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Hod
Joined: 28 Apr 2003
Posts: 1613
Location: Home
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 Posted: Thu Aug 12, 2010 11:39 pm Post subject: |
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| I'd rather die, young-ish, in my 70s. |
You�ll soon change your mind when you�re sixty-nine. There are plenty of sprightly septuagenarians now who enjoy life and don�t have to run about like the rest of us. Scot47, who was always vocal about most other topics, has kept strangely stumm on this one.
Don�t be like him. I wouldn�t wish his council flat/apartment and means-tested existence on anyone.
Teachers don�t work 18 hours a day. It doesn�t take a lot of planning now to live a better life when you retire. |
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epik_teacher
Joined: 09 Aug 2010
Posts: 52
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| Posted: Fri Aug 13, 2010 7:22 am Post subject: |
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| I've been buying gold and silver for about 5 years now. I also have an ongoing investment plan that includes the coming crash. I've been in ESL for 15 years and have no other pension, etc... |
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Hod
Joined: 28 Apr 2003
Posts: 1613
Location: Home
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| Posted: Fri Aug 13, 2010 5:25 pm Post subject: |
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You do have a pension - your investment plan.
But what's this about a coming crash? Teachers reading that will use it as another excuse to delay saving, like Scot47 did. |
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Flashman
Joined: 20 Jul 2010
Posts: 10
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| Posted: Fri Aug 13, 2010 7:01 pm Post subject: |
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| Hod wrote: |
You do have a pension - your investment plan.
But what's this about a coming crash? Teachers reading that will use it as another excuse to delay saving, like Scot47 did. |
Scot47's idea is only floored by his assumption that the UK will still have a state pension by the time he retires. �132 a week on top of free housing and council tax is not too bad, add that if he works for 15 hours a week he will qualify for tax credits to the tune of �1900 per annum.
Then even better still he could convince a GP (never a difficult task) that he cannot work, he will then be entitled to Disability Living Allowance that could net him between ��70 and �120 per week extra.
That's �300 a week in total and from only the tip of the benefit system at his disposal... hardly a refugee eh? |
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johnslat
Joined: 21 Jan 2003
Posts: 13859
Location: Santa Fe, New Mexico, USA
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| Posted: Fri Aug 13, 2010 7:26 pm Post subject: |
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Dear Hod,
"Don�t be like him."
One could, I think, do a lot worse than having circumstances like scot47's.
Regards,
John |
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Hod
Joined: 28 Apr 2003
Posts: 1613
Location: Home
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| Posted: Fri Aug 13, 2010 7:47 pm Post subject: |
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| scot47 wrote: |
| I am entitled to a small pension from the UK National insurance system which I can claim from age 65 No one can live on that and it is below the social minimum set by DWP in London. I will claim the means-tested top-up now called PENSION CREDIT. If I get that, then my rent is also paid. |
Sorry John, but this is not a life anyone should be hoping for.
Pension planning has to begin in one�s thirties or forties. The fifties is way too late, but even then plans can be made. But starting to ask �if� and hoping for means-tested benefits in your sixties is a recipe for a miserable retirement.
And others reading might be lured into a false sense of security by the promises of an apartment and small state pension, but these cannot be sustained by governments forever. |
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johnslat
Joined: 21 Jan 2003
Posts: 13859
Location: Santa Fe, New Mexico, USA
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| Posted: Fri Aug 13, 2010 9:18 pm Post subject: |
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Dear Hod,
It all depends, I suppose, on how manifold one's needs - and, more especially one's wants - are. Personally, I've found that as I've gotten older, I need and want less and less - and am quite content. Simplifying is rather satisfying.
" . . . these cannot be sustained by governments forever."
That's OK - I'm not planning on living forever, either.
Regards,
John |
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Never Ceased To Be Amazed
Joined: 22 Oct 2004
Posts: 3500
Location: Shhh...don't talk to me...I'm playin' dead...
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| Posted: Fri Aug 13, 2010 9:52 pm Post subject: |
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| johnslat wrote: |
Dear Hod,
It all depends, I suppose, on how manifold one's needs - and, more especially one's wants - are. Personally, I've found that as I've gotten older, I need and want less and less - and am quite content. Simplifying is rather satisfying.
" . . . these cannot be sustained by governments forever."
That's OK - I'm not planning on living forever, either.
Regards,
John |
God Bless Sam's Club, eh???
NCTBA (Jes' had my tires balanced there today!) |
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johnslat
Joined: 21 Jan 2003
Posts: 13859
Location: Santa Fe, New Mexico, USA
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| Posted: Fri Aug 13, 2010 10:10 pm Post subject: |
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Dear NCTBA,
Gas, paper products, M&Ms, cashews (well, I DO have a FEW simple pleasures), and the occasional oven-roasted chicken (best deal in town - $4.95 for a GOOD sized chicken. Lasts us at least a couple of days.)
Sam's Club is alright.
