In 2014, we lost a bunch of jobs from our Remington plant to Alabama. (Remington was founded here in 1816, and is the lifeblood of the area, even though salaries drift ever lower). Now, we are running 3 shifts while your plant is hurting. They like to keep everyone on edge so no one gets any bright ideas about not giving them tax breaks, or about giving workers' raises, etc. Our workers are on mandatory overtime right now (and many of them glad for it, I'm sure), while down the street their neighbors can't put food on the table. SMH....

That's exactly what's going on.

Blackmailing the local government for more tax breaks and playing one plants employees against another usually signals the end around here, within a few years they close the plant anyway and move operations to China. Sometimes they even hire the same employees to crate up the equipment to put on the boat.

 

[hurleyjd]

One thing we're looking into are the fixed deferred annuities that kick in when you reach a certain age. See https://www.immediateannuities.com/

The problem with the current low interest rates (as others noted above) is that everyone gets scared to actually use up that retirement $ you've saved. So you scrimp in retirement, due to fear of "running out." The benefit of this kind of annuity is that it provides monthly payments that start if you live to be elderly. For example, if I put in $100k today (using the calculator at the website above), I can wait to start receiving payments in, say, 25 years. (I would be mid-70's). (You can pick shorter timeframes too).

Beginning in 25 years, we would receive $1771/ mo for as long as either of us is alive. (You can pick different options in the calculator, but in my scenario, our beneficiaries would get all of the principal back if we croak before it's paid out). This is an interesting idea to me, as my family has some (scattered) longevity genes and I don't want to eat Alpo when I'm 70 because I'm afraid of living to 90! This kind of plan lets you spend down your regular retirement with more peace-of-mind, then kicks in when you are, say, 70, 80, even 90...My one concern is picking a company that is rock-solid and will still be around. (The later you buy-in, the lower the benefits).

Annuities is what all of the money mangers sell. I have managed to invest in dividend paying stocks that produce $5000 a month and have had some capital growth.

 

[backhoeboogie]

Annuities is what all of the money mangers sell. I have managed to invest in dividend paying stocks that produce $5000 a month and have had some capital growth.

I don't like annuities that lock your money. Forever. Its gone. You cannot get to it in emergencies or anything.

So I do spread things. 3 decades worth of savings and scratching. I was saving at times when I could not afford it, but I did it.

A million won't be enough for some high maintenance people. It will be more than plenty for others. It all depends on your life's situation. Health. Home ownership. Taxes. Maintenance. 10 million won't be enough for some.

If I go thru everything that I can make liquid, I would have the annuities still. But I cannot put it all in annuities. Just can't make myself do that.

 

[Ryder]

Some time back I was asked to go listen to what an annuity salesman had to offer my mother. I knew nothing about annuities.
He made his presentation and really had me sold. At the end she said she would think about it. That is when he came on with high pressure to close the deal right then and there. That is when I got up and walked out.
I talked to others that knew about this business, read some books and found out he was lying through his teeth about some of the so called benefits of annuities.

I'm sure annuities can be a good way to go for some situations. But I am also saying be cautious and learn or get independent advice. Of course that applies to just about anything where money is concerned. Certainly applies to so called stock brokers as well.

 

[TexasBred]

Annuities is what all of the money mangers sell. I have managed to invest in dividend paying stocks that produce $5000 a month and have had some capital growth.

I don't like annuities that lock your money. Forever. Its gone. You cannot get to it in emergencies or anything.

So I do spread things. 3 decades worth of savings and scratching. I was saving at times when I could not afford it, but I did it.

A million won't be enough for some high maintenance people. It will be more than plenty for others. It all depends on your life's situation. Health. Home ownership. Taxes. Maintenance. 10 million won't be enough for some.

If I go thru everything that I can make liquid, I would have the annuities still. But I cannot put it all in annuities. Just can't make myself do that.

I can get to my annuities anytime. Even in a down market it has "guaranteed principal" and withdrawal early will result in some forfeiture of value but it is funds are still available upon request.

 

[TexasBred]

Some time back I was asked to go listen to what an annuity salesman had to offer my mother. I knew nothing about annuities.
He made his presentation and really had me sold. At the end she said she would think about it. That is when he came on with high pressure to close the deal right then and there. That is when I got up and walked out.
I talked to others that knew about this business, read some books and found out he was lying through his teeth about some of the so called benefits of annuities.

I'm sure annuities can be a good way to go for some situations. But I am also saying be cautious and learn or get independent advice. Of course that applies to just about anything where money is concerned. Certainly applies to so called stock brokers as well.

Ryder your right on. Some you definitely want to avoid like the plague.

 

[Cross-7]

When I lived east of Tulsa there were some folks around Kenwood and Rose that lived on barely nothing except what they hunted or fished. They might chop little firewood to sell and do a few labor jobs now and again but they sure didn't need much or have much.
Guess it depends on your lifestyle

 

[herofan]

When I lived east of Tulsa there were some folks around Kenwood and Rose that lived on barely nothing except what they hunted or fished. They might chop little firewood to sell and do a few labor jobs now and again but they sure didn't need much or have much.
Guess it depends on your lifestyle

True. If God lets me live, bar a major catastrophe, I'm retiring at 55 regardless. I estimate I will be able to draw around $2,700 a month in 7 more years, and we can draw as long as we live, and we get a cost of living raise each year. There are a handful of people 100 years old still drawing. That will have to do, because I'm retiring. I won't have a million $ stashed away, but that monthly check will do me.

It will be worth not having the hassle of a public job, not having a boss, not having to worry about anything job-wise.

I've been single now for several years, and I get a lot of time off compared to most jobs, and I have to tell you, It's often the same feeling I had as a teen getting to do what I want when i want. I can't imagine how emancipated I will feel once the job is gone too.

 

[boondocks]

Some time back I was asked to go listen to what an annuity salesman had to offer my mother. I knew nothing about annuities.
He made his presentation and really had me sold. At the end she said she would think about it. That is when he came on with high pressure to close the deal right then and there. That is when I got up and walked out.
I talked to others that knew about this business, read some books and found out he was lying through his teeth about some of the so called benefits of annuities.

I'm sure annuities can be a good way to go for some situations. But I am also saying be cautious and learn or get independent advice. Of course that applies to just about anything where money is concerned. Certainly applies to so called stock brokers as well.

Ryder, there's all different kinds of annuities. Some types are more trust-worthy than others. (Personally, I would never buy any financial product which is sold at a seminar). The specific type of annuity I'm talking about is just taking a small piece of your portfolio and using it to guarantee a specific, later income stream if you become "superannuated" (very elderly). With the ones I was mentioning, you get your principal back at a minimum. That way you can stop living like a miser in early retirement, worried about outliving your funds. With this type, the rate etc doesn't float; it's fixed when you buy-in.