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

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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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. [/quote]
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.
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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.

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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. [/quote]

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

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.  [/quote]

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.[/quote]

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