How are you living with consequences of not planning for future?

Yeah, that would eat up my retirement savings. I heard that you pay more in taxes to pay for your medical. But still $9000 is alot, and that's for one calendar year. Luckly I don't have any chronic diseases I try to stay healthy and avoid going to the doctors. It's a $35.00 co-payment Everytime I go. They want me to be destitute before they will pay for it.
If I have to be paying $9000, that will be sooner than later
 

Quick update. Homes in our chosen backwater aren't really cheap enough to make sense, and our friends all think we are nuts for even thinking about such a move. Of course, they have no idea how dire our straights are. I spent the evening looking at job postings, to be prepared for my eventual lay off. I'd pray for death if I believed anyone was listening. All I can do is keep sharing my story and hope someone on the next bar stool will teach me a trade. Onward and downward!
 
Mr X said:
Quick update. Homes in our chosen backwater aren't really cheap enough to make sense, and our friends all think we are nuts for even thinking about such a move. Of course, they have no idea how dire our straights are. I spent the evening looking at job postings, to be prepared for my eventual lay off. I'd pray for death if I believed anyone was listening. All I can do is keep sharing my story and hope someone on the next bar stool will teach me a trade. Onward and downward!
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I hope that was a joke and you are not really drowning your sorrows at a bar.

My EX-husband did that. Whenever there was an emergency, financial or otherwise,
his "solution" was always the same... go to the nearest bar and get drunk.

.
 

No, I wasn't at the bar when I posted, but it was no joke. For 20 years I've gone to a wonderful pub where I may eventually find someone who holds the key to my salvation.
 
I could have written your same post, but then discovered the person that held the key to my salvation was as close as the nearest mirror.
If you can, do what I did, and get that person to make a list of all the things that put them to where they are in dire straights, have them make another list of positive things to address every negative thing on the first list.

Then get them to act on the second list- when they're not in a bar. Don't get me wrong...I like (hehehe) drinking, but only after the the requirements of each day are completed successfully.

Good luck!!!
 
NewRetire18 said:
I could have written your same post, but then discovered the person that held the key to my salvation was as close as the nearest mirror.
If you can, do what I did, and get that person to make a list of all the things that put them to where they are in dire straights, have them make another list of positive things to address every negative thing on the first list.

Then get them to act on the second list- when they're not in a bar. Don't get me wrong...I like (hehehe) drinking, but only after the the requirements of each day are completed successfully.

Good luck!!!
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Great reply NewRetire18 !
 
ancient mariner said:
Is this a joke? Retirement and growing old isn't for sissies!!!
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Man, you’ve definitely got THAT right, however wife and I sure aren’t pointing our finger at anyone. We’ve made some mistakes, including using some savings to move here. Should have stayed in Colorado!
 
Dave Ramsey has written several books about getting out of debt, and getting by on less. Lots of tough love there, but I think that's what you need. Surely you have paid into social security, so there is that. Start saving now. Work until at least 65. Medicare and SS kick in at 65, but supplemental insurance is several hundred a month. I am thankful we are not in your position. Good luck.
 
CarolfromTX said:
Dave Ramsey has written several books about getting out of debt, and getting by on less. Lots of tough love there, but I think that's what you need. Surely you have paid into social security, so there is that. Start saving now. Work until at least 65. Medicare and SS kick in at 65, but supplemental insurance is several hundred a month. I am thankful we are not in your position. Good luck.
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If a person chooses to do so, they can get SS Early Retirement at 62. However, there are restrictions to SS Early Retirement. Medicare can start at 65.
Due to much difficulty finding a descent paying job, I started my SS at 62. My UI had run out, so wife and I decided SS Early Retirement was best for me and us.

She’s the lucky one though, she has a nice paying job, plus gets her full SS as well. Once we move, her “good paying job” will be gone.
 
Falcon said:
There's always welfare & food stamps to keep you alive.
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Actually, in most states there are strict time limits on receiving such benefits. And with the new push to expand "work requirements" for food stamps, Medicare, and welfare, no one should assume they can rely on such programs.

