Question about retirement...

[Gumby]

I'm 50. Most of the men in the local paper seem to die at age 60 plus or minus. None reaching 70. Women seem to outlive them all. I don't see any reason to save for retirement. I don't expect to live that long.  My own dad died at 63 from brain cancer. (cancer is not rampant in my family) I have no heirs to leave any money to, (except my nephews) so I am spending all my money on my Challenger so that i can enjoy driving it. I should have my house paid off in a few years. I just want to build my Challenger up the way I want, and drive it. I'm trying not to be pessimistic, but it is what it is. Anybody else in the same boat? 

[edl94]

With an attitude like that you will live to be 90.

[BIGSHCLUNK]

   I wish I could feel that way. 

[Chryco Psycho]

Up until 2 years ago I was in the same boat no one in my life & no one to will anything to except all of my many friends . My Grandpa died at 70 & enjoyed life had a heart attack , my dad took care of himself watched what he ate & was going to out live his dad , nope , he was diagnosed with prostate cancer took 3 years to die in agony want to guess his age ??
 I have yet to figure out how to get paid to do nothing & between the retirement age being raised I figure I might get 3 years @ from the last letter I got form the gov assuming they do not go broke & default anyway of a whopping $175 / month . I figure I have 18 years left & will never retire , cannot affod to !

[spamtank]

Gumby,

I'll be 51 in December.  But I do have a wife and daughter.  So my personal situation is different than yours.

However, my uncle's situation was similar to yours in some ways.  He never married.  He retired from a Sears after working for decades as an auto mechanic.

We just buried him the week of July 4th, he was 78.  He had a serious health problem with his digestive track about 15 years ago, and just about died then due to a ruptured appendix.  But with medical care, he recovered and did pretty well.  The last 6 months he ended up in a skilled care nursing home, due to an accident that was not his fault. He worked part time shuttling cars for an auto auction house where he was thrown off a golf cart and hit his head.  He was later coerced into signing papers that released the company from responsibility.

He had saved money for retirement.  But he also made some good choices after his first health scare.  He purchased some long term nursing care insurance, and a few other supplemental polices.  That definitely helped the family in making sure he was cared for when he took a turn for the worse.  I had to help my dad, his brother, figure out the finances.  It turned out to be pretty complicated, but we managed through it.

I guess I have a few points from my perspective.
1) You need to plan on living longer than you think.  I don't think you want to outlive your money.
2) Even though we don't ever want to end up in a nursing home, it may be wise to plan for that too.
3) It was complicated for my dad to understand the what needed to be done while my uncle was sick, and after he passed.  My finances are complicated, and I want to find a way to make it easier on whomever takes care of me or my estate. (of course, if you spend all your money that makes it real easy)
4) I want to make sure if I have family around (even a nephew), that they might look out for my well being.  I don't want the state making decisions for me if at all possible.

I'm saving so I can either retire early, or at least retire someday.

Rick
 

[Moparal]

Gumby, Wrong attitude dude.  You could get hurt at anytime and not be able to work 100% and end up on a welfare/ disability. Not even dieing.   Which means tax payers would be forking it out to you.  You Do need to save up for when you can't drive your car or even walk to a store.  It isn't so much as leaving money to someone, it is about having money for your golden years.  Think it through.   I have came out of dissability twice now. But I have my own health insurance that covered both short and long term.  It took almost a year for me to get back on my feet to get beat up on the job I have again.  And yes my job will beat the hell out of anyone that works it.  I have a very good retirement savings and not in my 401k, but I do have that to.  You need a back up, especially if you have no body to give you a hand.  A car can be built in a few years easy enough.  Oh yeah, I buried both my parents and my oldest brother last May. They had no insurance. Not even a burial plot. It was very pricey for me to cover that while I was dissabled. Luckily, I had money saved.  And also have a few mopars around my house.  I stopped in Reno tonight and got a room for 3 days. Going to see Lake Taho, Virginia City n stuff before heading in to Sacremento for a week or so working.  I drove from Alabama towing my equipment behind me. What a drive.  But I am alive, much older than you and still keep working to have more toys. You should reconsider your plans.

