Sunday, October 31, 2004

Plan on retiring...

I plan on retiring someday. I have been planning for my retirement for many years, as has my wife. We hope to live a fairly decent life when we retire. IRAs, 401Ks, pensions, some stocks and Social Security should cover things. I hope we have Social Security when I retire but I fear there will be such a drain on Social Security that "means testing" will be done.
I think that "means testing" will be done because so many people have not planned as we have. Most companies dont offer pensions anymore and have switched to offering a 401K to their employees. I know people in their 40s now that have not contributed a dime to either a 401K or IRA. They work for companies that dont have a pension plan. Many are up to their eyeballs in credit card debt as well. What are they going to do for retirement? If they started contributing now they will not have anywhere near enough to live on when they want to retire. Social Security will be their only "income". I think the demand on the system will crush it. If it is to survive "means testing" will be forced on people. Those of us who have paid into the system will get nothing from it...

3 Comments:

Blogger Whiteknighthorse said...

Hey,
Wandered over to your site from Daisy Cutter's place. I noticed the comments on retiring. I agree with you 100%. I don't think most people know what it will take just to stay afloat, nevermind getting a chance to travel a bit, or for some, to even continue to afford a house.
It's going to be tough to retire. I have set up IRA's and stuffed every thing I could think of into them. Unfortunately, I wasn't employed full-time in a "real" workforce until I was 37. I'd stayed home with my kids and then, when they went off to school, I gradually finished my degree. Just in time too, since the husband departed for younger pastures taking the house with him. I'm doin' fine, altho it's been a rough road since I have never worked for a company that had any retirement benefits. Since I'm an accountant people think I know something about finances (not unless you're a corporation) and they ask what my "exit strategy" is. Well. Work until I'm 70 and shoot myself, is my usual reply. Altho I think what will really happen is that I will sell my little house in California and by a house and a condo somplace else, and rent one of them for the income. At 53 I figure I won't retire until I'm at least 65, and I'll never completely quit working.

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