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Old 04-12-2019, 08:48 AM   #1
Radar
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Default Retired too early

One of my long time customers retired in February, he could not wait to get out of the workforce. At 63 he retired and went home.

I seen him yesterday at his old workplace, he told me he was trying to get his job back. I about fell over when he said that. He hated that place so bad and wanted out, I heard that for 15 years from him.

He said he can't afford the Cobra insurance as it was 600.00 per month plus he bought a new F150 and the payment on that was 600.00 per month and that left him 200.00 a month for everything else. He said they will hire him back but he has to pay Social Security back for the two months he drawed it. I wont be critical on him or his decisions, I needed to see and hear this as a learning experience.

I don't want to be the guy that lingers on in the workforce till I am too gimped up to enjoy retirement and end up dying on the couch at home. My grandpa and my dad always told me "Dont work your life away son, it aint worth it". Reckon I can see what they are a saying, I never truly understood it till now. Plan out your retirement.
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Old 04-12-2019, 08:51 AM   #2
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Walmart is full of door greeters that thought they hated their job and wanted to retire.
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Old 04-12-2019, 08:52 AM   #3
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Dang that's tough. Sounds like he didnt think the whole vehicle thing through though. I would hate to have to finance a vehicle still at 63.
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Old 04-12-2019, 08:53 AM   #4
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Walmart is full of door greeters that thought they hated their job and wanted to retire.
LMAO YEP!

Why I am so adamant about saving money. 62-64 is my goal
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Old 04-12-2019, 08:54 AM   #5
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Originally Posted by AntlerCollector View Post
Walmart is full of door greeters that thought they hated their job and wanted to retire.
There is a lot of truth in that statement.

I understand why some retirees are still working, they have to raise their grandchildren or they are overwhelmed with medical bills. Guess you never know.
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Old 04-12-2019, 08:59 AM   #6
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My philosophy always was...You can live on less money, but you cannot live on less life. If you had a billion dollars you could not buy another minute.
Do you work to live? Or live to work?
Life is short.
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Old 04-12-2019, 09:03 AM   #7
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Originally Posted by Radar View Post
One of my long time customers retired in February, he could not wait to get out of the workforce. At 63 he retired and went home.

I seen him yesterday at his old workplace, he told me he was trying to get his job back. I about fell over when he said that. He hated that place so bad and wanted out, I heard that for 15 years from him.

He said he can't afford the Cobra insurance as it was 600.00 per month plus he bought a new F150 and the payment on that was 600.00 per month and that left him 200.00 a month for everything else. He said they will hire him back but he has to pay Social Security back for the two months he drawed it. I wont be critical on him or his decisions, I needed to see and hear this as a learning experience.

I don't want to be the guy that lingers on in the workforce till I am too gimped up to enjoy retirement and end up dying on the couch at home. My grandpa and my dad always told me "Dont work your life away son, it aint worth it". Reckon I can see what they are a saying, I never truly understood it till now. Plan out your retirement.
He tried to retire on a $1400 a month budget?
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Old 04-12-2019, 09:03 AM   #8
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He tried to retire on a $1400 a month budget?
Right? And bought a new truck?
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Old 04-12-2019, 09:06 AM   #9
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He tried to retire on a $1400 a month budget?
Yep, his wife draws 1200.00 a month.
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Old 04-12-2019, 09:07 AM   #10
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Sounds to me he retired before he could afford to.

