The real costs of retirement

Retirement planning is all about anticipation. Make sure you factor in future expenses when you're putting money away for your golden years.

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VIDEO ON MSN MONEY

68Comments
Aug 5, 2013 9:37AM
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It is such a crap shoot.  My dad got cancer and was gone in a month.  His long term nursing home policy collected nothing.  Stop scaring people.  Who knows what the future will bring or how long you can work.  Enjoy your life mow and stop worrying about stuff that has not happened yet.
Aug 2, 2013 9:02PM
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I hope social security is still there when I get there. I'm sure there's some liberal that want to give the cash I put in there to someone that hasn't even contributed. and I'm Not gonna mention WHO that would be.
Aug 5, 2013 3:11PM
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Saving for retirement is a bigger problem than you would think.  You can't figure on the increase in cost of living. I retired 26 years ago. That money I saved doesn't buy much at today's  prices.. Taxes will go up to keep supporting a growing number of deadbeats created to vote demo. Government printing  more and more money , dollar becoming  worth less  constantly..
Government lying about cost of living increase on Social Security checks to spend less instead of simply stop  giving taxes away to foreigners and to dummies to breed more children they can't support.

Aug 5, 2013 2:08PM
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I didn't read this! the title and the fact that it's on MSN is enough. STOP READING THESE ARTICLES! MSN runs them daily now. My husband and I retired on two S.S checks, no pensions. We were both forced into early retirement due to cut backs on our jobs. We have a $545.00 house payment, our cars are paid for, and should last us till were gone. Low millage and in good shape. All of us can't figure in trips, entertainment, etc. Trust me! you are not the only one without a million dollar portfolio. Right now we have $17,000 in the bank and $25,000 in G.E stock. Just live within or below your means. We live on 29,000 a year and put 150.00 a month into savings. Do put what you can into savings, and have a little to fall on. Having a big portfolio, and all the backup possible would have been nice, but it's not the end if you don't. There is always a way. These are scare tactics to keep you working, these MSN article are compliment of the U.S govt. Do the best with what you have. We live in AZ., went on a little lake cruise yesterday, $40.00. We are headed to Utah for a week or so bumming around and taking in the sites. Not living for that catastrophic illness or disaster to hit us, it may never come, and if it does, we'll do the best we can with what we have, Can't throw us in jail. ;) and S.S isn't going anywhere, and the govt. knows it!
Aug 3, 2013 12:19AM
Aug 5, 2013 1:01PM
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My retirement plan is to go to jail.  I could maybe rob a bank and then just stand outside the door until the cops come and cuff me.  In jail you get three hots and a cot plus medical care.  Where i am right now I would get nada.  
Aug 5, 2013 3:40PM
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I would like to comment on Obamacare and Medicare.  If all the people - politicians, government workers, congressmen, representatives, even the President,  everyone - would all go on medicare, there would be no problem financing it and everyone would get equal care.  There would be no Obamacare and the priviledged politicans getting special medical insurance wouldn't need it.  We would all be under the same umbrella.
Aug 5, 2013 2:42PM
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shake'em up shake'em up shake em up shake'em... lol..  7/11.... don't crap out!....  nobody knows how much anything will cost in the future or how long they will live... My advice.. everyday past 40 yrs old is a gift... take the early SS.... you can't take money with you.. enjoy your grand kids and spoil them at every turn! pay your house off! (one less bill to worry about) and if you're lucky enough to be married... be glad you have someone to care for you in your last days...  This isn't about politics.. or investing... its about living without having regrets... and if you've made some mistakes... you're human... sometimes your health will through you a curve ball... SWING For the FENCE!!! We don't live forever...try to enjoy it as much as humanly possible... This economy is bad... and may not get better for GEN X.... We have been overlooked and lost too much of our income.. so our outlook maybe a bit different.... I just want to be comfortable instead of rich... or have excess.... at least give me the dignity of well earned rest....
Aug 5, 2013 12:57PM
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My plan is to live each day to the fullest, who knows when your numbers up, I quit work and was

a caregiver to my parents and in-laws now they are gone.  Supposedly, its my turn, that's when

life gives you a wake up call called "Cancer".

 

Your life changes in a New York minute, so I recommend you put yourself first, something

I plan to do in my next life..

