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re: 42% of Americans are at risk of retiring broke
Posted on 3/9/18 at 8:04 am to tigeraddict
Posted on 3/9/18 at 8:04 am to tigeraddict
quote:
Then i wonder if they are saving anything for retirement...
Not to get political but that is the culture you get when you install massive social programs that transfer trillions of dollars a year.
You don't save and take care of yourself... guess what - society will still take care of most of it for you. There is no fear. That is why the safety net is more like a spider web
1
Posted on 3/9/18 at 10:47 am to cuyahoga tiger
quote:
nah, prob more like $5300ish if they are saving/investing 10%
I consider that part of their monthly income as it's to their discretion where they spend/put that money. As evidenced by the OP, many are choosing to not save any money from their monthly income.
Still, $5300/month is plenty of money if you're mortgage is ~$1200/month and you don't have to worry about additional retirement or savings.
Posted on 3/9/18 at 11:09 am to igoringa
Granted, there are "massive social programs" that act as some kind of parachute for retirees. But the average SS benefit is about $1200 per month, and the maximum benefit possible under SS is about $2400 per month. Even for retired couple, that's not the level of income anyone should be aspiring to be solely dependent on. So to me, it's still primarily a matter of people choosing not to save when they had the chance.
Posted on 3/9/18 at 11:54 am to MadDoggyStyle
Basically every study done on the subject in the last several years holds that Millennials are saving at a higher rate than both Xers and Boomers, but sure, Millennials are the worst 
This post was edited on 3/9/18 at 3:03 pm
Posted on 3/9/18 at 12:25 pm to PhiTiger1764
quote:
These articles are getting more frequent. One thing I never understand is why would they retire if they are broke? Wouldn’t they just keep working?
If the alternative is you lose your home, you need to keep working, right? You don’t just still retire because you are at retirement age.
There are a lot of people who prolly can’t physically able to do their job as they get older. Some prolly feign some sort of disability and get by on the govt dime. If you think about construction trades like roofing and cementing, service industry jobs like bartenders and servers, strippers and porn stars. The jobs dry up and your ability to do them goes down.
I have 2 jobs, and I foresee the day I will only be able to physically do one of them.
I am also in the camp that thinks the govt is going to bail out these people. There are just too many people that are going to have no money and in some cases no home. You have to think there are way too many people coming into their 60’s that either don’t own their own home outright or are far away from being able to pay it off.
Posted on 3/10/18 at 8:56 am to Joshjrn
Millennials can save, because they still live with mommy and daddy and ride the bus to work.
Posted on 3/10/18 at 10:11 am to OU812
Nah I actually just have a pretty good job, paid cash for a used truck, and don't buy shite I don't need.
Posted on 3/10/18 at 11:00 am to OleWarSkuleAlum
I just don't get it. I'm pretty bad with money at times and I just don't see how you could be near retirement with less than 10k in savings. Even if you just put 2 or 3 percent in a 401k you could accumulate 10k pretty fast.
Posted on 3/10/18 at 12:44 pm to OU812
quote:
Millennials can save, because they still live with mommy and daddy and ride the bus to work.
Have a downvote. Some of us are fairly successful because we realized our financial mistakes early, didn’t have a bunch of frivolous and illegitimate children, and have purposed to align our priorities for the future.
And you know what...if I am fortunate to have a huge house for my kid that’s 22-28 that’s a working professional and going to grad school...I hope he stays with me and saves that bank. That means my kid is saving $10-15K in just rent. Over 5-6 years...that could be 100K! in cash. Most kids that age have a couple hundred bucks left over every month.
And if he wants to screw whores and still stay with mom and Dad...he can go rent a hotel room as needed with all his extra bank for those few nights.
This post was edited on 3/10/18 at 12:45 pm
Posted on 3/10/18 at 1:05 pm to OU812
quote:
Millennials can save, because they still live with mommy and daddy and ride the bus to work.
So we're both frivolous and frugal in our spending. Makes perfect sense...
We're taking over. Get used to it, cupcake <3
Posted on 3/10/18 at 6:17 pm to OU812
We can save because we look at your generation and understand we want more for ourselves.
I’m thirty, paid for my car in full, new, four years ago.
Own my house.
Put 10% into my 401k
Haven’t touched my quarterly bonuses outside of investments in two years.
I can probably retire at 50 and not worry about a thing. How you doin?
I’m thirty, paid for my car in full, new, four years ago.
Own my house.
Put 10% into my 401k
Haven’t touched my quarterly bonuses outside of investments in two years.
I can probably retire at 50 and not worry about a thing. How you doin?
Posted on 3/10/18 at 6:40 pm to OleWarSkuleAlum
This is the reason I’m scared to death of the govt coming after 401k’s in 15 years....which is when the numbers are really going to get bad and consequently when I’ll be trying to shore up my retirement.
The only saving grace is that it will effect a lot of rich connected people so hopefully they’ll keep it from happening.
The only saving grace is that it will effect a lot of rich connected people so hopefully they’ll keep it from happening.
Posted on 3/10/18 at 7:08 pm to Shunface
quote:
Put 10% into my 401k
Nothing to write home about
Posted on 3/10/18 at 7:28 pm to MadDoggyStyle
quote:
Somewhere, some lame politician is dreaming up an entitlement to give to people too lazy and ignorant to save up for their old age. Many votes will come to this politician, much like millennials want the taxpayer to absorb their school loans.
Isn't this basically social security?
Posted on 3/10/18 at 10:23 pm to OleWarSkuleAlum
Flip side
I've had 3 close customers all die within 2 weeks (before & after) retiring.
One had 47 years
One 2 weeks before & 3rd 1 week after.
Sad indeed
I've had 3 close customers all die within 2 weeks (before & after) retiring.
One had 47 years
One 2 weeks before & 3rd 1 week after.
Sad indeed
Posted on 3/11/18 at 12:57 am to SquatchDawg
quote:
This is the reason I’m scared to death of the govt coming after 401k’s in 15 years....which is when the numbers are really going to get bad and consequently when I’ll be trying to shore up my retirement.
The only saving grace is that it will effect a lot of rich connected people so hopefully they’ll keep it from happening.
And why they want your guns, that shite will cause a shooting war
Posted on 3/11/18 at 9:55 pm to cave canem
According to Fox, the average SS is 1400 month, or near $17,000 per year.
With two wage earners, just under $35,000 per year.
Not great, but not too shabby.
With two wage earners, just under $35,000 per year.
Not great, but not too shabby.
Posted on 3/11/18 at 10:11 pm to matthew25
+no tax and free health insurance(medicare)
Posted on 3/11/18 at 10:39 pm to OleWarSkuleAlum
quote:
42% of Americans are at risk of retiring broke
42% of those people probably won’t be retiring.
Posted on 3/12/18 at 8:39 am to OleWarSkuleAlum
quote:
retiring
quote:
broke
Does not compute.
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