re: This Is What Life Without Retirement Savings Looks Like

Hey oldman, you working? Me, just trying to stay drunk. These hydro 10's are not helping the pain in my neck along with JB.

It's coming. Some things one just shouldn't wish for and a market correction is one of them. Last one, 3 trillion dollars were gone in one day. Only the supper rich got that monies.

Used to do the same back in the day, or should I say night.

So, you’re drunk posting?
Should be a good thread

What pisses me off is that I make enough money that sometime during October every year I get to stop paying SS tax because I have reached the maximum for the year, but I will never see a fricking dime of it.

I am a soon to be 45 year old Gen X'r, by the way.

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it wasn't until about 1980 that the 401K was even invented. people didn't make much money back then, but their benefits and retirement programs provided security.

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So...


401ks didn't come around till these people were in their late 20's?


My dad is 66. He was 29 in 1980.

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Baby boomers, or those born between 1946 and 1964, expect they’ll need $658,000 in their defined contribution plans by the time they retire, but the average in those employer-sponsored plans is $263,000, according to a survey of 900 investors by financial services firm Legg Mason. Older boomers, who are 65 to 74, have an average of $300,000. Their asset allocation for all of their investments are also conservative, according to QS Investors, an investment management firm Legg Mason acquired in 2014, with 30% in cash, 24% in equities, 22% in fixed income, 4% in non-traditional assets, 8% in investment real estate, 2% in gold and other precious metals and 8% in other investments.

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LINK

Doesn't look that bad

What about those with standard pensions?

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Based upon the modeling from our FA, we will make more money after retirement per year than we did while working. Suck it.

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Based on my 40 years of real life investing experience plan on having half what your FA model says. I don't recall a single investment model that accounted for the crashes of 1987, 1990, 2000, 2001, 2007, and a bunch of smaller declines.

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There are plenty of millennials on here that live in 350k houses on 85k income.


Assuming the put down 20-30% (possibly a big assumption), what’s the problem here?

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That's a tight budget to me. Sure that's my opinion. But we make a lot more than that and live in a house that's barely 300k. I'm sure it's doable, just seems tight.

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There are plenty of millennials on here that live in 350k houses on 85k income.

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Do you have any concept of what houses cost now?

In South Louisiana, an average house in a good area with good schools is going to cost between $250k and $350k.

Of all the things to bitch at millenials about, this ain’t one.