Aug 5, 2013 9:11AM
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I would seriously like someone to explain to me how the "liberals" are responsible for the social security problems, when the democratic party CANNOT unite to do anything, and even in the senate, their ranks are filled with right-leaning members. The house has been in control of all major legislation over the past years as well. The democratic party is more right-leaning than ever, and their position on many things is right of even god-like beings like Reagan. These boards are full of replies from people who are obviously plants from BOTH political parties, and although this article is just about worthless, those plants spin the piece in ways that often amuse me. Social security is just part of this article, but if you really want to address the social security problem, IT IS SOLVENT for a long time as it stands, but the root of it's problem and the other financial issues that face all of us is the economic system, with it's inflation and failures. I'm almost 63, so when I first started paying into the system way back, I was making minimum wage at that time, paying amounts based on $1.60 per hour. Retirement figures in 1968 were broadcasting the future, but they never take account for inflation. $1.60 in 1968 would get you about 5 gallons of gasoline, or a decent amount of food at McDonalds, but that same figure today is peanuts. Any savings you made during the years were subject to the same devaluation, with a dollar never being worth as much as the day you socked it away. The other issue is the declining tax base in this country, with a large percentage of our population having stagnated wages or cases of unemployment or underemployment. Their contributions into the program have stagnated or declined at the same rate as their income. All of those auto workers who lost their jobs were kicking in about 7 1/2" of their wages to social security and medicare, with Ford, GM, and Chrysler matching that amount ..... now most likely they are either working lesser paying jobs, unemployed, or collecting social security themselves. We still have over 2 million citizens out of the 8 million who lost their jobs due to the financial crisis, who have not found work..... these people are not contributing to the fund. When they talk about tweaking the Social Security system, they are trying to put a band aid on a knee, when the real problem is a broken leg. GOOD PAYING JOBS is the answer to about every problem that exists in our society, and I DO NOT see any republicans OR democrats willing to take steps needed to set the country on the right path. I NO LONGER consider myself politically affiliated, and would recommend that more people do so ... an open mind and some common sense are all you need to figure out the "soap opera" that exists in Washington ... it's just a game of pulling the wool over our eyes, and filling the pockets of the greedy. 
Aug 5, 2013 11:58AM
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Politicians - of any variety - are not responsible for YOUR expenses after you are retired.  It's YOUR house, YOUR car.  The Fed is responsible for interest rates, and that's what's hurt so many retirees and about-to-be retirees.  Ten years ago, we all thought we would do fine, our CD's growing at 6%.  And the Feds have manipulated the price of gas - which affects more than just your drive down to the grocery - farm costs,  transportation costs.  No, it's not fair and we all want to blame someone else.  Young people need to be learning from this and socking away everything they can - Don't depend on Social Security and don't depend on an employer's pension promises.  And don't count on inheritance from Boomer parents.  We are spending every dime we have,  and there won't be anything left to pass on to you.  You will inherit our final medical bills, our run down house with a second mortgage, and our old car way over-due for trade-in . . . .. .
Aug 3, 2013 12:10AM
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That money that you put in social security is not for you!  It's for the people that already retired.  It's suppose to be a pay as you go system.  You no rocket scientist if I have to explain that to you!
Aug 5, 2013 6:40PM
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Those of you who worked hard all of your life and are now contemplating suffering in your retirement, just remember all of the money you could have saved for retirement instead of buying drugs, booze, extravagant vacations, cars, RV's, motorcycles, boats, unnecessary electronic gadgets, vacation homes, expensive restaurant outings, or other extragavances. Think about how you voted allowing only 61% of social security benefits to go to retirees and only 53% to pay federal income taxes.

 

Think about it and then do something about it in the 2014 election and in your own lifestyle. There's still time!

Aug 9, 2013 8:23PM
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no one can predicts the future...i just live day to day. buy a sport car, enjoy life when you can. i know some ppl who makes a lot of money but work 10-12 hrs a day/7 days a wk. that one person died of a heart attack at age 45. never got to enjoy his money. everyone's situations are different but everyone should live their lives to the fullest!!!
Aug 5, 2013 1:00PM
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Where do they get these stupid ****s who tell us how much we need to retire. Only you can tell how much will be needed for retirement. Sure if we all had money to invest or if we all got huge returns on our investments life would be a dream, retire at 65 and go on a permanent vacation, then you wake up and face reality. How you want to live after you retire will determine how much you need to have, nothing else will work. All of these experts have good advice overall for investing and such, but stop telling me how much I need or how there might not be any social security when its my time to collect.

Aug 5, 2013 6:53PM
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You know if everyone put away enough to retire on the country would go broke. Stores could not sell us all the fancy toys we own and the economy would stall even more. What made the 70's so good was that everyone was spending like crazy. the 80 saw a pull back and then the 90's to 2007 credit was easy and everyone spent like a mother, then oops a large number were over extended and the crap hit the fan. If the country spends themselves crazy they do better until the reckoning day comes.
Sep 10, 2013 1:16PM
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I've said this before in many posts.. I'm taking care of what I can control to the best of my ability.  Saving plenty, completely out of debt - including the mortgage, figuring out what it costs to live without debt, insured myself and family well - but there are still pieces of that puzzle to solve.  Medical and long-term care in retirement will be my next 'project' - once I know those, I'll know if I can retire very early, early, on time or later. Sort of an obsession and definitely lifetime learning going on.  I'm enjoying working toward such a worthy goal and vehemently refuse to leave my future open to whims of government and push and pull of regulation more than I have to, afterall, I do and should care more than anyone else about my future - that includes the government.
Sep 10, 2013 6:21AM
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This article is pretty much worthless.   If you are a responsible person with average expectations who has lived frugally and wisely you will probably be ok.  There is no way you can factor in all the stuff that can happen or go wrong in 20-30 years.  Sure, you can figure a roof and a car, any idiot can do that, but what about a grandson who has a life threatening illness, or an autistic grandson who will need help.  Put those in your pipe and smoke on them for awhile and come up with a figure.  Then, watch out for the stock market crashers who like to 'steal' your money every few years and bomb you back into the stone age.  Save mo' money, save mo' money to save yourself is all I can say.  One thing is for sure:  In the end you don't have to worry about it.
Aug 5, 2013 4:52PM
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TV prices have come down.  Don't buy ice cream, buy ice milk.
Aug 12, 2013 8:52PM
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So much of it is a crap-shoot, as motorcycle dude commented.

In Maryland, the State Teachers Pension does NOT provide any health or other benefits.  So teachers unions in each countywide system effectively take a hit in pay by having money that would otherwise be in payroll used to provide mostly-subsidized good health insurance to retirees of long service.  The teachers vote for it every contract -as I did- because they know they will need it one day.  At 65 it becomes Medicare Supplemental, prescription, dental, and vision insurance.

Consequently a benefit I barely gave a second thought to, when I left industry to become a teacher over a generation ago, is extremely lucrative now.  And the way it's done for me - through the union and not the state - means its extremely unlikely it will ever be terminated.

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