Did he not have any other type of retirement than SS?
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Old 04-12-2019, 09:09 AM   #11
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Originally Posted by solocam_aggie View Post
Dang that's tough. Sounds like he didnt think the whole vehicle thing through though. I would hate to have to finance a vehicle still at 63.
Agree... Sounds like he wanted out and didn't have all his ducks in a row. $1400/month isn't much to live off of. Yes it can be done but dang why finance a truck with it. He needs to sell the truck and enjoy life. Way more important things to spend the $600 a month on.
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Old 04-12-2019, 09:09 AM   #12
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My wife needs to read this, she is getting close to her retirement after 25 years at USAA and is antsy To leave the work force, our health care is through her employer and cobra is going to sting“ we both have pre existing conditions “
Walmart, heb , ect just don’t seem very attractive as second careers ( but this could be a reality)
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Old 04-12-2019, 09:10 AM   #13
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Originally Posted by solocam_aggie View Post
Dang that's tough. Sounds like he didnt think the whole vehicle thing through though. I would hate to have to finance a vehicle still at 63.
If you donít have to finance a vehicle at 63, you will likely have to finance one at 73. Vehicles donít last forever. Planning for retirement should begin at 40 at the latest. You will only have 20-25 years to save all the money you will need for the rest of your life. Social Security is not enough to be a retirement plan.
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Old 04-12-2019, 09:10 AM   #14
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Originally Posted by Radar View Post
There is a lot of truth in that statement.

I understand why some retirees are still working, they have to raise their grandchildren or they are overwhelmed with medical bills. Guess you never know.
this is so true, there are so many that have to start all over again raising grandchildren , due to the parent not knowing how to act like adults.... I also find it kinda offensive to say "all greeters are there due to lack of planning", some just don't want to sit at home all day, as well as Insurance is expensive, so there are many reasons to keep doing something once you retire..
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Old 04-12-2019, 09:11 AM   #15
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Originally Posted by Mayhem View Post
Sounds to me he retired before he could afford to.

Did he not have any other type of retirement than SS?
He had a 401k, but I do not know the specifics on it. Evidently it was not enough or they pizzed it away.
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Old 04-12-2019, 09:12 AM   #16
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Sounds to me like he and his wife were relying on Social Security only with no retirement fund. I also know folks that have done this and it is sad that they didn't have the foresight to plan for a better retirement.

Doug
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Old 04-12-2019, 09:13 AM   #17
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That sucks. That is exactly why I put so much into my retirement every month. I could have some really cool toys if i wasnít putting an additional $800 a month into retirement in addition to my pension. But when I hit my 30 (if I make it that long) Iím OUT.
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Old 04-12-2019, 09:19 AM   #18
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Quote:
Originally Posted by Beleg View Post
If you donít have to finance a vehicle at 63, you will likely have to finance one at 73. Vehicles donít last forever. Planning for retirement should begin at 40 at the latest. You will only have 20-25 years to save all the money you will need for the rest of your life. Social Security is not enough to be a retirement plan.
Hummm, that makes zero sense to me. Buy within your means, its that simple. At 32, I dont plan to ever have a vehicle payment again. We havent had one in years now. I almost screwed up and bought a new F250 last summer. Finally talked some sense into myself and didnt.
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Old 04-12-2019, 09:19 AM   #19
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$1400 won't pay for all my playing fishing/hunting. No way you can retire on $1400. Bad plan IMO
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Old 04-12-2019, 09:20 AM   #20
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.

Last edited by WItoTX; 04-12-2019 at 09:21 AM. Reason: Duplicate
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Old 04-12-2019, 09:23 AM   #21
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Quote:
Originally Posted by Beleg View Post
If you donít have to finance a vehicle at 63, you will likely have to finance one at 73. Vehicles donít last forever. Planning for retirement should begin at 40 at the latest. You will only have 20-25 years to save all the money you will need for the rest of your life. Social Security is not enough to be a retirement plan.
Or don't buy new vehicles at that age.
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Old 04-12-2019, 09:23 AM   #22
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Seen this from a bunch of guys I work with. Can't wait to retire and a year or two after they do you see 'em at Home Depot or somewhere else just so they can have insurance. I have 30+ years but at 57 I aint near ready. I figure AT LEAST another 3 -5 years and then I'll consider it. I'm planning on when I'm done , I wanna be done.
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Old 04-12-2019, 09:25 AM   #23
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I know hindsight is 20-20 but probably the ol boy should have used some of his 401k money to purchase his Cobra plan till Medicare kicked in. But then again I have no experience with this stuff.
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Old 04-12-2019, 09:27 AM   #24
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Originally Posted by solocam_aggie View Post
Hummm, that makes zero sense to me. Buy within your means, its that simple. At 32, I dont plan to ever have a vehicle payment again. We havent had one in years now. I almost screwed up and bought a new F250 last summer. Finally talked some sense into myself and didnt.
No need in ever buying a new veh off the lot. Too many being driven around that aint nothing but grocery haulers. Let someone else take that depreciation hit.
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Old 04-12-2019, 09:39 AM   #25
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As a financial advisor I see it every day. Most people have $250,000 or less saved for retirement. It may sound like a lot but a simple budget will show you that its not. Even with SS you end up living a life well below what you thought you might be having at this point in life.

