👴👵 What Are YOUR RETIREMENT CONCERNS today?

[Anonymous]

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***READ comments and/or ADD a comment***

(1) Still WORKING - what are YOUR concerns while planning? 🤔

(2) RETIRED - YOUR concerns? 🤔

Thanks, Nicole 👴👵 (Retirement Forum)

[JJC1957]

https://www.commondreams.org/opinion/republican-debt-ceiling-attack-on-social-security

[k40013h]

I agree it seems like the gov does not want to retire just keep working and paying.

[k40013h]

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.

[Anonymous]

WE "appreciate" you stopping by @k40013h  !!!! ‌💃‌🥳, Nicole 🙃

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▶️@k40013h wrote:

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.◀️ 

[JJC1957]

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. 

[AZBlueSkies]

AARP does organize letter writing campaigns to Gov’t officials.  Not sure if they employ lobbyists.  I do know that if AARP were not backing retirees, who would?

[SpringIsHereSoHappy]

(4/14/24) Lol, AARP back Old Folks!!!  🤣😂 Anyway, I "respect" your "opinion" @AZBlueSkies  👵

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[*** @AZBlueSkies wrote:

AARP does organize letter writing campaigns to Gov’t officials.  Not sure if they employ lobbyists.  I do know that if AARP were not backing retirees, who would? ***]

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[AZBlueSkies]

  It’s the sheer number of people our age that keeps politicians in line.  A shame that so many vote for people who do not support Social Security and Medicare.

[SpringIsHereSoHappy]

(4/14/24) @AZBlueSkies gone are the days when humans CARE!!! I told my "only" child that she needs to have some OPTIONS "in place" for when she is age 66 like I am this year. Gone also are PENSIONS. Now companies like Disney got rid of Old Employees BEFORE their "planned" retirement.  👵

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[*** @AZBlueSkies wrote:

  It’s the sheer number of people our age that keeps politicians in line.  A shame that so many vote for people who do not support Social Security and Medicare. ***]

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[MsElleElle]

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! 

[fffred]

@MsElleElle 

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.

Good luck!

[k40013h]

Yes, there should be more communities for elderly people to bound together.  Perhaps, AARP could start one. My brother and I took care of my Mom and Dad for 11 years when health deteriorated.  It was a lot I wouldn't wish it on any one.  Now I have to plan for my brother and myself without safenet of other family.  I sure hope they advance in robots soon. 

[Anonymous]

WE "appreciate" you stopping by @k40013h  !!!! ‌💃‌🥳, Nicole 🙃

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▶️@k40013h wrote:

Yes, there should be more communities for elderly people to bound together.  Perhaps, AARP could start one. My brother and I took care of my Mom and Dad for 11 years when health deteriorated.  It was a lot I wouldn't wish it on any one.  Now I have to plan for my brother and myself without safenet of other family.  I sure hope they advance in robots soon. ◀️

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[Anonymous]

2 comments(1/15/23) This June 2023, I will need to start the process of MEDICARE = looking for a NEW doctor and dentist. 😭

[fffred]

@Anonymous    Let me add to my previous response about doctors, adding a few words about dentists. Based on a suggestion/recommendation from my dentist's billing manager I obtained a dental plan through www.DentalPlans.com when I retired and no longer had employer dental insurance. As I recall it was a plan through Delta, a subsidiary of Aetna, if I remember that correctly (I also recall there are a lot of complaints in this forum about Delta dental insurance, possibly through AARP, this is NOT the same).

I emphasize that this was a "plan", not "insurance". The difference being that the plan cost me (for my wife and I) about $199 per year and provided reduced fees/charges through many dentists, as well as some other benefits. In my area there were many member dental offices, including the dentist that my wife and I had been seeing for 10 years, since we had moved to that city. Whereas the insurance may have a negotiated reduced fee with the provider but covers only a part of that cost, the remained being paid by the patient. Dental insurance also generally comes with annual cap on benefits, whereas the "dental plan" had no cap. 

In my own experience with having dental insurance for many years as provided by employer benefits I far preferred the dental plan. The annual cost of the plan versus insurance was much less. And I believe that my overall costs (plan cost plus dental services) under the dental plan was less than that with insurance.

You may want to check out the link above or search for similar plans (note, these are available for any age, not just Medicare age). And ask your dentist's billing manager for suggestions. The link I provided even lets you check if your current dentist accepts the plan and you can search for local dentists in your area that accept the plan.

edit:   now that I reside in Canada I sorely wish I could get that same dental plan here!

[fffred]

@Anonymous 

If I remember correctly, Medicare does not cover dental, so that may not force you to change dentists. Depending on how you cover dentists now with any insurance.

When I was on Medicare there was no effect on my doctors, i kept those I was seeing.

