Deleted
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Post by Deleted on Nov 12, 2014 14:32:56 GMT -5
Do you know anyone coasting through life without health insurance or a retirement plan? Do you think that concerns them?
I know of a few, in their 40s and 50s already, but I never want to bring the subject up.
All I can do is hope for the best . . . . .
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swasat
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Post by swasat on Nov 12, 2014 14:37:02 GMT -5
You mean retirement plan offered at work or no retirment whatsoever?
If its the former, I know a few people who are not offered retirement plans like 401K, 403B etc at work. They have found other ways to save money for retirement and are doing just fine.
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lynnerself
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Post by lynnerself on Nov 12, 2014 14:37:32 GMT -5
DS had no health insurance for about a year after grad school while looking for a job. He has a no benefit job now, but is getting insurance through the ACA exchange. He has no retirement plan yet, but does have some money in a Roth IRA. He is still young. Hopefully he will get a better job eventually and have all these benefits.
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Deleted
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Post by Deleted on Nov 12, 2014 14:40:30 GMT -5
You mean retirement plan offered at work or no retirment whatsoever? If its the former, I know a few people who are not offered retirement plans like 401K, 403B etc at work. They have found other ways to save money for retirement and are doing just fine. no retirement whatsoever
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movingforward
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Post by movingforward on Nov 12, 2014 14:44:47 GMT -5
I have a friend in her 50s who has nothing saved for retirement. I think her plan is to either live with her kids or find a man to live off. It is sad really... Not sure if it bothers her or not. She talks about having no money but doesn't attempt to change anything. She has worked most of her life and even had a successful business for about 10 yrs. The only reason why I know she has nothing is because 3 yrs ago she quit her job and cashed out her 401K. She told me she received approximately 20K after taxes and fees. She used it to take 6 months off to write a book.
ETA: I believe she placed the book on kindle as one of the "free" books. I don't believe she has made anything from the book or at least very little
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Deleted
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Post by Deleted on Nov 12, 2014 14:53:01 GMT -5
Lots of people don't save anything for retirement or do the employer match and cash in when they change jobs. I'm sure there were a lot without insurance too, not sure how much that has changed with Obamacare.
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cronewitch
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Post by cronewitch on Nov 12, 2014 14:58:42 GMT -5
I know a few and most don't think much about it until they are seeing the end of working years. My niece told me 7 years ago she wasn't saving for retirement because they want to live while they are young. Last year she said they are starting to save, I don't believe she can be saving much they are raising a bunch of kids. She is 44 now and husband a little older my guess is they panic in 5-10 years but will still have 3 or more children at home the youngest now is 4 but they might get more they adopt from foster and have two foster babies too.
My handyman doesn't save a cent, lives hand to mouth, doesn't trust the markets so even if he saved it wouldn't be invested. He is 37 and staying with a woman he did handyman work for this summer. I don't think he can see the future at all so why think about it.
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Cookies Galore
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Post by Cookies Galore on Nov 12, 2014 14:58:55 GMT -5
My mom has no retirement, no pension, no savings. I think she's still planning on "retiring" at the end of the year (she turned 62 in August) so she also has no foresight.
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Deleted
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Post by Deleted on Nov 12, 2014 15:04:40 GMT -5
I personally know several people around 40 without a dime saved. One is paranoid of the stock market and 401K's (anything government really), but is planning on SS? Another is my ex who HAD nearly 40K, but burned through that faster than you can say "have you lost your mind?". My cousin is 39 and living life for the day. Best friend is worried about retirement but won't actually do anything. I think he feels overwhelmed and has some debt to deal with that he feels is more important. He recently remarried and his wife has a couple rental properties, so right now that's what they are calling their retirement savings.
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movingforward
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Post by movingforward on Nov 12, 2014 15:05:25 GMT -5
My mom has no retirement, no pension, no savings. I think she's still planning on "retiring" at the end of the year (she turned 62 in August) so she also has no foresight. That is scary! Will her expenses be covered by SS? I think I remember you mentioning this before but can't remember the details.
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billisonboard
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Post by billisonboard on Nov 12, 2014 15:05:27 GMT -5
Gee, I thought this thread was going to tie in with the sex ed in schools thread.
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shanendoah
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Post by shanendoah on Nov 12, 2014 15:06:51 GMT -5
One of the friends we moved to Seattle with not only isn't saving anything for retirement but is paid for his job "under the table", so isn't even earning anything toward social security. He's mid to late 30s (a year or two younger than me), and no, it doesn't occur to him to think about it at all. One of his previous apartments was low income housing, and when he moved in, he was like "so as long as I never make more than $27k/year, I can live here forever." He no longer lives there, rents a room in a house in the U-District (to be near where he now works), and (per FB) finally just cleaned off his bed enough that he can sleep in it for the first time in MONTHS.
Sadly, he used to be one of C's best friends, and now, he's becoming more and more someone we only speak to when we run into him because we've known him for years.
