difference of opinion on use of retirement savings
wkate640
10 years ago
Featured Answer
Comments (16)
patty_cakes
10 years agomaifleur01
10 years agoRelated Discussions
What is the Point - Saving for Retirement?
Comments (42)Both of my grandparents stayed at home until they were in their late 80's and then Mama had no choice but to put them into a nursing home. My GF lived about 3 years after and my GM is still living. She turned 100 in Sept. She has very good care and is the favorite in the home. She has a double room and has been lucky for the most part about room-mates but she has had a couple that were a chore to deal with. When they retired they had a substantial amount of savings and their home with a few acres of land. We hired one of the home health aides to come spend the night with them for a few months but were paying out about $300 a week and all she was doing was sleeping there. Anyway now my GM has been in the home for about 13 years and all of her money is gone. She gets $30 a month and goes to the beauty shop in the home once a week and the family pays for her TV and phone and any other things she needs. Her money was building up in her account and they told my sister that we needed to spend some of it because she wasn't allowed to have but a certain amount and she was over the limit. Family members moved into their home for a few years and then when it was vacated we sold it and the money went to the home. We had no problem with that. They've taken good care of her and know they will continue to. The main point is that people save their money for their old age and then when they get their and need it for health care the other family members often think it should be theirs. Yes, we've paid taxes most of our lives but nobody can live on the amount of taxes you pay in for a month. Probably the best solution would be to go back to many years ago where extended families just built onto the family home and the kids stayed after marriage and were there to help care for the elderly family members (great-grandparents) and the grandparents are there to baby sit for the grandchildren. Thus cutting out a lot of expenses. Of course we've gone away from this custom for too many years for most to want to do it. G'nite John-Boy! lol Nancy...See MoreRetiring to vs. Retiring from
Comments (35)Hi cheery one, I'm pleased that you're happy with the "pro"s of your retirement. And somewhat sad that you're feeling that you're not keeping up to the mark of what you'd hoped/planned to do. If you feel the need to beat yourself over the back about that - make sure it's with a wet noodle ... and only five strokes, O.K? As for the "average" retiree, I don't feel that I have too much of a handle on that ... and wonder what level of expertise you may claim in that department? I think that it's important to do things that we can be pleased with ourselves for having done, at the end of the day ... week ... month ... year. Something that I note to have been scarcely mentioned in this thread so far is the need that all of us retirees have to concern ourselves about (as well as people in the workforce) is the erosion of the value of our income (and, for us retirees, our assets) due to inflation, every year for about the last 80. There hasn't been much increase in incomes in recent years, except for the wealthy few ... but the prices keep going up ... and for most of us, those prices of much of the goods and services that we buy have been and are going up faster than the official rate of inflation. When we put money in the bank, or buy bonds, etc. which pay us the same number of dollars after several years that we gave them in the first place, apart from the "rent" on the money, it isn't only taxes and living expenses that much come out of the earnings ("rent on the money"), but an allowance for inflation, as well, in order to keep the purchasing power of those assets equal in ten years to what it is now. Good wishes to you for dealing well with the days ahead: may they be as many as please you, with good health, friends, enough bucks to meet your needs, things to do and a few challenges, here and there. ole joyfuelled...See MoreUsing the space we need after retirement
Comments (19)Paula, I love your table and what a deal! The changes you've made in your home are very smart too. We made changes in the layout of our home before it was built. I have photos to share of the original and the changed floor plans along with simple explainations. Original Main Level Plans: Our Changes to Main Level Plans gave us an extended length garage space for storage. We are not the type that would use a formal dining room but enjoy reading so with a few changes in the floor plan it became a library. Kitchen was changed to allow for a walk in pantry and adding a doorway into the ladies parlor at the front of the house. All other doorways were widened. As for windows we changed to five smaller windows over the three shown in the original plans for the sunroom and removed the mini window in the half bath since I had a cabinet that would have covered it anyway. A window was also added to the back of the garage and the side of the library. Original Upper Level Plans were changed to add a sleeping porch off the master suite. Master bath was changed in my opinion to better use the space. The walk in closet was changed to allow shelf storage for folded clothes and shoes and to allow more room for bedroom #4 to be used as a home gym. Our children's bed and bathrooms were changed to better use of space. You may notice window placement was changed in most rooms up here too. We live on what used to be a tree farm so there are beautiful views. Our Changes to Upper Level Plans...See MoreWhen did you start saving for retirement?
