For those that don't or won't have 200k to 1mil for retirement, what's your plan?

Anniew et al, Last year in THE NATION was a pretend serious essay about single women, former political activists, who couldn't afford to retire. So they hatched a plan to break just enough laws, get caught, and spend their twilight days in a minimum security countryclub prison, like Martha Stewart!!! oK, tongue in cheek, but telling. By the way, Oregon still has physician assisted suicide, but you are supposed to be terminally ill, not just broke!!!ldc

Idc,
Thanks for the info.
Ann

My dad chose suicide rather than continuing to decline and drain the family's finances. Took a long time for me to understand what he did. I think it happens more than folks will admit, and I won't pass judgement on someone who chooses this option. It's not my place to say.

Anyone who thinks Social Security is or ever was supposed to take the place of planning for retirement is foolish.

There is a new chart for retirement age, too. For quite a few of us on this board, it's not age 65 any more. Here's a link to the chart that will give you the info. Scroll down past the early retirement stuff....

http://www.ssa.gov/retire2/retirechart.htm

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Alice
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"No great thing is created suddenly." ~Epictitus

I have known many people who retire on SS and have a good life. It just takes planning. It might include moving to another state, taking a smaller home, and changing the lifestyle a little but it is fairly easy to do.

Poverty, too-thin slices of bread, and catfood.

It doesn't have to be that way. Many people eat very good on SS, have a nice house.
My parents retired on SS over 20 years ago. They moved to a small town and had a small 3 bedroom 1.5 bath brick house built. They have payed off the house completely, live very comfortably and have money in the bank and drive a new car. My grand parents on both sides have done the same except for the new house and new car. One set of grand parents lived to be over 90 years old and had a good life on SS.
It is what you make it. If you choose to waste your money you will not have much. If you choose to save a little and live reasonably it can be done.

As I read the post....I think we have failed as a country for our elderly citizens. A person should be able to live in dignity when we get older. It is too bad that we did not have the 401K's and other ways we could of saved during our working years.
The main thing I am trying to do as I approch retirement age is to get my house paid for first and get CC and other bills paid off. Having a lot of debt is the hardest thing we face as we retire. We have to make sacrifices on what we spend and not keep up with the Jone's. I see the younger generation...and I include some of my children...the amout of debt they have accumulated...the big house, camper, hot tubs, new cars and pickups, expensive vacations, and the list goes on.
I was able a few years ago to pick up some lots in some small towns near Kingman, Az. I was able to get by for less than $2000 for over 1 ac. My plan is to build a house/shop with used lumber, windows, telephone poles, and barter help. Build a greenhouse to grow most of your food. There are ways....that is what this form is about....people helping people.
I would suggest looking for a place somewhere in the SW. Get it now before you retire. There are still some areas where the land is not that expensive yet. The longer you wait....the more it will cost you and the best land will be gone. It is going to be expensive to retire in the North country....with the cost of energy going up each year. Have a place you can shut down during the winter if you want to live up North as I do. I love it up here for the summer. I think we shoud get a forum on this subject so we can hear how people can retire with dignity.

Pancho,
I hope your name reflects the fact you like Mexico, because that's going to be the only cheap place in a few years. people can laugh all they want but that's going to be the Florida of the future.

Anyone born after 1939 has to go past 65 for full retirement benefits and must be 65 to get medicare.

Being active should be more or less a given and would include some work for profit,homesteading/hobbies, and I would hope some entertainment.

The suicide thing is a tough one to even discuss, but I'm sure as you age or get ill it can be rationalized.

Real Estate is good in the form of rental property, but not everyone is cut out to be a landlord. There are probably more horror stories then success stories.

__________________
"Education is the ability to listen to almost anything without losing your temper or your self confidence"
Robert Frost

Many people do retire and move to Mexico, I have several relatives that did that. I was born and raised in Okla. My parents sold a house in N.Mex. and moved to SE Okla. The cost of living is cheap. Land and houses are very cheap. The part they live in is especially nice for retires people. There are many programs especially geared for retired people. They live a very nice life but it took planning and they did not waste money.

Retirement? What's that?

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SugarMtnFarm.com -- Pastured Pigs, Poultry, Sheep, Dogs and Kids

Hey.

I heard on the radio the other day that more than 50% of Americans are spending each year more than they make in a year. They also said savings are at the lowest level since WW2.

Turn the radio off!, we've discussed this before and much of it is a mistruth. People are investing and not saving as the study didn't take in 401k's and IRA's and other investments. What a surprise with internet access to good earnings people aren't putting their money in the local bank for 1% in a savings acct.

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"Education is the ability to listen to almost anything without losing your temper or your self confidence"
Robert Frost

The costs in here might be a few years old, but I'd bet that it would probably still be feasible. Got it in an email a while back......