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Cookies Galore
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Post by Cookies Galore on Nov 12, 2014 15:09:17 GMT -5
My mom has no retirement, no pension, no savings. I think she's still planning on "retiring" at the end of the year (she turned 62 in August) so she also has no foresight. That is scary! Will her expenses be covered by SS? I think I remember you mentioning this before but can't remember the details. Her current take home pay (~$1600/month) barely covers her expenses AND my unemployed brother lives with her so she's actually supporting two people. Her plan is to collect SS using my dad since they were married 12 years. I think her plan is to move in with my sister's family. Hubs and I are planning on buying a small house so no one tries to live with us.
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Deleted
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Post by Deleted on Nov 12, 2014 15:12:00 GMT -5
That is scary! Will her expenses be covered by SS? I think I remember you mentioning this before but can't remember the details. Her current take home pay (~$1600/month) barely covers her expenses AND my unemployed brother lives with her so she's actually supporting two people. Her plan is to collect SS using my dad since they were married 12 years. I think her plan is to move in with my sister's family. Hubs and I are planning on buying a small house so no one tries to live with us. Ugh. I'm so glad my parents were selfish bastards that made me wear Salvation Army clothes and didn't pay for my college.
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Gardening Grandma
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Post by Gardening Grandma on Nov 12, 2014 15:12:06 GMT -5
Do you know anyone coasting through life without health insurance or a retirement plan?
Yes. Quite a number without a retirement plan. But I don't think any of them are "coasting"
Do you think that concerns them?
Yes I do - most of them
I worry most about my younger son. He's been self employed most of his life. Sole support of his family until a divorce 5 years ago. It was pretty devastating (financially and otherwise) Then he got hurt and could not work for months. When I've tried bringing up saving for retirement, he's said "I am barely making ends meet how" (he wasn't exaggerating) He certainly has not "coasted". His job is physical and his doctor already told him that he could not count on being physically able to work til 62. But he has no other skills.
Some good friends who quit working to pursue a life dream - which they did. But now they want to retire and don't have the funds. I don't know what they are going to do.
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milee
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Post by milee on Nov 12, 2014 15:14:39 GMT -5
Yes, several. It's not uncommon in tropical areas (SW Florida, Hawaii, Caribbean, anywhere warm). Places like that seem to (IMHO) attract people who drift through life, more focused on enjoying the day, doing odd jobs as needed for a little cash under the table, living cheaply, growing food/fishing and "living simply."
And I have a few friends who just haven't planned well or have had big setbacks that they haven't taken steps to recover from. One of them I've mentioned before is turning 50 this year and just got divorced after being a SAHM for 15 years. She didn't get much in the way of cash/assets in the settlement and unfortunately is highly dyslexic so that does limit the types of jobs she could do. She gets child support and alimony for the next 5 years plus is allowed to stay in the marital house until then. Instead of using this time to get training, start a new career or bust her butt to work and save, she's piecing together a living using the child support, alimony and working a few under the table cash jobs. For her, being free to travel in the summer, not work a 9-5 job so she can do social stuff, etc. is more of a draw than making sure she's got money for retirement I guess. Don't know if she's just in total denial or hasn't really done the math or knows the scoop and is deciding to Carpe Diem, but I think I'm more worried about it than she is.
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Cookies Galore
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Post by Cookies Galore on Nov 12, 2014 15:16:56 GMT -5
Her current take home pay (~$1600/month) barely covers her expenses AND my unemployed brother lives with her so she's actually supporting two people. Her plan is to collect SS using my dad since they were married 12 years. I think her plan is to move in with my sister's family. Hubs and I are planning on buying a small house so no one tries to live with us. Ugh. I'm so glad my parents were selfish bastards that made me wear Salvation Army clothes and didn't pay for my college. I'm glad I inherited my dad's financial sense. :-)
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Deleted
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Post by Deleted on Nov 12, 2014 15:26:39 GMT -5
I was one of those people actually until I got divorced. My then-DH's work provided all of the benefits. He had a pension, management savings plan (like a 401k), health insurance, etc. I didn't "need" benefits. He was actually the chairperson of the board at the private school where I taught and vetoed offering an unmatched 401k plan. Employees who needed benefits couldn't afford to work there was his attitude. I started saving for my own retirement the day I left.
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skubikky
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Post by skubikky on Nov 12, 2014 15:34:32 GMT -5
I worry most about my younger son. He's been self employed most of his life. Sole support of his family until a divorce 5 years ago. It was pretty devastating (financially and otherwise) Then he got hurt and could not work for months. When I've tried bringing up saving for retirement, he's said "I am barely making ends meet how" (he wasn't exaggerating) He certainly has not "coasted". His job is physical and his doctor already told him that he could not count on being physically able to work til 62. But he has no other skills. Yes, there are many hard working people who just have been low earners or have had some bad luck in life. And of course those who have squandered opportunities and others that are just irresponsible. Who the hell wants to stand in judgement on those who don't have much be it money, insurance, retirement.....whatever? WTF do you gain from that? If someone is just making ends meet and struggling to do that, chances are that investing for the future, health insurance, life insurance, college savings are lower on their list of priorities. There will always be those without. And the definition of "without" varies depending on your point of view.
