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👴👵 What Are YOUR RETIREMENT CONCERNS today?
▶️To reply, click on reply button at bottom of this post. Enter your text. Click reply button again.◀️
***READ comments and/or ADD a comment***
(1) Still WORKING - what are YOUR concerns while planning? 🤔
(2) RETIRED - YOUR concerns? 🤔
Thanks, Nicole 👴👵 (Retirement Forum)
(8/31/23) I was hoping that this year 2023 would bring some changes to Senior Housing.
Not a "fan" of skyscrapers, but single family housing has its challenges.
Maybe next year 2024, more of us will be able to CHOOSE "housing" that FITS us! 👍
Whether you are a Skyscraper Senior (condos and so on) or like me, still holding onto my "childhood" memories of a backyard and front porch.
1 comment (SATURDAY 8/12/23) So GRATEFUL to my NEW Allstate Agent who EDITED my policy so I got a DISCOUNT.
My PREVIOUS agent from 2018 did a runner/lol 🤣😂
I RETIRED 2020 and should have gotten this DISCOUNT.
Glad I decided to stop by their office.
The premium keeps going UP. Use to go DOWN as my car aged. A 2006 Hyundai Elantra. 😥
(8/10/23) Stop by to read our comments when you can.
And leave a comment..... 😏
Anyone age 50+ welcome!
Good to hear from you again.
Having been retired for over a decade, I have no pressing concerns.
I planned for retirement from early in life.
I didn't foolishly spend my retirement funds on other things.
The earlier one plans for retirement, the more comfortable their retired life will be.
Comfortable doesn't mean rich; it just means less worrisome.
There is enough to worry about as one ages.
Two more months of financial data before we know what the COLA will be for 2024 - currently it looks like we will get one but for around 3% or so.
The other shoe on the table is how much Medicare Part B premiums for 2024 will slurp this increase up.
Want cures and treatments - somebody has to pay and many pay nothing.
SO GRATEFUL I made it to 2023 WITHOUT getting COVID 💃🥳 and planning on "returning" to Consulting.
My concern TODAY is the news the media has been printing.
Lol, some say workers are needed - economy is "booming".
While others are predicting "doom and gloom" with more to arrive soon!
So, I am taking my TIME to figure out IF it is worth it TRYING to get back out there.
Turning 65 this September and MEDICARE "decisions" will come before a job. 😉
My concern is that the front line representatives at the Social Security Administration are nowadays generally rude, disinterested, and uninformed. This is a change from 5 years ago when the reverse was true.
When I signed up for Medicare at age 65 I had to work with an SSA representative...I don't recall exactly why, but this was after I had worked with some Medicare representatives who impressed me as being not too swift. The SSA representative at that time wholly impressed me! very capable, knowledgeable, and friendly.
Over the past 2 years I've dealt a lot with the SSA when applying for my own retirement benefit and also on an issue that had come up with my wife's SS account. That latter required, well, it induced a lot of heartburn, as we had to send her passport to the SSA office, from Canada to the SSA office in the US. In this latter case one smug SSA representative claimed that other original, irreplaceable, documentation was required as well as the passport. But this wasn't my view from the SSA documents. I later spoke with another representative who had been very helpful for me and she confirmed that only the passport was required.
(In fact, in that particular passport incident the SSA actually highly impressed me! I sent the passport by Federal Express 2-Day business from Canada to the SSA US office on a Monday. We received the passport back from the SSA on Friday that week. Amazing!)
But I digress. In the months waiting for my retirement benefit I spoke numerous times with a number of representatives who were rude, slow, uninformed, unhelpful, uncaring, disinterested, well, you get the idea. Further, what's more maddening is their distributing false and incorrect information! That is the killer.
I also had another issue that I wanted information on. I had searched all through the SSA's documentation on-line and not found my needed information...and they really do a great job with their online documentation, in my opinion. Those interested can really dig into the POMS, the directions by which SSA operates, and even the "CFRs", the Code of Federal Regulations, which are the laws established by Congress addressing Social Security. This information is golden. I digressed again.
So the SSA indicates to call their friendly helpful representatives when our questions aren't answered by the online references. So I called about my question. A high-energy lady answered, full of enthusiasm. I thought this was great! I start asking my question, she interrupts to give me an answer...to an entirely different question! Granted, her answer was correct. But unhelpful. I finished my question and she paused and said "That's a good question. I really don't know". She then put me on hold for a moment, then came back and authoritatively gave me an answer that was obviously and patently incorrect; maybe in her mind she had further information that may have justified her spoken reply. In any case, her reply along with some further babble once I questioned her answer, was obviously wrong and she obviously had no clue. I thanked her and "have a great day!" and hung up.