LET'S RETIRE AT THE HOLIDAY INN

"No nursing home for me! I'm checking into the Holiday Inn.
With the average cost for a nursing home per day reaching $188.00,
there is a better way when we get old and feeble. I have already checked on
reservations at the Holiday Inn. For a combined long-term stay
discount and senior discount, it's $49.23 per night. That leaves $138.77 a day for:

1. Breakfast, lunch, and dinner in any restaurant I want, or room service.
2. Laundry, gratuities, and special TV movies. Plus, they provide a swimming pool, a workout room, a lounge, washer, dryer, etc. Most have free toothpaste and razors, and all have free shampoo and soap. They treat you like a customer, not a patient. $5.00 worth of tips a day will have the entire staff scrambling to help you.
There is a city bus stop out front, and seniors ride free. The handicap bus
will also pick you up (if you fake a decent limp).
To meet other nice people, call a church bus on Sundays.
For a change of scenery, take the airport shuttle bus and eat at one
of the nice restaurants there. While you're at the airport, fly somewhere.
Otherwise, the cash keeps building up.
It takes months to get into decent nursing homes. Holiday Inn will
take your reservation today. And you are not stuck in one place forever, you
can move from Inn to Inn, or even from city to city. Want to see Hawaii? They
have a Holiday Inn there, too.
TV broken? Light bulbs need changing? Need a mattress replaced? No
problem. They fix everything and apologize for the inconvenience.
The Inn has a night security person and daily room service. The maid
checks if you are OK. If not, they will call the undertaker or an ambulance.
If you fall and break a hip, Medicare will pay for the hip, and Holiday Inn
will upgrade you to a suite for the rest of your life.
And no worries about visits from family. They will always be glad to find
you, and probably check in for a few days mini-vacation. The grandkids can
use the pool. What more can you ask for?
So, when I reach the golden age I'll face it with a grin. Just forward all
my emails to the Holiday Inn!"
Upon telling this story at a dinner with friends and too much red wine, we
came up with even more benefits the Holiday Inn provides to retirees:
Most standard rooms have coffeemakers, reclining chairs, and satellite
TV-all you need to enjoy a cozy afternoon. After a movie and a good
nap, you can check on your children (free local phone calls), then take a
stroll to the lounge or restaurant where you meet new and exotic people every
day.
Many Holiday Inns even feature live entertainment on the weekends.
Often they have special offers, too, like the Kids Eat Free Program.
You can invite your grandkids over after school to have a free dinner with
you. Just tell them not to bring more than three friends. Pick a Holiday Inn
where they allow pets, and your best friend can keep you company as well.
If you want to travel, but are a bit skittish about unfamiliar surroundings,
in a Holiday Inn you'll always feel at home because wherever you go,
the rooms all look the same.
And if you're getting a little absent-minded in your old days, you
never have to worry about not finding your room--your electronic key fits
only one door and the helpful bellman or desk clerk is on duty 24/7.
Being perma-skeptics, we called a Holiday Inn to check this story
out—and are happy to report that they were positively giddy at the idea of us
checking in for a year or more. They even offered to negotiate the rate (we
could have easily knocked them down to $40 a night!).
See you at the Inn!

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Do not meddle in the affairs of dragons...for you are crunchy and good with ketchup!

Well, I am drawing my SS, living fine and able to save a bit each month. But, I have always been very frugal, debt free most of my life, and happy to just be homesteading. Could I take a world cruise, probably not unless I sold the farm, but being home is where I like to be. I drive a late model work truck and keep it in good repair. I keep my savings for emergencies, knowing that they do come.

As far as the suicide issue. What other's do is not my call, nor do I think judging people as selfish that chose it is fair. What I see as very selfish is the spouses and family that insist that everything be done when the sick person is just wanting to die. Than there is the person that puts themselves through total hell because they want to please their family. As a nurse I have seen a lot and am totally aware that people need to be allowed to make their own decisions.

My daughter has power of attorney. She knows what I want and I trust her to handle my medical care if I am unable to make the decisions. I would wish that for everyone.....one person that they trust absolutely with their finances and healthcare if they are unable to function.

You guys do know SS was never made to sustain everyone in their old age. It was a failed program dreamed up with no regard to the future. Someone said "the feds want to do away with SS" well they should. It is a waste of money and a horrible return. If a saving program got that bad of a return no one would use it. (to quote Dave Ramsey)
Government help is one thing. A horrible plan that gives you only part of what you invested is just dumb.

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A foolish consistency is the hobgoblin of little minds, adored by little statesmen and philosophers and divines.
Ralph Waldo Emerson (1803–1882)

Living below my means and staying out of debt, that and procrastination keep me out of any money woes. They're right when they say "If you don't have your health you don't have anything", so that is the number one priority for me - if I can't care for myself everything else is going down hill fast.

Jesse
www.homesteadarticles.com

Welfare, work and or death are my retirement plans!

Well, I paid into it for 50 years because I was REQUIRED to, so they had just better leave it be for those of us who had to pay all those years. We had a really good 401K until the youngsters in our company voted to go high risk and we lost most of what the company put in when enron happened. Yes, it would have been nice to have the choice to do something else with all that money all those years, but we didn't have it so the ME FIRST generation had just better leave it alone!!!!!!!!!!

I sure don't want a flame war, but I don't think this country is failing our elderly citizens. We used to be a country of self-sufficient, hard working providers who took care of our own. Some where along the way, it was decided that the government should provide healthcare to unwed pregnant mothers, food for kids whose parents are lazy and/or uneducated and unemployed, and now, folks want to shirk their responsibilities by having the government take care of the elderly.

The Waltons had it right. Take care of Granma and Granpa.

Just my two cents. The rest of my money is being saved for my retirement.

I can't draw Social Security anyway because I'm a Texas teacher, but that's a whole other topic.

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Alice
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"No great thing is created suddenly." ~Epictitus

People in poverty can't afford cat food. No way.

POVERTY= 2 slices of bread, with a part of the cat in between. Most people in genuine poverty can butcher a cat (sooner or later). We won't be able to confirm poverty until the cats start to dissappear, dogs too.