Comments (48)Jakkam said, "It should be noted that Lindsay's experience with CA state pensions is only relevant between her employer and her specific union. Different unions/employer agencies negotiate contracts that are usually similar, but NOT identical." Gee, my very first comment was, "In California State Service, the terms of the retirement pension can vary according to which bargaining unit covers your position, when you were hired, and what "Tier" you are in." (emphasis added) Did you somehow miss that? Jak went on to say, "Union workers should be aware that at least in CA, CalPERS does not fund any health benefits. All retiree healthcare is funded directly by the agency involved. If your employer has not bothered to set up a separate funding for retiree healthcare, you should contact your union rep and make this an issue - a BIG issue." Incorrect, or at the very least, incomplete. The funds for State employee and CSU employee retiree health care benefits come from the State's General Fund, as allocated by the Governor's Budget each year. Perhaps you are thinking of other public agencies such as city and county government agencies and School employees. In fact, the CalPERS site for Health Plans & Rates for retirees says on the link for Public Agency and School Retirees, "Contributions vary by employer. Contact your employer's personnel office to find out how much they contribute toward your health premium." Click on the link for State & CSU Retirees and you will see the following: "The state employer contribution amounts for 2017 are: "One-Party: $707 "Two-Party: $1,349 "Family: $1,727 " The only difference in the amount that State retirees receive towards their health insurance costs is governed by the length of time of their service. Different "hired by" dates have different vesting requirements to receive the full amount of the State's contribution: (1) If you were hired before January 1, 1985, you are entitled to 100% of the State's contribution; (2) If you were hired between January 1, 1985, and January 1, 1989, there is a 10-year vesting requirement. If you have 10 years of service when you retire, you will receive 100% of the State's health care contribution. For less than 10 years of service, the State's contribution is reduced by approximately 10% for each year of service less than the required 10; and (3) If you were hired after January 1, 1989, the length of time of your service determines what percentage you will receive of the State's contribution. Less than 10 years, you get 0%; at 10 years, you will receive 50%; with 11-19 years of service you will receive 50% of the State's contribution plus an additional 5% for each year over 10 years. If you have at least 20 years of service when you retire, you will receive 100% of the State's contribution. Four (4) bargaining units (6, 9. 10, and 12) now have a 25-year vesting requirement, with different hire dates. My husband and I both had well over the required number of years of service when we retired, so we do receive the full benefit. The amount is more than enough to cover our Medicare Plan B premiums, Medicare Plan B IRMAA premiums, and our PERSCare Blue Cross PPO Medicare Supplement Plan premiums. There is more than enough left over to also cover the cost of our Medicare Plan D IRMAA premiums (our Medicare Plan D is included in the PERSCare Medicare Supplement Plan), but California law does not provide for the reimbursement of Medicare Plan D IRMAA premiums. But the $26.60 per month is the only health care cost we have....See Moremaifleur01
10 years agowkate640
10 years agopatty_cakes
10 years agopatty_cakes
10 years agomaifleur01
10 years agofeedingfrenzy
10 years agomaifleur01
10 years agosherwoodva
10 years agoemma
10 years agowkate640
10 years agoemma
10 years agojoyfulguy
10 years agowkate640
10 years ago
Related Stories
DECORATING GUIDESNo Neutral Ground? Why the Color Camps Are So Opinionated
Can't we all just get along when it comes to color versus neutrals?
Full StoryHOUZZ TOURSHouzz Tour: Prairie Grain Bin Turned Bucolic Retirement Home
An agrarian structure and a big dream combine in this one-of-a-kind home that celebrates 250 acres of Montana grasslands
Full StoryDECORATING GUIDESStaging vs. Decorating: What's the Difference?
Unlike decorating, staging your home isn't about personal style — it's about creating ambiance and appeal for buyers
Full StoryDECORATING GUIDESBudget Decorator: How to Save When You Don’t DIY
You don’t have to be crafty to decorate your home inexpensively. Here are other ways to stretch your design dollars
Full StoryHOUZZ TOURSWe Can Dream: Rural Retirement Home a Haven of Beauty and Tranquillity
A retired couple builds a spacious Japanese-inspired indoor-outdoor sanctuary to enjoy with extended family
Full StoryLIFERetirement Reinvention: Boomers Plot Their Next Big Move
Choosing a place to settle in for the golden years? You're not alone. Where boomers are going and what it might look like
Full StoryTILEEpoxy vs. Cement Grout — What's the Difference?
Grout is grout, right? Nope. Cement and epoxy versions have different appearances, durability and rules of installation
Full StoryMOST POPULAR8 Little Remodeling Touches That Make a Big Difference
Make your life easier while making your home nicer, with these design details you'll really appreciate
Full StoryREMODELING GUIDESCarrara vs. Calacatta Marble: What Is the Difference?
The answer is in the color and veining of these popular Italian marbles
Full StoryHOUZZ TOURSHouzz Tour: Retiring to a Midcentury Modern Gem
Vintage furniture fits the tone of this 1950s home, designed by modernist A. Quincy Jones, to a T
Full Story
emma