In programs like IPERS you can declare anyone you want as the beneficiary, in fact the longest 5 people in terms of years did not work in education. They were family members to someone that was, and was the beneficiary on their retirement. Now IPERS does assume you are going to name your spouse and discourages you from naming someone else, but you could name your youngest child and they would get the agreed amount the rest of their life. Shady, thing to do, but some have done it.
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I have to imagine that they take the age of the survivor benefit benificiary into account when calculating your benefit amount.
I think this place is mostly a population aging in place now.
Came of age on the Internet during the golden age of forums pre-social media.
Started on here together talking about drinkin' and wild partying at college.
But then the teens and 20-somethings are now 30s and 40s middle-aged dads and homeowners.
Now we're talking about how to organize our somehow considerable estates.
Came of age on the Internet during the golden age of forums pre-social media.
Started on here together talking about drinkin' and wild partying at college.
But then the teens and 20-somethings are now 30s and 40s middle-aged dads and homeowners.
Now we're talking about how to organize our somehow considerable estates.
Pretty much. Bulletin board and podcast culture was created and popularized by Gen X and millennials. My kids (Gen Z) were die hard, front row at JTS/Hilton student sections in their time at ISU, and I don't think they come here much or interact at all on here.
And the Gen Alphas are just waiting for some kind of a 6-7 game score, so we will have to wait and see how that turns out!
Damn kids these days everybody should know by college the magic number is 69.
No they do not, your benefit is based on the plan you take and the amount you pay into the program. Who receives any after death benefit is not figured into the equation. I know of one gal, now she did not have a lot of years into IPERS, but on her death from cancer she passed that onto her youngest son, he will receive according to him around $1000 a month for life from her plan.
It's a loophole in the system, that few actually do, but it's available to anyone in the program.
Little bit of info that Ramsey never wants to mention (I hear him during planting and fieldwork sometimes as I just flip the radio on out of boredom) but he doesn’t like to mention that he took out loans to write his first book.
Thats really funny!! I used to listen to him on KMA when I traveled southwest Iowa.
6800 monthly in pension payments is like 2 Million at a 4% withdrawal rate. Can't take it with you or send to your kids but that's A+. I'm 57 planning on retiring at 62, wife is same age she'll go at 62/63 whenever she hits the rule of 88. We'll meet with the IPERS folks this summer to get that figured out. Between the two of us we'll have 4 pensions two SS (haven't figured that out yet) guessing conservative 5000 combined. IPERS and My work pension conservative 5000 mine alone should be 3K monthly. Even at 10K monthly pension is like 3 million in a 401k at 4% withdrawal. We have about 1.6-1.7 in other "stuff 401, brokerage, HSA, Cash". We really don't spend that much. transitioning from accumulation to de-accumulation will be tough. And the biggest thing is we both need a hobby that isn't smoking meat, drinking bourbon and baking. So that's our next stage. Everything we're buying now the next time we buy will be in retirement. Car, Computer, furniture everything. Life goes by fast!!
To your point, right now downsizing still costs. You're just redistributing funds and it still might cost you.
I would say that both of us are well above average, when you keep reading how little people have put away for retirement at all levels. Good luck on your retirement, I can speak for my wife and I, it's the best thing we ever did.
Here's a flaw in looking strictly at net worth in my opinion. Especially these days after real estate inflated. My net worth grew decently in the last 4-5 years. But if I lost my job today, I wouldn't be in a comfortable spot. Because to get that net worth I still have a pretty large mortgage. And lots of expenses in my life right now due to kids.
I'd rather focus on peace of mind if something really bad happened. I'm taking steps toward that, but still would be quite stressed with a job loss, major illness etc. So despite my net worth looking ok on paper, I still have a ways to go to achieve "peace of mind" and feeling like I could easily weather major storms.
I'd rather focus on peace of mind if something really bad happened. I'm taking steps toward that, but still would be quite stressed with a job loss, major illness etc. So despite my net worth looking ok on paper, I still have a ways to go to achieve "peace of mind" and feeling like I could easily weather major storms.
There's numbers out there everywhere, There are people that have a bunch, and there's a large number that have nothing. I'd say I got lucky, I lived with a family in MN while working through the summer out of high school to college. The 401K was gaining traction, the guy I lived with said "the 401K is a must you have to do it". So I did early gradually increasing contributions. Having a pension was total luck, the company I still work for (28 years) was purchased 6 months after I started they had a pension program.
This is all true. I would argue that this problem really started decades earlier in the 80s and 90s with zoning laws - specifically minimum lot sizes and minimum home sizes increasing. Drive through any metro area and you'll see a distinct difference in housing density as you move further out of the city and into the suburbs.
Interestingly, the average size of family (measured in people) has been steady or decreasing while the average size of home - and the lot it sits on - is probably double what it was in the 60s. We're simply not maximizing for density like we used to. By the 2000s and later the only place to build in many metro areas is like an hour outside of downtown and guess what? No one wants to commute that far and younger adults aren't looking for 4 BR/3 BA homes an hour from downtown anywhere.
The only thing making this feasible for a lot of people now is the ability to work hybrid or full time remote. And that is coming at the serious detriment of commercial real estate and many downtown/city centers are hanging on by a thread. It's just pick your poison at this point.
I've spent the last 20+ years in residential real estate and mortgage and have worked in housing policy for many years of that. I honestly don't know where we go from here to be totally honest.
True, but the 5 grand is factoring in SS and other savings. I wish we all had $3 million invested but looking at the numbers most do not have $500,000 in their retirement savings, really not even close.
Yeah parents sold the house I grew up in for double what they bought it for in the early 2000s. New owners put in a bit of refresh work and sold it again last year for another +$100k.
