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Retirement forum?

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vanillabean
Valued Contributor

Retirement forum?

As the baby boomers' average nest egg is falling short and rebuilding is needed, a Retirement forum here at myFICO within Bouncing Back from Credit Problems might be useful. What do you do think?

Message 1 of 20
19 REPLIES 19
notfancy
Valued Contributor

Re: Retirement forum?


@Anonymous-own-fico wrote:

As the baby boomers' average nest egg is falling short and rebuilding is needed, a Retirement forum here at myFICO within Bouncing Back from Credit Problems might be useful. What do you do think?


That might not necessarily be a bad idea, but this is basically a credit forum... so posts like what you're referring to tend to pop up in the Smorgasboard.

 

However, if the mods saw fit, I'd be thrilled to see a Finance sub-forum for investing , retirement, etc.

625 EQ FICO Current Score: 660 DCU EQ FICO/ 645 Scorewatch EQ FICO , EX FICO 664, TU FICO 737 (08/2014)
Goal Score: 700   Seedling again as of 07/29/14
Message 2 of 20
CWESTL
Regular Contributor

Re: Retirement forum?

A retirement and investment forum sounds like a great idea!!!! 

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Message 3 of 20
09Lexie
Moderator Emerita

Re: Retirement forum?

Actually, it would be in our General Credit Forum.  A similar subject was discussed for personal loans ie Prosper and banking type questions.  As the demand increases or more posts regarding this subject overwhelm the Gen Credit Forum, I'm sure it will be addressed again.

 

Thank you for the suggestion. 

Message 4 of 20
thom02099
Valued Contributor

Re: Retirement forum?


@Anonymous-own-fico wrote:

As the baby boomers' average nest egg is falling short and rebuilding is needed, a Retirement forum here at myFICO within Bouncing Back from Credit Problems might be useful. What do you do think?


Chiming in, that this would be a great idea!  Those of us that are on the "other" side of our lives, have issues that these younger folks simply can't relate to.  Yes, we can post in the General Credit section, but it would be nice to have a place where we could exchange info with others of a like mind, and not have to put them out in the General category. 

Message 5 of 20
Revelate
Moderator Emeritus

Re: Retirement forum?

Would those in support of this provide some examples of such?

 

- Credit education in general: this forum is already one of the top resources for that

- Retirement / financial planning: There are tons of sites which focus on this specifically: is this just a community thing or is there something the Fidelity's / Schwab's / Motley Fool's, etc ad naseum's of the world aren't providing?

 

I see credit building / rebuilding as age agnostic personally, much as the FICO algorithm does; however, if there's a compelling reason that my front-side-of-40-self isn't seeing we'll be happy to bring it up to the administration.

 




        
Message 6 of 20
thom02099
Valued Contributor

Re: Retirement forum?


@Revelate wrote:

Would those in support of this provide some examples of such?

 

- Credit education in general: this forum is already one of the top resources for that

- Retirement / financial planning: There are tons of sites which focus on this specifically: is this just a community thing or is there something the Fidelity's / Schwab's / Motley Fool's, etc ad naseum's of the world aren't providing?

 

I see credit building / rebuilding as age agnostic personally, much as the FICO algorithm does; however, if there's a compelling reason that my front-side-of-40-self isn't seeing we'll be happy to bring it up to the administration.

 


As the baby boomers' average nest egg is falling short and rebuilding is needed, a Retirement forum here at myFICO within Bouncing Back from Credit Problems might be useful. What do you do think?

 

 

When one who is approaching retirement age (or already there) many have lost a significant part of their retirement funds due to the financial collapse of a few years ago, and there's a certain amount of rebuilding that is necessary.  But age (NOT AAofA!) becomes a factor, as the timetable is dfferent for rebuilding for someone in their 50s versus someone in their 20s or 30s who are rebuilding due to their own decisions, and not so much influenced by external factors that many of us boomers faced or will face.  Discussions about 401(k) plans, IRA's, Roth IRA's, etc as they relate to retirement and credit/credit cards would be appreciative.  A place, under the general auspices of MyFICO, where like minded folks could discuss these unique issues.

 

Conversely, there are some of us who didn't get hit too bad with the financial collapse and were able to ride it out with minimal loss.  We have bounced back somewhat aggressively, and a Retirement forum could be a place for discussion of what we did and how we did it, to share with others who may be facing retirement. 

 

For many of us boomers, we are already there, facing retirement in maybe a matter of months or years.  Our perspective changes regarding finances; many of us have overcome obstacles but still face uncertainties.  Scores don't matter quite so much to some of us; to others they still do. Again, a matter of perspective.   But we don't get caught up as much in some of the general conversations on some of the forums here, because our perspective changes.  App sprees, for example, may not be as relevant to a boomer as more selective, strategically timed apps may be. 

 

If one is retiring this year, for example, the likelihood is that one will NOT be applying for more credit, and indeed may be looking to downsize in a variety of ways.  Social Security, Disablity, and how to survive on both if necessary becomes a real topic of discussion.  If one has a pension or 401(k) to supplement, so much the better, but there are a lot of folks who don't have either.  Trying to rebuild and save under those circumstances is WAY different for us than for someone in their 30s.  Having a place to share information with like minded folks would be a good thing. 

