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AtLast · 11-16-2010, 05:46 PM

I am fully retired now which means that my monthly income is 1/3rd of what it was. Part of this does reflect the financial collapse in the US as my retirement is tied to those events and recovery. Also, I did retire earlier than expected due to disability issues and since I was self-employed, cannot receive state or federal disability income. I am not 65 yet, so no Medi-Care, but do have private health insurance. At 62, I will be able to collect Social Security at a reduced rate (is higher at 65 or age 70, but not all that much- and hell, ya‘ neva‘ know!!).

Since I left employment working for other people many years ago in which I paid into the SS system, my benefits will not be much- well under 1000/month, which I knew and tried to make up for with personal retirement savings plans- that went down with the Recession. POOF!!!

The wipe-out of the housing sector blew a huge hole in supplemental income I inherited and know will never recover to prior levels. I'm glad I never had it in my head that what I inherited from my folks would be my entire retirement or income in prior years. That would have been a cruel joke and just plain stupid of me! True “Trust Fund babies” are of the Kennedy/Bush type, not we commoners.

I really hope that younger generations think and plan around financial crises, future recessions, and the need for solid retirement planning including health care. What is being discussed now politically in the US about our entitlement and public retirement programs is critical to everyone, no matter what age we are. It WILL have an effect on each and every person’s life unless you do end up independently wealthy. You can count on this! Life turns on a dime- at any age.

Live life to the fullest, be healthy & happy and do some financial planning for the future!

From a grateful old fart!

11-16-2010, 05:46 PM	#16
AtLast Infamous Member How Do You Identify?: Woman Preferred Pronoun?: HER - SHE Relationship Status: Relating Join Date: Nov 2009 Location: CA & AZ I'm a Snowbird Posts: 5,408 My Photo Gallery Thanks: 11,826 Thanked 10,829 Times in 3,199 Posts Rep Power: 21474856	I am fully retired now which means that my monthly income is 1/3rd of what it was. Part of this does reflect the financial collapse in the US as my retirement is tied to those events and recovery. Also, I did retire earlier than expected due to disability issues and since I was self-employed, cannot receive state or federal disability income. I am not 65 yet, so no Medi-Care, but do have private health insurance. At 62, I will be able to collect Social Security at a reduced rate (is higher at 65 or age 70, but not all that much- and hell, ya‘ neva‘ know!!). Since I left employment working for other people many years ago in which I paid into the SS system, my benefits will not be much- well under 1000/month, which I knew and tried to make up for with personal retirement savings plans- that went down with the Recession. POOF!!! The wipe-out of the housing sector blew a huge hole in supplemental income I inherited and know will never recover to prior levels. I'm glad I never had it in my head that what I inherited from my folks would be my entire retirement or income in prior years. That would have been a cruel joke and just plain stupid of me! True “Trust Fund babies” are of the Kennedy/Bush type, not we commoners. I really hope that younger generations think and plan around financial crises, future recessions, and the need for solid retirement planning including health care. What is being discussed now politically in the US about our entitlement and public retirement programs is critical to everyone, no matter what age we are. It WILL have an effect on each and every person’s life unless you do end up independently wealthy. You can count on this! Life turns on a dime- at any age. Live life to the fullest, be healthy & happy and do some financial planning for the future! From a grateful old fart!