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    #16
    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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      #17
      That sucks. That is exactly why I put so much into my retirement every month. I could have some really cool toys if i wasn’t 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) I’m OUT.

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        #18
        Originally posted by Beleg View Post
        If you don’t have to finance a vehicle at 63, you will likely have to finance one at 73. Vehicles don’t 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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          #19
          $1400 won't pay for all my playing fishing/hunting. No way you can retire on $1400. Bad plan IMO

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            #20
            .
            Last edited by WItoTX; 04-12-2019, 08:21 AM. Reason: Duplicate

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              #21
              Originally posted by Beleg View Post
              If you don’t have to finance a vehicle at 63, you will likely have to finance one at 73. Vehicles don’t 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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                #22
                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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                  #23
                  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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                    #24
                    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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                      #25
                      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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                        #26
                        Proper Planning Prevents Poor Performance.

                        Sounds like he didn't plan for retirement.

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                          #27
                          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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                            #28
                            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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                              #29
                              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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                                #30
                                I'm old and bought a new truck cause I wanted to...

                                But I ain't retired either

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