# Hope younger people are reading here, too



## anniew (Dec 12, 2002)

I sure hope some who aren't at retirement age are reading some of these stories.
I know it is hard for some people, but...
You know you'll be retiring someday, and if you understand that social security was never meant to be your total retirement income, then make some provision to put money aside.
I always made it a point to put some money into an IRA each year. Maybe not the full amount, but some. Over the years it adds up...even if you don't get much interest these days.
Another thing is to not retire until you are 70 if possible, as that gives you a bunch more social security.
People that I know complain about not having enough money for some things, yet go out to eat 3 times a week or go on a cruise every year or two. Instead of that, put that money away...as you can't eat the cruise when you retire...or pay off your mortgage with that. If you have a home free and clear (except land taxes, of course), it is easier to make ends meet when you retire.
Not saying you shouldn't enjoy yourselves, but as homesteaders, you likely enjoy your own home and the chores involved there. 
Make your money count for something in retirement. Plan what you'll need without the idea that social security will always be there, or that it will get COLA increases each year. Be proactive in your retirement plans, rather than see yourself as a victim to whatever!


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## Explorer (Dec 2, 2003)

Life's short, enjoy it to the fullest while you can!


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## Ravin (Apr 12, 2008)

At the rate I'm going, I'm going to be near retirement before I can put down roots, so this is definitely a forum to keep my eye on. As 40 approaches, with me green in my new career, I definitely have no plans of retiring EARLY. 401K contributions no longer seem frivolous or low priority even with growing kids, either.


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## TxHorseMom (Feb 21, 2011)

I'm 52 and DH is 55. He works for the state and will have a great retirement package. We have a 401k and a 403b. We also just started an IRA this year, so will be putting the max in each year since we started so late. We aren't rich, but will have the house we're building this year paid off thanks to an inheritance. But I don't agree with the not traveling. For us, now is the time to travel. All the children are out of the house and we're still fairly healthy. I don't mean you should make yourself destitute due to vacations, but making memories is important too. And when it is time to retire, when physically we can't do as much, we can sit on our porch in our rockers and say remember when........


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## TnAndy (Sep 15, 2005)

We are both retire, took SS at 62, wife has a state pension from 32 years as a school employee. I would NOT wait until 70 to start SS....yes, you'll get more monthly, but statistically, you're also 8 years closer to the point of being dead and never catching up with what you would have gotten from 62-70. To each their own on that.

What I would tell a 'young' (say under 40) is this:

1. Social Security/Medicare is something you will never see. If I'm wrong, be amazed...take it and run....but the game simply can't continue for another 25-30 years.

2. DO NOT count on IRA's, 401k's, 403b's or any other tax sheltered plan. The odds are way more than 50-50 that an economic collapse is coming, and you'll never see most, or any, of what you've sunk into those tax deferred funds. 

The has been talk around for years the govt will take them and give you some kind of bond IOU for it, and when the govt gets desperate enough to keep the welfare class up (and I include us gray haired welfare recepients), they will go after the 'big pot'.

OR the stocks, bonds, etc in your TDF will simply become worthless. The entire world simply has too much debt, and at some point it will be cleared from the books. That is going to be painful for many that thought they had something, but do not.

What a young person SHOULD do is invest in themselves....learn a good trade, or two, or three, in a skilled area that will always be in demand.....growing food, providing energy, making and repairing real things, medical, etc.

Then, buy land that will feed you (and more when needed), build your own house (avoid as much debt as possible here), water you, heat you, and so on....in other words, become as debt free and self sufficient as possible. Pick a low tax area, so you don't get taxed out of your property in the future.

Last, instead of buying into paper promises over which you have zero control, do save....but save in the form of silver and gold coins. Buy a small amount on a regular basis. Thousands of years of history say these two metals are MONEY...whereas no paper currency, stock, bond or other paper promise has lasted more than a few generations.


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## Miss Kay (Mar 31, 2012)

I retired at 56 and having the time of my life. I can't imagine working until 70. Yes save, yes stay out of debt but life was meant to be more than work and worry. If the economy collapses then we'll all be in a big mess together. Life is short and I'm going to enjoy it without fear. I planned early on by getting a good education and finding a well paying job with great retirement and benefits. It worked for me so I recommended the same for my son. He has followed in my footsteps and I hope he is as happy as I am with his life.


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## Michael W. Smith (Jun 2, 2002)

I have to wonder if "young" people are paying attention!!! 

None of my family (other than my Dad in later years) even owned stocks. Both sets of Grandparents didn't have much money - so did not own any stocks. Their "investments" consisted of a savings ccount and checking account and they lived off their Social Security.

Luckily for me, the very first job I had, my boss got to talking to me about retirement and asked if I had an IRA. I had no idea what he was talking about. 

He told me at the end of the year, he was going to give me a contribution of 10% of my gross pay and we would head down to the bank to open the account. He kept his word and one day we went down to the bank where I opened up the Tradtional IRA and he contributed the 10% of my gross pay for the year. (I wasn't making much at that time, but I was also only in my late teens or early 20's.)

He encouraged me to continue adding to it every year and he did as well for as long as I worked there (his 10% match of my income). I wondered how making these small contributions would ever add up at the time.

As I got older and noticed that my IRA wasn't making anything at the bank due to the interest rates, I moved the account to an insurance company who guaranteed a 3% dividend (that's the lowest it could go). Once the money was moved, I also switched the account to a ROTH and paid the income taxes as needed.)

