U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-03-2016, 05:43 PM
 
29,764 posts, read 34,848,700 times
Reputation: 11675

Advertisements

Quote:
Originally Posted by golfingduo View Post
even if he does the math does not add up. 25k per year would only require maybe 800k in savings not much more
Average pension benefit can be misleading. It includes all employees. Including those in jobs at the bottom of the pay scale along with those who only qualify for partial pensions.
Reply With Quote Quick reply to this message

 
Old 11-03-2016, 05:43 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
29,749 posts, read 54,373,866 times
Reputation: 31035
With a pension and SS after making a decent salary for 30 or more years, with a formerly working spouse one can make as much as 100k in retirement. Medicare covers major medical, and the only real problem is when/if a nursing home is required. Even then, some states like ours will have Medicaid to cover what the patient can't.
Reply With Quote Quick reply to this message
 
Old 11-03-2016, 05:45 PM
 
29,764 posts, read 34,848,700 times
Reputation: 11675
Quote:
Originally Posted by Hemlock140 View Post
With a pension and SS after making a decent salary for 30 or more years, with a formerly working spouse one can make as much as 100k in retirement. Medicare covers major medical, and the only real problem is when/if a nursing home is required. Even then, some states like ours will have Medicaid to cover what the patient can't.
More. The key is what is the spouse bringing to the table
Reply With Quote Quick reply to this message
 
Old 11-03-2016, 05:49 PM
 
13,872 posts, read 7,381,208 times
Reputation: 25351
Quote:
Originally Posted by Garthur View Post
I think the OP is wrong about the average retiree having $200,000-$300,000 when they retire. There have ben several articles that say that the average savings at retirement is $25,000.
The last numbers I saw from the last census said 70th percentile household net worth for age 65 is $350K. That includes home equity. The stock market and housing market are up since 2010 so I imagine it's a bit better than that now. I suspect $200K to $300K in net worth as a retiree is probably around 60th to 65th percentile and most of that is home equity.
Reply With Quote Quick reply to this message
 
Old 11-03-2016, 06:13 PM
 
2,442 posts, read 2,067,677 times
Reputation: 5690
Quote:
Originally Posted by GeoffD View Post
The last numbers I saw from the last census said 70th percentile household net worth for age 65 is $350K. That includes home equity. The stock market and housing market are up since 2010 so I imagine it's a bit better than that now. I suspect $200K to $300K in net worth as a retiree is probably around 60th to 65th percentile and most of that is home equity.
Yeah but I don't consider home equity as retirement income.
Reply With Quote Quick reply to this message
 
Old 11-03-2016, 06:19 PM
 
Location: Central Massachusetts
4,800 posts, read 4,842,106 times
Reputation: 6377
and what do we call a decent salary? are we talking GS wages or WG wages? If we are going to go on what federal pensions are based on we need to know what the average pay is. I made GS 9 step 10. I put 36 years to that pension. My annual salary was 69k per year. My pension is 2k per month before I pay 10% for my wife's annuity and 350 per month for health insurance. That provides me a grand total of 1500 per month. Where does the millions come from? I expect that I will collect on it for about 20 to 25 years. My wife will collect an additional 5 to 8 years. I still do not see the millions that I am supposedly getting.
Reply With Quote Quick reply to this message
 
Old 11-03-2016, 06:21 PM
 
2,442 posts, read 2,067,677 times
Reputation: 5690
You do NOT have to have multi millions to retire. You just have to be fiscally responsible with you do retire with and you will be fine.

Many want to have over a million more to tell others they are a millionaire which helps them with their insecurities way more than it does with their finances.
Reply With Quote Quick reply to this message
 
Old 11-03-2016, 06:28 PM
 
13,040 posts, read 15,379,198 times
Reputation: 15265
I think having a paid-for house helps. My parents had a paid-for house and lived on Social Security. They didn't do anything extravagant, didn't travel or anything, but they didn't do those things when they were working either. They were simple people. I was surprised when they died how much money they had in their checking and savings accounts. They just didn't spend money. Not the kind of retirement I would want, but it worked for them.
Reply With Quote Quick reply to this message
 
Old 11-03-2016, 06:48 PM
 
Location: Planet Woof
3,139 posts, read 3,504,154 times
Reputation: 9889
Many have learned to live frugally and be happy with what they have. Contentment and inner peace is not dependent on lots of money. At least for many of us.
Reply With Quote Quick reply to this message
 
Old 11-03-2016, 11:39 PM
 
Location: Maryland
1,534 posts, read 3,779,985 times
Reputation: 2307
Quote:
Originally Posted by FeelinLow View Post
Many have learned to live frugally and be happy with what they have. Contentment and inner peace is not dependent on lots of money. At least for many of us.

In our experience, a grand dog and a quirky cat are worth millions in retirement satisfaction. Closing in on ten years and enjoying the heck out of it!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top