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Thread: A Question for You - Are You Ready?

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    Senior Member QUINNSCOMMENTARY's Avatar
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    A Question for You - Are You Ready?

    For nearly 47 years, I have been working in employee benefits, health care and retirement planning. I counsel people on planning for retirement, most do not listen and go on their merry way oblivious to the issues they will face and the planning it will take.

    How do I know about such things, because I talk with retired people and receive letters from them every week? Many of the letters are from people pleading for an increase in their pension (they are the lucky ones given they have a pension), others complain about the cost of health care and how it is eating into their living expenses.

    This is not new stuff of course, but what is amazing is the number of people who today while years from retirement, dismiss the planning process for another day, or year, or until it is too late.

    How are you doing, do you know the risk and what it takes for a good retirement? No, I am not selling anything, just interested in various points of view as I plan for retirement in a few weeks myself.

    By the way, do you know the greatest financial risk people face in retirement? It may not be what you think.






    It is longevity!
    "The power of accurate observation is commonly called cynicism by those who have not got it." George Bernard Shaw

    "If everybody is thinking alike, then somebody is not thinking" Gen. George Patton

    Quinnscommentary


    Observations on Life. Give it a try now and tell a friend or two or fifty.

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    Senior Member Lon's Avatar
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    Re: A Question for You - Are You Ready?

    Quote Originally Posted by QUINNSCOMMENTARY View Post
    For nearly 47 years, I have been working in employee benefits, health care and retirement planning. I counsel people on planning for retirement, most do not listen and go on their merry way oblivious to the issues they will face and the planning it will take.

    How do I know about such things, because I talk with retired people and receive letters from them every week? Many of the letters are from people pleading for an increase in their pension (they are the lucky ones given they have a pension), others complain about the cost of health care and how it is eating into their living expenses.

    This is not new stuff of course, but what is amazing is the number of people who today while years from retirement, dismiss the planning process for another day, or year, or until it is too late.

    How are you doing, do you know the risk and what it takes for a good retirement? No, I am not selling anything, just interested in various points of view as I plan for retirement in a few weeks myself.

    By the way, do you know the greatest financial risk people face in retirement? It may not be what you think.






    It is longevity!
    As a retired As CFP, CLU. I worked with Employee Benefits as well, primarily pension and profit sharing plans for the self employed and with small corporations with max of 75 employees.
    I agree with you. Even when a employer was willing to contribute something towards the employees pension or medical insurance getting the employee to participate was not easy. Unfortunately, many wait to long to give retirement a thought and then run out of time to fund it properly.
    I am 73 and have been retired for 16 years. It's been a fantastic retirement and it ain't over yet, because I planned for it.

    www.thoughtsandtravels.blogspot.com

  3. #3
    Supporting Member Chezzie's Avatar
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    Re: A Question for You - Are You Ready?

    I work for the NHS and pay into my works pension, also had a works pension when I worked for Bristol Myers Squibb. Hubby has nothing set up though.
    After all the bad press on pensions im not inclined to give my hard earned cash to any dodgy pension schemes lol

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    Senior Member Lon's Avatar
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    Re: A Question for You - Are You Ready?

    Quote Originally Posted by Chezzie View Post
    I work for the NHS and pay into my works pension, also had a works pension when I worked for Bristol Myers Squibb. Hubby has nothing set up though.
    After all the bad press on pensions im not inclined to give my hard earned cash to any dodgy pension schemes lol
    I don't know about the UK and what type of Retirement Schemes are available, but I am familiar with New Zealand and there is no incentive there to save and invest for retirement. There is no Capital Gains Tax in NZ and despite that, many rely on real estate as a means of providing retirement income. The U.S. has favorable tax incentives for those wishing to provide for their retirement, and still, many choose not to take advantage. After all, buying that new flat screen TV is more important and can be enjoyed now.

  5. #5
    Senior Member QUINNSCOMMENTARY's Avatar
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    Re: A Question for You - Are You Ready?

    Quote Originally Posted by Lon View Post
    I don't know about the UK and what type of Retirement Schemes are available, but I am familiar with New Zealand and there is no incentive there to save and invest for retirement. There is no Capital Gains Tax in NZ and despite that, many rely on real estate as a means of providing retirement income. The U.S. has favorable tax incentives for those wishing to provide for their retirement, and still, many choose not to take advantage. After all, buying that new flat screen TV is more important and can be enjoyed now.
    You have that right, live for today. I love it when people tell me they "can't affrord" to save. They don't like it when I tell them they can't afford not to.
    "The power of accurate observation is commonly called cynicism by those who have not got it." George Bernard Shaw

    "If everybody is thinking alike, then somebody is not thinking" Gen. George Patton

    Quinnscommentary


    Observations on Life. Give it a try now and tell a friend or two or fifty.

    Quinnscommentary Blog

  6. #6
    Supporting Member along-for-the-ride's Avatar
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    Re: A Question for You - Are You Ready?

    I do participate in our 401-k program at work (since 92). But I would like to know how I can get the most from it? I know nothing about investing, the stock market, etc.
    Life is a Highway. Let's share the Commute.

  7. #7
    Senior Member Bryn Mawr's Avatar
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    Re: A Question for You - Are You Ready?

    Having paid into a company retirement plan for seven years only to have it frozen at £1.68 pcm on leaving the company, having paid into a share based private pension for twenty years only for the market to collapse and wipe it out (taking my SERPS contributions with it), having moved to a company that's closed its pension scheme to new members, I'll rely on my own plans from here on in - the thrice bedamn'd pensions advisers can't keep up!

    No reflection on any members who might be posting in this thread intended

  8. #8
    Supporting Member along-for-the-ride's Avatar
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    Re: A Question for You - Are You Ready?

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    None taken. Your wisdom and experience is always welcome.
    Life is a Highway. Let's share the Commute.

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