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Old 01-02-2016, 11:44 AM
 
Location: Colorado Springs
4,841 posts, read 4,956,944 times
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Quote:
Originally Posted by freemkt View Post
Not really, since SS was never intended to be a retiree's sole source of support.
True.

Back in the day, we had a 3 legged stool: Pension, Social Security, and savings.

Now most companies have eliminated pensions and most people cannot or will not save enough.
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Old 01-02-2016, 11:51 AM
 
33,046 posts, read 22,062,610 times
Reputation: 8970
Quote:
Originally Posted by mathjak107 View Post
no , i expect the middle class wastrels to be on par with the frugal lower income earners .


So you expect the low earners to save nothing and then die?
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Old 01-02-2016, 11:55 AM
 
71,594 posts, read 71,751,865 times
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76% of america lives pay check to paycheck so you tell me .
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Old 01-02-2016, 12:00 PM
 
Location: SoCal
13,232 posts, read 6,335,450 times
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Quote:
Originally Posted by freemkt View Post
Not really, since SS was never intended to be a retiree's sole source of support.
It was also never intended for people not to save. When I was in college, SS was destined to be broke, that's why we have a slew of programs like IRA, 401k, etc.. And the FRA was also raised.
Even in Socialist country like UK it doesn't cover enough. I don't know about Denmark. That seems to be the utopia at the moment. But I bet you pay more for hamburger than anywhere else.
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Old 01-02-2016, 12:01 PM
 
Location: SoCal
13,232 posts, read 6,335,450 times
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Quote:
Originally Posted by freemkt View Post
So you expect the low earners to save nothing and then die?
We will all die, not just the save nothing crowd. My sister's two best friends with more than $5 million in networth died before reaching SS.
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Old 01-02-2016, 12:04 PM
 
Location: Great State of Texas
86,093 posts, read 72,515,954 times
Reputation: 27565
Quote:
Originally Posted by lenora View Post
Not quite correct. A retired worker's average benefit is about $1340/month.

https://www.ssa.gov/policy/docs/quic...stat_snapshot/
The better comparison number is the median, not the average.
Averages are skewed.


10 guys in a room, 9 make $20K a year and 1 makes $500K a year.
Average is $68K a year. Median is $20K a year.
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Old 01-02-2016, 12:08 PM
 
71,594 posts, read 71,751,865 times
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yep , no one is ever average . they can only be above or below .
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Old 01-02-2016, 12:13 PM
 
Location: Great State of Texas
86,093 posts, read 72,515,954 times
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Only about 50% of SS comprises a person's total retirement.
SS accounts for a greater percentage of those 80+.

The last report from the SSA is for 2012. Sadly they are woefully behind in their "annual" reporting.

https://www.ssa.gov/policy/docs/stat...12/sect10.html
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Old 01-02-2016, 12:24 PM
 
Location: Chesapeake Bay
6,048 posts, read 3,872,797 times
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Having a net worth of more than $10 I was able to retire. So ...
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Old 01-02-2016, 01:09 PM
 
33,046 posts, read 22,062,610 times
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Quote:
Originally Posted by NewbieHere View Post
It was also never intended for people not to save. When I was in college, SS was destined to be broke, that's why we have a slew of programs like IRA, 401k, etc.. And the FRA was also raised.
Even in Socialist country like UK it doesn't cover enough. I don't know about Denmark. That seems to be the utopia at the moment. But I bet you pay more for hamburger than anywhere else.

??? ??? ??? ???

did anyone ever seriously expect burger flippers to save?
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