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Anybody else have no serious plans to save for retirement? I can't think of a reason why I'd actually want to retire and therefore don't save for it in any sort of serious way.
There is great comfort in retirement, and a very good night's sleep, with the knowledge that I have no debt and live comfortably resulting from living below my means all during my working years, and maximizing saving through pension plans and private accounts
To the OP ~~ Even though the economic times are very different from when I was in the workforce, our future plans don't always turn out the way we expect. Therefore, considering all financial savings options for retirement is prudent if you want to enjoy it
There is great comfort in retirement, and a very good night's sleep, with the knowledge that I have no debt and live comfortably resulting from living below my means all during my working years, and maximizing saving through pension plans and private accounts
One can have no debt whether they are retired or not, I wouldn't recommend people in their 50's+ have debt.
I'm not planning on retiring in the sense that at a set age that I will quit working. What I am concerned about is having a large savings and no debt so that I can quit working if I had to. I would prefer to cut back on working when I am in my 50s or 60s, but still have a decent income. I am self employed and have 20 years to get my business set up that I can have a higher income with less work. Even if I had a lot of money saved when I am 60, I wouldn't want to be looking at draining it for 10-20 years. I'd rather be able to cover my bill with income and take some vacations here and there.
I live below my means and it does pay off in the long run.
Unless you got hit by a bus tomorrow, in which case it wouldn't pay off.
This is the problem with all the comments in this thread, it completely ignores the very real possibility that one dies before they hit retirement age, if that occurs then retirement savings was a complete waste.
Unless you got hit by a bus tomorrow, in which case it wouldn't pay off.
This is the problem with all the comments in this thread, it completely ignores the very real possibility that one dies before they hit retirement age, if that occurs then retirement savings was a complete waste.
Given, this varies by your health, family history,...etc.
But probability is that you will probably live to at least 75. So go against probability if you want, I know I wouldn't...
That is like saying, there is an 80% chance I will live until 75-- but instead I am placing my bet on the 20% chance I'll die before then-- just silly.
You complain of people ignoring the possibility they won't live until retirement-- but that isn't supported by any evidence-- so why take note of it? Better to look at reality. And the reality is-- most Americans live until they are 77.9 =)
That is like saying, there is an 80% chance I will live until 70-- but instead I am placing my bet on the 20% chance I'll die before then-- just silly.
Except that I'm not saying that at all, rather people aren't appropriately pricing the potential of a death before retirement age.
Except that I'm not saying that at all, rather people aren't appropriately pricing the potential of a death before retirement age.
I think most people do price the potential of death before retirement age by enjoying life (and getting life insurance). No one says you have to put all your money into retirement account to the point where you can't enjoy living life...
But if you aren't saving at least something for retirement, you aren't pricing the potential of life after retirement age... (which is MUCH more likely)
Sure, I could be hit by a bus tomorrow. For that matter, an airplane could crash into my house-- or maybe I will fall off a bridge or maybe a giant squid will attack my boat while I'm at sea and devour me whole.
Or maybe I could die from this: "Americans who die of heart disease or cancer accounted for 48.5 percent of all deaths in 2007." What Is the Life Expectancy in United States? - Wellsphere
^^ most of those people probably died sometime around 75 - 85
Except that I'm not saying that at all, rather people aren't appropriately pricing the potential of a death before retirement age.
How do you appropriately price the potential of a death before retirement? Retirement savings is a very small portion of an average income, like 15%. 85% to live in the now and enjoy life, 15% so you can have a comfortable future. This is not such a difficult concept.
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resulting from living below my means all during my working years, and maximizing saving through pension plans and private accounts 
