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Started By
Message
I wish I were making this up - I have an Aunt
Posted on 3/2/20 at 2:48 pm
Posted on 3/2/20 at 2:48 pm
who asked my father "How did Dad retire?", referring to my late grandfather.
She's 67 years old and her financial adviser told her she needed to get a job based on her net worth and assets (Basically none).
Don't be like my Aunt people!!
She's 67 years old and her financial adviser told her she needed to get a job based on her net worth and assets (Basically none).
Don't be like my Aunt people!!
7
Posted on 3/2/20 at 3:04 pm to Brobocop
quote:
She's 67 years old and her financial adviser
What's he been advising on all these years? Or did she just get one?
Posted on 3/2/20 at 3:12 pm to Saskwatch
quote:
What's he been advising on all these years
How to keep giving him her money!
Posted on 3/2/20 at 3:19 pm to Brobocop
I'm almost forty. Both my parents retired for the first time at 44 and 43 respectively. Blows my mind. They didn't have to go to work and could have lived off investments and their pensions from their time in the Alabama school system (credited with 25 years due to banked sick days and personal days).
They chose to go into a second career. Now, they are 66 and 67 and still work every day in real estate (sales and some minor development projects) because they get bored.
They chose to go into a second career. Now, they are 66 and 67 and still work every day in real estate (sales and some minor development projects) because they get bored.
Posted on 3/2/20 at 3:19 pm to Brobocop
Was she banking on a death benefit or something? Sounds like she is in some serious trouble. Anyone going to help her?
Posted on 3/2/20 at 3:20 pm to Brobocop
My grandfather is in his 80s. He has a corporate pension and social security and medicare and a company-paid medicare supplement.
He didn't do anything special. He didn't have to deal with "saving for retirement", it was all done for him.
No he doesn't travel constantly and live a life of luxury, but he doesn't have to work to make ends meet, either.
We are much more responsible for our own retirement, than our ancestors ever were, and we need to plan on it lasting a lot longer, also.
He didn't do anything special. He didn't have to deal with "saving for retirement", it was all done for him.
No he doesn't travel constantly and live a life of luxury, but he doesn't have to work to make ends meet, either.
We are much more responsible for our own retirement, than our ancestors ever were, and we need to plan on it lasting a lot longer, also.
Posted on 3/2/20 at 3:25 pm to LSUFanHouston
Yep. My gfather retired from three different careers with three different pensions, had a whole life policy and a paid off house, practically zero actual savings or investments.
Can't do that today.
Can't do that today.
Posted on 3/2/20 at 3:27 pm to Saskwatch
She just met with her for the first time!
Posted on 3/2/20 at 3:29 pm to Chuckiee
quote:
Anyone going to help her?
Social Security and Medicare, I assume. And maybe this new job she'll need to get.
ETA:
Stats on aunt. 4th husband left her about 4 years ago now. Only son passed away 10 years ago.
Once owned 3 timeshares at one time that she couldn't afford.
This post was edited on 3/2/20 at 3:31 pm
Posted on 3/2/20 at 3:29 pm to Brobocop
quote:did your father reply with "He stopped working"?
I have an Aunt
who asked my father "How did Dad retire?", referring to my late grandfather.
Posted on 3/2/20 at 3:31 pm to castorinho
Posted on 3/2/20 at 3:46 pm to Brobocop
quote:
She's 67 years old and her financial adviser told her she needed to get a job based on her net worth and assets (Basically none).
Unfortunately all too common. I'm a dentist and my profession generally makes a pretty good living. However, when I was around 30 y/o I was at a convention and stopped at the ADA Retirement Plan booth to ask a question about my plan. They told me how fortunate I was as the average dentist setting up a plan with them was around 50 y/o.
I'm no financial genius but can't understand folks who go through life waiting in line to save $100 on a TV at Best Buy but won't put said $100 in savings.
Posted on 3/2/20 at 4:48 pm to parrotdr
My grandfather was a dentist. Had a great practice in West Monroe. Had 5 kids, my grandmother always had to have the newest and nicest everything, etc. My dad, a financial planner tried constantly to get him to save with no luck. He finally retired due to health reasons and he and my grandmother lived in a small house next to my uncle and he supported them until he passed away. Left nothing for my grandmother who is still healthy and living off of her kids.
Posted on 3/3/20 at 8:32 am to Brobocop
Does your Aunt own a home?
Maybe she could do one of those reverse mortgages Tom Selleck is always pushing.
On another note, I worked with a guy some years back who was in his early 30's. One day we got on the subject of retirement. He honestly thought that when you get to a certain age you just quit working and the company just continues to pay you. And that's your retirement.
Maybe she could do one of those reverse mortgages Tom Selleck is always pushing.
On another note, I worked with a guy some years back who was in his early 30's. One day we got on the subject of retirement. He honestly thought that when you get to a certain age you just quit working and the company just continues to pay you. And that's your retirement.
Posted on 3/3/20 at 8:48 am to REB BEER
quote:
He honestly thought that when you get to a certain age you just quit working and the company just continues to pay you.
Works that way some folks
Posted on 3/3/20 at 8:50 am to LSUFanHouston
quote:
We are much more responsible for our own retirement, than our ancestors ever were,
you are not wrong
quote:
we need to plan on it lasting a lot longer, also.
not wrong again, however let's remember male life expectency is only 78. social security wants us to retire at 72. yay 6 years of retirement. just saying i see why some want to shut it down early if they can afford to and i see why some keep working as long as they like what they do.
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