Dumb Americans Exist
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@Doctor-Phibes said in Dumb American Exist:
I remember we once made a job offer to a well-educated guy in his early 50's who turned us down in favour of a job offering about $3000 more, despite the fact that we offered a full pension and they didn't. In the interview he'd said he was really interested in getting financial security. The follow-up discussions with him were almost comical.
So, what exactly is your pension deal? Some percentage of final salary, in perpetuity?
@Horace said in Dumb American Exist:
So, what exactly is your pension deal? Some percentage of final salary, in perpetuity?
Yes, the percentage is dependent on how long you've worked there. You get a big bunch of options based on sharing with spouse, age of spouse, etc. but that's essentially it.
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I'm telling you...You would be gob-smacked when you talk to people about simple retirement issues.
- If they have a pension, the majority do not know how it works.
- If they have a 401k, they often cannot tell you if they have a match or what it is.
- The vast majority have no clue as to what investment options to choose within their company 401k's.
- Most cannot tell you the difference between a pre-tax 401k and a Roth.
- Most "set and forget", and never consider life changes, unless they are going through financial hardship.
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The most frustrated I ever became ...
I had a Clerk of Court office that had a small pension and they also paid into Social Security...BUT...They had a 457 with 100% match up to the legal contribution limit. The workers weren't well paid and most of them did not participate in the 457.
I pleaded and begged people in that office to participate. Even if they were Market averse, there were funds available with low yield, but very high security. When you've got 100% match, how can you go wrong?
And...A 457 is yours, without penalty, 30 days after separation of service.
They could have worked a second job at Walmart, if things were tight and took advantage of the match. I would have.
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The investment of a few hours (1-3) at the start of one's career can the make the difference between a healthy retirement and homelessness.
Me being around people who run and are fitness focused, I know a few folks who plan on working forever which they fail to realize may not be fully within their control. OTOH, I do know one person who is over 100, still goes to the office every day - but had the resources to retire 50 years ago. It is fickle finger of fate that rules the day.
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Kluurs that is interesting. I know folks, including my wife, who said they would be bored if they were retired (even early). Maybe it's a personality thing (e.g., I have no problem staying entertained solo, movies, golf, etc...), but I would not be bored. I have a long list of books I want to read, shows/movies I want to watch, places I want to travel to and visit, not to mention I'd be happy playing golf every morning, eating lunch, and taking a nap. What a life! @Copper basically, I want to be you when I grow up.
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Kluurs that is interesting. I know folks, including my wife, who said they would be bored if they were retired (even early). Maybe it's a personality thing (e.g., I have no problem staying entertained solo, movies, golf, etc...), but I would not be bored. I have a long list of books I want to read, shows/movies I want to watch, places I want to travel to and visit, not to mention I'd be happy playing golf every morning, eating lunch, and taking a nap. What a life! @Copper basically, I want to be you when I grow up.
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Kluurs that is interesting. I know folks, including my wife, who said they would be bored if they were retired (even early). Maybe it's a personality thing (e.g., I have no problem staying entertained solo, movies, golf, etc...), but I would not be bored. I have a long list of books I want to read, shows/movies I want to watch, places I want to travel to and visit, not to mention I'd be happy playing golf every morning, eating lunch, and taking a nap. What a life! @Copper basically, I want to be you when I grow up.
@89th said in Dumb Americans Exist:
Kluurs that is interesting. I know folks, including my wife, who said they would be bored if they were retired (even early). Maybe it's a personality thing (e.g., I have no problem staying entertained solo, movies, golf, etc...), but I would not be bored. I have a long list of books I want to read, shows/movies I want to watch, places I want to travel to and visit, not to mention I'd be happy playing golf every morning, eating lunch, and taking a nap. What a life! @Copper basically, I want to be you when I grow up.
I took half a year off last year after the baby was born. I can definitely keep myself busy - but I do need a "project" to work on to structure my day around.
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@89th said in Dumb Americans Exist:
I would not be bored.
Yes, that is about it, I can stay busy for many years.
Books, movies, golf, garden, grandchildren, violin, chess, bongos, drawing, video games, tncr and doctor visits
@Copper said in Dumb Americans Exist:
@89th said in Dumb Americans Exist:
I would not be bored.
Yes, that is about it, I can stay busy for many years.
Books, movies, golf, garden, grandchildren, violin, chess, bongos, drawing, video games, tncr and doctor visits
Reverse order, huh?
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The investment of a few hours (1-3) at the start of one's career can the make the difference between a healthy retirement and homelessness.
Me being around people who run and are fitness focused, I know a few folks who plan on working forever which they fail to realize may not be fully within their control. OTOH, I do know one person who is over 100, still goes to the office every day - but had the resources to retire 50 years ago. It is fickle finger of fate that rules the day.
@kluurs said in Dumb Americans Exist:
The investment of a few hours (1-3) at the start of one's career can the make the difference between a healthy retirement and homelessness.
Me being around people who run and are fitness focused, I know a few folks who plan on working forever which they fail to realize may not be fully within their control. OTOH, I do know one person who is over 100, still goes to the office every day - but had the resources to retire 50 years ago. It is fickle finger of fate that rules the day.
Note the rise of the "bracket 401k". No, you don't have to think...You have a 35 year retirement date, you're going into this fund. We'll change investment mixtures for you as time passes.
