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Retirement with 401k

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fuess
It gripes the heck out of me that when I die, the hospital or nursing home may own all I've worked for my entire life. I just had a customer of mine have a stroke and go into the ICU. When the hospital agreed to take him, they had the wife sign over their home to them. She can live there until her death, then the hospital gets the house. Her husband is laying there, strapped to a gurney so he can't fall out, with tubes in him. He's in good health so may live like that for years, no moving, a living vegetable.

What we have, we have in a trust that the hospital's can't get at. Not fair to health care? Maybe, then I'm all for them letting me die. Doctors are doing us NO favors by keeping us alive artificially.

We of course also have living wills.

I want to pass on to my children what I have spent a life time of hard work accumulating. I want it to be easier for them than it has been for me.

I'm all for euthanasia when the time comes.

You should verify this?

Trust for which you have controll of an asset could still make you liable for any bills incurred, or at least the income stream it produces.

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Huntschool

Wow....  

Here is how I worked it.  I have a retirement anuity inplace from our State University Retirement System. In addition to that I have always held a "magic number" out there based on how I want to live.  That number was/is supported by investments, real estate holdings and continued work post retirement.  I never considered SS as we fall under the "wind fall" part of SS.  Even money I had comming to me for work prior to my employment as an educator for which SS was paid now becomes non relavent and could be reduced by as much as 90% so as SS says those earning less will benifit as opposed to those earning more....  just another entitelment scam.

All that being said I considered my time in as a one income family and retired based on a "max out" figure. With all that considered I am in pretty darn good shape including an over payment to my retirement fund which I will roll to an IRA in the next 30 days.

I have a standing offer from a good neighbor to purchase my real estate holdings under what ever payment design I choose so I think I am set......

Hope Murphy does not come to visit.......

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PaFlyfisher
My plan has always been to build long term family wealth. I see no reason to spend everything during retirement and leave my kids with nothing. I have 2 daughters and my plan is to make sure they have a good retirement also.

I think that is really great, admirable in fact. That said, I would rather see my parents not make those considerations, and do whatever they are capable of doing, physically and financially, even at the expense of me seeing a dime. I don't think they have any obligation to me as a healthy adult child. I hope they have fun and don't die having not done things they want to do, but with a bunch of money.

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Uplander
My plan has always been to build long term family wealth. I see no reason to spend everything during retirement and leave my kids with nothing. I have 2 daughters and my plan is to make sure they have a good retirement also.

I think that is really great, admirable in fact. That said, I would rather see my parents not make those considerations, and do whatever they are capable of doing, physically and financially, even at the expense of me seeing a dime. I don't think they have any obligation to me as a healthy adult child. I hope they have fun and don't die having not done things they want to do, but with a bunch of money.

Bingo.

We should each care for ourselves, not depending upon "windfalls."

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Mike Connally
My plan has always been to build long term family wealth. I see no reason to spend everything during retirement and leave my kids with nothing. I have 2 daughters and my plan is to make sure they have a good retirement also.

I think that is really great, admirable in fact. That said, I would rather see my parents not make those considerations, and do whatever they are capable of doing, physically and financially, even at the expense of me seeing a dime. I don't think they have any obligation to me as a healthy adult child. I hope they have fun and don't die having not done things they want to do, but with a bunch of money.

Bingo.

We should each care for ourselves, not depending upon "windfalls."

I agree Uppie. My wife and I got married as young kids. No higher education, but we made it through hard work, good decisions, and living within our means. We made sure our son had a good education, all paid by us, and a solid foundation in life. He knows the value of investing for the future and his retirement. He's well on his way.

Our retirement is based on two 401k's totaling around $1million, SS, and zero debt. If there's anything left when we are both gone, he's welcome to it. But he won't need it.

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Dakota Dogman

I'm a long way off of retirement so no input there. Probaby won't in the end.  Churches just get smaller / take less hours.  Small parsonage in the country, few cups of coffee & rides in the combine... not bad.

As to the question of parents leaving behind wealth for the next generation, 2 things that I see of value.

1) Land... we have farm land that has been in the family for 125 years now.  That is a gift.  If parents want to do something for the family that is a good way to go.

2) Skip a generation & help pay for college.  Many of you said you put your kids through school. Admireable.  Impossible in our situation.  We are teaching our kids how to learn & so scholarships look available, but college is getting really expensive.  If parents want to help the next generations, there are ways to set up family scholarship programs (as I understand it) that could make that $20,000 a year come down a long ways!

God Bless,

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Field Grade

I plan to be a huge financial and emotional burden on my child and any other surviving family members.

That, and selling some of my hardware store guns for hundreds in profit should set me up.

-Rob J.

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Dave Medema
20 years ago I set my financial goals from a different angle.  I want to give away $1,000,000 in cash during my lifetime.  The rest will take care of itself.

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PaFlyfisher
20 years ago I set my financial goals from a different angle.  I want to give away $1,000,000 in cash during my lifetime.  The rest will take care of itself.

I don't know you, so I'll bite and assume it was a genuine remark:

That is genius. And beautiful, and ballsy, and I really an amazing philosophy!

