Anonymous
01/15/2013 13:30
Subject: interesting article on retirement
I find it strange that so many people think Social Security is going away. Congress can't even get the votes to change the COLA formula. How do you think they could ever get the votes to eliminate it?
Anonymous
01/15/2013 13:15
Subject: interesting article on retirement
Anonymous wrote:Um, people! Half of US households make under $50,000 a year. Forty percent make under $40k. Twenty percent under $20k.
Assuming the $50k folks can retire on an income of $40,000 (80 percent of pre-retirement income) and that there will be two recipients of SS at $15k a piece, they will have an income of $37k - pretty close to $40k.
Yes, it's "unheard" of in DC to to live on so little, but Half of the United States DOES!
Yes, we live in a bubble here!
One important retirement assumption is that you want to maintain a certain living standard. In fact you can retire on much less, if you curb your spending commensurately.
http://catosdomain.com/?attachment_id=9643
Okay, stepping off of my box now. It baffles me why folks don't get this.
I get it. But we also have a lot of people who are going to be living on nothing but whatever is left for social security (if it is even still functioning at that time).
And I say this as a liberal Democrat who is terrified for our future if our leaders cannot fix the mess we're in.
Anonymous
01/15/2013 13:09
Subject: interesting article on retirement
Anonymous wrote:Um, people! Half of US households make under $50,000 a year. Forty percent make under $40k. Twenty percent under $20k.
Assuming the $50k folks can retire on an income of $40,000 (80 percent of pre-retirement income) and that there will be two recipients of SS at $15k a piece, they will have an income of $37k - pretty close to $40k.
Yes, it's "unheard" of in DC to to live on so little, but Half of the United States DOES!
Yes, we live in a bubble here!
One important retirement assumption is that you want to maintain a certain living standard. In fact you can retire on much less, if you curb your spending commensurately.
http://catosdomain.com/?attachment_id=9643
Okay, stepping off of my box now. It baffles me why folks don't get this.
I'm definitely moving somewhere much cheaper for retirement and hoping the savings I do have last. There is no way I can save millions...
Anonymous
01/15/2013 12:52
Subject: interesting article on retirement
Um, people! Half of US households make under $50,000 a year. Forty percent make under $40k. Twenty percent under $20k.
Assuming the $50k folks can retire on an income of $40,000 (80 percent of pre-retirement income) and that there will be two recipients of SS at $15k a piece, they will have an income of $37k - pretty close to $40k.
Yes, it's "unheard" of in DC to to live on so little, but Half of the United States DOES!
Yes, we live in a bubble here!
One important retirement assumption is that you want to maintain a certain living standard. In fact you can retire on much less, if you curb your spending commensurately.
http://catosdomain.com/?attachment_id=9643
Okay, stepping off of my box now. It baffles me why folks don't get this.
Assuming the $50k folks can retire on an income of $40,000 (80 percent of pre-retirement income) and that there will be two recipients of SS at $15k a piece, they will have an income of $37k - pretty close to $40k.
Yes, it's "unheard" of in DC to to live on so little, but Half of the United States DOES!
Yes, we live in a bubble here!
One important retirement assumption is that you want to maintain a certain living standard. In fact you can retire on much less, if you curb your spending commensurately.
http://catosdomain.com/?attachment_id=9643
Okay, stepping off of my box now. It baffles me why folks don't get this.
Anonymous
01/15/2013 12:19
Subject: Re:interesting article on retirement
Anonymous wrote:Anonymous wrote:Nobody retires if all they have is $7,000 a year plus social security. Those folks live with their kids and work until they drop.
My ILs retired on $500,000 almost 20 years ago. They have almost that much left in their nest egg. My MIL thinks the concern about retirement savings is way overblown. I say it's because she's happy living on $36K a year. I'm the first to say that that is not my idea of retirement. At all.
Do they own their home? My parents probably have about that, but they own their home and car, no debt at all. They don't live hand-to-mouth by any means (cruises every other year, home decorating, eating out). Both get SS and Medicare.
sounds alright to me.
Anonymous
01/15/2013 12:18
Subject: interesting article on retirement
Anonymous wrote:Old news but most people get more than half of their retirement income from Social Security. We would LIKE to have a nice federal pension or a well-funded 401k but it just doesn't happen for most of us.
http://www.ssa.gov/pressoffice/basicfact.htm
well let's just hope those of us 20 years out from retirement will actually GET social security after putting into it for many years.
Anonymous
01/15/2013 12:18
Subject: Re:interesting article on retirement
Anonymous wrote:Nobody retires if all they have is $7,000 a year plus social security. Those folks live with their kids and work until they drop.
My ILs retired on $500,000 almost 20 years ago. They have almost that much left in their nest egg. My MIL thinks the concern about retirement savings is way overblown. I say it's because she's happy living on $36K a year. I'm the first to say that that is not my idea of retirement. At all.
My in-laws retired on basically this amount. It is painful to watch and due to poor decision making - they could have had quite a bit more, but frittered it away on trips, cars and junk.
