Comments on: The biggest unanswered question about retiring in America http://blogs.reuters.com/great-debate/2013/09/10/the-biggest-unanswered-question-about-retiring-in-america/ Thu, 21 Jul 2016 07:57:19 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: texasop31 http://blogs.reuters.com/great-debate/2013/09/10/the-biggest-unanswered-question-about-retiring-in-america/#comment-76098 Thu, 19 Sep 2013 15:37:02 +0000 http://blogs.reuters.com/great-debate/?p=23791#comment-76098 I have built up a good retirement plan and it does not depend on the government for anything, except paying me what SS I have coming. I also don’t trust Wall Street, an insurance company, or a financial planner to have my best interests in their plan, they all want to make money off of me. My plan is built around multiple sources of income (SS, Bond funds, stock funds, REIT funds, individual stocks and several businesses I own, which can operate with nominal input from me) and if one, or more underperform I will have the others to compensate. I trust myself and I will not put my trust in the government, I just want the government to pay me what they owe me and otherwise stay the heck out of my life.

]]>
By: MJB58 http://blogs.reuters.com/great-debate/2013/09/10/the-biggest-unanswered-question-about-retiring-in-america/#comment-76043 Mon, 16 Sep 2013 23:06:51 +0000 http://blogs.reuters.com/great-debate/?p=23791#comment-76043 Debt and cost of healthcare in our retirement years are the major reasons we struggle in retirement. Most of the individuals I work with(100K-200K salaries)age 50-60 don’t save enough, used their home equity as a way to vacation or buy nice cars in past years and still have not recouped the money years later. They want what those that can truly afford have, fancy cars, multiple expensive vacations, expensive meals out regularly Etc.. The Corporations and Banking system are doing a wonderful job at selling us the idea that we can all live like those Rich Guys. I also see in doing so most are in poor health as having fun in life is more important then living a good healthy life. I on the other hand at 55 yrs. do as my parents did, go on one decent but not extravagant vacation, refuse to buy the latest cell phone and plan, do my own yard work which I call productive relaxation, my house almost paid off(Home business went Bad) it would have been paid off 8 years ago.. The last 10 years of employment, if all goes right and we can deal with health issues, should go to heavier savings.
That still leaves the need for a plan for my cash in retirement…. still not sure since I also see it as too much unearned freebies to the insurance companies just to pay me back what I have earned. The wolves are guarding the hen house in our Banking, Insurance and the whole financial system. And those wolves are also our elected officials.
What was wrong with the image of Ward Cleaver( a college educated upper middle income business man) cutting his own grass…. Kind of off base but relevant in how we perceive ourselves in our ability to do what we need into retirement.

]]>
By: Missinginaction http://blogs.reuters.com/great-debate/2013/09/10/the-biggest-unanswered-question-about-retiring-in-america/#comment-76040 Mon, 16 Sep 2013 14:16:32 +0000 http://blogs.reuters.com/great-debate/?p=23791#comment-76040 First, I see no mention of debt in the article or the comments. As a 57 year old retiree who is completely debt free I can tell you from my personal experience that without debt you can live a nice middle class life on $50 to $70,000 per year. DEBT is the #1 retirement killer, it’s the equivalent of trying to swim with an anchor tied to you.

Second, when you buy an annuity you are placing your trust in the insurance company who issues same that they will be able to pay. Just the other day I read an article that explained why New York State superintendent of financial services Benjamin Lawsky has pulled New York out of a 50 state agreement that changed accounting rules and enabled life insurers to effectively “police themselves”. Lawsky found that a sample of 16 insurers claiming to have increased loss reserves by $10 billion had actually only added $668 million to reserves.

Be careful…..remember, there is no FDIC for life insurers. When you buy an annuity you are putting your money and trust in the insurer. Of course in today’s world if your annuity issuer were to become insolvent Uncle Sam would somehow ride to the rescue. Or would he?

]]>
By: euro-yank http://blogs.reuters.com/great-debate/2013/09/10/the-biggest-unanswered-question-about-retiring-in-america/#comment-76016 Sun, 15 Sep 2013 06:29:18 +0000 http://blogs.reuters.com/great-debate/?p=23791#comment-76016 The number that shocked me was the amount of money needed to have health care in America during retirement – more than a quarter of a million dollars !!! And that is apparently above and beyond Medicare. Absolutely frightening.