I started reading up on investing - Money Magazine, Kiplingers, etc and discovered the discount brokerage firm Vanguard - where I opened up ROTH IRAs for myself and my wife there.

As I continued to learn, I found out about Direct Stock ROTH IRA's and opened up different ones for my wife & I.

I am now in my late 40's, and have learned those early contributions have added up. I have good sized ROTH IRA accounts - (I think good sized for my age). 

I often what what my two older sisters are going to do. Even though I encouraged them to open IRA accounts - they didn't and I even opened one for them for a Birthday / Christmas gift - I don't think they have have added to it. The one sister has a few investments - the other one nothing at all that I know of.

Looking back, I think of all the money I squandered when I was younnger on useless and pointless "things".

I am so grateful to my first boss for taking the time with a very young man to encourage me to invest for retirement. 

I'm now 49 - and it's hard to believe how fast the years have flown by. Another 15 - 20 years and I'll be retiring - so it's not that far off!

I am now training my son on the lesson of saving for retirement when your young. When he got his first job at 16 years old, my wife and I opened him a ROTH IRA and contributed the full amount he was eligible to. When he was 17 we put in half and he put in half. He is 18 now, so will make sure he continues to make contributions.


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## CountryMom22 (Nov 27, 2014)

Don't know if we qualify as "younger people" here, but hubby and I are 52 and not retired. Things have not gone as planned for us. We both started out as savers, long before we ever met. After we married and the kids came along, both of our sons had special needs requiring therapy and care that out insurance didn't cover. We are both self employed, which was a god send for our family, allowing me to be here for our kids while hubby works in an industry that he loves. Then the bottom fell out of the manufacturing industry.

We managed to stay afloat by being super frugal. We did manage to put some money aside, as well as pay off our mortgage, but hubby's industry has not recovered. He has managed to morph it into various niche markets so we are doing okay. But we are worried that we haven't saved enough, we know we haven't. We are trying to play catch up with our investments and have been somewhat successful. We are encouraging our kids to plan better than we did. We are thankful that we had the money to spend on the therapies our kids needed. Had we not saved early on, I don't know where our kids would be today. But we are worried as I too, believe that SS won't be around by the time our turn comes around, and definitely not for our kids.

Hubby loves what he does and would not retire even if we hit the lottery, but he will start slowing down as he gets older, so we need more security, and are working towards that.

Thanks to everyone who posts here. We have learned a lot and it's comforting to know that many of us are in the same boat. But most importantly, it's nice to know that it is never too late to start saving!~


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## emdeengee (Apr 20, 2010)

I am definitely for early retirement 60 or 65 and wish that all would plan for this. I think that working to 70 is a huge disservice to the younger generations. Right now there are 4 employees who are staying on until 70 despite having really great pensions thus their positions will not open up for 5 years for the advancement of others and thus the openings that should have come available as everyone moved up and around will also not come available for 5 years. Four young professionals will not be able to start their careers. This domino affect is visible in all sorts of fields and jobs and goes a long way to explain why youth unemployment is so high. It is great to have a work pension but it is still entirely our personal responsibility to save for our own retirement. I am truly shocked at how many of our friends and family ages 40 to 60 have been negligent.


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## CountryMom22 (Nov 27, 2014)

I think some people chose to work until 70 or later because they genuinely enjoy what they do. Or because their circumstances change. And I don't mean financial circumstances. Although that has happened to many with the stock market problems these days as well.

For instance: A woman I know was planning to retire in about 6 months, she owns her own business and her hubby took early retirement. Then in 3 days her world fell apart when her husband died unexpectedly. Now she continues to work because she can't stand being home alone. Another person that I know through a job that I had years ago had spoken about retiring for years. He and his wife were going to travel. That is what she had always wanted to do, but until the youngest child was out of college (she was a late in life oops baby) they put their plans on hold. His wife became ill and passed away about 6 months later. He decided not to retire because as he put it "what's the point? I don't want to travel alone". So he continued to work for another 10 years. Yes, he has since retired, but the person who replaced him has risen to their point of incompetence, and is now doing a lousy job, and because of this, the company may fold in the next few years, as the owners are also completely clueless. That will mean there will be another 11people unemployed.

Older workers still bring a lot of experience to the table for their employers. These people don't owe anyone their positions. If they choose to work, and they can, then they should. My father who is 76 is still working. He has retired twice from high paying jobs. He now works part time at a golf course because he enjoys being around people. Since his wife is still working, his option would be to sit home and wait for her to retire. Really? How is that living. People thrive when they feel useful and for many, that means continuing to work.

Dear hubby and I hope to live to a ripe old age, but we also hope to die in the traces, as they say. We enjoy what we do, and are good at it. Our choice. For those that want to retire early, go for it. To each his/her own.


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## Michael W. Smith (Jun 2, 2002)

I can see both sides for the "retire early" or "work until your ready".

I can see emdeengee's point - people that don't have any income worries continue to work - thereby preventing younger people from filling the position. (I've know several people in this position - one couple the husband is a retired teacher - so gets a very nice pension. The wife would also get a pension - if she would retire - working for local government.)

Perhaps the wife continues to work because she really enjoys her job. Perhaps she continues to work because she can't imagine having her husband underfoot at home all day. I don't know.

But remember emdeengee, in today's work force, there is no guarantee when someone retires (or quits) that there will be a replacement person hired. Many companies simply shift the load onto other employees.

I can also see CountryMom22's point. Some people REALLY do enjoy what they are doing and have no desire to quit and retire. And since many people are "known" by their work - if they retire they might feel like a useless human and be totally lost sitting at home.

To each their own.


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