As for going back to work. I think it can be for a combination of reasons. Most men work their whole lives. When they get to retirement age they cant wait for that freedom. But after a few months they get bored. That's when they start looking for something to do.
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Old 04-12-2019, 09:39 AM   #26
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Proper Planning Prevents Poor Performance.

Sounds like he didn't plan for retirement.
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Old 04-12-2019, 09:51 AM   #27
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It is really sad but a majority of American workers don't start to seriously save - if they do at all - until it is much too late. Latest statistics show that the median retirement savings at age 65 is about $150,000. (and that's the median!) There was a time when a man retired at 65 his remaining life expectancy was less than 10 years so having a large amount saved was not as important. You now have to save enough over your working life to live another 20 years or more. Even in this time of low unemployment and rising wages, about 60% of American household could not come up with $1,000 if they had a financial emergency.
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Old 04-12-2019, 09:53 AM   #28
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Retired at 60. Have two houses, two cars, two trucks and a Class C RV. Owe nothing and travel a lot. It can be done with planning ahead and saving.
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Old 04-12-2019, 09:59 AM   #29
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I retired after 30 yrs. in the Fire Service, that lasted for about 1 year and I went back to work in sales. So I'm working on my 2nd retirement now and still too young to draw SS.
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Old 04-12-2019, 10:00 AM   #30
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I'm old and bought a new truck cause I wanted to...

But I ain't retired either
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Old 04-12-2019, 10:01 AM   #31
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Originally Posted by jerp View Post
It is really sad but a majority of American workers don't start to seriously save - if they do at all - until it is much too late. Latest statistics show that the median retirement savings at age 65 is about $150,000. (and that's the median!) There was a time when a man retired at 65 his remaining life expectancy was less than 10 years so having a large amount saved was not as important. You now have to save enough over your working life to live another 20 years or more. Even in this time of low unemployment and rising wages, about 60% of American household could not come up with $1,000 if they had a financial emergency.
Yes sir, I can believe that.