[GranCuda1970]

I'm 50. Most of the men in the local paper seem to die at age 60 plus or minus. None reaching 70. Women seem to outlive them all. I don't see any reason to save for retirement. I don't expect to live that long.  My own dad died at 63 from brain cancer. (cancer is not rampant in my family) I have no heirs to leave any money to, (except my nephews) so I am spending all my money on my Challenger so that i can enjoy driving it. I should have my house paid off in a few years. I just want to build my Challenger up the way I want, and drive it. I'm trying not to be pessimistic, but it is what it is. Anybody else in the same boat? 

LOL! Dont worry gumby 

  http://www.bing.com/images/search?q=logan+run&FORM=HDRSC2#view=detail&id=5548F6342E21B5F04D4FC1EEC7B738342C218850&selectedIndex=9

[Gumby]

That's one of my fav movies. Farrah Fawcett was most excelant! lol. I'm just bummed out. That's all.

[cwestra]

Gumby,

I'll be 51 in December.  But I do have a wife and daughter.  So my personal situation is different than yours.

However, my uncle's situation was similar to yours in some ways.  He never married.  He retired from a Sears after working for decades as an auto mechanic.

We just buried him the week of July 4th, he was 78.  He had a serious health problem with his digestive track about 15 years ago, and just about died then due to a ruptured appendix.  But with medical care, he recovered and did pretty well.  The last 6 months he ended up in a skilled care nursing home, due to an accident that was not his fault. He worked part time shuttling cars for an auto auction house where he was thrown off a golf cart and hit his head.  He was later coerced into signing papers that released the company from responsibility.

He had saved money for retirement.  But he also made some good choices after his first health scare.  He purchased some long term nursing care insurance, and a few other supplemental polices.  That definitely helped the family in making sure he was cared for when he took a turn for the worse.  I had to help my dad, his brother, figure out the finances.  It turned out to be pretty complicated, but we managed through it.

I guess I have a few points from my perspective.
1) You need to plan on living longer than you think.  I don't think you want to outlive your money.
2) Even though we don't ever want to end up in a nursing home, it may be wise to plan for that too.
3) It was complicated for my dad to understand the what needed to be done while my uncle was sick, and after he passed.  My finances are complicated, and I want to find a way to make it easier on whomever takes care of me or my estate. (of course, if you spend all your money that makes it real easy)
4) I want to make sure if I have family around (even a nephew), that they might look out for my well being.  I don't want the state making decisions for me if at all possible.

I'm saving so I can either retire early, or at least retire someday.

Rick
 

I agree.

[cwestra]

Gumby, Wrong attitude dude.  You could get hurt at anytime and not be able to work 100% and end up on a welfare/ disability. Not even dieing.   Which means tax payers would be forking it out to you.  You Do need to save up for when you can't drive your car or even walk to a store.  It isn't so much as leaving money to someone, it is about having money for your golden years.  Think it through.   I have came out of dissability twice now. But I have my own health insurance that covered both short and long term.  It took almost a year for me to get back on my feet to get beat up on the job I have again.  And yes my job will beat the hell out of anyone that works it.  I have a very good retirement savings and not in my 401k, but I do have that to.  You need a back up, especially if you have no body to give you a hand.  A car can be built in a few years easy enough.  Oh yeah, I buried both my parents and my oldest brother last May. They had no insurance. Not even a burial plot. It was very pricey for me to cover that while I was dissabled. Luckily, I had money saved.  And also have a few mopars around my house.  I stopped in Reno tonight and got a room for 3 days. Going to see Lake Taho, Virginia City n stuff before heading in to Sacremento for a week or so working.  I drove from Alabama towing my equipment behind me. What a drive.  But I am alive, much older than you and still keep working to have more toys. You should reconsider your plans.

  Good advice. 

