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Reply #19: I can answer from what my husband and I did. [View All]

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Cleita Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-15-08 04:21 PM
Response to Reply #10
19. I can answer from what my husband and I did.
We saved in IRAs from our wages. We could only save $2,000 a year each. We put it into CD's There were some good years that the CD's paid good interest so principle built up. When we retired, we bought a trailer, our only big expense. We were renters so we never had a windfall from selling our home like many retirees. Even after we retired, we worked in exchange for hook-ups and rent in various camp grounds, both public and private. We only took income from the money we had saved. When my husband fell sick, we incurred thousands of dollars in health care because his private Social Security HMO wouldn't pay for anything because I couldn't phone them to get approval for an emergency when we were up in the woods on the Canadian border on a job incidentally. There was no cell phone service up there then. So we had to pay out helicopter med vac, emergency room, hospitalization, doctors, tests, MRIs and rehab out of pocket. I then learned my lesson as to what scum these privatized Medicare plans are. I switched to traditional Medicare after that. So that considerably lessened our nest egg. During the Clinton years, the interest on savings that we depended on for extra income kept going down thanks to Greenspan so we had to switch to riskier mutual funds that paid more income because by now we were having to pay rent.

Of course now with the stock market down where it is whatever I have left is a fraction of what we started out with. I wish I had known, I would have spent it on frivolities. I think the number of cruises, SPAs and vacations that I could have spent on what is gone all the while I sat up here in my trailer pinching pennies so I wouldn't spend what should have been the kid's inheritance.
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  -I saw an interview with a retired couple who lost a million bucks ..... and I felt bad for them. Husb2Sparkly  Dec-15-08 03:33 PM   #0 
  - 50B worth of fraud  bullimiami   Dec-15-08 03:35 PM   #1 
  - Oy .... you're right.  Husb2Sparkly   Dec-15-08 03:36 PM   #2 
  - I read this today  Tangerine LaBamba   Dec-15-08 03:37 PM   #3 
  - To be old AND poor in this Country is a terrible thing..  annabanana   Dec-15-08 03:37 PM   #4 
  - And yet, and yet  question everything   Dec-15-08 03:40 PM   #5 
  - Most of us have lost a lot.  Cleita   Dec-15-08 03:41 PM   #6 
  - I moved a part of my SEP-IRA into euro-based securities a few years ago.  Husb2Sparkly   Dec-15-08 03:55 PM   #9 
     - That's what I was afraid of.  Cleita   Dec-15-08 04:01 PM   #14 
        - Better to lose 2% to inflation than 40% to the vagaries of the market.  MercutioATC   Dec-15-08 04:20 PM   #18 
           - I'm afraid it's going to be a lot more than that,  Cleita   Dec-15-08 04:23 PM   #21 
              - Obama's not magic, but he's good enough to stop that scenario  GoesTo11   Dec-15-08 04:35 PM   #23 
              - I don't think it's going to get THAT bad.  MercutioATC   Dec-15-08 04:46 PM   #24 
                 - I'm responding to your post but it's actually for anybody else in the same boat  Doremus   Dec-16-08 12:15 AM   #35 
  - I'm amazed at people like Madoff. If you were poor and desperate, I at least understand the impulse  Mayberry Machiavelli   Dec-15-08 03:43 PM   #7 
  - GREED.  madinmaryland   Dec-15-08 03:56 PM   #11 
  - LIKE YOU SAID, GREED!  Blue State Native   Dec-15-08 05:24 PM   #25 
  - I once read a comment to the effect that once you have enough money  Lydia Leftcoast   Dec-16-08 12:54 PM   #37 
  - People have had their savings stolen from them all over this country  endarkenment   Dec-15-08 03:51 PM   #8 
  - When do we get our day in court?  Husb2Sparkly   Dec-15-08 03:57 PM   #13 
  - Never "invest" what you can't afford to lose  Tansy_Gold   Dec-15-08 03:55 PM   #10 
  - Their money was flat out stolen  gravity   Dec-15-08 04:03 PM   #16 
  - Yes, their money was stolen, and I'm not absolving Madoff of  Tansy_Gold   Dec-15-08 05:36 PM   #26 
     - They didn't know that it was going to be a scam  gravity   Dec-15-08 11:50 PM   #31 
  - I can answer from what my husband and I did.  Cleita   Dec-15-08 04:21 PM   #19 
  - Try as I might I can not feel much sorrow for millionaires that squandered their money  Winterblues   Dec-15-08 03:57 PM   #12 
  - They were suppose to be invested in a diversified fund  gravity   Dec-15-08 04:08 PM   #17 
     - They were invested in a cult of personality  alcibiades_mystery   Dec-16-08 12:13 AM   #33 
  - I wonder how they voted since 1980?  Waiting For Everyman   Dec-15-08 04:03 PM   #15 
  - I view a lot through that same prism you use .... "how did they vote?"  Husb2Sparkly   Dec-15-08 04:21 PM   #20 
  - I find your assessment a bit harsh  Moose4Biden   Dec-15-08 04:33 PM   #22 
     - It isn't the country club, it's the RW economics and its tactics - being ok with that.  Waiting For Everyman   Dec-15-08 07:49 PM   #29 
        - ?  Moose4Biden   Dec-16-08 11:34 PM   #40 
  - I usually have loads of compassion for people-but I find it hard to drum up sympathy for greedy  TheGoldenRule   Dec-15-08 06:17 PM   #27 
  - I have zero sympathy for them....  KzooDem   Dec-15-08 06:29 PM   #28 
  - You fail reading comprehension  Husb2Sparkly   Dec-15-08 11:08 PM   #30 
  - Read for comprehension next time instead  MadHound   Dec-16-08 12:01 AM   #32 
     - My bad...misread the original story. One million isn't that much these days for retirement...  KzooDem   Dec-16-08 12:50 PM   #36 
  - Yes, they are victims.  eridani   Dec-16-08 12:13 AM   #34 
  - "You can't cheat an honest man" - W.C. Fields  greyhound1966   Dec-16-08 12:55 PM   #38 
  - They are victims. As are many of the people who got suckered into ARMs.  thecatburgler   Dec-16-08 01:01 PM   #39 

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