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Retirement Looks Dim

 
 
nycdad
 
Mon 24 Jan, 2022 09:00 pm
Hi everyone. I hope you are all doing well so far in 2022. Allow me to share something that has been on my mind for a long time. Ready?

I am 56 years old. I am not physically able to work another 30 years nor do I wish to do so. Saving $6,000 or $7,000 a year requires a good income. I work as a security guard at $16.50 per hour living in one of the most expensive cities in the USA---NYC.

I am a new employee. I started working for my current employer in October 2020. This company matches up to 3% in terms of the 401(k) plan. I recently increased my contribution from 3% to 4%. At 3%, the weekly deduction is $19.80. At 4%, is about $26.

Do you understand why I am so concerned about my future? I know absolutely NOTHING about investing or how the stock market works. If I increase my 401(k) contribution to more than 5%, I will financially struggle every week. I am physically not able to work two jobs at 56. Honestly, I struggle just to complete 40 weekly hours.

Back in my youth, I did not take into account my GOLDEN YEARS. I recently started putting money aside for a rainy day, if you get my drift. I don't even have $20,000 in my savings. Most people (with good paying jobs) cannot live on social security alone. Where do you think that leaves me? I don't have a good paying job. I am worried about my future. My future looks dim. You say?
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Type: Question • Score: 9 • Views: 1,025 • Replies: 31
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neptuneblue
 
  1  
Tue 25 Jan, 2022 07:13 am
@nycdad,
No one in this world is responsible for your happiness. It's all on you. And every post you make is filled with whining, complaining and blaming.

There's plenty you can do about your situation - you are not out of options. But it does take some fortitude, gumption and action. Yet you refuse any advise to allow yourself a better life.

You're only 56 and you're acting like a child. If you believe you don't make enough money - get an education in a field of your choice. Move to a location where the cost of living isn't so high. There's nothing holding you in NYC, you're not married, no children, no friends or any body you care about.

Stop complaining and start acting.
0 Replies
 
Linkat
 
  0  
Tue 25 Jan, 2022 08:04 am
@nycdad,
If its been on your mind for a long time then why have you just now started putting money away in a 401k?

Honestly there is nothing else we can do for you..yeah out away now as much as you can and retire outside of NYC...somewhere that is affordable. There are also housing that is subsidized for elderly that cannot afford higher rents. My grandmother used to live in one years ago.

There are options ..not sure what NYC has to offer but if I were and was not tied to the city like for a goid paying job or close family ...I'd move. I would think you could get a security job any where in the country.

Here us one thought..if your company is large enough they may have offices elsewhere..see if you can transfer to another office where the cost of living is less.
seac
 
  2  
Tue 25 Jan, 2022 12:28 pm
@nycdad,
When you get to retirement, maybe go nomad in the south west.
0 Replies
 
nycdad
 
  -2  
Tue 25 Jan, 2022 06:45 pm
@Linkat,
Your advice is the most caring. I will look into getting out of NYC. Right now, I cannot do anything because a one year lease has been signed. The lease expires in August this year. After the lease expires, I am going to search for employment somewhere else. NYC is nothing like it used to be.
This place belongs to the liberals and their caravan of illegal aliens.
jcboy
 
  5  
Wed 26 Jan, 2022 08:12 am
@nycdad,
nycdad wrote:


This place belongs to the liberals and their caravan of illegal aliens.


When your lease is up in August move to another state, but not California, we don't want you here. Razz

Maybe the panhandle of Florida? There are plenty of right wing bigots, you'd fit right in.
Linkat
 
  -2  
Wed 26 Jan, 2022 10:54 am
@jcboy,
jcboy wrote:

nycdad wrote:


This place belongs to the liberals and their caravan of illegal aliens.


When your lease is up in August move to another state, but not California, we don't want you here. Razz

Maybe the panhandle of Florida? There are plenty of right wing bigots, you'd fit right in.


Leaving the politics aside CA has alot of issues with high prices and not kind financially for retirees. So yeah in a sense JC is giving you good advice ... Florida is much more retiree friendly and just not for the warmer weather. One of the reasons so many people retire there.

I have done some research for planning to retire within 10 years and Florida is one consideration due to the weather and financially positive situation for retiring.
nycdad
 
  0  
Wed 26 Jan, 2022 06:41 pm
@jcboy,
I dislike California. I am not a bigot. I am a patriot. I am former Navy. Don't forget that, boy!
0 Replies
 
nycdad
 
  1  
Wed 26 Jan, 2022 06:43 pm
@Linkat,
Thank you. Florida sounds good. Just be careful near any body of water. Alligators and crocodiles everywhere, honestly.
tireshorse
 
  -3  
Wed 26 Jan, 2022 07:08 pm
I'm new to this site, but this post and the responses really struck me.

I'm very sorry to hear about your situation. Unfortunately, you are not alone as many people nearing 'retirement' age do not have enough money to take care of themselves. The fact is that social security will be completely bankrupt in less than 20 years because of out of control government spending. At 56 years of age in the year 2022, you will have no social safety net available to you when you become of retirement age. The U.S. economy is in freefall and the future of the country in general is looking very bleak. I have studied economics my entire life, and I can tell you that all it would take is a gentle nudge to dethrone the U.S. dollar as the world's reserve currency and bring us into a world where the U.S. is no longer a world super power.