I find it interesting to watch the GOP push for block grants. These, too, will reduce eligibility for state programs. There was a good reason why the Feds started block grants, then eventually dropped them and went to the 50/50 matching funds procedure.

As they say, history has but one page.....

Best of luck to the OP.
 
ClassicRockr said:
If a person chooses to do so, they can get SS Early Retirement at 62. However, there are restrictions to SS Early Retirement. Medicare can start at 65.
Due to much difficulty finding a descent paying job, I started my SS at 62. My UI had run out, so wife and I decided SS Early Retirement was best for me and us.

She’s the lucky one though, she has a nice paying job, plus gets her full SS as well. Once we move, her “good paying job” will be gone.
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Taking SS at 62 is wrong- you get 8% more every year you wait, plus if you dedicate saving as much as possible for those extra years you will have a double whammy for you cash.
 
fmdog44 said:
Taking SS at 62 is wrong- you get 8% more every year you wait, plus if you dedicate saving as much as possible for those extra years you will have a double whammy for you cash.
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Actually, it doesn't make much difference....it all depends upon how long a person lives. The average life expectancy in the U.S. is slightly over 79...77 for males, and almost 82 for females. Taking SS at 62 gives a person a nice income boost for 8 years more than waiting until age 70, albeit at a lower rate...and the average total payout is pretty much equal. Plus, when a person is in their 60's, they are more likely able to enjoy some of that money, rather than spending much of it on doctors and drugs when they are in their 70's. There is No "one size fits all".
 
I agree, no one size fits all!

I took SS at 62 because my life expectancy is not that great and it allowed me to leave IRA investments to grow at a higher tax-free rate until my RMDs kick in.

IMO the more financial options that you have the more sense it can make to take SS at 62.

If SS is going to be your major source of income in retirement and you are in good health it can pay big dividends to wait until 65 or even 70 before drawing SS.

We each need to run the numbers and decide what works best for our own situation.
 
Mr. T.....I'm late to the party, as usual, but hopefully you're situation has changed for the better.

This was our retirement situation back in 2001. My dear hubby had a tough, physical job his whole life and by age 61, he was worn out. We sold our house and everything we owned and bought a 5th-wheel and truck, which we had payments on. We bummed around the country for 3 1/2 years and lived in our 5th-wheel. We eventually bought a house in TX and settled down for a few years and I went back to work. Fast forward to 2014 when we moved to AZ for a drier climate. We got rid of a ton of "stuff" that was not necessary and it felt so good to do so. The house we bought was a huge 4 bedroom, 5 bath on 1/2 acre with a swimming pool. It was not the house I wanted. It cost way too much even though we had no problems with affording it and keeping it up. Thank goodness for hubby's pension and both our SS. After 3 years, we wondered why we were spending so much money on such a big house for just the 2 of us. We sold it last summer and downsized quite a bit and we love our cozy house that we're a lot happier in. We're able to save quite a bit on money every month and we've been able to do several upgrades to the house.

The thing is..."stuff" is not important. It becomes baggage over time and feels like an anchor. Get rid of it. Downsize in every way you can. Believe me, you'll be much happier and you'll wonder why you didn't do it sooner.
 
Colleen said:
Mr. T.....I'm late to the party, as usual, but hopefully you're situation has changed for the better.

This was our retirement situation back in 2001. My dear hubby had a tough, physical job his whole life and by age 61, he was worn out. We sold our house and everything we owned and bought a 5th-wheel and truck, which we had payments on. We bummed around the country for 3 1/2 years and lived in our 5th-wheel. We eventually bought a house in TX and settled down for a few years and I went back to work. Fast forward to 2014 when we moved to AZ for a drier climate. We got rid of a ton of "stuff" that was not necessary and it felt so good to do so. The house we bought was a huge 4 bedroom, 5 bath on 1/2 acre with a swimming pool. It was not the house I wanted. It cost way too much even though we had no problems with affording it and keeping it up. Thank goodness for hubby's pension and both our SS. After 3 years, we wondered why we were spending so much money on such a big house for just the 2 of us. We sold it last summer and downsized quite a bit and we love our cozy house that we're a lot happier in. We're able to save quite a bit on money every month and we've been able to do several upgrades to the house.

