Reply to How many ppl do you know age 30+ foregoing savings, 401k?

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Reply to "How many ppl do you know age 30+ foregoing savings, 401k?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Sounds like those NYC folks you all know are really enjoying life and not waiting until they're 70 to enjoy themselves. Nothing wrong with that. I doubt these people will be living solely off SS and Medicare in retirement. [/quote]

No but they are going to be paying a lot in rent in their 70s!  The rent increases in NY aren't a joke. [/quote]

There's a LOT more rent control than you realize - not everyone has rent increasing $500-1k/yr. And, a lot of them will move, even if they say their won't. It happens in every generation. Somewhere around age 50 it occurs to them that it'll be tough to stay in Manhattan post retirement bc they haven't bought and can't save up a Manhattan down payment then. But they start saving and by 65 it's enough to buy a house someplace else -- it's a big part of why the Hudson Valley became so popular, in addition to the "regular" towns near the Hamptons. Now those are popular and it's hard to buy there - but I know more than one couple that has ended up retiring to Florida, Virginia, and North Carolina -- buying new homes nearly in cash; I know a couple currently looking hard at Arizona as well.[/quote]

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