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Old 08-09-2019, 10:27 AM
 
Location: St Louis MO area
77 posts, read 29,128 times
Reputation: 670

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Quote:
Originally Posted by Perryinva View Post
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.
I do the benefits and 401(k) for the company I work for. Out of aprox. 1000 employees, only around 50 contribute to their 401(k). Of those, probably only 20 contribute at least $2000 per year. And there is absolutely no way they are saving money outside of their 401(k). Most of them consider their 401(k) a savings account and want to take loans for new stereos, vacations, and other ridiculous stuff. A lot of these people are in their 40's and 50's. It terrifies me to think of what these people are going to face when they retire. They have worked low-wage jobs their entire life and probably will continue to do that until they keel over dead in the middle of a shift.
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Old 08-09-2019, 10:38 AM
 
1,483 posts, read 712,115 times
Reputation: 4720
Younger peoples motto is live for today......retirement seems so far....
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Old 08-09-2019, 10:40 AM
 
2,684 posts, read 4,565,558 times
Reputation: 2163
We have a relative in his 60s who has had serious health problems. His retirement savings have been exhausted paying for them. He hopes to return to his low paying job after recovering from the most recent bout, but will have to retire on his single social security alone. Not a happy future to anticipate. The point is that, yes, some people are irresponsible, but there are also people who are in difficult circumstances due to health.
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Old 08-09-2019, 10:40 AM
 
Location: equator
3,680 posts, read 1,619,691 times
Reputation: 9183
Yes, we lived in a tourist/resort area full of these kind of boomers. They were fringe-type free-spirits who worked under the table their whole life with low wages. Probably have next to no SS. River guides, Jeep guides, or working in outdoor-supply stores or restaurants. Lots of artists.

The only saving grace is, due to their age, many "got in" to this area while it was affordable so live in hand-made homes out on acreage. Probably with homeless buddies squatting there too.

I remember one artist woman blithely applying for SS and being shocked that she qualified for NONE.

Coincidentally, many of these are dropping off in their 60s, so....
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Old 08-09-2019, 10:43 AM
 
Location: NC Piedmont
4,018 posts, read 2,940,215 times
Reputation: 6510
Home equity has been mentioned a lot. About 2/3 of Americans are part of a household where one or more of the residents owns the home. I am not sure of the percentage of those who are adults that have no part of the ownership. Over a third of mortgages are near or below zero equity.
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Old 08-09-2019, 10:57 AM
 
Location: Forests of Maine
30,847 posts, read 49,739,391 times
Reputation: 19330
I am a boomer [born 1959], I have been retired for 18 years. I have a pension and my investments were enough that I could have self-funded a retirement even without the pension.

That being said, it is very obvious to me that the other 99.95% of boomers have not planned for retiring. Most of them appear to lack investments or a plan.
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Old 08-09-2019, 11:15 AM
 
620 posts, read 176,031 times
Reputation: 1489
SC, but obviously you are making it work somehow. If I was poor I would move to Wichita,Kansas. It’s super cheap to live there.
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Old 08-09-2019, 12:29 PM
 
Location: Tennessee
24,068 posts, read 17,905,479 times
Reputation: 28236
Quote:
Originally Posted by Teacher Terry View Post
SC, but obviously you are making it work somehow. If I was poor I would move to Wichita,Kansas. Itís super cheap to live there.
But I'm not poor.

Locally, I'm in the top 10% or so of earners. If I married someone making what I do, we'd be in the top 3%-4% here.

This is a poor area. Median household income is only in the $35k range. That's the 50th percentile. What does that bottom quarter look like? They're poverty level. They're barely making it work where they are with social circles and what not. They certainly don't have the means to relocate.
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Old 08-09-2019, 12:45 PM
 
Location: SoCal
13,840 posts, read 6,596,086 times
Reputation: 10417
I was poor and I relocated, I had no choice. Staying put means lifetime of poverty. My family was very much against my twice relocations. My brother said I was hasty. You have to do what you have to do. I had a young kid at the time too. It was hard not to be with her when she was young, but I had a supportive spouse, he took car of my daughter while I went out hustling. Eventually he moved too. His company was one paycheck away from bankruptcy.
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Old 08-09-2019, 12:55 PM
 
Location: Ypsilanti, MI
2,494 posts, read 3,710,001 times
Reputation: 4911
Quote:
Originally Posted by Sand&Salt View Post
Coincidentally, many of these are dropping off in their 60s, so....
I have seen that too. All of our siblings with zero savings and zero retirement plan have serious health issues as well. None had any savings prior to the health issues arising, so none are in the situation where medical costs have impoverished them. Poor planning all around, some lousy luck, but the inability to plan and react made even simple issues devastatingly worse.
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