Anonymous
Post 04/17/2014 13:50     Subject: Saving for retirement when you don't plan to retire?
OP, I herby give you permission to stop saving when you have $2 million in the bank. That is much, much more than most people will ever save for retirement, and will ensure that you won't be eating cat food in the dark for two decades. I'm the PP whose parents retired early (and not willingly) due to Parkinsons, and it was the first time it had happened in my family, either. I come from a long-lived family, and people have been healthy into old age. But shit happens, you know? But if you have $2 million in the bank, you can manage the shit quite well.
Anonymous
Post 04/17/2014 13:44     Subject: Saving for retirement when you don't plan to retire?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:What do you mean you don't plan to retire? Are you just going to die at 65?


In what world does a person have to either die or stop working at 65?

It means I plan on working until I'm dead or close to it.


When your employer downsizes you and you can't get another job. WTF, how is this even a question?


It's a question because not everyone has the same circumstances as far as work/life/savings is concerned.
Anonymous
Post 04/17/2014 13:40     Subject: Saving for retirement when you don't plan to retire?
Anonymous wrote:
Anonymous wrote:What do you mean you don't plan to retire? Are you just going to die at 65?


In what world does a person have to either die or stop working at 65?

It means I plan on working until I'm dead or close to it.


When your employer downsizes you and you can't get another job. WTF, how is this even a question?
Anonymous
Post 04/17/2014 13:36     Subject: Saving for retirement when you don't plan to retire?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:What do you mean you don't plan to retire? Are you just going to die at 65?


In what world does a person have to either die or stop working at 65?

It means I plan on working until I'm dead or close to it.


You might not have a choice. If you become sick or develop dementia etc, you won't be able to do your job and will need long term care. Alzheimer's patients can live a long time with decreased mental capacity. It's really sad.


My FIL is 88 and does not remember his own name much less his wife's whom he's been married to for the past 60+ yrs. Luckily he can afford the 20k month assisted living facility he and his wife are living at. It's very nice but still an old age home.

You don't want to be old and poor and have to go to a medicare paid for facility - not the kind of place to live out your golden yrs.


So he is lucky to be wasting to much money at the time where he has no clue who he is. Interesting.


If you can think of a better solution, please let me know.
Anonymous
Post 04/17/2014 12:47     Subject: Saving for retirement when you don't plan to retire?
Anonymous wrote:You don't need huge amounts of money, OP, as some people on DCUM seem to think, but you need more than health care and incidentals. You need to save enough that, if when you are 65 or 70 you find you can't work anymore - your spouse needs your care, you find your mind isn't sharp enough, you simply can't keep up the pace, you get sick, etc. that you have enough to cover your bills for the next 20 years. One can live a LONG time not able to work, but not sick enough to qualify for long term care, even if you wanted it, so your long term care insurance would do squat for you. My mom and dad are in this situation - they both planned to work forever, but my dad had to retire from a job he adored at 62 because of Parkinsons, and my mom retired a few years later to be around more. He is just now, 10 years later, qualifying for long term care insurance coverage of things like house keeping and transportation around town. You cannot plan to work till you die, OP. You can hope to work till you die, but it isn't something you can plan for. You have to plan for the likely scenario (debilitation for decades before death) and hope for better.


OP here. Thanks for sharing your personal experience. Honestly I've never experienced that sort of thing in my own family. Everyone either dies around 70-75 or lives until 95-100 with no in between scenarios. I was looking at my investments and just wondering whether or not I could say, get to the point where I had $2 or $3 million saved and then feel ok about just spending freely from that point onward. I should mention that I don't have children and don't see that happening either.
Anonymous
Post 04/17/2014 12:34     Subject: Saving for retirement when you don't plan to retire?
Well, sure, some people die younger and some people can work until they're 87. No duh. But until you can predict the future, you can only make educated guesses and plan accordingly. Hope is not a good retirement strategy for me, but your mileage may vary.
Anonymous
Post 04/17/2014 12:31     Subject: Saving for retirement when you don't plan to retire?
Anonymous wrote:You don't need huge amounts of money, OP, as some people on DCUM seem to think, but you need more than health care and incidentals. You need to save enough that, if when you are 65 or 70 you find you can't work anymore - your spouse needs your care, you find your mind isn't sharp enough, you simply can't keep up the pace, you get sick, etc. that you have enough to cover your bills for the next 20 years. One can live a LONG time not able to work, but not sick enough to qualify for long term care, even if you wanted it, so your long term care insurance would do squat for you. My mom and dad are in this situation - they both planned to work forever, but my dad had to retire from a job he adored at 62 because of Parkinsons, and my mom retired a few years later to be around more. He is just now, 10 years later, qualifying for long term care insurance coverage of things like house keeping and transportation around town. You cannot plan to work till you die, OP. You can hope to work till you die, but it isn't something you can plan for. You have to plan for the likely scenario (debilitation for decades before death) and hope for better.


