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re: This "top economist" says most of us are saving too much for retirement
Posted on 6/8/24 at 9:26 am to TejasHorn
Posted on 6/8/24 at 9:26 am to TejasHorn
quote:
I guess sitting in a paid off house and watching TV the rest of your life, collecting SS can make it work. But that’s not a “happy retirement” for most I’d guess.
Sadly I do think it's a lot of people's existence. I'd like to be out and about and on the go until I become unable at about 100 or so, then promptly die.
0
Posted on 6/8/24 at 9:44 am to cgrand
quote:
if you don’t have that taken care of before retirement regardless of your savings you’ve failed
Quite the blanket statement there.
Posted on 6/8/24 at 10:12 am to Thundercles
quote:
This feels right, or is that adjusted for inflation when you do retire?
At the time I came up with that number, I was factoring in what I thought cost of living might end up being. Basically, when I turned 65, I wanted to have $2.2 MM to hopefully live at least another 20 years, the Good Lord willing and keep me healthy.
Posted on 6/8/24 at 10:56 am to ragincajun03
quote:if you’re 60 now, that’s a good plan.
Basically, when I turned 65, I wanted to have $2.2 MM to hopefully live at least another 20 years
If you’re 30, that’s not a good plan.
In 2059, $2.2 million might get you a good hoverboard.
Posted on 6/8/24 at 11:09 am to Powerman
Biggs is technically right that most older Americans don’t have a lot of savings but aren’t starving. My step mom and her sister are both in their late 60s and early 70s and work 20 hours a week or more in retirement at restaurants. They are making it but I don’t want to do that shite to pay the bills. I’ll save more than 100k Andrew.
Posted on 6/8/24 at 11:17 am to Powerman
I don’t agree with all those numbers but do agree on the principle of it all. My grandparents retired with a million 15 years ago and still have over 800k now- one has passed and the other won’t spend that money. In hindsight they should have YOLO’d it a little bit more in their younger years.
Posted on 6/8/24 at 11:39 am to OhioLSUfan
My dad probably lives on SS alone but has plenty of retirement savings. He traveled some when he first retired, but he told me he no longer has any desire to.
He traveled a lot before retirement too. He told me he's already seen everything he wanted to see in this world, and would rather be at home these days.
He traveled a lot before retirement too. He told me he's already seen everything he wanted to see in this world, and would rather be at home these days.
This post was edited on 6/8/24 at 7:02 pm
Posted on 6/8/24 at 11:45 am to fallguy_1978
quote:The three phases of retirement:
My dad probably lives on SS alone but has plenty of retirement savings. He traveled some when he first retired, but he told me he no longer has any desire to.
He traveled a lot before retirement too. He told me he's already seen everything he wanted to see is this world and would rather be at home these days.
1. Go-Go-Go ($$$/year)
2. Slow-Slow-Slow ($$/year)
3. No-No-No ($/year)
Posted on 6/8/24 at 11:46 am to Powerman
Lol that a million dollars in the IRA at retirement is considered too much. 
Cue Dr Evil.
Cue Dr Evil.
Posted on 6/8/24 at 11:59 am to Powerman
It all depends on HOW you save …
Posted on 6/8/24 at 12:57 pm to CAD703X
Posted on 6/8/24 at 1:04 pm to soccerfüt
quote:
The three phases of retirement:
1. Go-Go-Go ($$$/year)
2. Slow-Slow-Slow ($$/year)
3. No-No-No ($/year)
I think a lot us will slow down quicker than we think after retiring. Assuming you retire at 65, you probably have a good 5-10 years where you are young enough and motivated to do things you couldn't when you were working. Obviously, this varies from person to person and depends on your health.
Personally, I haven’t known any 77 yr olds that just wanted to go all the time.
This post was edited on 6/8/24 at 6:21 pm
Posted on 6/8/24 at 1:24 pm to fallguy_1978
If you’re a saver you naturally live below your means.
If that is your lifestyle I think that’ll follow you into retirement.
Those who have little to no debt at retirement, cost of living is relatively low of have to spend.
If that is your lifestyle I think that’ll follow you into retirement.
Those who have little to no debt at retirement, cost of living is relatively low of have to spend.
Posted on 6/8/24 at 1:27 pm to kaaj24
quote:
If you’re a saver you naturally live below your means.
Yeah, this is me for sure. We can live the lifestyle we want without spending all of our income, and still save plenty for retirement. Maybe we won't need it. Oh well, we'll leave it to our kids.
Posted on 6/8/24 at 2:05 pm to fallguy_1978
quote:
I think a lot us will slow down quicker than we think after retiring. Assuming you retire at 65, you probably have a good 5-10 years where you are young enough and motivated to do things you couldn't when you were working. Obviously this varies from person to person and on your health. Personally, I haven’t known any 77 yr olds that just wanted to go all the time.
I’ve got several in my family that are all over the place all the time
Posted on 6/8/24 at 2:33 pm to soccerfüt
quote:
if you’re 60 now, that’s a good plan.
If you’re 30, that’s not a good plan.
I’m a bit over 40.
It was a dollar figure I came up with at 22 years old, after working for a year after college.
This post was edited on 6/8/24 at 2:34 pm
Posted on 6/8/24 at 4:05 pm to Thundercles
quote:
The upcoming wave of millennials will consist of a larger chunk that don't own their homes and even carry debt into retirement.
Bad decision makers
Posted on 6/8/24 at 5:05 pm to fallguy_1978
quote:I’ve known a few, but they are the exception.
Personally, I haven’t known any 77 yr olds that just wanted to go all the time.
This conversation is getting me thinking….
Posted on 6/8/24 at 6:42 pm to Powerman
quote:Where?
Where do people come up with these ideas?
In the land of Unaccountability. Unaccountability borders Hanalee, Puff the Dragon's home, next to Oz.
Posted on 6/8/24 at 8:46 pm to Powerman
Of course you can retire like that and social security. But you sure as shite won’t be living it up
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