A preview of the U.S. without pensions

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elkhound

elkhound

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While lost pensions or the inability to recover from a job change can be a serious challenge, this is what I took note of in that article:

Those affected are buried by debts incurred for credit cards, used cars, health care and sometimes, the college educations of their children.
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Sounds like those same people are spending lots of money they don't have and digging themselves a nice hole in the process, but blaming it on the pension issue. Or perhaps the journalist is, which makes sense since it is MSN (which is very pro socialism and globalization).

I am expecting a pension, my wife is expecting a lucrative 401K + profit sharing, we are hoping for social security but not counting on it. But even if all three fall through, we have savings to fall back on. We won't be living a lavish life if that happens but we would be able to keep the gas flowing, lights on and food on the table.
 
Medical bills nearly wiped us off the map. Unemployment during the financial crash didn't help either.
 
This is why we've been working hard to get rid of all our debt. We just paid off a small loan( had $400 to go so we just paid it off yesterday) and have one more to go. But with paying off the one we just did we can take that money and put it towards the last one. Then we'll be completely out of debt.
 
I can tell stories about people for a long time, people who have never thought ahead and never made any financial plans for retirement. I know people who took every cent of retirement money they ever got and traveled the world. I would not want to be 70 years old with no retirement. Someone I know turns 65 next year and has not saved any money. He would like to retire, but between drinking and gambling, what comes in, goes right back out.

I know there are people who thought they had retirement programs set, but didn't due to the company not being able to provide what they agreed to. I know that some union contracts forced higher and higher expenses for companies, until the companies could no long stay in business.

The part of retirement programs that concerns me the most is that they are tired into the stock market. A BIG crash and many more people will be living on the streets.
 
There are no retirement programs anymore. All your hard earned retirement is invested in smoke and mirrors unless youve self managed your retirement funds and put them in something solid. Government retirement is 1's and 0's created out of thin air. A few might make it but I fear that most will wake up to pilferred accounts worth much less than they thought. Sucks but I wouldnt count on anything but a bird in the hand. I dont say any of this to be snarky. I think its extremely sad and I hope I am completely wrong. I fear I am not however. Its criminal what we have done to our monetary system.
 
WVDragonlady said:
This is why we've been working hard to get rid of all our debt. We just paid off a small loan( had $400 to go so we just paid it off yesterday) and have one more to go. But with paying off the one we just did we can take that money and put it towards the last one. Then we'll be completely out of debt.
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The only debt we have left is our home and we should have that paid off within 5-6 years. We could pay it off today but out investments (especially since January 2017) are making more money than we are paying in interest on our mortgage. A nice problem to have.

If something does go wrong and we lose our pensions, it will be nice to know we own our home, we own our vehicles, we have no real debts and we have a room full of long term food stores and other supplies.
 
Sentry18 said:
While lost pensions or the inability to recover from a job change can be a serious challenge, this is what I took note of in that article:



Sounds like those same people are spending lots of money they don't have and digging themselves a nice hole in the process, but blaming it on the pension issue. Or perhaps the journalist is, which makes sense since it is MSN (which is very pro socialism and globalization).

I am expecting a pension, my wife is expecting a lucrative 401K + profit sharing, we are hoping for social security but not counting on it. But even if all three fall through, we have savings to fall back on. We won't be living a lavish life if that happens but we would be able to keep the gas flowing, lights on and food on the table.
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the thing hits me is these folks were in 20plus range of years of service of the required 30 years for full benefits.so instead of $1500/month they are getting $300/month..one guy had 29 years in....thats a hard pill to swallow right there. i know a guy put in his 30 years only to get nothing at all.the son of former owner bankrupt the company and not only that he had over $100,000 in 401k that somehow the owner got access to and spent everyone money through some shuck and jive deal.theres more madoffs types out there than many realize....

i agree with yall on spending more than whats coming in but on $300 a month a person is going to need to be super frugal for sure.

i couldnt imagine going into retirement being in any kind of debt...

like my grandaddy said if it aint in ya hand you dont have/own it. lots of fake promises being made last 50years or so or maybe promises than once were kept but no longer can be or will be. remember enron,HP,madoff and oh so many more....i am in on the gamble like most are .

people are going to have to accept retirement is not driving up ad down road in a $300,000 motor home traveling but will be staying home more and keeping a roof over your head till death takes us.

food,water,shelter..rinse and repeat daily..these come first be it low end or on higher end if ya can afford it.but i know yall know that......
 
CrackbottomLouis said:
I also have no debt but a mortgage. Certainly gonna keep it that way.
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i buckled down real hard and got out of all debt(mortgage too).....been free since 2007.
 
ways to survive if this was me/you...

just say no when people say or suggest something...whats wrong with saying i cant afford it or no i wont spend that for i dont want/need it in my life.

buy in bulk....cooking at home from scratch. i.e. 1 cup of flour you can fix several flour tortillas or flatbreads.i saw a flatbread other day in store$3...heck no i aint buying it.

free range a few laying hens...breakfast base is covered for pennies.
 
CrackbottomLouis said:
There are no retirement programs anymore. All your hard earned retirement is invested in smoke and mirrors unless youve self managed your retirement funds and put them in something solid. Government retirement is 1's and 0's created out of thin air. A few might make it but I fear that most will wake up to pilferred accounts worth much less than they thought. Sucks but I wouldnt count on anything but a bird in the hand. I dont say any of this to be snarky. I think its extremely sad and I hope I am completely wrong. I fear I am not however. Its criminal what we have done to our monetary system.
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double amen from me !!
 
