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 03-06-2018, 09:25 AM
 
1,137 posts, read 569,237 times
Reputation: 4370

Advertisements

Quote:
Originally Posted by jrkliny View Post
There we go another insipid article cranked out by a know nothing professional "writer". To make it even more useless, it seems that the 42% includes people of all ages.
Hey, it's OK. Maybe a CNBC writer will come up with something truly innovative for their next assignment; I'm looking forward to something on the order of

'A list of the ten best/worst states to retire in'...

Reply With Quote Quick reply to this message

 
Old 03-06-2018, 09:29 AM
 
13,314 posts, read 25,546,272 times
Reputation: 20487
Quote:
Originally Posted by V8 Vega View Post
I grew up poor, it was easy for me to be very frugal all my life. Spend less than you make. Now I should spend like crazy and I just can't.
I've known people who grew up poor or poor-isn and can't seem to stop spending once they have some money. One woman I know is 59 and her condo is filled with "stuff" and she keeps buying for herself and for others. She references not having had money growing up but feels overwhelmed with stuff. I point out to her that she has to keep working full-time nights to do this and that's its own cost.
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 09:32 AM
 
29,772 posts, read 34,851,819 times
Reputation: 11681
Quote:
Originally Posted by LauraC View Post
Lack of planning and a longer life expectancy is cited.



Comments?
As we have learned from many threads in this forum, folks are fine with that and are living what for them is a satisfactory retirement. That stat also misses the fact that yes pensions are declining but millions still have and may not feel as much pressure to save and have a larger nest egg.

Last edited by TuborgP; 03-06-2018 at 09:41 AM..
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 09:39 AM
 
29,772 posts, read 34,851,819 times
Reputation: 11681
Quote:
Originally Posted by jrkliny View Post
There we go another insipid article cranked out by a know nothing professional "writer". To make it even more useless, it seems that the 42% includes people of all ages.
I read the article early today as part of my daily CNBC read. I found it very good and very insightful for its targeted audience which isn't many people in this forum. It would be better received in other forums. It is intended for people with investments who read about investments and who have a very different perspective on financing retirement for themselves. The author is very accomplished and personal finance is her beat as you can see from her bio.

Again wealth and what is needed for retirement is in the eyes of the individual and their family. Many times we see articles linked intended for one audience trashed in here by folks it was not intended for. I suspect those of us who routinely read the personal finance section on CNBC and other financial publications find articles like this to our liking.

Jessica Dickler
Jessica Dickler CNBC
Personal Finance Writer

Jessica Dickler is a contributing writer and editor covering personal finance for CNBC.com.

As an award-winning financial journalist, Dickler has covered national news, the economy, real estate, retail, personal finance and consumer spending. Prior to joining CNBC, she worked for CNNMoney.com, SmartMoney.com and WSJ.com. She is also a regular contributor and columnist for HGTV Magazine.

Dickler holds a bachelor's degree in Political Science and Art History from Johns Hopkins University and a master's degree from the School of International and Public Affairs at Columbia University
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 09:47 AM
 
Location: Philadelphia/South Jersey area
2,870 posts, read 1,400,541 times
Reputation: 10071
I would not call a poll of 1000 adults "America".
Click bait.
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 09:48 AM
 
Location: Tennessee
23,560 posts, read 17,535,380 times
Reputation: 27607
This problem has a lot of moving parts.

The lack of earnings is a major problem in many areas of the country. As you all know, I live and work in a poor area. The town I work in has a median HHI of just a little over $30,000. Here in the Tri-Cities, we are creating about six jobs under $50,000 for every single job over $50,000. Many of my friends make well under $50,000. I make a nose over $60,000. My parents have always under made $50,000 (mom is around $38,000) until recently. Outside of one uncle, I doubt any of my immediate family members make over $50,000, other than my dad who just got there this year. Here's the rub.

With one exemption, a 12% 403b contribution, no state income tax, FICA/federal/Medicare, and a reasonable corporate benefits plan, I clear a little over $3,100/month. My power bill is usually in the $70-$100 range. My mortgage is in the mid $500s. I have basic ten channel cable (piggyback network channels through Apple TV and parents' Charter account) and 100 mbps internet for a little over $60 after tax (the cable is basically free). Water/sewer is $40-$50. Cellular is a little under $80 for unlimited everything through Verizon (three people on plan). By the time you count the mortgage and other utilities, I'm pushing close to $1,000 before you get to anything else. That gives me $2,100 - $2,200 month to pay everything else out of. When you think of it as $500/week, I don't think that's a lot of money.

I'm not saying that I'm hard up by any means or that I don't have quite a bit of fat in my budget, but it's expensive to live, even here where the cost of living is relatively low. I don't know how a couple with kids making $60,000 around here does it, and I know folks probably making a lot less than that with kids. One of my best friends is a case manager for the mentally ill at a mental health facility in the area. His wife is a SAHM with three kids. I don't know what he makes, but I'd guess $35,000 - $45,000. I don't know how they do it. It would be a drastic lifestyle cut from what I'm used to.

If I had a partner making what I do, we'd be in the top 5% for the area. $120,000 annually as a DINK couple would give us quite a bit of breathing room, even scaling the lifestyle up a bit. Singles especially have a hard time saving. It's just tough to live as a single person.

When people are low income, future savings get crowded out for current needs. His retirement savings are going to get crowded out to pay for things for the kids now. That's a big problem, but short of finding something better paying, a lot of the expenses get locked in and you can't really cut to the bone with three small kids.
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 09:50 AM
 
Location: Tennessee
23,560 posts, read 17,535,380 times
Reputation: 27607
Quote:
Originally Posted by meo92953 View Post
For some of us, the last recession did folks in.

My company 'laid off' a lot of us 55 & over. Because of whatever, (saleries, younger folks needing work, etc.) it was hard to find other employment. Then, stocks fell. It was hard for a lot of people.

Also, because a lot of us had never had a problem finding employment it was a shock to go through all this. I, stupidly, took out retirement savings trying to save my house. I lost it anyway & ended up declaring bankruptcy before I finally gave up, moved in with family & became a caregiver at less than 1/2 my previous wage, just to survive until I could apply for social security.

I'm betting I wasn't the only one who went through something like this.
Manufacturing has been on the decline for many years in my local area, but the last recession really hit the 50+ crowd on the nose. Many liquidated retirement savings trying to keep a lifestyle going they could no longer really afford. Ten years on, those retirement savings were never replenished and those workers mostly either dropped out of the labor force or took junk jobs to stay afloat. In hindsight, it was a very stupid move, but a lot of people did it.
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 09:51 AM
gg
 
Location: Pittsburgh
17,925 posts, read 18,241,603 times
Reputation: 11491
Nothing wrong with working till the grave. Plenty of people do it and many are happy doing it. Lots of people retire and die, or get super bored. Just make sure you get a job you like and have fun doing.
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 09:53 AM
 
Location: Kennett Square, PA
1,696 posts, read 2,602,180 times
Reputation: 2594
Quote:
Originally Posted by Brian_M View Post
Almost certainly satisfied every Want they ever had....

HARDLY, Brian. I assume that was tongue in cheek?
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 09:54 AM
 
Location: Tennessee
23,560 posts, read 17,535,380 times
Reputation: 27607
Quote:
Originally Posted by TheShadow View Post
They cite millennials savings as less than $10,000. When I was the age of millennials, I had less than $10,000 too. More relevant would be the savings of those 40-60.
It's almost important to remember that not all Millennials are young anymore.

By some definitions, people born in 1981/82 are Millennials. They will be 36/37 this year. There is a significant difference between someone of that age and a 22 year old fresh out of college.
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
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