I can also tell you that I see so many of my younger customers raid their 401k for the stupidest stuff. I guess if you have hit hard times and you have no choice but to withdraw from your 401k is one thing, but I have seen guys in their 40's raid their 401k for a down payment on a 70k dollar pick up.
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Old 04-12-2019, 10:03 AM   #32
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I know hindsight is 20-20 but probably the ol boy should have used some of his 401k money to purchase his Cobra plan till Medicare kicked in. But then again I have no experience with this stuff.
At 63 I would think he faces stiff tax penalties if he starts tapping into his 401k plan. Maybe that's why he doesn't consider that.
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Old 04-12-2019, 10:08 AM   #33
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Tough decisions are coming when retiring for all. May we make the best choices.
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Old 04-12-2019, 10:09 AM   #34
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Originally Posted by AntlerCollector View Post
Walmart is full of door greeters that thought they hated their job and wanted to retire.
Walmart is phasing out the door greeter position and inventory personnel. Inventory is now being done by robots. 2 additional ways WM will cut costs to be more profitable since they are feeling the pinch from Amazon
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Old 04-12-2019, 10:14 AM   #35
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This is a really good thread and one I am afraid we will see way too often over the next 5-10 years. It's easy to say "start saving early". That's exactly what I did 34 years ago. I went with the assumption SS would not be there (or greatly reduced due to means testing) when my time comes. But never in my wildest dreams did I figure health insurance could be expensive as it has become. That's the only thing keeping me from retirement now (that and I like my job). My wife and I both have electrical engineering degrees. She went the sales route and I continued with the technical path. I cannot imagine how scary it has to be for those less well off. Many times at no fault of their own. They save, but it is really hard to save "enough".
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Old 04-12-2019, 10:16 AM   #36
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At 63 I would think he faces stiff tax penalties if he starts tapping into his 401k plan. Maybe that's why he doesn't consider that.
They changed the law. You can draw off 401k starting at 59 1/2
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Old 04-12-2019, 10:18 AM   #37
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30 years ago when he started planning for retirement, a car cost how much, and insurance cost how much, and food cost how much? Kinda scary to think ahead 30 years if we use the past 30 as a guide of what things will cost. Life happens and many will not be prepared.
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Old 04-12-2019, 10:19 AM   #38
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When I hit the eject button at 60, I’m going to make crappy but quaint and rustic looking metal objects, leave them outside to rust, then sell them at felony level prices in shops in Fredericksburg, The Woodlands, and Plano.
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Old 04-12-2019, 10:23 AM   #39
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When I hit the eject button at 60, Iím going to make crappy but quaint and rustic looking metal objects, leave them outside to rust, then sell them at felony level prices in shops in Fredericksburg, The Woodlands, and Plano.
Now this is a man with a plan! Flawless.
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Old 04-12-2019, 10:25 AM   #40
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I will be retired at age 51maybe 52. Been planning on it since I was 20 years old. I think I will be making more retired than I am currently paying myself. I probably have put 30% into retirement on average since I started working.

Ive never bought a new car and have always lived well within my means. I do not regret any of it. Ill be able to go travel and watch my kid play ball if he elects to do so. Ill also be able to go fish some different places and I might hunt a little more often. When I punch out in the next 2 years I will not have a house or car payment of any kind and don't plan on having either.

I see young folks driving new trucks and I am so happy I never did now.

Last edited by glen; 04-12-2019 at 10:34 AM.
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Old 04-12-2019, 10:28 AM   #41
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Originally Posted by Chief Big Toe View Post
this is so true, there are so many that have to start all over again raising grandchildren , due to the parent not knowing how to act like adults.... I also find it kinda offensive to say "all greeters are there due to lack of planning", some just don't want to sit at home all day, as well as Insurance is expensive, so there are many reasons to keep doing something once you retire..


Who's quote are you referring to that you find offensive? I don't see rut anywhere on this thread.
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Old 04-12-2019, 10:31 AM   #42
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$1400 a month and he took on a $600 car payment. Clearly his profession wasn't in mathematics or finance.
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Old 04-12-2019, 10:37 AM   #43
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Don't judge anyone till you have lived in their shoes. Bad health situations will drain anyone's assets quickly. Life does not happens the same for everyone. Not everyone gets a great job with a 401K or a great retirement program. Some guys work for people that never come through with promises. Maybe they prioritized college funds for the kids rather retirement plans for themselves. Started a business but failed. Dropped out of college to help a parent keep their home due to another parent dying. If you are in a good place financially, good for you. Don't judge. You might get cancer tomorrow, stock market collapse and all your savings drop to nothing. Yes the average American is in a bad situation. I see lots of wealthy people running runaround living the big life with fancy cars, fancy boats lavish life styles but they are hocked in debt over their heads.
Not everyone "loves their job". There are some extremely well off individuals on this green screen and others barely getting by. It has nothing to do with a persons character or integrity or morals. Life just happens different for some people. I know good people who have done everything right that are struggling and POS's that do not deserve to breathe oxygen on this planet be so wealthy it is ridiculous. I hope OP's friend gets his job back and gets back on his feet. I am sorry he could not retire from his crappy job and that he did not have enough put away to live comfortably, but I sure am not going to pass judgement on him.
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Old 04-12-2019, 10:44 AM   #44
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Originally Posted by txpitdog View Post
When I hit the eject button at 60, Iím going to make crappy but quaint and rustic looking metal objects, leave them outside to rust, then sell them at felony level prices in shops in Fredericksburg, The Woodlands, and Plano.
Brilliant plan! I'm thinking of doing something similar with wood.