Debilitatiom for decades is not a likely scenario. Everyone here assumes they will live till 80+. Many people se young, too (my parents did).
Anonymous
Post 04/17/2014 12:27     Subject: Saving for retirement when you don't plan to retire?
In some countries there are no retirement benefits and many people work well into old age. My SIL's father in Mexico worked until he was 87 and that was not thought to be odd in any way. He then got cancer and died within 6 months.
Anonymous
Post 04/17/2014 12:23     Subject: Saving for retirement when you don't plan to retire?
You don't need huge amounts of money, OP, as some people on DCUM seem to think, but you need more than health care and incidentals. You need to save enough that, if when you are 65 or 70 you find you can't work anymore - your spouse needs your care, you find your mind isn't sharp enough, you simply can't keep up the pace, you get sick, etc. that you have enough to cover your bills for the next 20 years. One can live a LONG time not able to work, but not sick enough to qualify for long term care, even if you wanted it, so your long term care insurance would do squat for you. My mom and dad are in this situation - they both planned to work forever, but my dad had to retire from a job he adored at 62 because of Parkinsons, and my mom retired a few years later to be around more. He is just now, 10 years later, qualifying for long term care insurance coverage of things like house keeping and transportation around town. You cannot plan to work till you die, OP. You can hope to work till you die, but it isn't something you can plan for. You have to plan for the likely scenario (debilitation for decades before death) and hope for better.
Anonymous
Post 04/17/2014 12:17     Subject: Saving for retirement when you don't plan to retire?
Anonymous wrote:Why so snarky? Most people don't save *enough* for their old age. You have no idea what kind of health you'll be in, or your spouse, or your children. Some people are forced to take time off from working to care for a child or other relative. Many people plan to work for a lot longer than they actually are able to. Cancer, injury, disability, disease can all make it impossible to carry on working. Then what?

I've known a LOT of old people, some indigent and some wealthy, some completely with it, and some completely demented. NOBODY has said, wow, I wish I had saved less for retirement, and there are many, many who wish they had planned better. Having money at the end is a big, big help.


OP here. The snarky messages don't belong to me.

I understand making sure I'll be able to afford health care. I believe in great insurance and have savings to take care of medical issues. It seems like so many talk about retirement as a goal and save for it as though it is their lifelong dream but if you aren't planning to need money beyond healthcare and incidentals, why continue saving money? It may be entire naive but I think its worth discussing.
Anonymous
Post 04/17/2014 12:08     Subject: Saving for retirement when you don't plan to retire?
"I've known a LOT of old people, some indigent and some wealthy, some completely with it, and some completely demented. NOBODY has said, wow, I wish I had saved less for retirement, and there are many, many who wish they had planned better. Having money at the end is a big, big help."

+ 10,000
Anonymous
Post 04/17/2014 12:05     Subject: Saving for retirement when you don't plan to retire?
Why so snarky? Most people don't save *enough* for their old age. You have no idea what kind of health you'll be in, or your spouse, or your children. Some people are forced to take time off from working to care for a child or other relative. Many people plan to work for a lot longer than they actually are able to. Cancer, injury, disability, disease can all make it impossible to carry on working. Then what?

I've known a LOT of old people, some indigent and some wealthy, some completely with it, and some completely demented. NOBODY has said, wow, I wish I had saved less for retirement, and there are many, many who wish they had planned better. Having money at the end is a big, big help.
Anonymous
Post 04/17/2014 11:53     Subject: Saving for retirement when you don't plan to retire?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:What do you mean you don't plan to retire? Are you just going to die at 65?


In what world does a person have to either die or stop working at 65?

It means I plan on working until I'm dead or close to it.


You might not have a choice. If you become sick or develop dementia etc, you won't be able to do your job and will need long term care. Alzheimer's patients can live a long time with decreased mental capacity. It's really sad.


My FIL is 88 and does not remember his own name much less his wife's whom he's been married to for the past 60+ yrs. Luckily he can afford the 20k month assisted living facility he and his wife are living at. It's very nice but still an old age home.

You don't want to be old and poor and have to go to a medicare paid for facility - not the kind of place to live out your golden yrs.


We finally have an answer to why one is supposed to be eating at chilli's while making 500k a year. Why, so that he could spend 20k a month when he is 88! Something to look forward to!
Anonymous
Post 04/17/2014 11:51     Subject: Saving for retirement when you don't plan to retire?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:What do you mean you don't plan to retire? Are you just going to die at 65?


In what world does a person have to either die or stop working at 65?

It means I plan on working until I'm dead or close to it.


You might not have a choice. If you become sick or develop dementia etc, you won't be able to do your job and will need long term care. Alzheimer's patients can live a long time with decreased mental capacity. It's really sad.


My FIL is 88 and does not remember his own name much less his wife's whom he's been married to for the past 60+ yrs. Luckily he can afford the 20k month assisted living facility he and his wife are living at. It's very nice but still an old age home.

You don't want to be old and poor and have to go to a medicare paid for facility - not the kind of place to live out your golden yrs.


So he is lucky to be wasting to much money at the time where he has no clue who he is. Interesting.
Anonymous
Post 04/17/2014 11:45     Subject: Saving for retirement when you don't plan to retire?
6 close relatives have retired in my family. Only 1 of them did so by choice. It is so great that you can predict the future.