Retirement Reality

[hnzw_rui]

I don't hear anyone feeling that they have control... in fact just the opposite... they don't and don't want to have a diet of cat food in their 90s should they live that long.

I'm curious, why cat food? Is it much cheaper than people food? Because I know some of the meals my mom cooks (for family of 4) cost less than $5 for raw ingredients and there's usually plenty of leftovers.

Instant ramen is like 30 cents.

 

[Big_Hitter]

I'm curious, why cat food? Is it much cheaper than people food? Because I know some of the meals my mom cooks (for family of 4) cost less than $5 for raw ingredients and there's usually plenty of leftovers.

Instant ramen is like 30 cents.

yes it's much cheaper and the food of choice of destitute retirees, apparently

 

[Aiming_4_55]

I'm curious, why cat food? Is it much cheaper than people food? Because I know some of the meals my mom cooks (for family of 4) cost less than $5 for raw ingredients and there's usually plenty of leftovers.

Instant ramen is like 30 cents.

I think it's perspective, being Asian, I'm worried/want to avoid the bowl of a white rice and ketchup or soy sauce for a meal. Them some tough days from my childhood.

I don't own a cat, but I assume a can of cat food is about the same price range as a can of tuna or soup.

 

[Big_Hitter]

I think it's perspective, being Asian, I'm worried/want to avoid the bowl of a white rice and ketchup or soy sauce for a meal. Them some tough days from my childhood.

yeah that's certainly missing a few of the key food groups

I love rice myself, growing up in the gulf coast, we ate it just about every meal....never plain, but with gumbo, chili, hoppin john, etoufee, etc

now, back on topic, with regard to the 95 comment, that's a low probability event right now (unless you happen to be 94) and almost no one dies on his or her "life expectancy" half die before and half die later, in general

if dying as a destitute retiree isn't an issue, then why are there so many scholarly articles about the problem of poverty in retirement? also, if you don't want to die with $2M in your pocket, just load up on annuities

 

[Moneygrubber]

These are the ages of those recently passed from my local paper, 71, 68, 63, 82, 92, 71, 91. Real numbers, not wishful thinking.




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[Big_Hitter]

These are the ages of those recently passed from my local paper, 71, 68, 63, 82, 92, 71, 91. Real numbers, not wishful thinking.




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that's not a credible sample size, plus we don't know how many of those folks were "retired"


are you trained in longevity risk, mortality analysis or the construction of mortality tables?


one key issue you are missing is future mortality improvement - if you want you can read the SOAs 2014 mortality study where they discuss the development of the MP-2014 projection scale

 

[hnzw_rui]

I think it's perspective, being Asian, I'm worried/want to avoid the bowl of a white rice and ketchup or soy sauce for a meal. Them some tough days from my childhood.

Lol, I actually like white rice and soy sauce. Other "instant" meals is rice and shrimp paste, and rice and raw egg with a pinch of salt.

Asian, too, and back in the Philippines, we never actually bought cat food. The cats ate our leftovers (usually rice mixed with fish mushed together in a little bit of water).

 

[Moneygrubber]

that's not a credible sample size, plus we don't know how many of those folks were "retired"


are you trained in longevity risk, mortality analysis or the construction of mortality tables?


one key issue you are missing is future mortality improvement - if you want you can read the SOAs 2014 mortality study where they discuss the development of the MP-2014 projection scale

Here is my projection scale, 17 year old sitting next to me at a stop light with his head down on a smart phone and T bones someone down the road under the age of 95.




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[panacea]

These are the ages of those recently passed from my local paper, 71, 68, 63, 82, 92, 71, 91. Real numbers, not wishful thinking.

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If you're healthy and have good family longevity I would overestimate instead of underestimate. I'd rather assume I'm going to be at the high end of that spectrum than the low end. Like others have said, it's worth it to me to avoid poverty in my later years if I make it that long. It would be an awfully long retirement if I ran out of money at 75 and lived to 98.

 

[Souschef]

Well my Dad died at 92, and my Mom just died at 102. Unfortunately, she had outlived her money. When they were younger, there were not the IRA's, etc. to help them save for the future. My dad probably did not think my mother would outlive him by 10 years.
I am 77, and hope I get my mother's genes. I have enough saved along with SS and pensions, to not have to worry. In fact, since our kids could use the money now, rather sometime in the future, I am distributing part of my RMD to them.

 

[Bigdawg]

... they don't and don't want to have a diet of cat food in their 90s should they live that long.

