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I find the way questions are asked add to the confusion. A couple of years back, one poll that was being touted as LOOK AT HOW AWFUL THINGS ARE asked about savings accounts.
Now — they probably meant your general savings in total, but they kept using the word savings account, which to me, and a lot of my family members, means a passbook savings account... and none of us have one.
ANd a lot of people have a good idea of what money they have in total, but if asked about how much money they have, won’t include their retirement savings because that’s different money. Not money they can spend.
I stopped thinking about this topic entirely when I read how much retirement money is managed by brokerage houses. It’s a lot, which means that all these articles are simply white noise.
Are some people going to have trouble? Yes — always. But — they sky isn’t falling.
ABSOLUTELY. Survey design is its own academic specialty. Most surveys are conducted to support a specific agenda rather than being designed to discover Truth with a capital T.
For example, I have zero savings. I have substantial investments, but zero savings.
I know lots of people who don't/did not save for retirement. They live on social security. I know a woman who is almost 60 years old with no retirement savings and she has debt, too. And no savings. She sells her stuff on Poshmark because she used to buy lots of clothing and she will also have to work until she dies.
The average probably includes people take it at 62. That’s maybe why. All the smarty pants think they will outsmart everybody by taking it at 62. The dumb one like myself will be taking at 70. If I was smart and take it at 62, I probably get about $400-$500 more than the average. However, I’m waiting because at 70, I will get over $41k. The best part is the larger your SS check, the less tax your state will take out of you, especially if you live in the states that don’t tax SS. Why not make this the larger amount. Why box yourself in.
Many people do not chose to retire at 62. Corporations, especially in NYC area, are dropping white males over the age of 60. It's cheaper to hire younger people (for senior VP positions) or outsource.
My husband was kicked out at 62. In his industry, he was well known so he was hired by another company.
Many of his friends were fired (oh, sorry forced to retire). He spends a lot of energy trying to help them.
Many people do not chose to retire at 62. Corporations, especially in NYC area, are dropping white males over the age of 60. It's cheaper to hire younger people (for senior VP positions) or outsource.
My husband was kicked out at 62. In his industry, he was well known so he was hired by another company.
Many of his friends were fired (oh, sorry forced to retire). He spends a lot of energy trying to help them.
I know, I’m married to a white male myself, that’s how I know , mine was dropped even before age 60, about age 53. High tech was brutal. But we managed to crawl back somehow.
I know lots of people who don't/did not save for retirement. They live on social security. I know a woman who is almost 60 years old with no retirement savings and she has debt, too. And no savings. She sells her stuff on Poshmark because she used to buy lots of clothing and she will also have to work until she dies.
I’m with you. I know a few people who are in that boat, but I know way way way more people who retired at retirement age or a few years earlier and are fine. Not going on five European vacations on the QE2 yearly fine, but they are doing what they want to do, and enjoying themselves and not worrying about the nickels and dimes.
I also was the one who was trying to get my friends on board with their 401ks and to learn a little about investing in my late 20’s.
My ex best friend told me investing was a Ponzi scheme and I was an idiot. Just another reason in a long list of why she is an ex best friend. Almost 30 years later, if she gets another divorce, and her stats are pretty high on that one, she’ll be moving back with her sister to live in poverty and work for her sister.
For those that are saving a lot for retirement, note that it is a distinct possibility that SS has an asset test in the future and you may get nothing. If they come up with something that says those with $1M+ get nothing then the sacrifices you made to live frugally and save amounts to nothing when you could be living it up buying Corvettes, blowing it up on fancy restaurants and taking luxury vacations every other day. Those that actually lived recklessly and chose not to save get a handout.
i would not even think of wasting time discussing the possibility of linking ss to assets .. as it would be so remote . people will just resort to working off the books and kill the system off .
no one earning a decent living would bother contributing and just work around it .
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, mine was dropped even before age 60, about age 53. High tech was brutal. But we managed to crawl back somehow.
Solly says — Be nice!
