Food For Thought

[Gregory Matthews]

The following story, I suspect, will provide comment material for people across the spectrum:

I have done business with Sam for over 20 years. Earlier this week, I asked him when he was going to retire., and suggested that probably he had to work for as long as he was physically able.  Sam informed me that he did not have to work.  He could retire at any time.  He will only work as long as he wants to work.  Then he told me his story:

 

Sam has worked for the same company for over 50 years.  He works at what would commonly be considered a low-paying job, but people do give him tips.  He has no benefits.  No health, no vacation and no retirement  benefits of any kind. His wife has been able to obtain health insurance through the employment of another person.  Prior to becoming eligible for Medicare, he was paying $700 a month for his health insurance.  When he was covered by Medicare, his health insurance costs dropped considerably.

Early in his life, he purchased a home for $27,000.  Years later he sold it for $127,000.  He took $30,000 of the money he received from the sale of his home and used  it to purchase a home in which he now lives.  He invested the rest.  Five years later, which included a large stock market crash, he took all of his money out, at the same amount that he had invested, and put that money into a bank product where he has kept it.  Once he started receiving Social Security, he invested the total amount that he received in that bank product.

The result, he now says, is that he could retire  at any moment and live off of his income--both Social security and from his investment in that bank product.

 

I will refrain from comment.  I believe t hat there is a lot to comment upon in this story.

 

 

 

[Naomi]

I can appreciate Sam's story.  Looking at  big picture (IMHO) is alright Sam!!  He made it work in his favor in spite of what others might consider obstacle

Retirement works for some people, for others continuing their routine is physically and mentally healthy. 

Edited August 2, 2015 by Naomi

[Ted]

What a beautiful story!

AFAIK, Social Security was originally intended to be part of a retirement package consisting of:

● retirement income from employment;

● income from investments; and

● Social Security.

Same (mostly) used it as it was meant to be and he's "well off". Imagine that.

Edited August 2, 2015 by Ted
Clarification; wording.

[Outta Here]

Sam got lucky that his home increased in value.

We purchased a home. Lived in it. Paid the mortgage. Now 20 years later it's worth less than what we paid.  

Local real estate rehabs have driven the market down. They're buying up the foreclosed homes at below fair market value and renting them out at rates above their mortgage payment. A $70k home is purchased for $30k. They rent the home for $1000/month to Section 8. In 2 1/2 years they've made their initial investment back, and in 5 years they've made 100% return on investment. And they do this over and over again. All the while driving down the market value of everyone else's homes and destroying neighborhoods. 

The rich get richer and the poor get poorer.

In the end, it's an honest day's work that earns an honest day's wage.

 

[phkrause]

For some things work out just great, like Sam, but for most I think it doesn't. I hope that Sam is thanking God everyday??

[B/W Photodude]

Retirement works for some people, for others continuing their routine is physically and mentally healthy. 

I used to see a number of men come into the hospital deathly ill within a week or two of retirement. I have come to the conclusion that retirement is dangerous to your health. Now some may wish to leave their careers at the usual age, but it doesn't hurt to "reconfigure" yourself into a new career. 

I tell my wife I can be a WalMart greeter. She thinks I will be like Jeff Dunham's "Walter." "Welcome to WalMart, now get your stuff and get out!"