When it Rains it Pours

[tryan]

From a SB article:

A recent study at the Center for Retirement Research at Boston College found that individuals in their 50s were likely to experience one or more shocks that could dramatically reduce their retirement security.

Worse, it was more likely that you would experience one of these shocks than not. The study found there was a 69 percent chance that between age 51 and age 61, an individual would experience at least one of these events:

• A major medical condition (41.3 percent).

• A health-related work limitation (33.7 percent).

• Severe disability (6.9 percent).

• Enter a nursing home (3.4 percent).

• Be laid off from job (18.7 percent).

• Be divorced (2.3 percent).

• Be widowed (7.3 percent).

The percentages for each event, by the way, add to more than 69 percent because some individuals experienced more than one of the events. When it rains, it pours.

Only three people in 10 get through their 50s unscathed.

Makes SWR seem like a mute point.

http://tinyurl.com/gy45n

(reduced size of URL)

 

[kat]

It's a sobering study.

I will always remember the words of a favorite college professor, who said when you've had to weather storms early in life, you will have more skills to deal with the future than someone who never had to deal with life's blows.

I'm not afraid of the future, since in my mind it does no good. That does not mean I don't prepare.

I never agreed with people who told me having two severely handicapped older brothers (the only life I've known as a little sis) was "God's gift" to our family. It was a real awful bummer for my brothers, and I witnessed that every day.

But all througn life I've known everything is relative, and we humans have extraordinary adaptibility.

I pay attention to these studies but they really have no way to take into account the way each of us deals with situations.

Just some random thoughts.

kate

 

[tryan]

they really have no way to take into account the way each of us deals with situations.

You hit the nail on the head ... only hit one on the "list" (laid off); but was soooo ready to leave it was a blessing.

Now if I can just avoid the rest of the list ....

 

[haha]

From a SB article:

Makes SWR seem like a mute point.

Au contraire mon ami, it speaks volumes.

Ha

 

[SteveR]

I have already hit two items on the list. DW has one so far and we both are not even half way between 51 and 61.

Like Kate said; living through some serious "stuff" when you are younger helps you deal with the more "stuff" as you get older.

Also, I agree with Ha on his comment that ER is indeed the real point of the study and is far from moot. Retire as soon as you can so you can enjoy a life beyond working for a living. One never knows when you won't be able to enjoy life so don't delay too long. I have some personal experience in that area already.

 

[unclemick]

Amen.

heh heh heh - yeah you rite! - all of you.

 

[Martha]

Like Kate said; living through some serious "stuff" when you are younger helps you deal with the more "stuff" as you get older.

I agree provided you have a safe and secure childhood.

If not, I think you end up a lot less resilient.

Some of the figures from this study were posted a while back. I still think it is interesting that only 2.3% end up divorced in their 50s.

 

[Nords]

Some of the figures from this study were posted a while back.  I still think it is interesting that only 2.3% end up divorced in their 50s.

Well, they only looked at their 50s. They didn't specify how many had already been divorced at least once by the time they got there...

 

[Sheryl]

Well, I got broadsided with the major medical condition out of left field, and I'm only 45.   I led a protected and sheltered childhood and young adulthood, so have never really had to deal with adversity and uncertainty.

It definitely changes the way you think, and what you think about.   My first thought was that SWR was a moot point... that I won't have the ability to do any of the fun things I'd planned on spending it on, and I'd need it all for health insurance, so why not just keep working?

The second thought was I should quit tomorrow and spend it all now while I'm still realatively healthy in case the health issues become more disabling in the future, then become a burden to society when there's no money left and I am too sick to enjoy it anyway.

I'm currently trying to establish some more sane middle ground.   But crazy ideas do go through your head.  

 

[SteveR]

Well, I got broadsided with the major medical condition out of left field, and I'm only 45.   I led a protected and sheltered childhood and young adulthood, so have never really had to deal with adversity and uncertainty.

It definitely changes the way you think, and what you think about.   My first thought was that SWR was a moot point... that I won't have the ability to do any of the fun things I'd planned on spending it on, and I'd need it all for health insurance, so why not just keep working?

The second thought was I should quit tomorrow and spend it all now while I'm still realatively healthy in case the health issues become more disabling in the future, then become a burden to society when there's no money left and I am too sick to enjoy it anyway.

I'm currently trying to establish some more sane middle ground.   But crazy ideas do go through your head.  

The middle ground is tough to find with absolute certainty so the best one can do is run the numbers based on real and best guess projections of expenses and income and then draw a line in the sand. When you reach the line....quit working and starting spending.

The biggest problem with medical events is that so many are not predictable so when they hit you don't have enough warning to plan for them. You just ride them out and do the best you can with what you have.

For me, I cannot imagine working another day once I were to be told of a fatal illness. We only get one shot at living and nobody knows the day or the hour you will draw your last breath. One should balance the doom and gloom potential with common sense. If you have a good health history and your immediate family member died in their 90s you should worry less about health than someone with generations of historically short life spans.

