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Old 02-24-2016, 07:36 AM
 
Location: Great State of Texas
86,093 posts, read 72,479,637 times
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Quote:
Originally Posted by mathjak107 View Post
well I don't think any financially knowledgeable people would ever make such a ridiculous assumption as one size fits all . anyone who does lost all credibility in my book whether financial writer or advisor
And that was my thought when I read the article.
The percentage theory is more plausible and even then not everyone needs 80% of the working salary as retirement income.

There are so many variables that come into play.

It would be more realistic if they did that savings amount based on the median income in the US.
Median income is about $50K. Now take your 80% of that for retirement which is $40K.

To get a $40K income (immediate annuity with cash refund) you'd need about $650K saved up.

This does not include SS.

Yes this is very simplistic but it's just to show the numbers here.

Now given those numbers the majority of people have more realist goals.
Set a realistic bar based on your income and then set out to achieve or surpass it.

 
Old 02-24-2016, 07:49 AM
 
71,498 posts, read 71,674,131 times
Reputation: 49074
lifestyle and location are going to be the determining factors. many folks live in low cost areas and have no desire to travel . they are happy on the porch or in the pool.

others like ourselves have a punch list of things we want to do and places we want to go as well as things we hope to do for the grand kids .

the variation in all our retirements can run from living on ss alone to the sky's the limit .

Last edited by mathjak107; 02-24-2016 at 08:52 AM..
 
Old 02-24-2016, 08:04 AM
 
309 posts, read 427,376 times
Reputation: 1099
To the 44 yr old young woman with a 62 yr old fiance and 3 yr old son who are on medicAID,

True that your fiance isn't your "sugar daddy". The tax payers like us are.
 
Old 02-24-2016, 08:22 AM
 
Location: R.I.
972 posts, read 603,846 times
Reputation: 4185
Quote:
Originally Posted by mathjak107 View Post
lifestyle and location are going to be the determining factors. many folks live in low cost areas and have no desire to travel . they are happy on the porch or in the pool.

others like ourselves have a punch list of things we want to do and places we want to go as well as things we hope to do for the grand kids .

the variation in all retirements can run from living on ss alone to the sky's the limit .

That is very true, but for me I am glad I already crossed off a good part of my bucket list items which is mostly travel while working and healthy. This April I knock off another which was to return to Italy after my first visit which was via a high school trip over 40 years ago. This time around it will be by cruise which sure beats the one bathroom for an entire floor hotel we stayed in on that high school trip; but boy did we students have a great time!!


Ciao
 
Old 02-24-2016, 08:41 AM
 
Location: Tennessee
23,560 posts, read 17,544,804 times
Reputation: 27618
Quote:
Originally Posted by BicoastalAnn View Post
This probably takes into account costs that accelerate in old age, like healthcare. If you're as healthy when you're 60-95 as you are today that $120k/year may seem like a lot but if, god forbid, you come down with a serious illness, that may not leave you a lot to leave your heirs. A family friend came down with severe alzheimer's in his 60's and had to live out the rest of his days in a round-the-clock facility. It cost him about $10k/month (granted it was the Boston area). You just never know. Heck.. a private nursing room apparently costs $90k/year on average apparently. And then you consider all the medication you might need, Medicare/insurance costs, medical procedures, etc. Source: How to Pay For Nursing Home Costs - US News
If you're paying $90k a year for nursing home care for five years, that's a half million bucks once you include ancillary expenses. That's going to leave most people broke anyway.
 
Old 02-24-2016, 09:00 AM
 
9,578 posts, read 8,881,846 times
Reputation: 5808
Quote:
Originally Posted by mathjak107 View Post
to be honest , i ain't stopping you ha ha ha
Whats yer point? I watch 85-90 year olds hobbling around nursing homes...THAT'S NOT LIVING...
 
Old 02-24-2016, 09:02 AM
 
9,578 posts, read 8,881,846 times
Reputation: 5808
Quote:
Originally Posted by marino760 View Post
Sometimes I think the name of this forum should be changed from "Retirement" to "Retirement for the Rich and Famous".
A lot of the people on here are CLEARLY not in touch with reality...
The funny part is they all think they are gonna live to 90. Even with old age advancing you know what percentage of men live to 90?
 
Old 02-24-2016, 09:16 AM
 
71,498 posts, read 71,674,131 times
Reputation: 49074
The 50% point for a 65 year old couple today is 87. That is where 1/2 are dead and 1/2 will live longer . the older you get the greater the goal post moves for living longer .

if a couple you have 2 horses in the race and either can outlive the other .

since 2000 we have been gaining 1 year of life longer every four years according to the society of actuary's .
 
Old 02-24-2016, 09:23 AM
 
71,498 posts, read 71,674,131 times
Reputation: 49074
Quote:
Originally Posted by jp03 View Post
Whats yer point? I watch 85-90 year olds hobbling around nursing homes...THAT'S NOT LIVING...
exactly . I would rather have the savings to have choices in life and perhaps have in home care instead of no say and farmed out to some Medicaid dump ..

if I was destined to be a candidate for a nursing home I at least want the choices of where to get sent .
 
Old 02-24-2016, 09:33 AM
 
9,578 posts, read 8,881,846 times
Reputation: 5808
Quote:
Originally Posted by mathjak107 View Post
exactly . I would rather have the savings to have choices in life and perhaps have in home care instead of no say and farmed out to some Medicaid dump ..

if I was destined to be a candidate for a nursing home I at least want the choices of where to get sent .
? where did you find those numbers?

The average life expectancy for a 65 year old man is 17.7 more years. Females 20.2. You have the average at 22 years from 65...no way.
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