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Old 03-15-2016, 04:25 AM
 
Location: Colorado Springs
4,865 posts, read 4,977,192 times
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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."

US retirement savings vary widely - Business Insider
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Old 03-15-2016, 04:30 AM
 
71,878 posts, read 71,942,576 times
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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..
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Old 03-15-2016, 05:34 AM
 
Location: Central IL
15,253 posts, read 8,568,509 times
Reputation: 35698
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!
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Old 03-15-2016, 07:38 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
29,881 posts, read 54,596,860 times
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Quote:
Originally Posted by reneeh63 View Post
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.
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Old 03-15-2016, 07:56 AM
 
Location: Western Colorado
11,111 posts, read 12,501,220 times
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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.
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Old 03-15-2016, 08:22 AM
 
Location: Great State of Texas
86,093 posts, read 72,598,790 times
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As the generations age I do believe they will become more dependent on SS.

Company pensions are all but gone and the 401K didn't turn out so great as planned because people aren't putting much money into it as they could.
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Old 03-15-2016, 08:26 AM
 
71,878 posts, read 71,942,576 times
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that seems to be the trend . i did a work up for some friends a while ago who lived in an exclusive area , had leased benz's and were retiring .

i was shocked at how little they accumulated with the lifestyle they appeared to live . they had to relocate to florida to retire .
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Old 03-15-2016, 08:43 AM
 
Location: Colorado Springs
4,865 posts, read 4,977,192 times
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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.
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Old 03-15-2016, 08:47 AM
 
Location: Los Angeles area
14,018 posts, read 17,765,919 times
Reputation: 32309
Quote:
Originally Posted by mathjak107 View Post
that seems to be the trend . i did a work up for some friends a while ago who lived in an exclusive area , had leased benz's and were retiring .

i was shocked at how little they accumulated with the lifestyle they appeared to live . they had to relocate to florida to retire .
A fate worse than death!
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Old 03-15-2016, 08:51 AM
 
71,878 posts, read 71,942,576 times
Reputation: 49418
Quote:
Originally Posted by Vision67 View Post
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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