Anonymous
01/15/2013 11:49
Subject: interesting article on retirement
Old news but most people get more than half of their retirement income from Social Security. We would LIKE to have a nice federal pension or a well-funded 401k but it just doesn't happen for most of us.
http://www.ssa.gov/pressoffice/basicfact.htm
http://www.ssa.gov/pressoffice/basicfact.htm
Anonymous
01/15/2013 10:39
Subject: Re:interesting article on retirement
Anonymous wrote:Nobody retires if all they have is $7,000 a year plus social security. Those folks live with their kids and work until they drop.
My ILs retired on $500,000 almost 20 years ago. They have almost that much left in their nest egg. My MIL thinks the concern about retirement savings is way overblown. I say it's because she's happy living on $36K a year. I'm the first to say that that is not my idea of retirement. At all.
Do they own their home? My parents probably have about that, but they own their home and car, no debt at all. They don't live hand-to-mouth by any means (cruises every other year, home decorating, eating out). Both get SS and Medicare.
Anonymous
01/15/2013 10:34
Subject: interesting article on retirement
Anonymous wrote:Anonymous wrote:that's more than I had heard earlier. I thought the $50K number was floating around out there a year or so ago. Maybe that was individual accounts?
Anyway, this is why I am pretty darn sure we're going to work until we die. This is about what we have now - at 35. Yes, I realize we still have 30 years, but it's hard to see how we can build up enough to live for 20+ years without ever adding another penny to it.
Why won't you be adding thousands every year to your net worth?
we will continue to save, and I do understand compounding interest, etc., etc.
It just seems like the COL is going to make retiring very difficult on whatever money we have and save in the next 30 years.
Anonymous
01/15/2013 10:28
Subject: interesting article on retirement
Anonymous wrote:that's more than I had heard earlier. I thought the $50K number was floating around out there a year or so ago. Maybe that was individual accounts?
Anyway, this is why I am pretty darn sure we're going to work until we die. This is about what we have now - at 35. Yes, I realize we still have 30 years, but it's hard to see how we can build up enough to live for 20+ years without ever adding another penny to it.
This is OP - I'm older than you and have less saved. Its fairly scary and I think I need to make some changes. Just as soon as the kids are out of daycare....
Anonymous
01/15/2013 10:24
Subject: interesting article on retirement
Anonymous wrote:that's more than I had heard earlier. I thought the $50K number was floating around out there a year or so ago. Maybe that was individual accounts?
Anyway, this is why I am pretty darn sure we're going to work until we die. This is about what we have now - at 35. Yes, I realize we still have 30 years, but it's hard to see how we can build up enough to live for 20+ years without ever adding another penny to it.
Why won't you be adding thousands every year to your net worth?
Anonymous
01/15/2013 10:23
Subject: Re:interesting article on retirement
Nobody retires if all they have is $7,000 a year plus social security. Those folks live with their kids and work until they drop.
My ILs retired on $500,000 almost 20 years ago. They have almost that much left in their nest egg. My MIL thinks the concern about retirement savings is way overblown. I say it's because she's happy living on $36K a year. I'm the first to say that that is not my idea of retirement. At all.
My ILs retired on $500,000 almost 20 years ago. They have almost that much left in their nest egg. My MIL thinks the concern about retirement savings is way overblown. I say it's because she's happy living on $36K a year. I'm the first to say that that is not my idea of retirement. At all.
Anonymous
01/15/2013 10:23
Subject: interesting article on retirement
that's more than I had heard earlier. I thought the $50K number was floating around out there a year or so ago. Maybe that was individual accounts?
Anyway, this is why I am pretty darn sure we're going to work until we die. This is about what we have now - at 35. Yes, I realize we still have 30 years, but it's hard to see how we can build up enough to live for 20+ years without ever adding another penny to it.
Anyway, this is why I am pretty darn sure we're going to work until we die. This is about what we have now - at 35. Yes, I realize we still have 30 years, but it's hard to see how we can build up enough to live for 20+ years without ever adding another penny to it.
Anonymous
01/15/2013 10:03
Subject: interesting article on retirement
This quote particularly stuck out (after reading how some DCUM folks have millions in the bank for retirement):
"A recent study by Boston College’s Center for Retirement Research found that the typical household approaching retirement age has an average of $120,000 in retirement savings, enough for roughly a $7,000-a-year annuity."
http://www.washingtonpost.com/business/economy/401k-breaches-undermining-retirement-security-for-millions/2013/01/14/f54a0e90-5e70-11e2-8acb-ab5cb77e95c8_story_1.html
"A recent study by Boston College’s Center for Retirement Research found that the typical household approaching retirement age has an average of $120,000 in retirement savings, enough for roughly a $7,000-a-year annuity."
http://www.washingtonpost.com/business/economy/401k-breaches-undermining-retirement-security-for-millions/2013/01/14/f54a0e90-5e70-11e2-8acb-ab5cb77e95c8_story_1.html