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Old 08-09-2019, 07:38 AM
 
Location: Tennessee
24,068 posts, read 17,905,479 times
Reputation: 28236

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Quote:
Originally Posted by TheShadow View Post
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, 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.
Yep.

Many people couldn't make it with $2,000,000/ Some are fine on $200,000. A lot of it is about your lifestyle and expectations.
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Old 08-09-2019, 07:41 AM
 
Location: Northern Wisconsin
8,991 posts, read 7,822,842 times
Reputation: 15509
Remember, they probably also count those who have sponged off the govt most of their lives.
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Old 08-09-2019, 08:05 AM
 
Location: Madison, NJ
123 posts, read 47,650 times
Reputation: 209
My dad will be 65 this year. He is planning on looking for a home in FL later this year with his long time girlfriend (unknown source of down payment) and retiring shortly after. AFAIK he has no savings. If he had ANY retirement savings, he would have only been able to accumulate it in the past 4-5 years so it would be a pittance. He will take SS before FRA, most likely, since he will have no other income. His SS amount will be less than $1,300. I have no idea what his plan is.
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Old 08-09-2019, 08:11 AM
 
Location: SoCal
13,840 posts, read 6,596,086 times
Reputation: 10417
I know nobody who has no money for retirement, I live in California, people who think they might have problem, they all moved to Las Vegas or Nevada, or Texas. I only know one couple who did move to Las Vegas. My kid’s roommate’s parents. But they bought a humongous house is Las Vegas, from the Instagram, it looks like a resort.
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Old 08-09-2019, 08:18 AM
 
Location: Ypsilanti, MI
2,494 posts, read 3,710,001 times
Reputation: 4911
Quote:
Originally Posted by augiedogie View Post
Remember, they probably also count those who have sponged off the govt most of their lives.
So what happens when a person who has lived off government assistance their entire adult life (assuming such people are real and not a political myth) turns 62 or 65 or FRA? Do they then move onto the SS Roles drawing the absolute minimum? Or are they excluded from SS based upon no earned income history?

Curiosity only.
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Old 08-09-2019, 08:23 AM
 
Location: SoCal
13,840 posts, read 6,596,086 times
Reputation: 10417
Quote:
Originally Posted by MI-Roger View Post
So what happens when a person who has lived off government assistance their entire adult life (assuming such people are real and not a political myth) turns 62 or 65 or FRA? Do they then move onto the SS Roles drawing the absolute minimum? Or are they excluded from SS based upon no earned income history?

Curiosity only.
I believe they get SSI, itís for people who never contribute to SS.
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Old 08-09-2019, 08:23 AM
 
Location: Scottsdale, AZ
8,101 posts, read 4,955,028 times
Reputation: 29601
Quote:
Originally Posted by MI-Roger View Post
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.
Oh, I think everybody probably knows someone who has made a hobby of flushing their future down the toilet. Or drinking it up or shooting it up. Or someone who has champagne tastes and a beer salary. Or the family who rented the same house for 45 years and then complained bitterly when the owner wanted to sell it. They'd come to think of it as theirs, you see.

Decades ago I realized that if I didn't change my life I would end up in a mobile home in one of the many dreary trailer parks on East Bayshore Road, living off SS and not much else. So I changed my life.

Ironically, space rental in those trailer parks is quite high now. I doubt the former me could have afforded it.
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Old 08-09-2019, 08:52 AM
 
2,490 posts, read 638,796 times
Reputation: 4333
Quote:
Originally Posted by mathjak107 View Post
After a while these same old how bad everyone supposedly is doing threads wears quite thin ...there are endless threads on it already
There's even an acronym for it: SSDD.
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Old 08-09-2019, 08:55 AM
 
2,490 posts, read 638,796 times
Reputation: 4333
I have zero savings for retirement -- not one penny -- and that's how I would have answered the survey.



However I've been retired for over a decade, and have substantial investments.
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Old 08-09-2019, 10:18 AM
 
8,219 posts, read 8,722,315 times
Reputation: 9286
Yes, I have a couple of friends who never married or had children in that situation. One was a low-level civil servant for about 15 years, got laid off at age 50, became sick, went through the savings, and then had to take out the retirement funds early. The other works several different jobs part time. Both are renters. The latter has a huge family and support system so I guess that will be the future for that friend.
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