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Old 04-24-2015, 11:00 AM   #61
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I shared a crappy townhouse/apt in Alief while I commuted to UH and drove around a ghetto ford - not my idea of living the dream - ate a lot of pizza and drank a lot of shiner tho

google alief if you want a laugh
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Old 04-24-2015, 11:24 AM   #62
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Originally Posted by daylatedollarshort View Post
I guess it depends how you lived in college. Our kids have it pretty good.
Yes, I've seen a lot of people's kids that lived very well in college. Thanks to mom and dad. I've also seen a lot of these kids move back in with their parents when they finish college.
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Old 04-24-2015, 11:55 AM   #63
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I'm not convinced that this will all end as badly as many others seem to think. Many on this board have experienced the period of transition, where the rug (pensions, job security, etc) has being pulled out from under them. With that security, there was less need to save. But younger workers have never had this security, and I don't think that this is lost on them; they may indeed have an increased emphasis on saving, especially when they reach their high earning years. It's too early to tell. Also, companies are still going to need to attract and retain skilled workers, so if they're not offering the old-fashioned golden parachute, they will need to make it up with something. This all needs a lot more time to play out before I'm convinced that the younger generation is doomed.
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Old 04-24-2015, 12:14 PM   #64
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Originally Posted by bclover View Post
I tell my kids to get government jobs and sincerely mean it.
My grandmother's cousin has been getting on me about this, saying I should go into the government. I keep telling her that the federal government's pension isn't nearly as lucrative as it was back in her day, and she finally got off that track, but told me I should try for state gov't.

Then I told her that as far along as I am in my career, I'd have to probably work a good 30 years before I got a pension to amount to anything. She replied "what's wrong with that?" I told her well, I'm 45 now, so that means I wouldn't retire until I'm well into my 70's! To which she replied "So?"

She retired in 1980 at the age of 55-56, from a GS-13 job in the federal government. When I was younger, I always admired her for being an early retiree, but in later years, I found out that she kinda got pushed out, so she didn't really leave of her own free will. And now that she's 90, she's very close to running out of money, although a lot of that is because she constantly bailed out her kids and grandkids every time they got into trouble. So I think she's looking back on her own past and wishes she had worked longer, and as a result thinks I should, too.

Despite the GS-13 job, her pension isn't all that great, because she didn't have enough years of service in. I think her medical benefits are pretty good though. A lot better than mine will be, I'm sure.
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Old 04-24-2015, 12:19 PM   #65
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my late FIL retired from the foreign service at 52 and went to work for a megacorp in Houston where he worked to 65 - his federal pension was very ample
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Old 04-27-2015, 12:49 PM   #66
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My pension after 15 years is $20,000/year. I also did not start until I was 44 so don't rule things out based on your age.
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