[Haddixj]

Gumby, Wrong attitude dude.  You could get hurt at anytime and not be able to work 100% and end up on a welfare/ disability. Not even dieing.   Which means tax payers would be forking it out to you.  You Do need to save up for when you can't drive your car or even walk to a store.  It isn't so much as leaving money to someone, it is about having money for your golden years.  Think it through.   I have came out of dissability twice now. But I have my own health insurance that covered both short and long term.  It took almost a year for me to get back on my feet to get beat up on the job I have again.  And yes my job will beat the hell out of anyone that works it.  I have a very good retirement savings and not in my 401k, but I do have that to.  You need a back up, especially if you have no body to give you a hand.  A car can be built in a few years easy enough.  Oh yeah, I buried both my parents and my oldest brother last May. They had no insurance. Not even a burial plot. It was very pricey for me to cover that while I was dissabled. Luckily, I had money saved.  And also have a few mopars around my house.  I stopped in Reno tonight and got a room for 3 days. Going to see Lake Taho, Virginia City n stuff before heading in to Sacremento for a week or so working.  I drove from Alabama towing my equipment behind me. What a drive.  But I am alive, much older than you and still keep working to have more toys. You should reconsider your plans.

I disagree with the mindset you will always be working and shouldn't plan for retirement I am very fortunate at 30 to have worked for the county of Sacramento for the last 8 years I will be able to retire at 55 and receive a pension that will be enough to live on. Assuming its still here if not I should have enough in my 457 to let me retire as well.
 There was a guy here who just retired and he is the opposite of you. He has planned and has god knows how much money in 457 probably 2 mil and will die and it all goes to the state as he has no family. At a minimum set up your final arraignments and donate all your stuff to charity. (st. Judes)
 Don't be foolish

Hey moparal if you need a place to park your stuff for the night message me I am east of sac 20 miles or so

[BIGSHCLUNK]

  I wish I could feel that way. 

My smart azz quotes aside... there's lots of good advice here. But I do understand your perspective. I've got a friend who's 65 I think his dad passed at 68-or 69 so he always talks like he's gonna be dead in 3-4 years... that's just nuts. My aunt passed when she was 100, my grandma 95... man you just never know. Be prepared! I wont start harping investment advice here, nor do I have any kids (that I know of  ) but you gotta be a little prepared. Lets say you live till 75... I wouldn't want it left in the hands if the government!

[torredcuda]

My new take on retirement is that it will be the day I die! They can have my retirement party at the same time and place as my funeral.    After a divorce screwed me over and I had to cash out my only IRA I had left to buy my house at 54 years old I have no retirement funds,  no savings, owe about $12k in various debts and living paycheck to paycheck. Hopefully I`ll get thru this and get my finances better and start a new IRA but it may be a few years. I also sometimes think I may as well just spend it all as you never know what will happen tomorrow but if you don`t try and plan for the future just my luck I`ll be living in a cardboard box down by the tracks when I`m 90. 

[Gumby]

One just keeps thinking as they get older, that their finances will improve, and one would have more expendable income. I am finding this not to be the case. My finances have improved. But cost of living out paces me. I was married for 9 3/4 years. Law here is 1/2 the amount of earnings for half the length of marraige after 10 years. So I dodged that bullet. No matter the COLA over the years, it gets eaten up by everything else. One step up, and two steps back. lol. You all have some good advice. It's past time to heed it. I will get to it. Thanks.

[AARuFAST]

No ones knows what the future will bring.
Don't throw in the towel. 
I retired 14 yrs ago age 59. My wife is 71.
I hope to be 74 this Sept.

I never imagined I would be alive today with a
family history of heart attacks.
 I invested in the company 401k the full % allowed.
If you will not be getting a pension invest.
CD's in the 80's and 90's had 5 to 7 % interest.
Today the Stock market is like a yoyo and interest on CD's are .01 to 1.25 %
Thanks to Congress and past presidents.
If you have spare funds you could invest in a charitable trust fund for your nephews.
Everyone should have a will so the state does not get your hard earned property.
Look into Blue Cross and Blue shield Catastrophic coverage.
This will cover what your regular medical does not cover if you have cancer or some major medical operation.
The world has gone crazy.. Live for the day. No guarantee there is a tomorrow.
Be sure you have the credits you need for social security before retiring.