 

[Robert the Red]

For me, I cannot imagine working another day once I were to be told of a fatal illness.  We only get one shot at living and nobody knows the day or the hour you will draw your last breath.

I pretty much agree with the quote, but don't actually know how I'd respond.  A friend of mine has in the last few months come down with ALS -- always horribly fatal, and in his case progressing pretty fast.  He continues to work from his wheelchair because the intellectual effort keeps him going (he's a scientist).  It's already too late for him to "do" most things -- even sightsee except in the most cocooned environment.  Ugh.  Triple ugh.

Does make me plan for ER, though.

 

[Martha]

Well, they only looked at their 50s.  They didn't specify how many had already been divorced at least once by the time they got there...

Yeah, I know that. But only 2.3% get divorced between age 50 and 60? Not many divorces.

 

[foxhuntr]

I'm 63 now, so out of the study zone, but I had 3 events in the 51-60 timeframe - 2 layoffs (one for 9 months of unemployment) and a divorce.  I'm happy to say I made it through in 1 piece, though not without some hard times, and am now quite happy and planning for retirement in a year or so.

Rick

 

[AltaRed]

So far so good. But I suspect something will occur iin the next 3 yrs to not escape clean.

I believe the key to success is to live each day forward according to your plan, but to be flexible for life's unplanned events (including market corrections!) and not to be utterly devastated by a sudden crisis in your life. We can all look back to defining events in our life, not all of them pleasent. But we now have the life experience and wisdom to pick up our bootstraps when such crises hit.

 

[shiny]

I will always remember the words of a favorite college professor, who said when you've had to weather storms early in life, you will have more skills to deal with the future than someone who never had to deal with life's blows.

I've been thinking about this lately... I really have not had to deal with much adversity at all, that makes me worry sometimes that I'm overdue! Maybe the world is making it up to me with petty annoyances which I seem to suffer lots of.

 

[Rich_by_the_Bay]

I've been thinking about this lately... I really have not had to deal with much adversity at all, that makes me worry sometimes that I'm overdue! Maybe the world is making it up to me with petty annoyances which I seem to suffer lots of.

Interesting observation.

For me, prior storms make you better at avoiding future storms as much as they help you cope with them when they are inevitable.

 

[SteveR]

Until you experience the really big stuff you think everything is big. Once you have experienced some major event in your life you don't have an appreciation for how good you had it. Also, in the great words of Conan the Barbarian....
"That which does not kill us, makes us stronger.." I believe this (up to a point).

So far I have seen and experienced more than my share of trauma, pain, loss, heartbreak, bad breaks, adn acts of God to have a much better appreciation of what "bad" can mean. I know I have also been lucky in many respects and I have learned to appreciate my good fortune, my health, my family, and who I am today. I could be much worse off.

Like my wife now realizes after her recent spinal fusions....what she thought was a pain level of "10" was really only a "5". Until you have felt a real "10" you don't know how well off you were. After experiencing something like that, your definition adjusts to compensate for the new experience.

 

[bosco]

Also, in the great words of Conan the Barbarian....
"That which does not kill us, makes us stronger.." I believe this (up to a point).

try Nietzseche. "Was mich nicht umbringt, macht mich staerker."

figures it had to be rendered to the public by the Governator

 

[unclemick]

Hmmm

Within one year - wiped out by Katrina, relocated 1000 miles North, SO died, 89 yr old Mom(lived with us) passed, and last night - step daughter in spare room choked to death eating a slim jim type sausage watching late night cable while I slept.

Man plans, God smiles. So much for the latest plan - home base in middle America with resident housekeeper and ace personel secretary.

When the shock wears off - some more grieving - and more stiff upper lip.

I hate hedonic adjustment!

heh heh heh - S**t! Lot more to ER than just financial - this is my lucky 13th yr!

And my youngest nephew just got word - his July wedding is touch and go - unless we move it to Iraq.

 

[LovesLife]

Unclemic,
My condolences on your loss. You have been through so much.

Regards,
LL

 

[flipstress]

My god, unclemick--I am so sorry for yet another loss in your life.  Take care of yourself.  When the shock wears off, please go for some help if the grieving and the stress of all these calamities are too much for you.

 

[KB]

Unclemick.....

I'm so sorry to hear about another loss in your life.
I agree with flipstress, grief counseling might be a god send.

 

[Outtahere]

Unclemick

I can't express how sorry I am, this is definately more than one person should have to endure.


Carolyn

 

[bruce1]

Sorry Again
Yet another loss is almost unbelieveable.
Grief counseling is a good thing if you need it.
take care
Bruce

 

[Dreamer]

I am so sorry. I can't believe how much that you have been through. I agree with the counseling and surround yourself with your remaining loved ones, if possible. You need lots of hugs.