CrackbottomLouis said:
There are no retirement programs anymore. All your hard earned retirement is invested in smoke and mirrors unless youve self managed your retirement funds and put them in something solid. Government retirement is 1's and 0's created out of thin air. A few might make it but I fear that most will wake up to pilferred accounts worth much less than they thought. Sucks but I wouldnt count on anything but a bird in the hand. I dont say any of this to be snarky. I think its extremely sad and I hope I am completely wrong. I fear I am not however. Its criminal what we have done to our monetary system.
Click to expand...
I agree with Crackbottom! Only debt we have is 5 years on the mortgage. Can't wait!
 
We got "lucky". No pension, we had a "profit sharing trust" and 401K plans. For years the in-laws asked when we were going to "move up", get a bigger house, get better cars, etc. Now that we are all retired, they are looking to downsize to something affordable and change their lifestyle, we are snug in our "starter house" with no debts and happily living within our means.
 
I have most of my debit paid off, putting money in health saving plan for retirement, in a few years.
Looking at selling the house & building in the country, one of my children will get the new house when I am gone.
I hope to stay busy with a shop, root cellar, green house & nursery to sale a few plant & vegetables.
Maybe some wood work projects, simple stuff, no epic stuff, just keeping my mind & hands busy.
 
Hind site is always 20-20 for most of us. Much of the things we spent on and didn't use or never finished or just very costly [ camper] foolish buying takes alot of money from many of us.

We have several unfinished projects here now that may never be done.
 
Amish Heart said:
I didn't care for that article. It said that people can't be responsible for planning and saving for retirement. It was pro union.
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True but a contract is a contract and it should be honored. What happened to retirement packages was imports and exports, not so much unions which over time got as bad as the corporations.
I don't think that a lobby supported special interest group should make it possible for a janitor in a college campus to make over 6 figures either but it does. for the janitor to make more than the some of the graduates is sickening,imo.
 
All the ones who don't have a problem with the robbing of the funds in SSI would pitch a fit if their insurance company didn't pay for a wreck or home damaged. Yet most of us older Americans paid all adult life into an insurance that is now threatening to take it away.
I know it wasn't meant to support us but it was mandatory taken from our pay and it should be left the hell alone by those thieves in office who don't pay a dime for the best medical on earth or huge retirement pensions, yet spend what we paid then tell us to suck it up, well to heck with that.

Makes you mad but not a thing we can do about any of it.
 
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Weedygarden said:
Is there a reason that one gets it?
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I have two children, one use all the thing I do,wood work,green house,nursery & he wants kids.

The other is a city girl, she wants her 4.98 acres, but no kids, with a country house for cook out & weekend, but love being close to work in town/city.
I will leave her some money, if there is any left after we are gone, but the barn & shop, garden would be a wasted on her.
 
joel said:
I have two children, one use all the thing I do,wood work,green house,nursery & he wants kids.

The other is a city girl, she wants her 4.98 acres, but no kids, with a country house for cook out & weekend, but love being close to work in town/city.
I will leave her some money, if there is any left after we are gone, but the barn & shop, garden would be a wasted on her.
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Only one of mine would stay here a week once we are gone but her hubby is like the other 2 city slickers, so guess they will sell it and split the money. If one would stay that is who would get all of it. With a promise to always have a home for the other 2 if they needed it but they are all close so that isn't a problem.
 
Meerkat said:
All the ones who don't have a problem with the robbing of the funds in SSI would pitch a fit if their insurance company didn't pay for a wreck or home damaged. Yet most of us older Americans paid all adult life into an insurance that is now threatening to take it away.
I know it wasn't meant to support us but it was mandatory taken from our pay and it should be left the hell alone by those thieves in office who don't pay a dime for the best medical on earth or huge retirement pensions, yet spend what we paid then tell us to suck it up, well to heck with that.

Makes you mad but not a thing we can do about any of it.
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Funny how that simple fix to social security never gets mentioned. Quit allowing the government to use the social security money as their private slush fund! If a business started spending retirement funds on whatever they liked instead of holding it in trust responsibly for the people that own it people would go to jail. As Mel Brooks said, "it's good to be the king!"
 
Reading back through this reminded me of something my Dad used to say "Keeping up with the Jones's is one thing, but what if it turns out the Jones's are idiots?" I was also raised to believe that if a business creates a system for how much you should spend (3 months salary for an engagement ring, housing costs should 25% of your income, etc.) ignore it because all they are trying to do is part a fool and his money.
 
Terri9630 said:
If my husband ever spent 3 months salary on jewelry I'd knock him in the head with a hammer. I can find much better more practical uses for that money.
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My wife is very practical and frugal, but I spent nearly 3 months salary on her engagement ring and wedding ring set. Her complaints about how much she assumed I spent were pretty weak. Like "Oh you shouldn't have, you spent too much" while letting it sparkle on her finger in the sunlight as she grinned from ear to ear.

Of course that WAS pretty much the last financial decision I made.
hmmm.gif
 
Sentry18 said:
My wife is very practical and frugal, but I spent nearly 3 months salary on her engagement ring and wedding ring set. Her complaints about how much she assumed I spent were pretty weak. Like "Oh you shouldn't have, you spent too much" while letting it sparkle on her finger in the sunlight as she grinned from ear to ear.

Of course that WAS pretty much the last financial decision I made. View attachment 1553
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:D
 
Terri9630 said:
If my husband ever spent 3 months salary on jewelry I'd knock him in the head with a hammer. I can find much better more practical uses for that money.
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Well you could give me the money lol

Sentry18 said:
My wife is very practical and frugal, but I spent nearly 3 months salary on her engagement ring and wedding ring set. Her complaints about how much she assumed I spent were pretty weak. Like "Oh you shouldn't have, you spent too much" while letting it sparkle on her finger in the sunlight as she grinned from ear to ear.

Of course that WAS pretty much the last financial decision I made. View attachment 1553
Click to expand...

Awwww Muffin. you did it to yourself lol :D
 
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