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Thread: Why I don't believe in saving for retirement

  1. #11
    Senior Member Andy's Avatar
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    IIRC you have a career path that can make good coin. So barring goofy student loan payments throwing a wrench in the works, saving for retirement shouldn't be too hard. Just live below your means, and the rest will fall into place. When you (or should I say I,) think of retirement...it means basically have enough recurring income to pay the property tax and eat, along with misc bonus cash for stuff like cars and whatnot. Being disabled, and with a work history, you can get Medicare before you are of retirement age, so no spend down needed. Then there is the bonus of SSDI which can give just under 30K, 25K of which is not taxed, so figure what that represents as far as a job goes with Federal and FICA deducted from it. If you are paid up on your housing and don't owe anyone squat...it can go a long way. Add in your savings, I figure that retirement shouldn't be too hard.

    I'm 47, and still currently employed. I want to pull the plug soon, at least before the horror of being 50 comes around. Wheelchair since 32, but that really didn't affect anything income-wise. Money comes in faster than I can spend it, and that SSDI income and Medicare which can be tapped before retirement age does sound promising when having a goal of putting yourself out to pasture. At least in my case, I'm thinking that disability actually is a positive for an early retirement goal. So save up that money, work, and then watch the gubment supply an income to pay taxes and food, give you some insurance, and have your retirement savings for the rest.

  2. #12
    Andy, if you're working now I don't think you can just decide to retire and get SSDI. Won't they just say, "You were working before and you had a disability. Why can't you work now?"

  3. #13
    Senior Member lynnifer's Avatar
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    You wear out. Complications. Like someone else on this site said, it becomes a full time job just looking after yourself.
    Insincere, manipulative, an idiot, selfish, vapid, biased and now a whore. Now petty. Eight personal attacks against the rules of this site.

    T-11 Flaccid Paraplegic due to TM July 1985 @ age 12

  4. #14
    Quote Originally Posted by skippopotamus View Post
    Andy, if you're working now I don't think you can just decide to retire and get SSDI. Won't they just say, "You were working before and you had a disability. Why can't you work now?"
    If you are sci and use a wheelchair for mobility you are coded for SSDI purposes as automatically eligible as long as you are unemployed at time of application. However, with a Congress anxious to privatize Social Security and Trump as president I would watch out, we may wind up being one of the "efficiencies" that "save" Social Security.

  5. #15
    Senior Member Andy's Avatar
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    Quote Originally Posted by skippopotamus View Post
    Andy, if you're working now I don't think you can just decide to retire and get SSDI. Won't they just say, "You were working before and you had a disability. Why can't you work now?"
    What ancientgimp says below...

    Quote Originally Posted by ancientgimp View Post
    If you are sci and use a wheelchair for mobility you are coded for SSDI purposes as automatically eligible as long as you are unemployed at time of application. However, with a Congress anxious to privatize Social Security and Trump as president I would watch out, we may wind up being one of the "efficiencies" that "save" Social Security.
    Yeah, that whole SS insolvency with sad and backache people becoming SSDI recipients does make one wonder how long that will last, or at what level.

  6. #16
    Quote Originally Posted by funklab View Post
    I guess I was a little bored this afternoon and thinking about retirement. I'm still in my mid 30s and just starting my post-SCI career (after 9 years and a lot of schooling). I got some retirement info in the mail, and leafed through it briefly before chucking it in the trash. I just really don't believe in it, I have zero faith that if I save money for thirty years somewhere that money will still exist.

    I used to think this mindset was due to coming of age around the time of the financial crisis of 2007/2008. Had I gone straight to college I would have graduated in 2006, but I was busy working at the time instead of going to school. Lots of my peers who did go to school graduated just in time to find that they couldn't find a job other than waitressing or retail, despite the very expensive diplomas they are still paying off. If the financial crisis taught us anything it was that random chance (or perhaps more like random greed?) could wipe out any savings you have, no matter what it is (stocks, commodities, retirement funds, houses).

    But today I got to thinking that my experience with an SCI probably plays a big role in my lack of belief that saving money will do me any good at all in the future. I was 24 when I was injured and (for a 24 year old) had saved a decent amount of money. Poof it was all gone by the time I got out of the hospital and I was on medicaid all through the rest of undergrad and graduate school until I could get a better job. Looking back it wouldn't have mattered if I had $1.00 in savings or $100,000 or $500,000 it would have just disappeared slower and I would still have ended up on medicaid (despite having health insurance I purchased for myself at the time of my accident). Maybe the experience of inevitable destitution a decade ago makes me feel like it could happen at any time. And I figure it will probably happen again if I am lucky enough to get old enough that my body starts breaking down... so what's the point? Unless I die mercifully in a freak parasailing accident or get eaten by a vicious hippopotamus I can't see a future where I don't end up dead broke again, on medicaid and medicare (if such things exist several decades down the road).

    It's not that I spend my paycheck on hookers and blow every Friday, it's just that if you give me the option of putting money in a special account I can avoid taxes on if I don't take it out for decades and decades vs taxing the money now and putting it in my bank account, I will take the money now every time. I just don't believe it will be there in the future, best case scenario i will have to take it out early and it will get taxes anyway, so give it to me now. And despite the fact that I have a pretty decent paying job at this point with much more income potential in the future, I could definitely see myself saving a little chunk of money and then quitting and blowing it all on a trip around the world while I'm still reasonably healthy.... in fact that's one of my main goals in life.

    Anyway, to those of you who bothered to read my rant, am I all alone out here? Does anyone else think the same way or are all of you going to be laughing all the way to the bank when you turn 67 and drive past me on the way to your new condo in Orlando while I'm sleeping on the side of the road?
    Although its clear that you dont trust wall street to hold your money, you might consider buying some silver every time you get paid. You are still very young and have lots of time so that you could amass a small fortune that no one knows about. Silver is going to increasing in value much better than stocks or bonds as well. That way even if you do fall on hard times and lose everything on record you will still be able to live very well and have fun while still getting ssdi and medicare etc. What they can't prove won't hurt you. An asset hidden is worth far more than anything someone can take from you.

  7. #17
    Quote Originally Posted by nauticalmike View Post
    Although its clear that you dont trust wall street to hold your money, you might consider buying some silver every time you get paid. You are still very young and have lots of time so that you could amass a small fortune that no one knows about. Silver is going to increasing in value much better than stocks or bonds as well. That way even if you do fall on hard times and lose everything on record you will still be able to live very well and have fun while still getting ssdi and medicare etc. What they can't prove won't hurt you. An asset hidden is worth far more than anything someone can take from you.
    My grandfather gave me some silver an ounce at a time for christmas or new years or whatever throughout the 80s and 90s when the price was disgustingly stagnant at $5 an oz. My father gave me a bit of his silver (also came from my grandfather) around 2010 when it had bumped up into the teens. I sold the vast majority of it for $40 an oz when the price spiked in 2011 (it wasn't an insane amount of silver, just 20 oz or so), but I made a tidy little profit and then the price dropped down to more or less what it is today. IMO silver (and gold even more so) is still overpriced, I might be tempted if I could buy some from a private individual (so I don't get reamed by retail shop's overhead and profit markups), but only if the price dipped back down to $10 an oz or so.

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