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Dave Medema
20 years ago I set my financial goals from a different angle.  I want to give away $1,000,000 in cash during my lifetime.  The rest will take care of itself.

I don't know you, so I'll bite and assume it was a genuine remark:

That is genius. And beautiful, and ballsy, and I really an amazing philosophy!

I had an early business mentor that was outstanding.  A couple of things that stuck.

1. It's not all about me.

2. Live simply and below your means.

3. First fruits concept.  Share, Save, Spend - in that order.

4. Think long term.

5. Be thankful to those around you.

There are more but those are some of the key points.

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River19

At 39 years old I'm years away from "retirement" if there will be a classic "retirement" in my future hwoever my parents retired a few years back and are well set up to enjoy it having some state pensions, 403(b)s, SS, IRAs and some brains between their ears.

I set them up with very solid LTC policies a few years back; more are insurable than they think, but the price is steep, not as steep as a need for it but still steep.  I used to see the stuff 20 years ago, one of the nest products I came across in the insurance world.

Nancy and I bang money into our 401Ks and get our matches, defer our healthcare $ into the new corp healthcare plans that are simialr to defined contribution plans.....have our rollover IRAs blah blah blah.....we are insured enoguh with Term to take care of the things that matter....

I'll leave my diatribe about how screwed my generation will be when they hit their retirement ages due to lack of savings.....

From what I've seen with my parents, the key is killing your fixed monthly costs as much as possible....ie. real estate debt.......but many don't consider the extent condo fees and property taxes can eat into your monthly # as well depending on the situation.......snow birding can cost a lot.

All this being said, if I'm still sitting in this desk or any desk I don't own at 49, someone kick me in the nutts and wake me the eff up....humans weren't made to be in offices tapping on keyboards (like this) for 50-65hrs per week.

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Dogwood

20 years ago I set my financial goals from a different angle.  I want to give away $1,000,000 in cash during my lifetime.  

Uh . . . just curious how close you are to your goal and how do I get on the list of recipients?  Thought I'd help you out.  Your welcome.

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Tim Frazier

20 years ago I set my financial goals from a different angle.  I want to give away $1,000,000 in cash during my lifetime.  The rest will take care of itself.

I don't know you, so I'll bite and assume it was a genuine remark:

That is genius. And beautiful, and ballsy, and I really an amazing philosophy!

I had an early business mentor that was outstanding.  A couple of things that stuck.

1. It's not all about me.

2. Live simply and below your means.

3. First fruits concept.  Share, Save, Spend - in that order.

4. Think long term.

5. Be thankful to those around you.

There are more but those are some of the key points.

Good stuff Dave.  I have always been big on "blowing" my money when it's important.  Kids who couldn't afford the soccer fees, anonomous clothing that shows up for families we get wind of that are in need, stuff needed for the churches vacation bible school, etc.  As well I believe in tipping for good service, and tipping well.

I feel bad for those who don't know the pleasure of giving and of living beneath your means.  You don't have to be rich as I hope I have been an example of for my kids.

My daughter who is a Junior Accounting major at an out of state college recently responded when I made a comment about us being at the bottom of the middle class.  She was shocked, she said "we've never been poor and always been able to help people".  I told her that it was all done with smoke and mirrors, we're broke, I drive a Vibe for Gods sake!

My kids will have something when I die, they just don't need to know it :<img src=:'>

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JDThorstad
This topic interests me because it's been on my mind lately.  I turned 30 in June and I haven't set anything up yet.  Company just sent an email for 401k enrollment and I admit, I don't know very much about it.  I never made it to the meeting last year but as I understood it there were two or three options ranging from low risk/slow growth to high risk/high reward.  I've had several people tell me about how much money they lost in their 401k's and others about how lucky they are that they cashed out before it could take the hit.  Makes me feel like burying mason jars and buying land.

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sneem

This topic interests me because it's been on my mind lately.  I turned 30 in June and I haven't set anything up yet.  Company just sent an email for 401k enrollment and I admit, I don't know very much about it.  I never made it to the meeting last year but as I understood it there were two or three options ranging from low risk/slow growth to high risk/high reward.  I've had several people tell me about how much money they lost in their 401k's and others about how lucky they are that they cashed out before it could take the hit.  Makes me feel like burying mason jars and buying land.

You'll get all kinds of horror stories about all the money people lost; usually because they got cold feet and sold everything at the market bottom. The market goes up and the market goes down. All I can tell you is you'll be broke in your retirement years if you sit around and wait for the right time to get in. You will never save enough money to be comfortable. You have to invest. 401[(k) or an IRA is a must if you even hope to have a chance.

The best plan is simple. Start young. Put something in every month and don't take it out until you are retired. Stay away from the quick and dirty plans. At your age, just put in even $50 every month in something like an S&P 500 account. In 35 years you'll be a millionaire. The most important thing you can invest is time. Start early and keep at it. In the long run, and its the only way to look at it, you'll be way ahead. Most of the people complaining did nothing until their 50's then tried to do it all at once. Recipe for disaster.

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