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Retirement Reality
Old 01-10-2016, 03:24 PM   #1
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Retirement Reality

So everyone plans for a 30 40 or 50 year retirement, how many of your family members, friends, associates never made it to 50, 60, or 70, get real, life is short, we know how many years have past, we dont know how many lie ahead....


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Old 01-10-2016, 03:29 PM   #2
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We can't know in most cases, but there are reams of probability/stats on longevity. Just because we all know some people whose lives were unfortunately short, doesn't mean we should plan against the real likelihood most of us will live long lives. We all know some/many people are killed driving their cars, are you going to stop driving?

Fortunately 'life is NOT short' for most of us. Planning based on exceptions isn't smart...
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Old 01-10-2016, 03:37 PM   #3
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Most of my family made it at least to their mid seventies, many much later than that. My father died at 62 but he had a lot of self-created health issues. So I'm planning on at least mid eighties, DW even longer. She had one aunt that passed at 100 so the genes may be there.

Of course I'd like to be leech on my former employer for as long as I have reasonably good health.
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Old 01-10-2016, 03:46 PM   #4
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No, but we are not Gods, we blithely predict our lifespans like we are Gods, we are not.


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Old 01-10-2016, 03:51 PM   #5
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No, but we are not Gods, we blithely predict our lifespans like we are Gods, we are not.
Planning for an eventuality isn't the same as predicting...
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Old 01-10-2016, 03:54 PM   #6
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You can't necessarily extend the final date, but you can certainly do things to bring it on sooner.

I don't plan to live to 100, but a 30 year retirement is planned. If health holds out, then I can adjust as time goes along.
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Old 01-10-2016, 03:57 PM   #7
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Semantics i guess, i want everyone to have a long happy fruitful retirement, but find. It somewhat comical how people feel they have so much control over the uncontrollable.


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Old 01-10-2016, 03:59 PM   #8
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Semantics i guess, i want everyone to have a long happy fruitful retirement, but find. It somewhat comical how people feel they have so much control over the uncontrollable.
How do you think people should plan for retirement?
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Old 01-10-2016, 04:02 PM   #9
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Good question, be pragmatic i guess, i have helped settle several estates with millions left behind due to these unreasonable longevity expectations.


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Old 01-10-2016, 04:03 PM   #10
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You have to plan on at least the averages, and with some insider information regarding your own health, pick an age.

If you die with money in the bank, it's not that bad. If you run out 10 years prior to leaving for good, it might be a miserable 10 years.
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Old 01-10-2016, 04:06 PM   #11
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So everyone plans for a 30 40 or 50 year retirement, how many of your family members, friends, associates never made it to 50, 60, or 70, get real, life is may be short, we know how many years have past, we dont know how many lie ahead....
With a small change, I agree with you.
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Old 01-10-2016, 04:07 PM   #12
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I've seen both sides up close and personal. DW's parents died young (60s) wishing they'd spent more time having fun. Mine lasted into their 90s and outlived their funds. Nobody starved, but life became a lot more constricted in their last decade than they would have liked.

Neither situation is desirable, but at least we have some control over the latter.
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Old 01-10-2016, 04:11 PM   #13
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Dad died at 54 yrs. Mom is alive at 78 yrs old, and that's because my Mom's mother ( grandma) died at around 94 years old and grandpa at 91. So, assuming my Mom lives to 94 and my Dad passed at 54, the average is 74 years old. But my Mom's sister, my aunt, only lived to 79. My Dad's brother lasted till 72 and has another brother still alive at 78. I'm hoping for 85 - 90, but I may go from 75 - 83. Who knows. But if I pass away earlier, I will have no regrets because I've traveled around 30 countries, and lived life to the fullest.
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Old 01-10-2016, 04:16 PM   #14
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It somewhat comical how people feel they have so much control over the uncontrollable.
That sounds like the thinking that is often used by those who are obese, never exercise, smoke, and drink excessively.
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Old 01-10-2016, 04:18 PM   #15
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I expect to die some time between now (age 50) and 95. The average of those two ages is 72.5. I could plan to have my money run out at 72.5, but if I live longer,then I will be old and poor, which would suck donkeys' tails. I mean,it would really, really suck.

So I will plan my finances as if I am going to live to 95, but get a will in order to prepare for the likelihood that I will die sooner than that and will leave an estate. I'd rather my money outlive me than the other way around.
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Old 01-10-2016, 04:21 PM   #16
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Control is just an illusion. We may have control momentarily, but everything can end in a moment - just like that. Just like that (with a snap of a finger). We just have to trust that the world provides for us while we live, and then we become one again with the cosmos someday.

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Semantics i guess, i want everyone to have a long happy fruitful retirement, but find. It somewhat comical how people feel they have so much control over the uncontrollable.


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Old 01-10-2016, 04:23 PM   #17
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My dad passed before 50 and my mom is doing well at 69.

I plan to be FI by 50 and enjoy more of life to the end. It may include work, but I'll have more choices. One day at a time with a belt and suspender mentality. Your choice, your life, YMMV. ;-)
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Old 01-10-2016, 04:24 PM   #18
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Good question, be pragmatic i guess, i have helped settle several estates with millions left behind due to these unreasonable longevity expectations.
You have a point. No matter what or how well we plan, we're always wrong.

Now, is it better to be wrong and die prematurely, with money left over, unspent? Or is it better to be wrong, run out of money, live your final years in poverty, then die? How should we choose?
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Old 01-10-2016, 04:25 PM   #19
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It's all about consequences. For me, the consequence of not saving enough is worse than leaving a hefty donation to charity and bequests to relatives upon my passing so I'd rather err on the side of caution. One grandmother died 5 days short of 90 and the other is turning 92 next month. Both had their retirements subsidized by their children. The one who's turning 92 is actually very, very frugal. There just wasn't a lot of money to save and now she needs round the clock care because of dementia.

That said, I could get hit by a bus tomorrow so I try to strike a balance between saving for the future and some frivolous spending now. Just because you're still working doesn't mean you can't take time to enjoy life.

True story, one of the engineers (late 40s, iirc) at my mom's office died of a heart attack while in a meeting. They thought he was just sleeping and didn't realize he had a heart attack until the meeting ended.
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Old 01-10-2016, 04:26 PM   #20
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Semantics i guess, i want everyone to have a long happy fruitful retirement, but find. It somewhat comical how people feel they have so much control over the uncontrollable.


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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. My maternal grandmother lived until 99 and was living on her own for other than the last 6 months. Great aunt lived to 95. So given that bloodline, and today's generally better health and longevity, 40-50 years for me in retirement (I retired at 56) is a distinct possibility.

Besides, why the heck would you care?
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