Life Expectancy - Saving and Planning

[Pablo]

Here is another thing I wish I was told by my dentist a VERY long time ago. Talk about preventive care, they still do not promote this device.
WATERPIC I use it everyday now. Fantastic takes only a minute or two. The junk it blasts out of your teeth at the end of the day is eye opening.
I never much could get into flossing. I also grew up at a time that every kid in the 60's got lots of cavities that were filled. Decades later and some lack of care I had a few teeth crack. Anyway, I have a few implants now and FINALLY was told a while back, Water Pic was the answer.... oh so right!

1000%

If you brush first, then WP you will see all the gunk brushing leaves behind.

 

[johnmyster]

It's almost like when you remove the small numbers the average of the remaining numbers goes up.

Law of averages? Survivor bias?

 

[JeffKeryk]

I've already purchased my gravestone. It says, "He's not here yet."

 

[ecotourist]

Man plans and God laughs, one of my favorite sayings..........Funny story. I have a painting buddy whose grandfather was a painter, he had a very successful business from the early 1950's to about 1990 give or take a couple of years. When he retired he figured he'd live to about 85, and would have enough money to do so comfortably. Optimistic some would say, he lived to 91 and spent the last 5-6 years of his life broke living with his daughter and son in law. LOL

That's why most financial planners assume you will live to 95. Even then you might have to make adjustments as you get closer to that age.

Running out of money is not funny. I had that happen to patients. Husband (a professional who had a good career) and wife were in their late 80s. I had to talk them into accepting social benefits. There was no other option.

I had a physician working for me who, in his 80s, was broke. He had a long career, was at the very top of his specialty, had been a top earner and just spent it all. The only consolation was that his wife owned a cottage and had a little money which she wasn't giving him access to.

 

[4wd]

I've already purchased my gravestone. It says, "He's not here yet."

 

[ecotourist]

It's almost like when you remove the small numbers the average of the remaining numbers goes up.

That's correct and it's purely because of the math. The potential causes of an early death (congenital defects, infections, the accidents of youth, workplace accidents) are all or mostly behind people at any age. The small numbers are gone, so the average just keeps rising.

The life expectancy of a 100 year old Canadian is still 1 1/2 to 2 1/2 years, meaning there is an average life span of 101.5 to 102.5 (for those few who make it to 100).

 

[TomYoung]

Social Security will NEVER run out of money. Mass media scare tactics keep people tuned in. Its used on everyone in todays world, from the weather to crime to social security. It will be here.

YES - Dave Ramsey course should be a required one year course to graduate in every high school. It is taught in some.
DO you know why it never will be a national level? Big banks, Big Corporations, Big Retail Stores, HUGE lobbying groups.
They would all mostly go out of business if people made educated decisions on borrowing money, spending and saving. It would crush the corporate machine. Humans are no different than rodents. Give them stuff with strings attached and you got them hooked for life in many cases. Hooked on asking others to borrow money for things you didnt save for OR should never have bought.

If not managed, Social Security will most certainly run out of money. In actuality, it has already spent most of the money it has ever collected and relies on cash flows from those in the workforce, while the number of retirees and life expectancy increases. It is a political issue, and your elected representatives will go through gyrations, I believe, to protect the system. But there is nothing magical about the system guaranteeing its survival. Mass media scare tactics are not what is behind the system running out of cash. Not really sure where "big banks, big corporations, big retail stores, huge lobbying groups" fit in. Your note seems to conflate social security woes with excessive consumer debt.

Dave Ramsey gives people the wise advice to stay out of debt, keep spending within income and to save. Beyond that, he is a financial illiterate and has a long record of giving stupid, incorrect advice. Two areas where he is completely unschooled are the place of mortgages in primary home ownership, and his complete lack of discernment in differentiating bottom feeder colleges from elite schools. So Dave Ramsey should not be taught in high school. Perhaps a class in financial literacy taught by someone schooled in the subject.

 

[JeffKeryk]

IMO, Dave Ramsey's advice may be good for certain people, such as those in financial debt. But I disagree with his methodology; there are better ways. And some just makes no sense, such as pay off small debts first. Pay off high interest first.

 

[cheetah50]

it is definitely eye opening, theirs a few calculators out there for stuff like that. I made one for myself some months back for retirement and included the SSA tables , since I've been out of work, entirely a hobby project to be honest. https://rosesolutions.work/webswr/ if you want to try it out or just kick the tires...go nuts.

 

[cheetah50]

Here is another thing I wish I was told by my dentist a VERY long time ago. Talk about preventive care, they still do not promote this device.
WATERPIC I use it everyday now. Fantastic takes only a minute or two. The junk it blasts out of your teeth at the end of the day is eye opening.
I never much could get into flossing. I also grew up at a time that every kid in the 60's got lots of cavities that were filled. Decades later and some lack of care I had a few teeth crack. Anyway, I have a few implants now and FINALLY was told a while back, Water Pic was the answer.... oh so right!

You're spot on ! I've got quite a few fillings in my teeth mostly between them I'd floss like made and it would still happen, then they put fillings in and it was almost impossible to actually get the floss between the teeth. Got a waterpic and its took me down to zero cavities in years...now I've had other teeth issues (cracking / broke) but it can't fix past damage.

 

[Paco Pena]

As Spock would say " Live long and prosper". If you live long and don't prosper, rob a liquor store and become a guest of the state.

Paco

 

[alarmguy]

If not managed, Social Security will most certainly run out of money.

That’s my point it is managed and it always will be.
Social media in this country is killing us. Every day is a catastrophe on every subject, including the weather, including housing, including healthcare. Every day is just horrible living life. Everything is a catastrophe, including the climate of the Earth good Lord people have to turn off the media is my feeling. They are addicted to miserable thinking. Not directed at you in anyway.

People buying into this corporation mass media social phenomenon and they’re all making money off of non-critical thinking people.

Social Security can and will be fixed because it’s not broken and it will be adjusted and fixed when the time is near.

Just my opinion and I’ll tell everybody who doesn’t believe it just wait and see

This thread is about people who are planning for retirement, the first post shows they will probably live longer than they expect.

 

[supton]

Social Security can and will be fixed because it’s not broken and it will be adjusted and fixed when the time is near.

I wish I had your optimism. I feel that most politicians/employers wait until it's crisis time and then will still argue for more time because "they didn't see that coming". Probably comes from human nature and the desire to procrastinate. Or to let an unpopular decision be someone else's problem.

For me I am rounding up my savings plan. Instead of the typical 10x saved for retirement I'm aiming for 15x. I suspect I'll have to work until 67 to pull that off so I hope that I'm being pessimistic and can bow out before then. But 10x is not enough I think, not if benefits get cut.

 

[ripcord]

I guess I won't be so concerned about buying green bananas for a while...

 

[2005jettatdi]

Social Security will NEVER run out of money. Mass media scare tactics keep people tuned in. Its used on everyone in todays world, from the weather to crime to social security. It will be here.

The fact is, there is no Social Security Trust Fund and there never was one. My social security, and everyone else's, is paid out of current federal government income and borrowing. The trust fund lie is the same as if I say I owe myself $1 million. In fact, I have signed a promissory note to myself for $1 million. How much is that note actually worth? When I take it to the bank to borrow money using it as collateral, how much will the bank loan me?