VIDEO ON MSN MONEY
I'd worry less about my retirement if the government would stop taking my money to pay for illegal immigrants and stop turning our schools into soup kitchens with signs posted out front in English and Spanish advertising "Free Food - 0 to 18 years old"
Not all retirees you see working need to. Some work to stay active and have social interaction. Not everyone golfs, has hobbies, or a large network of friends and family to occupy their time.
I would like to work in a record store (if they still have them) after I retire. I would love to be around music and young people all day with out caring about how much I made. If not that, maybe work at the museum, science center, or something along those lines.
Don't get me wrong, a few extra bucks always helps, but staying active doing something you like is worth a lot. That is why you see a whole lot of retirees doing volunteer work.
As I sit here, on July 5, and read these comments, I am amazed ( continually amazed) and the vast number of people who sit and denigrate what the SS retirement will be, or their 401K plans are under funded, or their Employer was greedy and "stole" their retirement, and yet I see very little if any personal responsibility being touted!
Who determines where you live? YOU!
Who decides where you take vacations? YOU
Who decided where or if your kids go to college? YOU.
We have to take personal responsibility for our own paths, futures, and in most cases, our past.
A lot of people took jobs which didn't provide long term retirement savings or options. That is possible; not very probably but possible. Since 1986, employees have had IRA available, yet less than 20% of the populations owns one.
In reality, the choices we make as "responsible" adults will produce the results which actual DO determine where you live, if your kids see DisneyWorld/Land, if they go to college/trade school/ learn a craft or trade.
Went to college with 2 scholarships out of high school: Son of a minister, and made a high grade on the ACT. Both scholarships paid the tuition, but not fees, books, housing or food. So, I got jobs!
Waited tables, unloaded trucks for the Teamsters, worked for the local Sanitation department, sacked groceries, and just about anything I could make money in an honest job.
No one owes us anything, but we have the Opportunity, the Privilege, and the Responsibility to provide for ourselves.
Don't buy a new car! Buy used ( I still do)! Read the menu from the right side! Look at the prices, on the internet, which provides me this chance to pontificate, will give you the best prices for everything.
BUT, do not complain about the results of the choices you made!
Seriously, there's damn near NO hope for retirees, especially as the same system that harvested their equities and took their jobs will now run headlong into inflation.
The best advice this article could give is not how to fund a retirement in the U.S., but how to escape the country that won't let you have any kind of a long term solution.
A real and personal choice for each individual. Financial servitude is the Norm in America. Companies are picking away at the lifelong loyal employees. Decreasing medical packages and increasing Co-pays are mostly unattainable for us retired folks. Pension plans that were promised in the beginning of our careers are snatched out from under us 30 years later. Now how could we foresee and plan for this bomb shell. Nope! Financial servitude, death and taxes is what we live for. Laid off at age 54. Age discrimination alive and well. Took everything I could get at 55 and then 62 before it is all gone.
In God I Trust, who else is there?
You all know that until people first started drawing Social Security, the life expectancy was only at 65. It has only been the last decade Insurance Companies changed the life expectancy in policies. Before people starting getting their Social Security, they had pensions or nothing. Those who had nothing continued to work and they still had nothing.
Social Security keeps raising how much you can make before they stop taking social security payments from your check on a yearly basis. If you make $120,000 a year or more, your 12.4% that you and your employer pays to Social Security equally ( self employed pays the whole amount) is only going to come out of the first $115,000 give or take. That adds of to $14,260 placed in SS in your name. However, you will see a maximum of about $2650 per month providing you have worked 44 years consecutively. Majority of people do not work full time all 44 years and right now only less than 1/4 of this nation's workforce actually has a job. But also you have to look at it this way too. Majority of the workforce who actually put money into Social Security that this US Government had borrowed from are retiring. Majority of the Social security that was borrowed against (the interest) was placed in there from 1945 through 1990.
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If you worry about money after the streetlights come on, these actions may help you rest easier.