# Money



## Bob66 (Sep 6, 2014)

Money an interesting subject when I was younger, it was nice to have some . Most in my family (now estranged from me) are extremely wealthy, I get by. One time in our once a year email I said "the last thing I care about now is money". I am sure my saying that shocked that person. What good is money to me now? So long as I have enough to live on.


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## hollydolly (Sep 6, 2014)

Well if you have enough to live on and be comfortable and independent  and have no dependents, then you're right, money shouldn't be a concern to you.


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## oldman (Sep 6, 2014)

Money is a huge issue for many Seniors. My wife and I own this home where we are now, which is our vacation home, in a retirement development here in Florida. I have heard a lot of Seniors here talk about their lack of money and the problems that they endure because of it, like not being able to afford the medicine that the doctor wants them on and not enough food in the house, or even fixing a problem with their house. We sometimes think that this problem really isn't as big as we are told, but living with these people, I believe that it is and maybe even bigger than we realize. 

Right now, we have a 92 year old woman that lives with her 91 year old husband and some weeks ago she fell and broke her hip and has been in the hospital and now rehab for several weeks. When she comes home, she will need a wheelchair ramp built at her porch to get into the home, but her husband told a few of us that he cannot afford to have one built. One of the men that was standing with us when the husband told us said that he was going to pass a hat around at Bingo last Monday night and see if he gets enough money to buy the materials and then to see if we have a carpenter in the development to build the ramp. Well, somewhat surprisingly, he got enough to build it and even found a carpenter that was willing to do it for free. These are great people. 

For those of us that have enough money to be independent and get by on, we are the fortunate ones.


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## rkunsaw (Sep 6, 2014)

Money is not or should not be an issue for those that have enough.

It can be a major issue for those that don't have enough.


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## Meanderer (Sep 6, 2014)

rkunsaw said:


> Money is not or should not be an issue for those that have enough.
> 
> It can be a major issue for those that don't have enough.


How much is "enough"?


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## Falcon (Sep 6, 2014)

If they don't have enough, it would be interesting to know *HOW* they got that way.

If we hear of it via cyberspace, they must be able to afford a computer and the means
to run it; power + internet costs.


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## Capt Lightning (Sep 7, 2014)

Enough means different things to different people.  Some people can never have enough while others can get by on surprizingly little.
As for HOW some people end up not having enough, there must be dozens of reasons...
Unrealistic expectations
Illness
losing their job
not making contingencies 
living beyond means
market forces, banking crisis etc.etc..


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## oldman (Sep 7, 2014)

Donald Trump once said on Larry King's show that wealthy people never have enough money. For wealthy people, it's all about the "accumulation of wealth". A term that I had heard before by others on CNBC.


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## Debby (Sep 7, 2014)

oldman said:


> Donald Trump once said on Larry King's show that wealthy people never have enough money. For wealthy people, it's all about the "accumulation of wealth". A term that I had heard before by others on CNBC.




Another way of saying that some people are just plain greedy and selfish and care only about themselves.


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## Lon (Sep 7, 2014)

How much money do we need to live on Bob?, and doesn't that vary from person to person?  Someone might think that I am wealthy and I am not.


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## rkunsaw (Sep 8, 2014)

To me enough means being completely out of debt and being able to pay all your bills each month. Also having some set aside for emergencies. That is the minimum enough. Sadly too many people don't obtain even the minimum by retirement age. 


Young people, of course, have house payments, car payments, children to raise, etc. But since this is a seniors forum, I'm saying what people should have by retirement age to be comfortable.


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## oldman (Sep 8, 2014)

Most people here in the U.S. are somewhat fortunate. Beginning in 1978, the 401's were enacted into the IRS rules that allowed employees to make contributions to a fund and also allowed the employer to contribute to the employee's fund as well. People that jumped on-board as soon as they were eligible and remained committed to making their contributions were able to have a nice little nest egg by the time retirement rolled around, so long as they did not withdraw or borrow from their fund. For most, these contributions were tax deferred until retirement, unless the employee invested into an after-tax fund.

In 2006, I believe, the Roth IRA came along that, in my opinion, was or is an even better deal. The main problem or concern with all of these investment instruments is just that; they are investment instruments that need to be carefully monitored, especially if the employee has invested his money in mutual funds, which are comprised of stocks, bonds and some cash funds. As we saw in 2009-2010, many people lost a large portion of their 401(k) fund, or their Retirement IRA when the recession hit. Many people had the idea that their financial investment house that was holding their money was looking out for them and would have moved their money into a safe haven to prevent from having heavy losses, but normally, that does not work that way, unless one pays for that service. In other word, most of these types of accounts are self-managed.  

I have heard a lot of horror stories living part time here in a retirement community in Florida. I really feel bad for them. One gentleman that was a licensed insurance broker for Prudential when he worked told me that he lost about 75% of his retirement IRA because self admittedly he was unaware of how the fund worked. He did not know or understand that he was the one making the decisions on controlling the money in his account. Today, he has to struggle, but he says he is getting by.


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