The thing is..."stuff" is not important. It becomes baggage over time and feels like an anchor. Get rid of it. Downsize in every way you can. Believe me, you'll be much happier and you'll wonder why you didn't do it sooner.
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If one wanted to move to a drier climate than humid Houston or Dallas...
one might consider west Texas [Odessa, Midland, El Paso, etc] where
the cost of living is cheaper and one can still take advantage of Texas'
no state income tax.

.
 
We lived in Victoria and it was pretty humid and we couldn't enjoy the outdoors much and the mosquitoes were the size of chickens...haha...everything's bigger in TX, right? :) It's definitely cheaper to live there, I agree. Arizona has become expensive and we have to pay taxes on hubby's pension! I would go back to TX but hubby doesn't want to for health reasons.
 
Kitties said:
The ones who need the cautionary tale on not on this forum. Yes many have made mistakes. I've seen a couple of less than kind posts in this thread.
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Alas, the truth is often less than kind, and can even be brutal. As I read through the thread, I became less and less sympathetic
toward the OP, who, by his own admission, made good money all his life, yet failed to save or invest a nickel. He drove BMW's and ate out every night. And to top it off, he showed nothing but contempt for "the divided states of America" and people who did not vote the way he thought they should have, and was dreading the thought of possibly having to live among what he clearly considers to be inferiors. It's one thing to make a few mistakes, as we all do. It's another to make them over and over again, without learning. Perhaps, as you say, the people on this forum don't need a cautionary tale, but maybe they know someone younger who does.
 
CarolfromTX said:
Alas, the truth is often less than kind, and can even be brutal. As I read through the thread, I became less and less sympathetic
toward the OP, who, by his own admission, made good money all his life, yet failed to save or invest a nickel. He drove BMW's and ate out every night. And to top it off, he showed nothing but contempt for "the divided states of America" and people who did not vote the way he thought they should have, and was dreading the thought of possibly having to live among what he clearly considers to be inferiors. It's one thing to make a few mistakes, as we all do. It's another to make them over and over again, without learning. Perhaps, as you say, the people on this forum don't need a cautionary tale, but maybe they know someone younger who does.
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The younger generations after the Baby Boomers are more in debt than any other generations in history. This type of free wheelin behavior is much more prominent among younger folks these days and is getting worse.
 
CarolfromTX said:
Alas, the truth is often less than kind, and can even be brutal. As I read through the thread, I became less and less sympathetic
toward the OP, who, by his own admission, made good money all his life, yet failed to save or invest a nickel. He drove BMW's and ate out every night. And to top it off, he showed nothing but contempt for "the divided states of America" and people who did not vote the way he thought they should have, and was dreading the thought of possibly having to live among what he clearly considers to be inferiors. It's one thing to make a few mistakes, as we all do. It's another to make them over and over again, without learning. Perhaps, as you say, the people on this forum don't need a cautionary tale, but maybe they know someone younger who does.
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Well said! We've all made mistakes in life and our neglect to learn to be financially responsible when you have the means to do so is one thing but, in my case, I never had any money to "put aside" for the future. I had an ex husband that spent every nickel we made on his own selfish needs even though we also had good paying jobs. It wasn't until I remarried in 1997 (I was 51) that I was able to start socking money away. How quickly the years go by and the younger generation will need over a million dollars to live on in their retirement years, according to recent reports. I thought I'd be young forever and would continue to work and make more money but when my husband retired in 2001, we learned quickly that his pension didn't go very far. How do you get this message through to the younger generation that they will be in a world of hurt if they haven't prepared. I don't think parents talk to their kids about money...and they should. I wish my parents would have sat me down and explained how the world works :( We're not hurting at this stage in our lives but we could have done way better.
 

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