]]>
By: OneOfTheSheep http://blogs.reuters.com/great-debate/2013/09/10/the-biggest-unanswered-question-about-retiring-in-america/#comment-75971 Fri, 13 Sep 2013 16:38:14 +0000 http://blogs.reuters.com/great-debate/?p=23791#comment-75971 @tmc,

OK, I’m with you on your two. But I’d also like to see government actually protect instead of erode the value of the dollar. I’d like to see antitrust actions against cell phone companies who use their “limited choice” reality to demand that customers give up their right to a jury in disputes, banks too. I’d like to see usury laws back in place and enforced. I’d like judges to again be accountable for damages they are responsible for when acting in bad faith, or out of ignorance, prejudice, undue influence or anger. I’d like to see it again mandatory that they “follow the law” instead of making it. I’d like to see citizen access to the small claims courts they pay for against federal,, state and local government overreach, particularly when it comes to property tax disputes. And I’d like to see a federal ombudsman with real teeth one could seek assistance from when states refuse to apply their own laws equally to their citizens.

]]>
By: tmc http://blogs.reuters.com/great-debate/2013/09/10/the-biggest-unanswered-question-about-retiring-in-america/#comment-75958 Fri, 13 Sep 2013 09:48:19 +0000 http://blogs.reuters.com/great-debate/?p=23791#comment-75958 Well Sheepster, It’s because I have less faith in Corporate America running the show, as it pretty much is now. All peoples need a government. Instead of just chastising and berating ours (playing into the corporate hands) we should be trying to take it back and improve it. In one breath we say we’re the greatest country in the world because of it, then in the next rail against it as if it were the enemy. If our government is truly your enemy, then please leave peacefully. If you wish our government were better, suggest solutions. The best and only real place to start…
1. Term limits for congress and SCOTUS
2. Campaign finance reform

]]>
By: OneOfTheSheep http://blogs.reuters.com/great-debate/2013/09/10/the-biggest-unanswered-question-about-retiring-in-america/#comment-75888 Thu, 12 Sep 2013 21:24:29 +0000 http://blogs.reuters.com/great-debate/?p=23791#comment-75888 @tmc,

“I’m not a real fan of government and find ours quite inept at most things, but at least they have good intentions.”

What are you aware of that the rest of us are not in reaching this incredibly generous conclusion? Our government and it’s bureaucrats are the inherent enemy of every tax paying citizen, upon whom it lawfully preys!

]]>
By: Hairry http://blogs.reuters.com/great-debate/2013/09/10/the-biggest-unanswered-question-about-retiring-in-america/#comment-75857 Wed, 11 Sep 2013 21:04:27 +0000 http://blogs.reuters.com/great-debate/?p=23791#comment-75857 ( I blame our education sysytem )

]]>
By: OneOfTheSheep http://blogs.reuters.com/great-debate/2013/09/10/the-biggest-unanswered-question-about-retiring-in-america/#comment-75790 Wed, 11 Sep 2013 04:31:15 +0000 http://blogs.reuters.com/great-debate/?p=23791#comment-75790 “Economists have traditionally suggested that people buy an inflation-indexed annuity that makes payments for life.”

It has always struck me that inflation is the “tax” governments put on their citizens in the form of ever-present institutionalized theft of purchasing power. Maybe I’m a radical,, but isn’t it a duty of government to PROTECT the purchasing power of it’s currency? But no, today governments WANT a certain “magic” level of inflation…a rate that does not make the masses light the torches and start boiling the oil.

We have ceased to be “We, the people” and become “We, the meek and easily led down the garden path”. John Kerry says Americans have the right to be stupid, but there are obviously some things we CAN do that we shouldn’t!

]]>
By: tmc http://blogs.reuters.com/great-debate/2013/09/10/the-biggest-unanswered-question-about-retiring-in-america/#comment-75788 Wed, 11 Sep 2013 02:30:30 +0000 http://blogs.reuters.com/great-debate/?p=23791#comment-75788 Not going to work @Hairry, nice try though. In fact the article is talking about the vast majority of people. Those other governments she describes have policies that intended to help all of their people, not just the affluent. The American financial system was working for many people, perhaps from 75k and up, when the shifts she mentions started taking place. It was quite easy to predict that once the 401k became popular, it would be the only real tool available. Once that occurred, again only to easy to predict that matches would disappear (as they have) and fees would sky rocket, as they have. Now as you say most people are unable to even fund what is left to us. Unless the financial system gets a real overhaul soon, even those semi-affluent 500k and up types will find their money became a target of wall street and they will have little left for retirement. The longer this goes on, the worse it gets, just like playing a game of monopoly.
So again we do not need more people like you to interpret the complexities that you heap upon us, we need far more simple approaches so we can see the con-artist for what they are. I’m not a real fan of government and find ours quite inept at most things, but at least they have good intentions. The financial industry does not. It is intent on making my money their money. So yes we need more government regulation and control of the financial system and soon, and far less “financial industry professionals”. In fact “nobody would NEED financial advice in retirement” is a great goal!
This article and the authors suggestions are not fertilizer, they are what the vast majority of this country needs and wants.

]]>