7 ways retirement is different now

More than ever, workers are having to take responsibility for planning and financing their golden years. Here’s what the not-yet-retired need to consider.

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Dec 11, 2012 9:43AM

I have a friend who SS is going up in Jan.13....1.7%.   He gets $17 a month more and his medicare went up over $8, that leaves him with a little over $8 a month increase.   Ooops wait, his association fee went up $20 a month, now he's worse off than he was.  That's what old folks get in our country.   His 401 got wiped out. Oh and the water company, gas company and power company wants their yearly increase, he just seems to be going backwards financially.   He keeps cutting or trying to cut expenses but they keep going up so fast.


How annoying is it that this country gives BILLIONS & BILLIONS AWAY IN FOREIGN AID and we don't take care of our seniors?

Dec 10, 2012 9:19PM

retire with the washington buzzards trying to pick my money to the bone, i think not


Dec 10, 2012 10:56PM
The biggest change in retirement these days is that most can't because their 401ks and ira were raided by wall street and they have very little left. Reality is most people will end up working until they can't or they are dead!
Dec 11, 2012 2:35PM

If our old folks used their head & had their mortgage paid off when retirement time comes, they wouldn't be in a bind. Today many of them take out a second mortgage to put kids thru college or buy expensive toys.

Don't get me wrong, putting your kids thru college or buying luxury items is A OK, but don't hock up your home for it.

There's nothing more important in our lives that that home. It must always be the first bill you pay & when you pay it off your retirement years will be great.


EF Hutton  :)

Dec 10, 2012 9:21PM
Well I did my planning over 20 years ago and not letting a company or govm't dictate to me when I can retire.  I did what RR said, take responsibiltiy for your fiscal future. I invested and now will reap my reward.  I am going to retire long before 59 and will enjoy my retirement.  I started saving $5 a week and now via investments and taking control I will have fun.  I cannot change or help those that are my age and have little time left to plan, but I will pass on my plan to the next generation and hope some succeed.
Dec 25, 2012 8:39AM
While many of us are going behind fanancially, those in our elitist government are enjoying the best of the best. Voting themselves raises, the best of health care and the finest retirement plan a person could hope for. All paid for by non other than you and I. We were warned about this kind of government many years ago. Many of those who would once have been labeled patriots are now labeled terrorists.
Dec 18, 2012 11:27AM
Retirement may be forced upon you if you mistake and turn 50 in many corporations as they were the majority of people cut during the mass layoffs.

We can thank the merciless greedy bastards who can never make enough profits at the expense of society for our great new society of throwaway people.
Dec 18, 2012 1:35PM

My only problem is the marriage penalty built into the tax on Social Security benefits. Two single people living together can earn far more without paying any tax on their SS benefits.

They can EACH get $25,000 including half of their SS without paying one nickel on their SS benefits while a married couple will start paying at $32,000. In addition the jump to 85% comes at $34,000 for singles & only $44,000 for a married couple.

If my wife & I get a divorce & live together we can save a substantial amount of money in taxes & have the fun of living in sin.

Why should the government tax you for being married?

Dec 11, 2012 2:03PM

How much do you need in retirement?  To answer this, you must answer:


1)  What will the inflation rate be over my retirement (no one can answer, but likely much higher than now)


2)  What will my health be like? (no one can answer, but some are healthier than others.  If you are unhealthy, assume that $260K they indicate will be $1M with health care cost inflation)


3)  What will the return on my savings be?  (no one can answer, but likely not as good as in the 80s and 90s)


4)  How many years will I live? (no one can answer)


5)  What will the tax rate be on my 401K distribution? (no one knows what tax rates will be, but likely higher)


6)  How much will SS and Medicare provide? (no one can answer, but likely less than now.  And if you have managed to save a 401K, that money WILL be counted against you when they implement means testing)


So, if you are about to retire, I think $27.8M is about right.

Dec 10, 2012 8:55PM

I will be retiring from my current job in less than four months following 38 years of employment there.   I have already started interviewing for my second career that I hope will last another 10 to 12 years, taking me to full SS benefits age.  The additional 10 to 12 years of work will also allow for further growth of the lump sum distribution I will be receiving in lieu of monthly pension checks

Dec 10, 2012 9:17PM

the government is trying every way in the world to get money in there,

retire in the face of knowing the infaltion is on the way and every way of taxation in the world is also

on the way, I dont think so



old timer  I suggest you learn your history.  Baby bomers that paid social security all these years know that only 7 percent actually went for social security' the rest went to fund other programs. The money was never put in a fund to draw interest. S'S'is the only program that paid for iyself.


Dec 25, 2012 11:03AM

Pensions used to be the way Americans saved for retirements, by pledging allegiance to the companies they helped build. Those, coupled with social security, gave a respectible end of life to our seniors. Now that greed in corporations has taken guaranteed pensions away, unless we work for the House of Representatives, we have the 401k replacements, that bob and sway every time the Stock Market hiccups, and hasn't really been a good replacement for a pension fund.

Now, the GOP wants to attack our other lifeline, Social Security. I think we should vote them out!

Dec 25, 2012 10:30AM
what a ponzi! there is no such thing as retirement and to stop paying out, you must die. When do you ever own your house? is there ever a fixed price on anything? how can you plan for what you can't see? electric,tv,phone,meds,insurance! no way to get a fixed price on anything! how about property tax on your house. what happens if you can't pay them? you own it! 65 and you know the end is coming and you worked your entire life. now they just need to fiquire out new ways to help you! out of everything! why should you pay taxes FOREVER? the system is broken and hurry up and die to end your golden years!
Dec 25, 2012 12:56PM
social secrurity is not goin bankrupt !!!! the koch brothers want to get their greedy hands on it and so does congress so they can sqaunder it away !!! social security has trillions of dollars in it and if they get their way say good bye to social security !!!
Dec 10, 2012 7:39PM
In other words...there is no retirement..get used to it....at least for another 4 years
Dec 25, 2012 11:17AM
We've been sold out to corporate america by the politicians. They got the politicians on their knees in front of they like prostitutes. Deindustrialize america free trade corporate america takes the business to another land and brings it back duty free. Just to screw the American worker. Wait for the financial collapse w/fiscal cliff and debt ceiling in Febuary. Major civil unrest.
Ask HUD to ban formaldehyde from manufactured housing and then end exclusionary zoning so you are allowed to live in a manufactured home. Do that and you'll be able to buy a home as easily and as cheaply as you can buy a car. Then you'll have a better chance of saving for retirement. Don't have any or more than one child. The earth is overpopulated and just as one can eat him/herself into obesity then so too can one populate him/herself into poverty.
Dec 25, 2012 12:50PM
401k the new way to screw over your retirement !!! just look at what happned to everyones 401k when the stockmarket crashed...yet they said nothing  can happen to it its guaranteed !!! yea believe the propaganda congress spews though their false teeth and youll regret it !!!
Dec 25, 2012 3:31PM

Share the wealth wallstreet.You are the ones that messed up and basicly ripped off your fellow americans. Shame on you, and god knows what you have done to these poor hard working people

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