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It's his nest egg. And I was assuming he meant that it took him this long to get up to the savings he's at and will take another 20 years to reach $1MM in retirement savings.
Living on solely SS can be done. My parents live on just my dad's SS, and they have a bit left over each month. Of course, they're weirdos, so maybe they're the exception.
The only thing I have to look forward to is a little social security when I reach 62.
I don't know your full situation but if you are at all able the best thing you can try to do is work a little longer.
According to Social Security the average payout for a retiree beginning 2012 was $1,230/month. This seems a little low to me and I wonder how much the amount is skewed because a significant number of boomers were forced to taking early social security due to job loss and unemployment.
For example if someone were to receive the average of $1,230 at age 66 if they take it at age 62 they will receive $922 and that can not be easy to live on. That four years will cost $308 every month and that is enough to pay all utilities or buy food if shopped prudently.
Working longer, if able and I recognize not everyone can, is the easiest way to make up for the sin of not saving like you should have. The same $1,230 payment at 66 would be $1,623 if only you could work to age 70. The extra 8 years of work gets $701 more every month and that is very significant!
I work in the construction industry and in many trades a guy simply is not going to be able to work well beyond age 60. Maybe the government should levy more tax on certain jobs allowing someone to draw earlier, say age 60, without having the penalty follow him through his senior years.
I was disappointed in that article, which was long on alarmist generalities and short on data and analysis.
The sky is always falling and that is what sells. I know we are failing in a lot of ways and there are a lot of ideas out there.
Quote:
Originally Posted by mathjak107
did you expect anything other than that in an article.
articles get more attention when they show we are failing. that way readers can go see it isn't just me and feel better.
that and the above statement doom and gloom sell. I am surprised that they don't have some sexy swimsuit model posing for it on the front page. That would get everyone's attention.
Start with the IRA contribution. You can really set aside a lot with this vehicle. And the good thing is that nobody can take it away from you. It is completely yours
True, but we don't know what the tax rate will be when it's time for withdrawals. Our government is already casting their greedy eyes at our 401Ks and IRAs (and our SS).
Hey! Give me what a pro athelete makes in just his last year and I can have a great retirement!!
I would take his first year or any one year in any point of his career. I would make such a nice picture sitting on my porch in TX with a cold beer after a hot summer afternoon in a t-shirt and boxer shorts when it is cooled down to 92. Watch the sunset and the moon rise and see all the stars pop out one by one until I can't count how many I can see. Live life simply and fully.
I was disappointed in that article, which was long on alarmist generalities and short on data and analysis.
It was a progressive lobbying effort against any SS reforms that contain costs by restricting benefits and it was advocating SS become a major SS redistribution program as the only way what it advocates to be done is with other folks money.
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