 

EDIT:  I don't know how successful a sub-forum like this would be.  I DO know that there's not a whole lot out there in the internet for these types of GENERAL discussions, where one can chat and post with like minded folks who are somewhat credit savvy after having spent some time here at MyFICO.  I've looked for this type of forum, and some are just way too technicially complicated to make much sense to the average consumer type person.  That would be me!  I just want to be able to discuss credit issues as they relate to retirement in layman's terms, in an understandble, relateable format. 

Message 7 of 20
Revelate
Moderator Emeritus

Re: Retirement forum?

Thom,

 

Which sites have you looked at?  

 

What you suggest may or may not be handled well in other areas, but when it comes down to it retirement planning is more a matter of financial management than anything else (at least in my opinion) and that's far outside the typical discussion area we have here.  Granted we occasionally get a thread on Smorgasboard or elsewhere on it that does get some reasonable commentary and advice on it, but that is a small volume I think?  Agreed it will be a more popular topic over time, but given the amount of disclaimers I see on the sites I visit (Motley Fool, Seeking Alpha, others) I really doubt FICO would want to get into that.

 

My personal opinion is that it's better to use multiple excellent sites, rather than a single source for things; also, at least in the past we've often suggested that one's credit strategies must be tailored to the individual as everyone has an individual credit report and individual finances, I don't think that the recommendations typically found here necessarily don't work for retirees: building or rebuilding a credit report is pretty independant of age, and financial capacity simply allows one to shortcut some of the more annoying aspects of the early stages of building a credit report.

 

I guess what it comes down to, is everyone on this forum who regularly participates in the discussions here spends a non-trivial amount of time learning about credit: establishment, maintenance, and management.  I'd ask whether it makes sense to create a more "approachable" retirement forum, or whether it would behoove folks to make a similar investment of time in learning some of the personal financial instruments when it comes to establishment, maintenance, and management of one's wealth?

 

If it does, and personally I think it absolutely should be done, is this really the right forum for it?  Otherwise am I blatantly missing something here which does happen? Smiley Happy

 

Edit: I re-read your post, I guess I'm confused on the issue of how credit cards impact retirement, or how rebuilding would be different unless people are expecting to die in the next 2ish years which is off by something like an order of magnitude or more for most boomers.  Given that the clock resets on a credit report in 10 years anyway for virtually everyone doesn't seem like there'd be a difference on time horizons?

 

The differences between traditional vs. Roth IRA, and now 401K's, and other tax-advantaged accounts, or maximizing your social security benefits (which is absurdly complicated if one is married), you're correct that the subject can get complex quickly if we're talking transitioning one's finances, but the basics are pretty well laid out I think as it mostly comes down to tax rates, and managing social security and making certain you have enough income or asset growth to last for your expected lifespan.  The community here honestly isn't likely as savvy as many others out there today on those topics.  

 

Personally I see it's completely outside the scope of this forum and I do think there are others that do it well but knocking on 40 I've admittedly not really looked into it in detail.

 

I'll post a link this thread in the admin forum as maybe the FICO folks would be interested in something like this, I'm just struggling to see it personally.




        
Message 8 of 20
notfancy
Valued Contributor

Re: Retirement forum?

Personally I like the idea of it here simply to consolidate information to one trust worthy site. All things financial and credit would be nice to have here. In a way, learning about the people in the community, what they value, how they work, and what they have done to achieve their financial profile- I'd rather listen to their advice and ideas verses a "stranger" (more stranger "stranger"?) on some other forum.

 

Also, in this forum, I see people posting vague comments about their investments, CDs etc, and explaining how their relationship is what helped them get certain cards. (examples: High limit cards and or prestige cards like the Palladium)

 

Additionally- some people such as our baby boomers may prefer to talk to other like minded people in their same "peer category"

 

When discussing apping for cards, credit etc... perhaps they'd be more free with divulging information such as income and asking for advice with out being ashamed to say "I get X dollars from Social Security"

 

I realize that we have sections for credit card apps, sections for mortgage (though I don't really recall seeing anything about Reverse mortgages) etc... but investments, savings, etc are just as important to a healthy credit profile as having a decent income and timely payment history.

 

I personally have no idea how to invest, and looking it up confuses me. I'd love to ask how to do such things here, and I'd love to then ask how to use income from investments on my credit card and loan apps.

 

I jumped a bit all over the place but the short version is- I think that retirement, investments, income, etc goes hand in hand with credit.

625 EQ FICO Current Score: 660 DCU EQ FICO/ 645 Scorewatch EQ FICO , EX FICO 664, TU FICO 737 (08/2014)
Goal Score: 700   Seedling again as of 07/29/14
Message 9 of 20
MidnightVoice
Super Contributor

Re: Retirement forum?

I don't want to retire to Italy

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 10 of 20
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