I would say that I've spoken with 12-15 representatives over the past 2 years. Most were lazy and uninterested. Some had energy but ended up being rude and their information incorrect. I can recall 2 who were actually friendly and helpful with accurate information. So 2 out of 12? that's not a good ratio.
So that is my retirement concern today: The exceptionally poor customer service provided by the SSA by their front line staff. But again, I view their website as being very helpful, bearing in mind that it's a continuing work in progress.
I agree totally. I am about to retire and found out I have to give Medicare 2 months to process my paper work and heard from others if you don't walk your paper work in to your Social Security office they tell you they lost your fax. I thought I would be glad to reach an age when I could retire and now I am just finding a mountain of frustration.
Add the IRS into that same category of DUH!!
One of those SSA reps who posts on Reddit said that SSA has lost many seasoned employees - some retired, others just left the position when they were asked to comeback into the office to work.
Others have left for more money at a private co.
Do you think that more funding will help cause more is coming their way but I just don’t know - I will agree that it is a mess right now but not just at SSA.
Kind of scary - when you think about it - what if this goes further into other depts. - ??????
@GailL1 I'll have to comment later. but this customer service plummet is not just the SSA (though that one is especially scary because it's our financial future). I had to make some changes with my Vanguard mutual fund account this week and while on the phone I was thinking "hmmm, I don't know which one is worse, Vanguard or the SSA?!"
It is like virtually every place I call these days has a telephone announcement about "high call volumes" etc etc, oftentimes the agency or company blames things on "the pandemic". Yes, pandemic threw a huge wrench into things. But customer care was going down well before 2020 and the pandemic; plz don't make excuses.
er, so yes, Gail. Money (pay) is part of the issue but likely is not the whole issue. For example, I deal with both Vanguard and Fidelity. Vanguard is, call it, "the low cost champ". Fidelity is more profit-driven but consequently may invest more in customer service. People complain about Vanguard all the time. And their service is variable, long wait times, etc. OTOH, I'm not sure that I am better served by Fidelity. Their website is a confusing mess to me (maybe 'cause I'm an old geezer?) and their phone reps... well, seemingly they are driven by a corporate profit mode (though there have been some notable exceptions some people were really very helpful to me).
It seems that Management, of whatever agency/company, needs to have a clear plan for handling service over the phone. I think some few companies handle this well but most view "support" as something that is just a cost sink and no one really takes much interest (or excitement) in developing quality systems for their high volume support centers.
Yeah, more pay will certainly help attract better staff, but the staff (new and existing) need to be supported with systems where they can provide correct help and assistance to the caller and on a timely basis. I suspect that such systems are rare.
I actually worked phone support for some years, supporting our engineering software. Some of our clients calling in where real jerks but most were quite polite, etc. But the experience did make me decide to treat people on the other end (when I was the one calling in) much more considerately than before.
Yes, corporate america wants to replace all support people with robots who report to layers of management. I am glad I will retiring soon who wants to report to a robot. Especially in the financial area, it seems the more complicated companies can make it the longer hold on to baby boomers money. It certainly a do it yourself world
so if the workers are replaced by robots or AI, who is paying the contributions into Social Security and Medicare? Both of these programs are pay as we go - meaning those working today are paying the benefits for those who are already on one of the SS programs.
We use to have like 50 workers working for every beneficiary - now it is down to 2. We also are paying more people a benefit - the Baby Boomers - 10,000 0f them retiring everyday thru about 2030 and this has been going on since about 2010.
“Raise the cap” isn’t gonna help with jobs that are being replaced with bots or AI.
I think you might need to do a bit more research to understand how all this works. There is nothing in the legislation that refers to SS, Medicare or VA benefits, at all.
To change discretionary spending (like VA benefits) it would have to go through a new appropriations after the “ Limit, Save, and Grow Act.” Is passed which is highly unlikely.
We all have a choice to get the TRUTH or get the slanted Truth and the slant can go both ways -
I am worried about taxes in MN they are outrages. I never really notice while I was working but now that retirement is near wow. I really don't want to move but may force to at some point. The 25,000 that is not taxed isn't enough. When you spend all your life trying save and paying taxes I don't know why Fed tacking money from us if we worked that hard. We should be able to enjoy stress free but this not the case.