I used to eat a lot of Tuna. Always cheaper than cat food.

 

[razztazz]

None of these numbers apply to anybody. They only apply to the group. Your or my chances of living to 120 or tomorrow fall into the category of "Not Knowable".

I plan for the long end. If I croak-off early and unexpectedly it's not like I'm going to be around to complain about it. If I live a long time, with all the other crap I will have to worry about, I don't want running out of money to be on the that list.

 

[Moneygrubber]

Well my Dad died at 92, and my Mom just died at 102. Unfortunately, she had outlived her money. When they were younger, there were not the IRA's, etc. to help them save for the future. My dad probably did not think my mother would outlive him by 10 years.
I am 77, and hope I get my mother's genes. I have enough saved along with SS and pensions, to not have to worry. In fact, since our kids could use the money now, rather sometime in the future, I am distributing part of my RMD to them.

Good man!


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[highlow65]

I don't have to worry about planning, a fortune teller told me my exact date of death on November 16th 2052 so I can spend every last penny without fear of outlasting it, She also told me I would die in my sleep so I can party hard the night before

 

[Moneygrubber]

I don't have to worry about planning, a fortune teller told me my exact date of death on November 16th 2052 so I can spend every last penny without fear of outlasting it, She also told me I would die in my sleep so I can party hard the night before

Lol, my point exactly..


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[Bigdawg]

Moneygrubber, can I gather from your comments that you have zero plan for retirement? Or are you just stirring the pot?

 

[N02L84ER]

I'm planning to marry a much, much younger spouse and want to insure the spouse has enough money to live on.

 

[athena53]

I'm planning for a long retirement. Parents are both 85, still independent, mobile and mentally competent. A great-grandmother died at 93, never having had a mammogram, colonoscopy or statins. There are exceptions so I've tried to enjoy life along the way. One uncle, marathon runner, died of a heart attack at 42. His brother was diagnosed with inoperable stomach cancer shortly after retiring.

I preferred to err on the side of saving too much, and I hope I did.

 

[brett]

My father retired at age 59 in 1980-with a reduced pension. His health was poor at the time-lhigh pressure job that he loved. The average retiree lifespan at his employer was just under 70 at that time.

He changed his lifestyle, no pressure etc. He lived until 87, healthy until a year before his death. He credited his turn around to early retirement.

I retired at 59. It is great. A colleague of mine decided to work until 65. He dropped dead at 66.

I do not look at age. I look at how many years of good health to do the things I want to do are left for me. That is valuable time that we choose not to squander on building up more assets to pass on to our children.

 

[Moneygrubber]

Moneygrubber, can I gather from your comments that you have zero plan for retirement? Or are you just stirring the pot?

Full disclosure, stirring the pot, saved well, retiring at 55 in a few months, adhere to diversification, withdrawal rate strategies and 95 planning, reflecting on what i feel is the absurdity of it all sometimes, when your at the finish line you reflect a bit, maybe i am nuts,,,


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[highlow65]

It does help to know my exact end date but if that happens there will still be plenty left for charity and offspring, I live very well now but am still very cautious by nature and don't expect to change that. I couldn't rest comfortably without a significant margin of error.

 

[Gumby]

Eat, drink and be merry, for tomorrow we die!

A great life philosophy, unless you don't actually die tomorrow. I can't speak for anyone else, but I prefer to hope for the best and plan for the worst. It is quite possible for me to have a nice life now while still holding a little back, so I don't become destitute prior to my demise. If I leave money on the table, so be it.

 

[Moneygrubber]

My father retired at age 59 in 1980-with a reduced pension. His health was poor at the time-lhigh pressure job that he loved. The average retiree lifespan at his employer was just under 70 at that time.

He changed his lifestyle, no pressure etc. He lived until 87, healthy until a year before his death. He credited his turn around to early retirement.

I retired at 59. It is great. A colleague of mine decided to work until 65. He dropped dead at 66.

I do not look at age. I look at how many years of good health to do the things I want to do are left for me. That is valuable time that we choose not to squander on building up more assets to pass on to our children.

Cheers!


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[Teacher Terry]

As people age they naturally spend less so if they have a pension or good size SS they probably will be okay once the savings are gone. Now if they don't have that it will be another story.

 

[Hermit]

I'm planning to marry a much, much younger spouse and want to insure the spouse has enough money to live on.

I did that. Darned if she didn't die at 48. Nothing is for sure...