I just looked up the social security estimator recently and we are going to get 70k with only 25 yr of work history. Our house is paid off and we are quite frugal,
so the SS alone would cover a big portion of our expenses even though we also have 5m in retirement savings.

Anonymous wrote:My 78 year old MIL works part time in the dressing room at Target. She says she does it because she likes interacting with people every day, and I think she does, but I also think it’s the only thing that supplements her SS and she gets a discount on groceries.

There are a lot of studies out there that those who keep working live longer.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Many Americans are in this position, a few in my family too. They have anywhere from very low positive net worth (less than 100k) to negative net worth from CC debt, etc and are rapidly approaching 60.

What happens to them? Do they work until they die? Do they get enough from SS? Some are unmarried with no children.

My parents retired a decade ago with more than this, but not a lot more. They have not touched their savings at all.

House paid off, live in a LCOL area. Are frugal by nature, that’s how they saved. Also have a cheap old family home in Europe so they vacation there every year (spend the entire summer).

They live on SS and a small pension of under 1k a month. Also now that my dad is in his 80’s he doesn’t have much interest in going anywhere….so what would they even spend money on! They live fine, actually gave my kids their COVID stimulus money because they had no need for it, some years they even don’t spend all the SS money. My mom loves to cook as well, and they don’t like to eat out so that helps.

Something doesn’t add up. People getting by on SS can’t afford flights to Europe every summer. My in laws can’t even afford a flight to DC.

They live in an "old family home in Europe". So all they have to do is pay for airfare, otherwise it's as if they are living at their main home. If you are retired and can fly any time you want, you can still get roundtrip tickets to Europe for under 1500 per person. They obviously live on less than their SS and pension so they can save for the trip. Europe does not have to be a $10K+ vacation. It can be done cheaply in this situation

Under $1500 per person is not inexpensive though.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Many Americans are in this position, a few in my family too. They have anywhere from very low positive net worth (less than 100k) to negative net worth from CC debt, etc and are rapidly approaching 60.

What happens to them? Do they work until they die? Do they get enough from SS? Some are unmarried with no children.

My parents retired a decade ago with more than this, but not a lot more. They have not touched their savings at all.

House paid off, live in a LCOL area. Are frugal by nature, that’s how they saved. Also have a cheap old family home in Europe so they vacation there every year (spend the entire summer).

They live on SS and a small pension of under 1k a month. Also now that my dad is in his 80’s he doesn’t have much interest in going anywhere….so what would they even spend money on! They live fine, actually gave my kids their COVID stimulus money because they had no need for it, some years they even don’t spend all the SS money. My mom loves to cook as well, and they don’t like to eat out so that helps.

Something doesn’t add up. People getting by on SS can’t afford flights to Europe every summer. My in laws can’t even afford a flight to DC.

They live in an "old family home in Europe". So all they have to do is pay for airfare, otherwise it's as if they are living at their main home. If you are retired and can fly any time you want, you can still get roundtrip tickets to Europe for under 1500 per person. They obviously live on less than their SS and pension so they can save for the trip. Europe does not have to be a $10K+ vacation. It can be done cheaply in this situation

My 78 year old MIL works part time in the dressing room at Target. She says she does it because she likes interacting with people every day, and I think she does, but I also think it’s the only thing that supplements her SS and she gets a discount on groceries.

My mom lives off her SS and a tiny monthly pension each month. Her house was paid off right around the time she retired. She just pays taxes and upkeep on the house. When she needs a new car, she’ll find something a few yrs old with low mileage. She goes out with friends every month or so and travels once every few yrs. She’s doing fine.

Anonymous wrote:I have about $150k and am 46. I will never retire. I'll work until I drop dead.

When you reach retirement age, try moving to a city or town with were the cost of living is lower, many people do.

My grandma worked part-time until she was 72, she also lived with us since she was about 63. She worked most of her life but only in low-paying jobs, so she never had retirement savings besides SS.

There are lots of places where one can live very cheaply off of social security, both in the USA and abroad. My brother lived in Asia on nothing but social security and had no assets or savings yet was doing fine financially before he died.

This is my father. He lives on a pension and social security. He runs out of money every month, but he just has to wait a few days until SS comes, and his account is replenished.

Anonymous wrote:

Anonymous wrote:Many Americans are in this position, a few in my family too. They have anywhere from very low positive net worth (less than 100k) to negative net worth from CC debt, etc and are rapidly approaching 60.

What happens to them? Do they work until they die? Do they get enough from SS? Some are unmarried with no children.

My parents retired a decade ago with more than this, but not a lot more. They have not touched their savings at all.

House paid off, live in a LCOL area. Are frugal by nature, that’s how they saved. Also have a cheap old family home in Europe so they vacation there every year (spend the entire summer).

They live on SS and a small pension of under 1k a month. Also now that my dad is in his 80’s he doesn’t have much interest in going anywhere….so what would they even spend money on! They live fine, actually gave my kids their COVID stimulus money because they had no need for it, some years they even don’t spend all the SS money. My mom loves to cook as well, and they don’t like to eat out so that helps.

Something doesn’t add up. People getting by on SS can’t afford flights to Europe every summer. My in laws can’t even afford a flight to DC.

This was my grandparents- they didn't have nothing exactly, but only a very small pension (somehow my grandfather worked for a company in the 50s/60s that provided no pension, it was only in his last few years that he got one). I think he realized then the pension wouldn't go far so took it as a lump sum and invested it poorly, so then they had even less money. Still, they moved to Florida because that's what all their friends did and my aunt/uncle bought a condo for them to live in. And then after a few years when they couldn't keep up with basic necessities and health care costs all of their kids started sending money every month (having 8 kids is a good backup plan). But no one could afford the nursing facility so when the time came they were in Medicaid beds.

Anonymous wrote:This is my ILs and they count on us to pay for everything they need … and want.

Of course they provided those things to your spouse for about 20 years

Anonymous wrote:Many Americans are in this position, a few in my family too. They have anywhere from very low positive net worth (less than 100k) to negative net worth from CC debt, etc and are rapidly approaching 60.

What happens to them? Do they work until they die? Do they get enough from SS? Some are unmarried with no children.

My parents retired a decade ago with more than this, but not a lot more. They have not touched their savings at all.

House paid off, live in a LCOL area. Are frugal by nature, that’s how they saved. Also have a cheap old family home in Europe so they vacation there every year (spend the entire summer).

They live on SS and a small pension of under 1k a month. Also now that my dad is in his 80’s he doesn’t have much interest in going anywhere….so what would they even spend money on! They live fine, actually gave my kids their COVID stimulus money because they had no need for it, some years they even don’t spend all the SS money. My mom loves to cook as well, and they don’t like to eat out so that helps.

They live poorly, die poorly. That's what happens OP.