# Have you GOT (money) enough?



## Micheal (Jan 28, 2009)

Talking with some friends about money and how some retirement planning ideas have changed over the years I wondered if'n anyone here thought or thinks about it (withdrawing retirement funds)?
Some background: 
Twenty or more years ago planners based money needed for retirement on "average" life (death) charts.
Ten or so years ago most planning was based on living to the age of 90. 
About this same time they tossed out the 4% plan. Meaning that you could withdraw 4% of your retirement funds and increasing that amount via cost of living increases and have a better than 90% chance of not outliving your money.
Now the current thought of these so called planners is based on the idea of living to 100 - at least questioning, if not tossing the 4% rule out the window.

Sooo, with what you have or plan on having - will your retirement funds support you till you celerbrate your centennial?

Me???? 
I am 99% sure that without some major, real major, catastrophic event happening I will not out live my retirement money.......... :thumb: no matter how long I'm around. :cowboy:


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## TxGypsy (Nov 23, 2006)

I have enough principal to generate sufficient income for the rest of my life unless the economy goes so far into the crapper that gas is $20 a gallon, etc. LOL....however I'm planning on having a hell of a party the last year of my life and spending the last penny a few minutes before I head to the happy gardening ground in the sky :thumb:


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## yikes (Jan 23, 2011)

I have enough to last until next week at which time you guys will take over and pay for me. Uhh, umm, you will won't you?


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## Ohio Rusty (Jan 18, 2008)

I will never have enough money to retire ... and consequently i will have to work until the day that I die. 

To make a long story short, I lost all my long time pension when the company I worked for was deeply in debt (hundreds of millions), they went bankrupt and the creditors attached all the company funds and everyones pensions to the bills to pay off all the holders of liens against the company and everyone the company owed money to. Everyone lost everything. I started over 10 years ago at the age of 45 with nothing. I won't live long enough to see my 30 year retirement anyway .......

Ohio Rusty ><>


Man will never be free until the last king is strangled with the entrails of the last priest -- Denis Diderot


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## TxGypsy (Nov 23, 2006)

Sorry to hear that Ohio Rusty. Unfortunately this is not an uncommon occurrence. This is one reason why I believe this sort of investment should be in the hands of the individual rather than hoping the people in charge of your nest egg have your best interests in mind(almost never).

Many people overlook one of the best investment opportunities around....windfalls. We all, from time to time, receive windfalls...expected and unexpected. Many times people will splurge with this money(buy a new vehicle, tv, vacation, etc) rather than looking at that money as their future security. 

Another key is no debt and living below your means(spend less than you receive). You cannot build wealth by paying interest...only by receiving interest. If you combine these, you have the potential to build a nice nest egg.


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## Micheal (Jan 28, 2009)

Ohio Rusty, did you happen to check with the USPBGC (sorry no web info) it's the fed gov were they take over and inherit any pension plans via company bankruptcy etc.....
Why I ask is one of my pensions comes from them and the company I worked for went under in 1986. 
If'n your pension was a defined plan (company pays) by law it is NOT part of any bankruptcy proceedings. 
Hey, it could be worth some looking into - most that can happen is they say "no"......

I'll also look to see if I have any more info from them (quarterly newsletter) usually though I look through it and toss , but I'll look.....


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## Ramblin Wreck (Jun 10, 2005)

What Michael said on the bankrupt pension plan. Generally there is some coverage by the federal insuring agency, and the assets of retirement funds are generally not available to creditors.

As to the original question, I guess I'm OK if this body holds out to 100. My pension is from a defined benefit plan that is well funded (not quite 100% just now, but it has been over 100% in better markets). But as noted above, high inflation and other events (wars/famine/disease) can turn the world upside down, and no amount of paper holdings can make that secure.


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## Huntmo1 (Nov 30, 2011)

I just retired from the Air Force and receive a modest pension, although definitely not enough to live on while still paying a mortgage and getting ready to pay for 2 kids to go to college. But, I hope to continue to work until the kids are done with college (about 6-8 years) and then sell the house, buy a little farm house with a few acres and try to live out the rest of my life doing what I want to do. I won't have much money to get 'extra' stuff, but I'm sure I'll be a lot happier not having to deal with the daily grind of working for someone else. I want to work for the rest of my life...I just won't want a JOB any longer than necessary.


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## Big Dave (Feb 5, 2006)

I never planned on a retirement. I always have seen myself working till the LORD takes me home. I do want to live debt free. Putting money aside, it would have been nice but if was to check out what good would it have done me? Put your money into things others want so you can barter and have food when you want and shelter that can not be taken from you.


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## Wanderer0101 (Jul 18, 2007)

I'm still working but I could retire. My spread sheet says that if I take 4% per year from my invested funds and add it to Social Security my income will be higher that 75% of the population at least until I'm 95. So I think income is sorted out but I want to get in to a totally debt free situation and I have a little work to do on that before I pull the trigger.


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## Micheal (Jan 28, 2009)

To those who may be interested the website for the US Pension Benefit Guaranty Corporation is www.pbgc.gov hope this helps........... to any who may have worked in a company that went out of business etc and had a defined pension plan.


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## jwal10 (Jun 5, 2010)

Micheal said:


> Have you GOT (money) enough?
> :


Who knows. I have the 4% thing, but that isn't a lot with our cost of living. The health care mess is what worries me. Anyway, I am way better off than I ever thought I would be at 55. I like working part time, my schedule. I can work it around depending on weather, health, travel, etc. I have a bad flu bug this week....worked 4 hrs monday, 2 tues, 3 thursday and 7 yesterday for my 16. Love the job, co-workers and gives me a sense of community....James


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## danielsumner (Jul 18, 2009)

Extremely blessed. I've been retired for going on two weeks now. My pension is a tad more than I was making when working. I get a 3% cost of living each year. It is a government pension, so unless the the big world picture takes an unrecoverable dump I will be OK. If the worst happens, nobody will need money anyway. Have enough in a deferred comp plan to make a nice cushion to fall back on if needed. I'm 56, so I have some SS to look forward to in the future. I started planning back in my twenty's for today. No one in my family ever really retired except for medical reasons and then they struggled to survive. I was not going to let that happen to me.


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## SteveD(TX) (May 14, 2002)

"Money enough" has never been the question for us. Pensions? None here. Investments that will pay dividends or income in the future? Yep. Do we have enough? I HOPE so. Maybe not to live our current lifestyle, but lifestyles typically change as we age and/or retire.


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## whiterock (Mar 26, 2003)

I guess I'll find out one day.


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