There are a lot of reasons for this and it's very complicated, but most of the responses here to you have been very callous. Though you were attacked for it, your comment about illegal aliens is a legitimate contributing factor to why the welfare state is going bankrupt and social security will be unavailable in 10 years time to those of retirement age. The money available for government programs is quickly being used up as the democrats and Biden administration pack in illegals and pay out hundreds of millions of dollars in welfare to them. Money that was harvested from taxpaying Americans who will not have those funds available to them when they're old or disabled.

The thing is that as a single male, no one will ever have any compassion for your situation, even if what's happening isn't your fault (I don't have enough info here to make a judgment call whether it is or isn't). If you were a woman everyone here would be consoling you, and the U.S. government would be showering you with welfare. As a single man you are and always will be on your own. No one will be there to catch your fall. Also without children or a status of 'married', you are ineligible for most tax breaks and most all welfare.

Unfortunately, disregard for the well being of males and over catering to every need of women is hard wired into human psychology because of evolution. It's what's known as the "empathy gap". This stems from women being the limiting factor in reproduction, and influences all human behavior on a subconscious level.

A very obvious example would be how the media spends so much time lamenting when an attractive woman is murdered (case in point Gabby Petito), despite the fact that men are murdered much more often. That's an example of the empathy gap. This is also why men are attacked for crying in public. Men are expected to suffer in silence even if they've gotten a raw deal through no fault of their own. Society has no compassion for them.

The same commenters here telling you that you don't have "gumption", or that you're "whining" have probably benefited from a two income household where they had the luxury to put more money away for retirement because they had another person subsidizing their lifestyle by helping to pay their living expenses. This is especially common with women. Often times a female spouse will never earn a penny of money for retirement, instead depending entirely on the earnings of their husband. This is also not mentioning those who have inherited family wealth.

Yes, life is unfair. You need to to do the best that you can in spite of that, but it's sad to see people attacking you here. Especially those on the left, as the left prides themselves for being "compassionate" to the poor, while lamenting the right as cold and "uncaring". I wonder if those here attacking your for your comments on illegal immigration are compassionate enough to house those immigrants in their own houses? That would be the "compassionate" thing to do after all, to allow at least 4 or 5 illegal immigrants to sleep in the same room with these people's children so that they will have a roof over their heads.
Linkat
 
  1  
Wed 26 Jan, 2022 07:29 pm
@tireshorse,
Its because if previous posts he has written whereas you posting here so recently bare unaware of.

Also I will point out I am a woman in my 50s. I also studied economics with a master degree in the economics. I also had always doubted the solvency of social security and had squirreled away money in a 401k since I started working full time. I do not expect anyone to take care of me. No one subsidized my income I earned it all on my own.

I find your comments about women expecting to be taken car of offensive and sexist.

Funny my older brother a single white male is getting government assistance.

Sounds to me as if you have a chip on your shoulder.
tireshorse
 
  -3  
Wed 26 Jan, 2022 08:13 pm
@Linkat,
Offense is always taken, never given. If you interpret something I said in a way that I didn't intend, that does not change my intent in what I said. Perhaps you have a chip on YOUR shoulder. Otherwise a stranger pointing out general societal trends and human nature wouldn't ruffle your feathers.

Anecdotal evidence doesn't negate facts and science. Just because you know someone who doesn't fit a rule doesn't invalidate the rule.

Albino people exist. Does that invalidate the fact that most folks have pigmentation in their skin?

I don't know anyone here, but my comments are backed in facts and logic. I stand by them. I've been around the block plenty of times.
Linkat
 
  1  
Wed 26 Jan, 2022 08:56 pm
@tireshorse,
If your comments are based on facts then you must have statistical support for this.
tireshorse
 
  -2  
Wed 26 Jan, 2022 10:41 pm
@Linkat,
I'm familiar with what you're doing. It's what's called "sealioning".

If you have a masters degree then surely I don't need to do your homework for you. You must have a wealth of knowledge about the things I've mentioned that have been well documented.
Linkat
 
  1  
Thu 27 Jan, 2022 07:10 am
@tireshorse,
tireshorse wrote:

I'm familiar with what you're doing. It's what's called "sealioning".

If you have a masters degree then surely I don't need to do your homework for you. You must have a wealth of knowledge about the things I've mentioned that have been well documented.


Ok nycdad.
tireshorse
 
  -2  
Thu 27 Jan, 2022 12:43 pm
@Linkat,
OK Karen
0 Replies
 
bobsal u1553115
 
  2  
Thu 27 Jan, 2022 03:34 pm
@nycdad,
You had my sympathy until "This place belongs to the liberals and their caravan of illegal aliens."

BULLSHIT.

Forget moving, I have a feeling you will be miserable anywhere you go.
0 Replies
 
bobsal u1553115
 
  2  
Thu 27 Jan, 2022 03:37 pm
@nycdad,
As as ex swabbie myself, your ******* attitude about "liberals" and "illegals" blows a big one.
bobsal u1553115
 
  1  
Thu 27 Jan, 2022 03:40 pm
@tireshorse,
And I know what you're doing: pulling it out of your butt.
tireshorse
 
  -3  
Thu 27 Jan, 2022 06:58 pm
@bobsal u1553115,
Biden is secretly flying in illegals all over the country so that they can bankrupt American citizens social security futures.

Are you an American citizen? How do you feel knowing that Biden is doing this, caught on video?

Biden admin torched over bombshell footage: 'Literally breaking the law'

https://www.youtube.com/watch?v=LyLhI7YVweE&ab_channel=FoxNews
 

 
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