WE "appreciate" you stopping by @k40013h !!!! 💃🥳, Nicole 🙃
I am worried about taxes in MN they are outrages. I never really notice while I was working but now that retirement is near wow. I really don't want to move but may force to at some point. The 25,000 that is not taxed isn't enough. When you spend all your life trying save and paying taxes I don't know why Fed tacking money from us if we worked that hard. We should be able to enjoy stress free but this not the case.◀️
I'm very concerned about the republican attack on social security and medicare.
I jump on AARP and nothing - not a peep about something that will leave us with no healthcare and no income. I'm gone when my membership expires. Do something of real value AARP.
Discount coupons are meaningless compared to the current political agenda.
At the moment my biggest concern is how late I am in starting to save for retirement (51, single, no kids). I never saved much for retirement and what I did save was swindled away from me by my ex-fiancé (who also left me drowning in credit card debt).
Any advice would be appreciated!
I'm sorry about the disruption with the fiancé situation. Awful. That's surely a setback. But the bright side is that you now have only yourself to be concerned with...no (ex-)spouse, no kids (college, etc).
No better time to start than today! Yeah, it might've been easier to start years ago but there's no point in remorse about that. Right now you have 16 years until your Full Retirement Age for Social Security (age 67). 16 years is a enough time to make use of the power of compounding your invested money with some reasonable investments.
Don't go for the get rich quick schemes. Invest in some simple, inexpensive stock and bond Index funds from Vanguard, Fidelity, Schwab, etc. Invest only in investments that you can track in the "newspaper" every day; that was the mistake that Bernie Madoff's clients made...they were too greedy and invested in something that was not reported in the public domain. Don't know who Bernie Madoff is? Well, take 10 minutes and read up on this recent history before you buy any investment from anyone. At this point in time you can't afford to lose money to crackpot investment schemes or crooks (my brother-in-law has done both of these several times over and it is not a good plan).
My suggestion, join the "Bogleheads" financial forum and read it regularly. Read their "wiki" (https://www.bogleheads.org/wiki/Getting_started). Heck, you don't even need to "join", just read and learn. Then you can post and ask questions. These people are straight shooters. There're are tons of other useful financial forums on the internet but this is one of the more prominent.
(why "Bogleheads"? They follow the concepts of John (Jack) Bogle, founder of the Vanguard Group of mutual funds, so a bit like "Deadheads", those people who followed the Grateful Dead around). Bogle was a proponent of low cost mutual fund investing and started Vanguard in that vein; this was revolutionary in the 1970's. He also was an early developer of low cost "index" funds. He is highly regarded in the investment world.
Why "index" funds? Investors need to diversify; why? for safety, in the event your one fave investment craters...think Enron (another one to read the history), et al. Nobody knows what the future holds for investments. Nobody knew ahead of time to buy Microsoft, Apple, Dell, or Google...there were tons of other computer/software companies, nobody knew which ones would survive (many didn't) and thrive. So you buy a "basket" of stocks (or bonds). And most effective, over the long term, is to "buy the index". They talk about the "Dow 30" or "S&P 500", so don't buy just one stock from those indices, or even 5 or 12. Buy them all by using an Index fund that tracks the particular index. Such funds are very economical... no fees to buy them (oh, please, do NOT buy a mutual fund for which you have to pay a commission! there are so many good funds available without such fees) and have low ongoing expenses.
(Don't listen to Dave Ramsey. Maybe he helps a certain type person get out of debt, but his investment advice is abysmal and misleading. Don't listen to Suze Orman either. There are some very good financial columnists out there in the Washington Post, New York Times, etc, and they are on the web too. Don't invest with Edward Jones.)
Be suspicious or skeptical of those who want you to invest with them. Many such have only their own best interests at heart. Same goes for financial columnists or advisors. You need to go through a crash course on this. ...see that link to the boglehead wiki I put above; that's a good place to start.
You have 16 years until the finish line (unless it comes up sooner by some tragic event like layoff, disability, etc). There is time but you really have to buckle down and get serious about this. You'll need to determine how much of a nest egg you may need or want and then determine how much of a nest egg you can realistically expect to obtain based on those 16 years and how much money you can save and invest.
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