Thursday, December 4, 2014

Old age survival plans may be changing.

     We all have Plans on retiring and a ruff idea of what our income will be.For some it is social security only for others it is a pension savings and SS .The days of set in stone payouts are ending. Social security has said by 2030 it may have to reduce payout to 85 to 90 % now Congress is going to allow pension plans to reduce payouts to maintain solvency.   Now I do not have a pension plan but I do believe that 80% of a retirement is better than nothing. This affects private plans but government plans will soon be included.

   In the city of Pritchard Al. they haven't payed a penny in retirement since 2009.Can we say Detroit once the flood gate open you will see this at all levels nation wide. The days of fixed income retirements may be ending.
     In the title I used the term survival rather than retirement for a reason . In the past people worked to 65 and then quit to enjoy the benefits that they had earned in their working life. Now those benefits can be changed at a whim. Will you have the flexibility to adapt to the change. Do you have a worst case plan to fall back on?

   Retirement should be planed for like a survival situation. If it isn't as bad as you planed you are sitting pretty if it goes to crap you were prepared for it.


  1. I'm fast approaching retirement age. These days it looks like it will be a "working" retirement for me. We planned and prepped as funds would allow but there are too many variables that I/we have no control over. As you mentioned even our SS funds are at risk these days.

    And, danged black swan events can get ya bout any time.


    1. Moe its hard to cover all bases.Some cost have to be prioritized , A lot of expenses cant be cut but an be reduced.

  2. When it comes to our retirement income be it Social Security or private or your investments you just can't count on it continuing at the level it is today. It probably will be reduced. My wife and I count on Social Security continuing as is, if any cuts/reductions that would force us to dip into savings to make up the shortfall.

    Every year Medicare payments go up. The rumor for 2015 is it will rise by $200 EACH, that's $400 more a month on top of what we already pay!!! I can't handle that increase. It is very likely we will have to go without health insurance at some time in the future. Thanks obama you incompetent ass!

    I see the future with a lot of pissed-off not so old guys pay their congressmen a visit with a rope or baseball bat in their hands. What do they have to lose? Nothing but gain a free place to stay and free meals and free healthcare.....It's going to get ugly.

    Myself, I kind of want to work but not ever for someone else again. I want to do something like you do, sell something at events that requires little investment to get it going plus it must be a cash business! Any ideas?

    1. Mike go to local flea markets and see what is under represented that you could do.Also from your posts I can tell you can paint and probable do handy man work . As an older gentleman check with a local church some members may need work done.

  3. hi, gary,
    thank God my husband's job is one he can continue until he drops, and he'll have to do so.
    we just started to get s. s. and thank God for it. our ends are now meeting in the middle for the first time in years.
    we also have medicare which has lessened expenses considerably.
    my mother, soon to be 90, lives with us and her s. s. helps. she has alzheimer's disease and must be watched 24 hours per day. very exhausting since i'll soon be 66 and my spring has sprung.
    if the medicare goes up and we lose mother's income we are dead in the water.
    it is so good that you have a barbeque business. you like it and people have to eat, so you are set as long as you are able.
    we have no savings as my husband's job has always been low pay but the living place goes with it so we are okay for now.
    who knows, the whole country may go up in smoke ans none of this will matter any more.if we live we will remember these as 'the good old days'!!
    i am trying to pay off credit card debt now that we have s. s. and i figure, barring disaster, it will take 3 years to do it.
    God bless you and i enjoy this site very much. thank you.
    deb h.

    1. Deb,

      Your honesty and openness about your circumstances was refreshing. I believe there are many many -- maybe even most -- baby-boomers living lives similar to yours. Thank you for sharing.


    2. Deb being in that position is very hard.If I was 66 and had card debt and other bill I would consider bankruptcy.If MEGA corpertions can do it and never blink or shut down a day a retiree deserves the same right.Why struggle when relief is avalible.
      P.S. I had to 20 years ago myself No Regrets