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Old 10-12-2014, 06:01 AM   #1
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The following article and video highlights the dangers of not saving enough for retirement as well as the ingenuity and resourcefulness of some who face a shortfall in retirement income.

"Luck favors the prepared mind"
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Old 10-12-2014, 06:13 AM   #2
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Well the guy did give away $170,000 to his kids...they fail to mention that in this update article.

Also $1200 a month SS? That should be more like $1500 to $1600 if he had quite a few years as an executive, even taking it at 62.

And lastly, most people on here worry if $3,000,000 is enough. They are not so much worried about flipping burgers as they are about flying first class instead of coach.

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Old 10-12-2014, 06:56 AM   #3
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It does seem inconsistent does't it. I realize that most forum members don't fit this profile, but I find that I am usually interested in articles posted by others, so I try to post pieces that I come across that might be of interest.
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Old 10-12-2014, 07:17 AM   #4
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Interesting articles. The limited SS makes sense. The guy had some high paying jobs early in his career but he switched to a volatile consulting career to better take care of the kids when his wife died so it is understandable that he didn't make large SS payments and that he struggled with savings. His decision to divvy up the house proceeds to his kids so they could buy houses of their own sounds dumb but may not be the end of the world. That chunk of money could be providing $1000 month to him or so depending on when he first tapped it. But could disappear in a heartbeat if he gets chronically ill. If he needs nursing care he would have to burn thru that small nest-egg before qualifying for Medicare. Instead, one of his grateful kids is helping with the monthly fees at his community so he is getting by pretty well and if he needs nursing expenses in the future he will be eligible for Medicaid right away. A questionable approach but not all bad.
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Old 10-12-2014, 08:39 AM   #5
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Thanks for posting this update, GS. I remember the original story about him and our discussion of it. The guy was originally reported on a year ago (picked up by Yahoo then and no longer available there, but original story is here At 77 He Prepares Burgers Earning in Week His Former Hourly Wage - Bloomberg) and we discussed here: At 77 He Prepares Burgers Earning in 1 Week His Former Hourly Wage

He seems happy with his life and his decisions and seems to be getting by okay.
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
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Old 10-12-2014, 10:05 AM   #6
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I just wasted a few minutes of my life reading the comments on the article! The polarized nature of beliefs people have never ceases to amaze me.

As to the retiree working at 78, I admire his attitude. I won't say I could never be in his position financially (If I am, we're all screwed!) but got no sense of bitterness or entitlement to a better deal. Sure, he gave away his home equity to his kids and it appears he missed the opportunity just about everyone on this board had taken advantage of: LBYM. But we're all different; as long as he's ok with his situation and isn't knocking on my door for help, I admire his satisfaction with what he has. And let's all remember, in this consumer economy if everyone adopted the strategies of most on this board the economy that feeds our portfolios (and supports our pensions) would crash.

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