Newark Star Ledger business Section on Sunday (vacations, move, social security)

[NotWonderWoman]

Once a week they analyze how far people can go financially in retirement. Usually they have people in their mid 60s (married couple) who still work with about 1.5 million saved at are expecting social security of about $20,000 for each of them, etc.

The people ask "when can I stop working" and the advisors always say, "Well, you probably need to work a few more years, move your portfolio around just a bit...tweek it here and there..."

Wait a minute....work a few more years so they don't outlive their money?

Can people who are in their mid 60s...still working etc., looking forward to at least $40,000 in SS and taking money out of the nest egg really face running out of money (let's remove healthcare/nursing home/assisted living) out of the equation here.

How can that be?

[TuborgP]

Originally Posted by suzsaz

Once a week they analyze how far people can go financially in retirement. Usually they have people in their mid 60s (married couple) who still work with about 1.5 million saved at are expecting social security of about $20,000 for each of them, etc.

The people ask "when can I stop working" and the advisors always say, "Well, you probably need to work a few more years, move your portfolio around just a bit...tweek it here and there..."

Wait a minute....work a few more years so they don't outlive their money?

Can people who are in their mid 60s...still working etc., looking forward to at least $40,000 in SS and taking money out of the nest egg really face running out of money (let's remove healthcare/nursing home/assisted living) out of the equation here.

How can that be?

Probably because it is impossible to move those things out of the equation and have a valid amount needed. Did they live in Jersey? If so thats half the battle.

[Tek_Freek]

Easy answer: The more money you invest with those so-called advisors, the more they make.

[recycled]

When I lived in the Garden State from 1990 to 1993, I read the Star Ledger almost every day. My friends who were mostly readers of the NY Times would always ask what's new in the Star Gazer.

I am guessing that some of the writers for the Star Ledger's business section are thinking their base of readers live in Summit, Upper Saddle River, Far Hills or Peapack (high income burbs in northern NJ). 1.5 million doesn't go far in those zip codes and memberships at the private clubs are not cheap either. Annual property taxes in those zip codes are more than the cost of many new cars, and those exotic vacations add up too.

Although NJ is the wealthiest state in the USA per capita, I am guessing the other 95 percent of the households in the garden state don't have anywhere close to a nest egg of 1.5 mil to tap into after retirement.