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What is Retirement Security?
Old 11-06-2010, 04:51 AM   #1
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What is Retirement Security?

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Originally Posted by ERD50 View Post
(snip) Are we defining "retirement security for all" as some basic level of food, shelter and health care? Or are we talking about retiring in the style that we may have enjoyed during our careers, or something close, regardless of personal savings? Is "retirement security" the same for all, or different for some? Those were off the top of my head, there are probably a bunch of other valid definitions to consider.

-ERD50
Since it was ziggy29 who originally used the phrase, perhaps he will stop by and tell us what he had in mind. In the meantime, I can only say what "Retirement Security" means to me. First, it's retirement. That means it comes after work. What provision, if any, is made for people who didn't work, for whatever reason, is IMO something separate from "retirement security". Second, it's security, which to me requires that you can't lose it and can't outlive it. Security, to me, also implies sufficiency. It's not "security" unless it's at least enough to provide a retiree with adequate food, shelter, clothing and transportation.

You asked if retirement security means being able to live in the same style we did during our careers, and it might, for someone who had always earned a very low income. It would probably have to—people who are making barely enough to live on don't have any surplus to save for the future. For most people who read this list, though, I think living as we did while working would mean more than simple security from hunger and the elements, and retirement security, IMO, doesn't include providing for those extras.
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Old 11-06-2010, 06:03 AM   #2
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To me it means that a person and their spouse/significant other (if applicable) have enough income to support their established lifestyle such that they do not struggle to pay for their needs and some wants. This includes healthcare costs. Plus a Plan!

Since health care costs (including LTC) could be high... It would include enough financial resources to cover those expenses (based on average needs for the age group). IMO - This is the biggest risk factor and health care inflation is high which increase the risk.

So retirement security should include contingency plans (including the financial resources to cover certain likely (high probability) events.

If you have money... a plan for adverse life events is an essential element of retirement security.
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Old 11-06-2010, 07:21 AM   #3
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Where did this topic come from? If it is asking what we want for ourselves (through a combination of SS, savings, pensions) that is one thing. If it is asking what kind of safety net the country should provide it's citizens, it is quite another. For safety net (SS) purposes I think we need to be at least as progressive as the current system. ERD hits it with this:
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You asked if retirement security means being able to live in the same style we did during our careers, and it might, for someone who had always earned a very low income. It would probably have to—people who are making barely enough to live on don't have any surplus to save for the future. For most people who read this list, though, I think living as we did while working would mean more than simple security from hunger and the elements, and retirement security, IMO, doesn't include providing for those extras.
I do think health care is an element. Leave my Medicare alone seems to ring a bell with right and left
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Old 11-06-2010, 08:20 AM   #4
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Old 11-06-2010, 08:25 AM   #5
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To me, "retirement security" is for me to be retired while my DW continues to be gainfully employed.

Works for me ...
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Old 11-06-2010, 08:28 AM   #6
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The statement came in a discussion on public pension plans...

It was intended to talk about pension plans in the private sector...

The problem with the question without this context would indicate it has nothing to do with a pension plan...

IOW, I want to retire with retirement security... meaning I have enough money to be 'secure' in my lifestyle that I chose to lead when I retire...

then you have to ask "who will pay for this lifestyle"....


So I think the discussion is an interesting one, but it does not talk about a 'secure retirement pension' which I think Ziggy was referring...

Just my opinion....
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Old 11-07-2010, 03:53 AM   #7
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Security is an emotion, a feeling, a perception. Odd of financial success can defined or determined by probability based on some numbers but feeling something is unique to each individual.

A person may technically be in the position where an outside observer would conclude they are financially secure but the person in question may feel quite the opposite. Vice versa, others may see a perilous position the person in question could not care less about.

I'll bet financial advisors face this issue on both sides every day.
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Old 11-07-2010, 05:43 AM   #8
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Retirement security is believing today that your vision of the future will cover all the expenses you require with some left in reserve. shotgunners signature line says it all.
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