Retirement Plans

For a long time I've tried to live by the 10/10/80 rule (not original by me), which is basically to GIVE 10%, SAVE 10%, and LIVE on the remaining 80%. In practice, I've generally been able to bump the first two categories beyond 10% as well. For the SAVE category, the best (most painless) way to do this is to make it automatic, via payroll deduction or automatic transfer. That way, you never really miss it, when you don't see it to begin with. If done in a 401K, there's also often a company-match up to a certain %. Done over many years/decades, compound interest/returns takes care of the rest; and Social Security can become just bonus income at retirement.

 

I'm not sure at what age you consider the "golden years" but at age 56 I don't know what I have to look forward to. I have Parksons' Disease so health wise, I don't know how I will be in a few years. I have worked but never look enough in one place to get enough retirement to amount to anything and it always had to go for something else. My husband gets a civil service retirement which pays the house payment and car payment but we like to eat and have electricity and water and you know all that good stuff so one of us has to work. He works out of the painters local but they can't always find work. So I am taking an onlne Legal Nurse Consulting course and plan to do something with that. So, it will be some time before we get to celebrate those "golden years"

 

Since Jim always was in sales, we had saved for our own retirement and had put down a large downpayment on our home. Then the company he worked for lost a LARGE amount of business after 9/11 and he lost his job. We've used our retirement and equity in our home plus Jim has worked 2 and 3 jobs at a time and now have $5.00 in our savings account. At age 57, with terrible health and a 10 year old (legally adopted a baby from our daughter) .... Jim will have to work until he can't anymore. At that point, I don't know what we'll do.

I home school Nick and do day care in our home. I also work odd Saturday's for a friend in her antique store.

Jim has Chronic Obstructive Pulmonary Disease, Multiple Sclerosis, Rheumatoid Arthritis, Asthma, an atropied bladder (has to catherize himself to urinate), High Blood Pressure and more...

We cannot even travel to see our grandchildren, go out to eat and Christmas presents for Nick... have me very concerned. A small group at church mentioned helping out with his presents... We owe 2 months mortgage as of 3 days ago and our mortgage is only $750. a month.

Getting old has no promises but I do not begrudge those who have nice retirements. We all made our choices and God causes the rain to fall on the just and unjust.

We have one grandbaby we've never seen... She's 2 this coming May.

 

We have no birth children. Vivian and I did a lot of traveling/moving about when we were younger, and we enjoyed most of it. We had set aside a good amount of money after moving to Tennessee and working for Warner's (makers of Warner's, Olga, FOL, Nancy Ganz, Victoria's Secret and other ladies intimate apparel) for nearly five years. That's when the companies stocks went from over $40.00 per share down to $1.09 a share, and we lost almost all of our 401K's. We lost over $40,000 each. It was devastating. My father was dying of cancer at that time, also, and we had to make constant trips to Augusta, Georgia to see him. We had more money socked away in savings again from Vivian and I working part time doing odd jobs, etc, after work. I went disabled in 2000 just two months shy of getting my pension from Warners. My wife got hers, and we cashed in our 401K's at $200.00 each. Six days after I went disabled, the company announced that they were closing the Murfreesboro plant and moving it to Mexico in 60 days time. My wife got two weeks severence pay, started working for Dell on June 19,2000. My father passed away on June 21st, three days to the day from his cancer diagnosis. After the funeral we came back to Murfreesboro, and Vivian and I ended up bankrupt the next year, losing our home, her business, and moved into an apartment. We just this week qualified for another home mortgage, so we're looking. We do plan on doing some traveling in the next few years if the Lord allows. We don't believe we need to put off until retirement what we might be able to do now and enjoy.

 

My (state) retirement plan looks pretty good, but my husband works for a family owned business which offers no retirement. He's 50 and I'm 10 years his junior, but we've been planning ahead since the kids were born. Mortgage is paid off as well as autos, camper, pool, etc. Upkeep of our place has been tolerable to date, county utilities aren't bad where we live, we're insurance poor but isn't everyone?

We have one child in college and one to go, not currently dealing with long term or terminal illnesses -- of course, that could change in a moment.

I am SO grateful the Lord is in control for I'd hate to think what condition we'd be in without HIM!

PJ

 

While in the military I traveled Asia,Europe,and the good old US of A. Then went to work for AT&T retired from there and went into contract work and traveled a whole lot more(my wife loved it).Then we moved back home to watch the grandkids grow up.I got sick (cancer and some other stuff) and ended up staying home for two years.
I will have two retirement checks plus social security so will do okay that way. As for just traveling I think I will work but I will do what I want to do. I know I won't stay at home around the house doing nothing.
At present I'm putting together a web page,starting a publication,outlining and planning a couple of books I want to write.That's how I want to spend my golden years. Oh one more thing I hope the Lord uses me to help plant another couple of churches before I go home to be with Him.

 

CHEERS Plain Old Bill! I hope you get to do just that!

PJ

 

becoming a Chrsitian late in life I mostly squandered everything I made. I now am trying to play catchup with about 10 years left befoe retirement, the Lord willing. I already have some retirement money saved and plan to start in Jan. to put away at least25% a week. I am considering 50% but not sure i can go that far. Even at that I will have to be very careful at retirement. By the way i live way below my economic wage erned so that i cna do this saving. I could live in a 100,000 plus house drive a big new car but choose a moble home, and a 9 year old Ranger with 241,000 plus miles on it.
The foolishness of years without the Lord is why I have to do what i am doing, but I can praise Him that He at least has given me some wisdom to save at all, because I am positive that without Him in my life I would live as foolish as the rest of the world and have no or little retirement at all. But who knows. I may not need any. He may call me before then or come and take me in the air.

 

Since we don't know what tomorrow brings, it is understood, for all who share here, that our answers are wrapped in faith that the Lord will meet our needs and, perhaps, a little conjecture on our parts.

I was raised to be somewhat responsible and though I have spent my share of money on youthful fun and materialism, I have always kept an eye toward saving for a rainy day too. With my wife I try to save for retirement, pay my house off quickly, and live within the means that we are blessed with. This means not allowing ourselves to be enticed too greatly to use credit carelessly. For many years of our marriage we took no vacations and went no where in particular as a vacation type thing. Now we are able to do some things regularly with our family. I am thankful for the blessing of a comfortable situation and have been a faithful giver even back when my finacial situation was paycheck to paycheck. I believe God has been faithful to provide. Jehovah Jireh. Even though I were cut short I am pleased that rather than inherit my debt and consequence of living beyond my means, our children could receive some blessing from this manner which I have chosen. There is a Proverb which states, ...a wise man leaveth an inheritance to his children. I don't know if the future will fulfill the assumptions of the present, but I hope to have a decent income in my golden years as well as something to bless my children with. Inshallah.

 

Don't spend what you don't have. Cash for everything. Saving for retirement age is not voluntary, it is mandatory. Teach your children to tithe their allowance and any earnings, even if it is only twenty-five cents. Learn early to only spend a portion of your wage and never borrow.

Retirement is a cinch if you learn early to pinch. You have a lifetime to impress the neighbours once you retire.

Cheers,

Jim

 

Retirement??? I haven't even started working yet!!!