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Old 08-08-2019, 08:19 PM
 
3,990 posts, read 1,558,817 times
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"Anyone here in that boat, or know people who are, how and what are they doing?"
not us. kept "our nose to grindstone" so we would not sink our boat.
know people? yes...so many spent it all. no saving. none.
how are they doing? they are doing nothing. no money.
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Old 08-08-2019, 08:24 PM
 
Location: RVA
2,184 posts, read 1,288,733 times
Reputation: 4540
I know a few with no savings and are clueless about how they will live in retirement. They basically plan to continue as is until their hand is forced, then they will worry about it then. I have no idea why that should come as a surprise to anyone, since a large percentage of the population goes through life exactly in that mode, 27/7/365.
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Old 08-08-2019, 08:37 PM
 
Location: Mount Pleasant, SC
1,955 posts, read 2,493,780 times
Reputation: 1722
Quote:
Originally Posted by MI-Roger View Post
What about those Boomers with no savings and no pension who are living with an aged parent who does collect a pension but is deeply in debt. The parent dies, the pre-retiree Boomer has no home, no household goods, no savings, no pension, half of SS income, no credit history, etc.

My wife has four siblings while I have two. Of those six siblings, four are in the no savings, no pension, minimal SS, and no real property ownership category.
You my brother? My brother-in-law?
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Old 08-09-2019, 03:22 AM
 
Location: Las Vegas & San Diego
310 posts, read 53,199 times
Reputation: 325
My wife has four siblings and I have two. Of those six, four retired at age 60 or younger. The two single guys are the only ones still working but they are both in their 50s (and one is not technically a boomer) and they have enough resources to retire with SS. No one in either of our families are part of this crisis,
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Old 08-09-2019, 03:33 AM
 
Location: Washington State
19,078 posts, read 9,832,201 times
Reputation: 16243
Quote:
Originally Posted by BBMW View Post
I keep seeing articles how almost half of baby boomers have no retirement savings, and boomers are starting to retire en-mass. An example below:

https://www.investopedia.com/article...ent-crisis.asp

I assume the ones with no savings are trying to keep from retiring, but that may not be so easy. Anyone here in that boat, or know people who are, how and what are they doing?
Yep, plenty of people will not have a rosy retirement. I'm one of 6 kids and all of us did far better than the average after starting with nothing so having parents that emphasize good values helps tremendously.

About the only person I know that has essentially zero saved for retirement is my best friend from college and he just started social security early, he works part time, and his wife has a government job and will retire with a nice pension....so he is making it but not thriving yet he still manages to do just fine.
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Old 08-09-2019, 04:36 AM
 
Location: Colorado Springs
4,931 posts, read 5,045,496 times
Reputation: 17580
I did all the right things prior to retiring:

-saved a huge pile
-paid off all debt
-live in a fairly low col area
-have Medicare
-signed up for SS

Then I discovered that because I had "contributed" the max into SS for more than 35 years, our monthly SS check would be about $4K.

That's plenty. We still haven't tapped that huge pile.

But maybe we won't need it.
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Old 08-09-2019, 06:01 AM
 
Location: Ypsilanti, MI
2,494 posts, read 3,710,001 times
Reputation: 4911
Quote:
Originally Posted by joyeaux View Post
You my brother? My brother-in-law?
No, but our personal family experiences are evidence of the pervasiveness of this problem. It is far more than the click-bait doom story of the day.
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Old 08-09-2019, 07:15 AM
 
Location: Wisconsin
637 posts, read 1,438,348 times
Reputation: 772
Quote:
Originally Posted by Rakin View Post
In housing it's very popular now to have MIL suites for the parent to live with the kids like so many cultures do.

Those that must and have kids may have to take that route.
When it comes that time for us, I'm hoping my kid is making good money. We told her we would live with them and my wife would be the nanny and I would be the gardener. LOL
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Old 08-09-2019, 07:36 AM
 
Location: Tennessee
24,068 posts, read 17,905,479 times
Reputation: 28236
Quote:
Originally Posted by Teacher Terry View Post
People learn to live on what they have. Thatís all they can do or move to a LCOL.
You can't always do that.

I live in a low cost of living area. Aside from maybe a handful of places in the Midwest or Deep South, there's practically nowhere cheaper for me to bail out to. If you have very little in the way of savings or investments here, there's not much flexibility.
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Old 08-09-2019, 07:36 AM
 
Location: Loudon, TN
5,947 posts, read 4,940,845 times
Reputation: 20127
The real question shouldn't be "How much retirement savings do you have?". It should be "How will you support yourself in retirement?"

The answer's will be varied...some will say SS alone, SS+pension, SS+rental income, SS+rental income+pension, SS+savings (investments), SS+savings+pension, SS+SSI, SS+profits from sale of home, SS+alimony, SS+inheritance, and on and on....

I think many people's largest "savings" (especially boomers) is actually the equity in their home, which this survey also didn't ask about. The home can be sold and they can downsize, can rent an apartment, can move to a subsidized senior apartment, can choose the RV lifestyle, can move to lower COL state or country, etc.

There are many ways to skin this cat. Just asking about cash savings or investment vehicles is leaving out a ton of other ways to support one's self.

To me, the worst cases will be singles with no pension, no savings or investments, and who've never been homeowners. They won't have 2 SS checks, or any home equity to cash out. If I were in that situation, I would seek out a "golden girls" living situation by finding a couple compatible roomies and sharing expenses.

Last edited by TheShadow; 08-09-2019 at 07:44 AM..
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