LBYM? Not in America

[Bimmerbill]

Maybe this LBYM thing is over rated? Do you think the government will bail out all the poor people when they retire, like they are bailing out the sub prime borrowers in trouble?

Maybe I should spend like there is no tomorrow, and count on the government to save my arse?

 

[W2R]

Maybe this LBYM thing is over rated? Do you think the government will bail out all the poor people when they retire, like they are bailing out the sub prime borrowers in trouble?

Maybe I should spend like there is no tomorrow, and count on the government to save my arse?

Dream on!!!

 

[unclemick]

A tad over two years ago - not waiting for the govt. to 'save' me - I watched from a Ramada Inn in Memphis - the great post Katrina govt.'s(plural) in action live on CNN.

Tonight - I have a message on my recorder (Homeward Bound) - I sent for the info/DVD - how come I haven't made an appointment to come see them and 'get the good stuff'. This is 12 days after I let the 'the last final deadline pass.'

heh heh heh - forgive me if I'm a tad cynical about being helped. I'm sure they mean well.

 

[W2R]

A tad over two years ago - not waiting for the govt. to 'save' me - I watched from a Ramada Inn in Memphis - the great post Katrina govt.'s(plural) in action live on CNN.

I was in a Motel 6 (or 8?) in Huntsville doing the same thing, on the day of the storm. Then we stayed in Troy, Alabama in a trailer park where Frank had rented a trailer.

Tonight - I have a message on my recorder (Homeward Bound) - I sent for the info/DVD - how come I haven't made an appointment to come see them and 'get the good stuff'. This is 12 days after I let the 'the last final deadline pass.'

heh heh heh - forgive me if I'm a tad cynical about being helped. I'm sure they mean well.

Unclemick, the only people down here that I know who have managed to "recover" and come back, have done it in spite of the government, not with the government's help. They were completely on their own financially speaking.

The only exceptions (among those I know) would be immediate relatives of powerful and active attorneys in New Orleans. Then there are the "Section 8" people but I don't really know any of them.

Are you thinking of coming back and rebuilding your camp?

 

[unclemick]

Are you thinking of coming back and rebuilding your camp?

NO!

Plenty of those friends and relatives who have visited over the decades I lived there - volunteered that it was a good idea for me to rebuild on the water in Lake Catherine.

Not! I have been back - checked the lot prices and seen the newer 'hugher' bulkheads plus higher pilings and Mc Mansionesque(you can't build cheap) camps. It short - a much reduced set of 'old timers' and a new wave of Gentrification. Costs/sq foot are thru the roof also - ?.

Bib overalls, old pickup, and the suburbs of Kansas City are just ducky so far.

heh heh heh - low cost Midwest, balanced index fund(aka lifecycle) and money to party/eat BBQ/travel/pick stocks/kayak -----? Plan to spend my old age being bad to the bone - not building.

 

[Martha]

Plan to spend my old age being bad to the bone - not building.

Unclemick, agile, mobile and hostile as always.

 

[Milton]

People save for a lot of things, even older people. I would like to be able to afford the very best of continuous care facilities if it turns out that I need care.

To each his own, and I do not want to seem scornful of your plan.

However, I would imagine that for most people it would be prudent, or at least simpler, to accumulate sufficient savings (including any necessary or desired 'buffers' or 'insurance amounts') before retirement, when one's employment income is available, rather than planning for post-retirement surpluses to fund such contingency accounts.

 

[W2R]

NO!

Plenty of those friends and relatives who have visited over the decades I lived there - volunteered that it was a good idea for me to rebuild on the water in Lake Catherine.

Not! I have been back - checked the lot prices and seen the newer 'hugher' bulkheads plus higher pilings and Mc Mansionesque(you can't build cheap) camps. It short - a much reduced set of 'old timers' and a new wave of Gentrification. Costs/sq foot are thru the roof also - ?.

Bib overalls, old pickup, and the suburbs of Kansas City are just ducky so far.

heh heh heh - low cost Midwest, balanced index fund(aka lifecycle) and money to party/eat BBQ/travel/pick stocks/kayak -----? Plan to spend my old age being bad to the bone - not building.

I haven't been out to Lake Catherine since September, 2005. It was so bad at that time! I couldn't bear to return. So, I didn't know about the new camps. And I know exactly what you mean by the McMansionesque type camp - - probably a lot like the ones out at the Rigolets, not at all the same lifestyle as what you had! And you are absolutely correct about the costs/square foot being high.

Your decision to stay up there is really for the best. The crime, lack of health care, levees, and other problems down here are really not conducive to enjoying one's retired years. Frank and I will be following you (well, as far as Springfield, anyway) probably in the summer of 2010.

 

[W2R]

To each his own, and I do not want to seem scornful of your plan.

However, I would imagine that for most people it would be prudent, or at least simpler, to accumulate sufficient savings (including any necessary or desired 'buffers' or 'insurance amounts') before retirement, when one's employment income is available, rather than planning for post-retirement surpluses to fund such contingency accounts.

Missing info: I am already 59, and have lived on less than 20% of my gross income (excluding the house, which I paid off in 2006) for the past decade while saving the rest for my retirement nestegg. Compound interest doesn't help as much when you are trying to do this from a position of negative net worth, in just 10 or 11 years. I will probably have another 20 years or maybe more to let things grow after I retire at 62, and before I need any care. I might die at 70, but my financial planning is to age 102 due to familial longevity.

Personally I will have more disposable income after retirement than before, because I have been living on significantly less than what I am planning for my retirement income. So, for me it is prudent, and definitely simpler, to let my nestegg grow after retirement and continue to live at about the same lifestyle as now. That will allow me to save what I will need to have at that time.

If I am swept into financial Armageddon for one reason or another, after retirement, then this will be yet another layer of safety net for me (since I already have quite a few built into my plan). There is one thing that I would like less than taking a chance on my care when I am ancient, and that would be working any later than my plans now dictate.

All of this only makes sense to me. Or maybe it makes sense to only me!

 

[Milton]

Personally I will have more disposable income after retirement than before, because I have been living on significantly less than what I am planning for my retirement income. So, for me it is prudent, and definitely simpler, to let my nestegg grow after retirement and continue to live at about the same lifestyle as now.

That makes sense to me.