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zibazinski
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Post by zibazinski on Nov 12, 2014 15:35:38 GMT -5
Sure, because those that did save and didn't blow every dime will be taxed to care for those that didn't.
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cktc
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Post by cktc on Nov 12, 2014 15:36:00 GMT -5
Very few people I know worry about this stuff. It doesn't generally concern me because they are usually used to living on little, or capable of living on much less. People have a way of getting by and it isn't my job to see that they are able to maintain a certain standard of living throughout their entire lives.
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zibazinski
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Post by zibazinski on Nov 12, 2014 15:37:43 GMT -5
Not yet, it isn't.
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Deleted
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Post by Deleted on Nov 12, 2014 15:40:35 GMT -5
No kidding. Knowing my luck when I retire they'll go to a need based SS system and say "Oh, you saved, good for you! You're not getting anything".
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Deleted
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Post by Deleted on Nov 12, 2014 15:41:20 GMT -5
I worry most about my younger son. He's been self employed most of his life. Sole support of his family until a divorce 5 years ago. It was pretty devastating (financially and otherwise) Then he got hurt and could not work for months. When I've tried bringing up saving for retirement, he's said "I am barely making ends meet how" (he wasn't exaggerating) He certainly has not "coasted". His job is physical and his doctor already told him that he could not count on being physically able to work til 62. But he has no other skills. Yes, there are many hard working people who just have been low earners or have had some bad luck in life. And of course those who have squandered opportunities and others that are just irresponsible. Who the hell wants to stand in judgement on those who don't have much be it money, insurance, retirement.....whatever? WTF do you gain from that? If someone is just making ends meet and struggling to do that, chances are that investing for the future, health insurance, life insurance, college savings are lower on their list of priorities. There will always be those without. And the definition of "without" varies depending on your point of view. We are our choices. (Unless, of course, you are mentally or physically handicapped.)
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Deleted
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Post by Deleted on Nov 12, 2014 15:42:44 GMT -5
No kidding. Knowing my luck when I retire they'll go to a need based SS system and say "Oh, you saved, good for you! You're not getting anything". I wonder about that too.
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midjd
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Post by midjd on Nov 12, 2014 15:43:04 GMT -5
My mom had a small amount in retirement ($30Kish) but may have cashed it out earlier this year. I try not to ask.
If she can hang on until 67, she should be able to get enough SS to get by -- she has a steady earning history and/or can claim my dad's SS (he is a teacher in a ritzy school district and makes almost as much as I do). We're in a LCOLA so she should be able to do OK on $1500/mo. The problem is making ends meet for the next 12 years.
DH works at a car dealership. The only people contributing to their 401(k)s are DH (at my insistence) and the two owners. This despite the fact that some of their salesmen earn 6 figures. So I'm guessing there are a whole lot of people who aren't saving for retirement.
I'm not a psychologist, but I'm guessing many of the younger people aren't concerned because they have a lot of time to save, and the older people may be mildly concerned but don't feel that there's much they can do about it, so why waste energy worrying?
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skubikky
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Post by skubikky on Nov 12, 2014 15:43:31 GMT -5
OT: bluester.....do you have children?
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midjd
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Post by midjd on Nov 12, 2014 15:44:16 GMT -5
Most of YM?
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Post by Deleted on Nov 12, 2014 15:46:33 GMT -5
Yes, there are many hard working people who just have been low earners or have had some bad luck in life. And of course those who have squandered opportunities and others that are just irresponsible. Who the hell wants to stand in judgement on those who don't have much be it money, insurance, retirement.....whatever? WTF do you gain from that? If someone is just making ends meet and struggling to do that, chances are that investing for the future, health insurance, life insurance, college savings are lower on their list of priorities. There will always be those without. And the definition of "without" varies depending on your point of view. We are our choices. (Unless, of course, you are mentally or physically handicapped.) Some people do have more choices than others though and there are people that really CAN'T do a lot about their circumstances when it comes to saving for retirement.
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The Captain
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Post by The Captain on Nov 12, 2014 15:47:15 GMT -5
Do you know anyone coasting through life without health insurance or a retirement plan? Do you think that concerns them? I know of a few, in their 40s and 50s already, but I never want to bring the subject up. All I can do is hope for the best . . . . . I know of a few who plan on working until they die since they don't think they can save for retirement. They do have health insurance though. I know of one who stopped working even before baby #1 was born. Now has three kids from two marriages, divorced twice and doesn't have enough work credits in yet to qualify for SS or SSDI. She's trying to get on LTD through work (because a full time job with her many "health issues" is just too exhausting) or land another husband who will support her. When child support on kids #2 and 3 stop she's screwed. She already took a bit hit when it stopped on kid #1 (which is when she went back to work). She doesn't have anything saved for retirement herself. I don't know if she got anything from the husbands in the divorces (both marriages lasted less than 5 years each so I don't think a whole lot). Hell, she can't even draw on an ex's SS. She's less than 40 and is already saying she can't wait to retire.
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