👴👵 What Are YOUR RETIREMENT CONCERNS today?

[Anonymous]

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

(2) RETIRED - YOUR concerns? 🤔

Thanks, Nicole 👴👵 (Retirement Forum)

[Anonymous]

(Wednesday 5/31/23)

As I AGE, I am "concerned" about dementia.

Nicole 🙃

[Anonymous]

(Monday 5/22/23)

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. 😉

Nicole 🙃

[fffred]

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.

[AZBlueSkies]

  I never worked at Social Security but I did work at the Federal Gov’t for over 40 years.  Since about 2017 and until I retired in 2021, our organization was always lacking funding and was always shorthanded.  They weren’t replacing people who left and those who remained had more and more work with shorter and shorter deadlines.  We did our very best under the circumstances.  I suspect Social Security is facing similar challenges.

[GailL1]

@AZBlueSkies 

Never worked for government but lots of dealings with government.

Worked for national companies for 15 years - finance and nursing - yea, I know real different and then for over 30 years my husband and I had our own business - and did really well in it.

The government ( any level ) does not put the same emphasis on keeping the technology up to date - which of course, could help people do their jobs - better and perhaps faster and maybe with a fewer ratio of workers.

They also don’t beta check things out before launch very well - thus they spend a lot of time back tracking and fixing things that were launched incorrectly and fixing the mess ups.

They also do a poor job in giving and getting out important info to the public - which the public needs for efficiency in understanding the [whatever] benefit or government program.  Yes, plenty of us want to know this because only then can one see the logic - or ill-logic which might also be the case in government.  Sometimes I wonder if they can even add and subtract.  

[AZBlueSkies]

   Your assumptions are mostly right, but for the wrong reasons.  If Congress fails to fund Government departments adequately, then they won’t be able to buy the latest technology or hire enough people to provide excellent customer service.  The Trump administration made it clear that they hated the Government, were determined to destroy it, and they did a pretty good job of meeting their goals.  You, as a customer of a Government organization, are left with horrible customer service.  I suspect the Biden admin has been trying to fix the damage that was done, but it takes longer to fix things than to break them.

[k40013h]

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.  

[GailL1]

@fffred 

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. - ??????

[fffred]

@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.

[k40013h]

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 

[JJC1957]

My main concern is the continued republican attack on Social Security and Medicare.

The latest is a plan to move full retirement age to 70 and 75 for the max benefit. 

They'll keep us working till we hit our graves.  

[GailL1]

@JJC1957 

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.

[GeorgeM80439]

Show me where this republican plan is, I would like to read it. The real threat to SS and Medicare is the out of control government spending.  

[JJC1957]

I assume you saw the bill the republican congress just created last week as their compromise to approve the debt ceiling increase?   They gut social security, medicare and veterans benefits.

[GailL1]

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.

FACT CHECK.ORG - 05/05/2023 - Republicans Push Back on Democratic Claims of Veterans’ Health Care Cu...

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 - 

[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]

Lol, AARP back Old Folks!!!  🤣😂 Anyway, I "respect" your "opinion" @AZBlueSkies 

Nicole  👵

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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]

@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. 

Nicole  👵

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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!