Median Retirement Savings of Pre-Retirees is $17,000

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wow, that’s eye opening. I knew the numbers were low, but didn’t realize it was that low. Easy to forget the number of people living paycheck to paycheck.

OP here. Yes, we have a real problem facing us, as a nation. The vast majority of people are unprepared for retirement, and with the disappearance of pensions in the private sector, they will have nothing but social security - and that's not enough.

People have been living on just their social security checks for a long time. It isn't fun but this isn't a new thing, either.

How can they live on $1200 a month? Even if their home is paid off, they can have property tax of $500 a month. And then there's food, utilities, gas money and car expenses, Medicare premiums, household stuff, and more.

People in most low cola areas do not have $500/month in property taxes.

Yep. People here have no idea. Property taxes are lower to begin with, and many states have property tax abatement for older people (particularly those who are low income). And that $150,000 in home equity could mean that the house is paid off.

Not discounting the seriousness of the situation, but people here think everyone needs to make $100,000 or more in retirement and don't seem to realize that a great many Americans didn't make that much when they were working.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My property taxes are $1000 a month

And where do you live? Do you think most of America lives in a home like yours?

Toronto
No, but i don't know anyone who pays under $500.

You need to get out more.

The median property tax in FL (lots of seniors) is $1,773 -- A YEAR and no income tax.

Texas is considered a high property tax state and average is $2,275 -- A YEAR and no income tax.

How do you fund public schools, libraries, public transit, parks and rec, community college, public health, water, sewage, roads etc.?

https://comptroller.texas.gov/transparency/reports/revenue-by-source/

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wow, that’s eye opening. I knew the numbers were low, but didn’t realize it was that low. Easy to forget the number of people living paycheck to paycheck.

OP here. Yes, we have a real problem facing us, as a nation. The vast majority of people are unprepared for retirement, and with the disappearance of pensions in the private sector, they will have nothing but social security - and that's not enough.

People have been living on just their social security checks for a long time. It isn't fun but this isn't a new thing, either.

How can they live on $1200 a month? Even if their home is paid off, they can have property tax of $500 a month. And then there's food, utilities, gas money and car expenses, Medicare premiums, household stuff, and more.

People in most low cola areas do not have $500/month in property taxes.

Yep. People here have no idea. Property taxes are lower to begin with, and many states have property tax abatement for older people (particularly those who are low income). And that $150,000 in home equity could mean that the house is paid off.

Not discounting the seriousness of the situation, but people here think everyone needs to make $100,000 or more in retirement and don't seem to realize that a great many Americans didn't make that much when they were working.

NP here. Even in DC my property taxes are $2200 a year. House is currently worth about $850k. I think the taxable assessment is about $600k. Very few people in DC pay $500 a month in property taxes.