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I've read lots of articles about how much people should save for retirement and about how few actually are successful reaching that goal. This article demonstrates how dependent retirees actually are on Social Security.
"Based on this data, only the top quarter of all savers — and only the top 12% of all retirees in this age range — can count on a minimum of $16,000 in income each year from their nest eggs."
certainly no new news here . 1/2 of america has no savings when they are in their working years so why should things change at retirement . pretty much business as usual .
the good news is folks have been living on whatever they have .
many get subsidy's on medical insurance . for my wife and i our health insurance runs 12k . that represents 320,000 in savings a couple with subsidy's or medicaid does not need right off the bat .
Last edited by mathjak107; 03-15-2016 at 04:39 AM..
I have a fair amount of savings and a moderate pension...does that mean I'm not also looking forward to another couple grand a month in social security? You bet your a$$ I am!
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by reneeh63
I have a fair amount of savings and a moderate pension...does that mean I'm not also looking forward to another couple grand a month in social security? You bet your a$$ I am!
Same here, that was part of the deal that I made with the government when I started paying into SS at age 14, in 1966, that someday I could collect on it in retirement. If we choose to stay in this home rather than downsize, my SS alone would cover the house payment and taxes. My wife's, and our two pensions
should cover most other expenses, making our 401K & 457 savings the safety net. There are, however, people managing on only SS income. My mother in law, for example, made it from age 64 to age 95 on only SS of about $700/month before she passed two years ago. We only had to help her financially when she first went into assisted living, until medicaid kicked in.
Luckily I have a good retirement, but enjoy the benefits of the Social Security system I PAID IN TO for the past 50 years or so. People forget, that isn't a gift, it's our money. I know a few people who live on SS payments alone, and because of media hype are terrified their payments will be stopped.
Many of my Engineering friends who are still working are now choking on college costs. Their kids tend to be very smart and get into good schools but because their family incomes are above average, they get very little financial aid. The scholarships help but not enough.
They are having a hard time saving for retirement.
Many of my Engineering friends who are still working are now choking on college costs. Their kids tend to be very smart and get into good schools but because their family incomes are above average, they get very little financial aid. The scholarships help but not enough.
They are having a hard time saving for retirement.
for the youngin's it is still early in the game . they are paying their dues the same as we did . i went to apex technical school back in the 1970's borrowing more money then i ever imagined i would be able to pay back
it was tough but i paid it back . there was little to save for years .
same thing with our kids , we paid for college but they paid for graduate school and law school .
8 years in they are making great money and recently paid off 6 figure loans in 8 years .. now that they made partner a law firm partnership is costing them multiple 6 figures .
the early years are always tough for savings but eventually things work out if you take life by the collar and make things happen for yourself . if you drift like a cork in water to where ever your job pulls you then you will likely not do well at all
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