Reply to What do people do when a serious downturn happens 5 years or so before retirement?

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Reply to "What do people do when a serious downturn happens 5 years or so before retirement?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You should have been moving money out of the market as you approach retirement.  People that have lots saved can stay more invested.  If you have 5M and the market drops 20%,you are still fine.  If you have 1m$ it is a bigger issue.[/quote]

This. Most people (except this forum) are closer to $1m million saved. Unfortunately these people sometimes don't know when to pull out of equity and as a result they can get badly burned.[/quote]

The median net worth in the US is like $195k…and most are at that level from house equity.

Most people don’t have anything near $1MM saved.[/quote]

If this true I don't even know what to say. How can people survive ?[/quote]

They work as long as they can (hopefully into their 70s…but many have health issues preventing that) and they live off SS payments and meager savings.

I have a family member who owns their home in a very low cost area (worth like $125k) and gets $2400/month in SS.

He lives very modestly and probably is able to save $500/month.[/quote]

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