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Plan your retirement

by bizgrower
4 replies
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I've seen too many people in this boat, some who played the game right only to see
pensions taken away due to economic forces, company takeovers, or corporate bankruptcies:

At 77 He Prepares Burgers Earning in Week His Former Hourly Wage - Bloomberg
  • Profile picture of the author rondo
    I've been reading a lot about retirement saving recently and it's scary stuff. Almost everyone is underestimating what they will need to retire, while almost everyone is getting ripped-off on fees - it can be hundreds of thousands of dollars over a working life.

    "In Australia super fees cost the average person $300,000"
    link (In AU we call retirement funds superannuation or "super")


    Andrew
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  • Profile picture of the author derekwong28
    If he didn't work, he would have got $1800 anyway which I don't think is that bad for a single house. That is especially if either he owned his house or have a low rent.
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    • Profile picture of the author bizgrower
      Originally Posted by derekwong28 View Post

      If he didn't work, he would have got $1800 anyway which I don't think is that bad for a single house. That is especially if either he owned his house or have a low rent.
      He sold his house and gave his kids "their shares" in his words.
      I think he lives in a decent retirement community now.
      I don't think the article stated his monthly housing payment.

      Here in Colorado, in the markets I am familiar with,
      low rent is $600 plus utilities. And that is for a
      crappy apartment in an unsafe neighborhood.

      Not trying to argue, just give some financial picture.
      His main financial reasons to work seem to be to
      by airline tickets so he and his relatives can visit
      each other.

      The main reason I posted is because it's makes me sad to
      see a 72 year old retired, upper-mid manager working as a file
      clerk for about minimum wage because his pension disappeared.
      And, it disappeared because the company he worked at for 30
      years got acquired. Or, seeing a not so healthy 60 year old woman
      have to start cleaning houses because she lost her pension due to
      a corporate bankruptcy, etc.

      Dan
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      "If you think you're the smartest person in the room, then you're probably in the wrong room."

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  • Profile picture of the author mlord10
    There is no such thing as security moving forward in this "new economy." Gone are the days where you could rely on a company pension to be there when you retire. Like I tell everyone, it is important to invest in yourself, and find an investment strategy that makes sense and helps you achieve your personal financial goals, whatever those may be.
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