Although…I had a Blue Cross Medicare Advantage plan and after a few years my large medical group gave up that Advantage plan (likely not getting paid enough) and I had to switch plans (I could have switched doctors but I didn’t want to). I went with a mefigap plan; I think it was Plan G or H. I was very pleased with the medigap plan.

I have a comment on dentists but will have to come back later for that.

[Anonymous]

3 comments(1/14/23) DREADING turning 65 this September 2023 and having to "deal" with all the MEDICARE DRAMA! 😪

[k40013h]

Boy can I relate. I found out I have to give my employer a two month notice for Medicare/SS to process paper work in MN.  That is insane.

[k40013h]

Yes, I am dealing with same situation with the two month notice.  I believe instead of filing the ML564 I think it is called you can bring medicare your pay stub showing you have been paying medical. This won't circumvent the two notice but at least your employer doesn't know and give them standard 2 week.   If I find out I will let everyone know.  Standing in line at social security to the answer is bummer but If the I like to know if this is the truth.  I would rather do that then trust my employer know I am giving them two month notice.  Gone are the days when companies really respected their retirees, now days it is just replace them and move on and when you give sign of a notice it is a green light to go.    The lack of communication between social security and medicare is unforgivable.  Part B for medicare it should as easy as part "A" just uploading a pay sub showing that you have been paying for medical instead of filling out a form your company has to sign.    How insane is that they expect your employer to log on to your medicare account and some how upload that ML564 form.  It is ridiculous.  That is something that I would like AARP to work medicare and social security on.  This process should be much easier.

[fffred]

@Anonymous 

I didn’t have much drama with Medicare when I enrolled or later. I liked Medicare, thought it was great.

I had a Medicare Advantage plan for a couple years. Then my doctors’ practice (very large group in Florida) would no longer accept Blue Cross Advantage. I was able to switch right away to a Medigap plan, more costly but I like the Medigap better over the Advantage plans.

edit:   I had a really helpful woman at the Social Security Admin help me sign up for Medicare. On the whole, I’ve found the SSA staff to be more competent than those at the Medicare agency CMS. …then again, my recent experiences with the SSA have been mostly awful.

[JJC1957]

I've been leaning toward the BCBS advantage plan but after reading this, I think I'll be talking to my provider first.   I'm looking at advantage out of concern to have prescription coverage and the $0 monthly on the BCBS plan caught my attention. I guess I should go back to looking at prescription only coverage?  

[fffred]

I started out with BCBS Advantage in Florida. Later moved to a Medigap plan after my doctors' group no longer accepted the Blue Cross Advantage plans.

I guess with those $0.00 premiums you get what you pay for.

[Anonymous]

2 comments(1/13/23) I have always worried about dying alone here in my Studio Apartment and no one caring until it is time to pay rent/lol. 😂🤣 Also of late sad that I have not seen my only child who lives in Florida since 2019. 😪 But I am working on getting things set up to hopefully move back to Florida this year 2023 or next year 2024. Never thought about dementia and other old age stuff until this week. It is like, how do I know I have dementia living alone? Does it happen while I am out driving - forget where I am? Lol, with the famous Senior Moments, I am use to forgetting where I left stuff or why I came into a room in my apartment. 🤣😂 Nicole

[k40013h]

I too worry about the same but just starting retirement.  I have my brother but he is older than me.  I have cousins but who has time to get to know people when you are working.  Too bad that independent assisted living communities couldn't more like communes where the health people who by or rent apartments could help out the elderly who need more assistance as they age and either get reimbursement or guarantee help as they go through aging process and new health people come into independent assisting living.  Even relying on family for people have them is not a guarantee today. 

[Anonymous]

WE "appreciate" you stopping by @k40013h  !!!! ‌💃‌🥳, Nicole 🙃

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▶️@k40013h wrote:

I too worry about the same but just starting retirement.  I have my brother but he is older than me.  I have cousins but who has time to get to know people when you are working.  Too bad that independent assisted living communities couldn't more like communes where the health people who by or rent apartments could help out the elderly who need more assistance as they age and either get reimbursement or guarantee help as they go through aging process and new health people come into independent assisting living.  Even relying on family for people have them is not a guarantee today. ◀️

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[Therapist4u]

Hi@Anonymous 🙂🌸

Those are real & important concerns for many of us!

It’s even more of a concern for those of us who are elderly, poor, alone, & with disabilities!

On the more positive side.....you aren’t totally alone...

because you have us! 😀

Take care 🌄 ~Allen 🌇

[Anonymous]

WE "appreciate" you stopping by @Therapist4u  !!!! ‌💃‌🥳, Nicole 🙃

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▶️@Therapist4u wrote:

Hi@Anonymous 🙂🌸

Those are real & important concerns for many of us!

It’s even more of a concern for those of us who are elderly, poor, alone, & with disabilities!

On the more positive side.....you aren’t totally alone...

because you have us! 😀

Take care 🌄 ~Allen 🌇◀️

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