If you have to do it, you might as well do it right.
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Lately it's been more like the Olympic Diving Finals!!!!
Gene Salemof OH9:15AM February 13, 2009
I think it is not how many legs that are on the stool but how many teats are on the retirement cow you are milking and how she is producing.
As I milk my way into retirement (age 60), I receive a government pension, a pension as a retired reservist that includes health care and, in two years, Social Security. I could delay taking social security but, my federal pension is reduced at age 62 whether or not I take social security. At that time, I will be earning similar amounts from all three pensions. I have the equivalent of a 401K stashed away but I am not planning on taking it until age 70 1/2 when mandatory deductions will be required. So, I won't be nursing that 4th teat for ten years. I also have savings, never carry a credit card balance, and spend always within my means. For the record, I was enlisted as a reservist and was only a mid-level manager in my federal career.
The best decision I made in my life was staying with the AF Reserve to retirement. I have several friends who believe they can afford to retire but don't due to loss of health care. My military health care covers me and my wife.
For those out there that are facing unemployment, you might just have time to join the reserve forces, go to a military school, gain some new skills, gain a paycheck and gain time for the economy to turn around. Also, I think, for the stay-at-home mom, it is a great opportunity to build both a social security and a military pension (the reserves pay into social security as well).
Sure, there is the possibility of being deployed to a war zone or near one but, consider my career. I served during Vietnam, volunteered to go but wound up in England. I completed 9 and a half years of active duty and about 15 in the reserve. I had one two-week deployment to Italy, one 30 day deployment to Japan, and another two-week to Fort Irwin in California.
Good luck to all of you out there trying to hold on to your jobs or find one and those trying to hold on to pensions.
John Smithof TX8:27AM February 09, 2009
Emily:
Thanks for covering the Urban Institute seminar. It’s important to have this discussion about how to think about retirement for Americans, because analogies can sway public opinion and policy—even when they’re inaccurate. As you reported, the three-legged stool analogy is problematic because many Americans don’t have and never had all three legs of the stool, and the legs of the stool have never been of equal length.
However, I want to make sure your readers don’t misinterpret my comments. The point of my remarks was that the three-legged stool analogy doesn’t work as well as we’d like it to for many retirees and that we need a new analogy.
As you know, I went on to say that Social Security has lowered the poverty rate for elderly Americans; that it is a progressive system that provides higher replacement rates for lower-income workers; and that Social Security provides income to support millions of American retirees. A better analogy might be that Social Security is the strong pillar upon which retirement security is built. That’s why ICI supports strengthening Social Security for the long term, and supports steps to improve the 401(k) system – to make it easier for employers to offer 401(k)s, easier for employees to participate, easier for Americans to make wise investment choices and easier for retirees to manage their assets during retirement.
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castlevania soma japanese of NM 6:52PM July 05, 2009
soma medicine carisoprodol as low as of MN 6:41AM July 04, 2009
Gene Salem of OH 9:15AM February 13, 2009
John Smith of TX 8:27AM February 09, 2009
Peter Brady of DC 3:26PM February 06, 2009