Regards,
John |
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thelmadatter
Joined: 31 Mar 2003
Posts: 1212
Location: in el Distrito Federal x fin!
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| Posted: Fri Aug 13, 2010 10:18 pm Post subject: cardboard box |
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Hubby and I are thinking cardboard box on a beach somewhere in Oaxaca.
Not sure how much of that is really a joke.
I dont plan to stop working until I simply cant. |
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johnslat
Joined: 21 Jan 2003
Posts: 13859
Location: Santa Fe, New Mexico, USA
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| Posted: Fri Aug 13, 2010 10:30 pm Post subject: |
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Dear thelmadatter,
I'm still going strong at 67, and, like you, I have no intention of stopping. Why should I? I'm having too much fun.
Regards,
John |
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Never Ceased To Be Amazed
Joined: 22 Oct 2004
Posts: 3500
Location: Shhh...don't talk to me...I'm playin' dead...
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| Posted: Fri Aug 13, 2010 10:46 pm Post subject: |
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| johnslat wrote: |
...and the occasional oven-roasted chicken (best deal in town - $4.95 for a GOOD sized chicken. Lasts us at least a couple of days.)
John |
Yeah, NOT the k.s.a.'s KFC's that looked like chicken that wuz cooked after they'd been starved to death!!!
NCTBA
(  BUT, not ribs today...lotsa oven-roasted chicken...but nary a rib... ) |
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epik_teacher
Joined: 09 Aug 2010
Posts: 52
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| Posted: Sat Aug 14, 2010 1:12 am Post subject: |
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| Hod wrote: |
You do have a pension - your investment plan.
But what's this about a coming crash? Teachers reading that will use it as another excuse to delay saving, like Scot47 did. |
My pension is what I've saved in gold and silver and my investing plan for after the crash. The best technical indicators I've seen call for a 10-20% DOW drop this fall. The conditions on the market are very similar to the ones prior to the drop in OCT 1987.
http://www.zerohedge.com/article/hindenburg-omen-here
I've put money in bear ETF's accordingly. In early/mid-October, I plan to get out of bear market ETF's, period. The leveraged ETF's can make you money, but only in the early phases of a crash. But they can unravel as the things they invest in are leveraged as well. I've got a list of stocks I'm going to cherry pick for the post crash/market bottom phase.
I was in Korea during the 1997 crash and saw a friend who had a background in finance and knew what he was doing make a mint. He knew the crash was coming and said as much. At the time, I had no idea what he was talking about and didn't pay any attention. To make a long story short, he put all his money in US$ around July 1997 and sat on it. Then he converted all his money to won in December of 1997 when it was nearly W2000/US$1. He sat on that, then waited a few months and started cherry picking Korean stocks he knew would make a comeback. Korea came out of the crash about 1 1/2 years later and he cleaned up financially! I've been studying this for several years and have been getting ready to try to do the same. |
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Otterman Ollie
Joined: 23 Feb 2004
Posts: 1067
Location: South Western Turkey
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| Posted: Tue Aug 17, 2010 10:46 am Post subject: |
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I would like to think that I have covered most of the bases. Have property, a U.K pension plus a Turkish one coming shortly after I collect the British one, then a private one just to top it up. My wife has pretty much the same, property included. So just 5-6 more years to consolidate and retirement can be enjoyed in relative comfort. Took a while though, you can't leave it til the last minute or decade!
I think Johnslat may have a rude awakening, bearing in mind the present Condem admin seem to have a thing about benefits been too big a burden for the taxpayers to shoulder for much longer! |
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johnslat
Joined: 21 Jan 2003
Posts: 13859
Location: Santa Fe, New Mexico, USA
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| Posted: Tue Aug 17, 2010 12:33 pm Post subject: |
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Dear Otterman Ollie,
Many thanks for your concern, but I feel a lot more secure about my SS benefits (which, by the way, are based on funds that I contributed INTO SS) under this "present Condem admin" (whatever that means) than I would under a Republican admin that might "privatize" SS:
Social Security Benefits Will Be Paid, It is the Law
"Allan Sloan told listeners to Marketplace radio this morning that future retirees should be worried about their Social Security benefits because the program is now paying out more in benefits than it collects in taxes. In fact, the program has accumulated more than $2.5 trillion on government bonds in its trust fund. The Congressional Budget Office projects that this fund will be sufficient to pay all scheduled benefits through the year 2044.
Even after that date, if nothing is ever done to change the program, the projections still show that it will be able to pay close to 80 percent of scheduled benefits. This will still provide future retirees with a benefit that is considerably larger than what current retirees receive.
All of these benefits will be paid under current law. Congress would have to vote to overhaul the program to prevent the payment of benefits."
http://www.prospect.org/csnc/blogs/beat_the_press_archive?month=02&year=2010&base_name=social_security_benefits_will
I rather doubt I'll make it to 2044 (when I'd be 101 years old.)
Regards,
John |
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