Wife and i retired last year after 33 years with the county. We both got raises after we retired and still have great insurance. Life is GOOD!!!!
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Old 04-12-2019, 10:49 AM   #45
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Don't judge anyone till you have lived in their shoes. Bad health situations will drain anyone's assets quickly. Life does not happens the same for everyone. Not everyone gets a great job with a 401K or a great retirement program. Some guys work for people that never come through with promises. Maybe they prioritized college funds for the kids rather retirement plans for themselves. Started a business but failed. Dropped out of college to help a parent keep their home due to another parent dying. If you are in a good place financially, good for you. Don't judge. You might get cancer tomorrow, stock market collapse and all your savings drop to nothing. Yes the average American is in a bad situation. I see lots of wealthy people running runaround living the big life with fancy cars, fancy boats lavish life styles but they are hocked in debt over their heads.
Not everyone "loves their job". There are some extremely well off individuals on this green screen and others barely getting by. It has nothing to do with a persons character or integrity or morals. Life just happens different for some people. I know good people who have done everything right that are struggling and POS's that do not deserve to breathe oxygen on this planet be so wealthy it is ridiculous. I hope OP's friend gets his job back and gets back on his feet. I am sorry he could not retire from his crappy job and that he did not have enough put away to live comfortably, but I sure am not going to pass judgement on him.
There is a whole lot of truth in what you typed. I guess I don't see anyone (well, maybe there are a couple people) judging this individual for not having saved more. As you say, we haven't walked in his shoes. All we have is what the OP wrote and it isn't judgmental to say the man could not afford to retire. And it's an even bigger head scratcher that he bought a new truck.
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Old 04-12-2019, 10:50 AM   #46
TeamAmerica
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I'm going out on a limb and say that retirement would be a bit more enjoyable if you had your finances in order (and some good health). Travel, fishing, golf, hunting, workshop hobbies.

but if you are stuck at home not running your air conditioner eating ramen and watching the price is right,,,,,well that doesn't sound like fun.
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Old 04-12-2019, 10:52 AM   #47
6.5 shooter
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Sounds like poor planning to me. Hope it works out for him.
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Old 04-12-2019, 10:52 AM   #48
JeffJ
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Quote:
Originally Posted by Radar View Post
Yep, his wife draws 1200.00 a month.
So a 63yo thought he and his wife could retire on $2,600 a month?
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Old 04-12-2019, 10:53 AM   #49
pervis
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I'm facing some of this now and I'm only 39. I've been w ups since I was 17. When I hit 47, il have 30yrs in w ups and can retire and draw my pension. My plan is to retire and go to work again doing something in the oilfield industry. That way when I'm 65 or whatever I can retire and have 2 retirements.
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Old 04-12-2019, 10:57 AM   #50
BigCohiba
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I have had a lot of advice to share with my kids over the years. One of the most beat to death pearls of wisdom I have given them now that they are working age is save as much as you can starting from a young age. You can never save enough. I started later than I should have but still plan to retire at 60. It can be done but it won't happen without a plan and commitment to stick to the plan. I really feel for older folks that are struggling. Life circumstances are different for all of us. Some end up there through no fault of their own - others chose to live too well along the way and shouldn't be surprised when they end up there.
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