Americans Haven’t Saved Enough for Retirement. What Are We Going to Do About It? (support, trouble)
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Absurd hyperbole.. and I lived in Queens and Nassau most of my adult life.
COL is less than twice... and many people, some even on this forum, say it's worth it.
In retirement the balance in cost vs quality, not cost, was the deciding factor for me.
Everyone makes choices.
2X where? Yes maybe the DFW area but that was in response to rural Oklahoma where the COL was rock bottom. That area would be even half what it cost me to live here in Dallas.
All depends on where the ruler starts. My sister teaches in rural TX and probably makes $35-40K a year. She could move to the city and easily double her income but she had rather stay in her low COL rural lower stress environment.
So the best way to handle retirement would be to work in a high COL area with good wages and then retire to a low COL area. I was going to do that but found that Cheapsville was not to my liking. I had become used to a more cultured area with more varied life choices.
The largest source of funds for risk capital, by the way, is public sector pension funds.
Yes I realize that and have often written in here about the trillions invested in pension funds and how the Sheila Barr in the early years of the Obama administration toyed with the idea and asking them to help bail out the banks. My wife and I are both pensioners and am well aware of the power of our pension trust funds.
So the best way to handle retirement would be to work in a high COL area with good wages and then retire to a low COL area. I was going to do that but found that Cheapsville was not to my liking. I had become used to a more cultured area with more varied life choices.
Yep , nothing like those higher earnings generating higher social security checks for life and moving to cheapsville with it
That doesn't change the fact that real life is playing out like a game of Monopoly. Concentration of wealth is occurring at an ever increasing rate. Yes, new wealth is being created but the vast majority is created by people who are already much wealthier than most.
It will only play out that way (zero sum game) if people don’t take the necessary steps to create wealth for themselves.
The wealthy keep getting wealthier because they continue to do the things that make them wealthy. Ditto for the poor.
So the best way to handle retirement would be to work in a high COL area with good wages and then retire to a low COL area. I was going to do that but found that Cheapsville was not to my liking. I had become used to a more cultured area with more varied life choices.
Try the Raleigh triangle. Not cheapsville and certainly affordable oh wait it depends on where you are coming from. Lots of places are affordable, growing thriving and much lower COL if you come from a really high COL area. It is all relative and for some Raleigh is a lower COL in some ways and for others it might not be affordable.
You are living in a hypothetical world. Yes, individual responsibility is a great thing. I retired on Friday. However, life happens. Some people plan well, and then get hit with curveballs. Other people don't plan. Either way, America isn't going to have granny living in a tent eating cat food in the town square. So, regardless of shoulda, woulda, coulda, real solutions are needed.
You are always free to create the solution you desire, with your financial resources. Give as much as you want to whoever you want, to help them have the retirement that you believe they deserve.
It becomes your problem if the gov't decides "the country giveth, but the govt takes away",
And they start over taxing your retire ment benefits or taxing your assets, or new taxes on you to pay for supplemental programs to house, feed and clothe the poor.
Then, you'll sing a different tune.
Remember there once was no such thing as a "social security tax", until it was decided the elderly needed a basic income or supplemental income and to tax the workers to pay for it.
There was once no income tax, until they decided to tax it to pay for programs to grow the country.
So don't assume that there will not be a new tax on your retirement accounts, and it DOES become your problem....
The government already does that. And my tune remains the same - ain’t my problem.
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Just what Warren Buffett needs to do. Move to Podunk MS and live off his SS check alone.
