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Most probably don't. But here's the thing--Lots of people don't want to do what it takes when they're younger for a decent retirement, either. Nobody has it all. If you want to live up to your income level your whole life, then you're not going to have many options when you're older.
Yeah, I 'fess up to this. Never thought about saving---just ran around having adventures (not stuff).
So we had to retire out of the U.S. But it's working out just fine.
You need to find a balance. Do you want to live 50 years of your work life like a pauper, trying to save every dime so your last 10-15 years of your life is comfortable?
The lucky ones are those that make enough money to live a good life while working and still have enough left over to save for old age. Not everyone can. People have different incomes. A single person making 40 grand a year is not going to have the same retirement as a 2 income household making 200 grand a year no matter how you slice it, although the 40 grand a year person can still be comfortable in retirement if they plan well, but one person's definition of being comfortable is not the same as someone else's.
A single person making 40 grand a year is not going to have the same retirement as a 2 income household making 200 grand a year no matter how you slice it, although the 40 grand a year person can still be comfortable in retirement if they plan well, but one person's definition of being comfortable is not the same as someone else's.
The $40K/year person is also not used to the same level of spending as the $200K/year household (I hope) so they won't need the same amounts to retire "comfortably".
I agree with your earlier point; DH and I enjoyed some along the way. He was 65 when we married and I was 50. I knew that if we saved all our "dream travel" till I retired he might not be around to enjoy it or might be too frail to travel. I ended up retiring at 61 and he died when I was 64- so definitely a good decision not to live like paupers.
A sad PS on my friend who just lost her husband a couple of months ago and is selling her modest 3BR, one-bath house because she can't afford to keep it now that she's getting only SS Survivor benefits. Zillow had estimated its value at $147K but it's listed at $98K. She's moving to an efficiency apartment in a good retirement community. At least she'll have a roof over hear head, 3 meals a day and no house maintenance expenses.
You need to find a balance. Do you want to live 50 years of your work life like a pauper, trying to save every dime so your last 10-15 years of your life is comfortable?
The lucky ones are those that make enough money to live a good life while working and still have enough left over to save for old age. Not everyone can. People have different incomes. A single person making 40 grand a year is not going to have the same retirement as a 2 income household making 200 grand a year no matter how you slice it, although the 40 grand a year person can still be comfortable in retirement if they plan well, but one person's definition of being comfortable is not the same as someone else's.
Agreed.
We just don't know what will happen. I got a notification on Facebook earlier this morning that a high school classmate of mine fell down the stairs at a trade conference, busting his head, and has been on a ventilator and unconscious since last Monday. He may never be the same. My aunt's husband was a "defer until retirement" guy who dropped dead mowing the lawn at 55. He never retired.
There are a lot of things I can physically do now that I might not be able to do at retirement age.
The $40K/year person is also not used to the same level of spending as the $200K/year household (I hope) so they won't need the same amounts to retire "comfortably".
I agree with your earlier point; DH and I enjoyed some along the way. He was 65 when we married and I was 50. I knew that if we saved all our "dream travel" till I retired he might not be around to enjoy it or might be too frail to travel. I ended up retiring at 61 and he died when I was 64- so definitely a good decision not to live like paupers.
A sad PS on my friend who just lost her husband a couple of months ago and is selling her modest 3BR, one-bath house because she can't afford to keep it now that she's getting only SS Survivor benefits. Zillow had estimated its value at $147K but it's listed at $98K. She's moving to an efficiency apartment in a good retirement community. At least she'll have a roof over hear head, 3 meals a day and no house maintenance expenses.
I might add that the single 40 grand a year person can do moderately well in retirement if they think ahead starting in their 30s at least. A 35 year old with a steady moderate or below average income can buy a home, have a 15 or even a 30 year mortgage and pay off the house before or at the same time as when they retire making them mortgage and rent free. Many times that mortgage payment cost no more than renting a decent apartment. That in itself is huge if your main source of income is going to be social security.
I worry about these move out to the country, self sufficiency, plans. I doubt they hold up long-term as elders get older and frailer, unless you enlist younger folks to keep them going. You are likely a long way from family, friends, doctors, hospitals and other support. What happens when you can no longer drive? What happens when the man dies and his wife is left alone to manage? What happens to all your work and investments? Retirement plans need to take the end games into account.
Wouldn't an urban or small town location be more practical. Where shops and offices are within the reach of walking/public transport/senior services. Where you can find friends and social support? Your social connectedness is what promotes longevity.
I worry about these move out to the country, self sufficiency, plans. I doubt they hold up long-term as elders get older and frailer, unless you enlist younger folks to keep them going. You are likely a long way from family, friends, doctors, hospitals and other support. What happens when you can no longer drive? What happens when the man dies and his wife is left alone to manage? What happens to all your work and investments? Retirement plans need to take the end games into account.
Wouldn't an urban or small town location be more practical. Where shops and offices are within the reach of walking/public transport/senior services. Where you can find friends and social support? Your social connectedness is what promotes longevity.
When I get to the point it doesn't make sense to live out here in the sticks any longer, I plan to move close to one of my children and buy a little 1 bed condo in a good sized town, close to a bus line and walking distance to a grocery store. Until then, I will enjoy the peace and beauty of this rural place.
I worry about these move out to the country, self sufficiency, plans. I doubt they hold up long-term as elders get older and frailer, unless you enlist younger folks to keep them going. You are likely a long way from family, friends, doctors, hospitals and other support. What happens when you can no longer drive? What happens when the man dies and his wife is left alone to manage? What happens to all your work and investments? Retirement plans need to take the end games into account.
Wouldn't an urban or small town location be more practical. Where shops and offices are within the reach of walking/public transport/senior services. Where you can find friends and social support? Your social connectedness is what promotes longevity.
The town we are moving to we visited and have friends. The key is to plan ahead assuming you will get old and unable to get around much or at all. The majority of the full time residents are in their 70's- late 80's. There are also a few vacation homes.
Mail is 3x per week so there are always 3 extra spots in the mailman's jeep to obtain rides to shop at the grocery store. Granted you have about 20 min to shop but it allows for the necessities. On the way back, rider will hand the mail into the mailboxes on one side of the road which makes mailmans trip back much faster. Around age 70, people stop wanting to drive the road into the nearest town since it's quite dangerous. And it takes about 3x longer to get to the one other town the opposite direction
One fellow planned it out well. He rides an electric bike half the yr when the weather permits with a trailer on the back. He rides the other direction, which takes about 1.5-2 hrs to get to on the bike. He schedules his Doctor visit there, does his grocery shopping, eats out at Subway, checks items out from the library, and goes to church. He is back around sundown.
Two middle aged women assist, the are quite poor. Giving elderly folks rides. Without this source of income, not sure how they would survive themselves.
Many just keel over and die due to not visiting a Doctor or getting there in time which is a benefit. Less pain if you go fast.
The social connectedness in this town is strong. One single restaurant people hang out at. No need to buy anything. Just sit outside and talk. It's where the Xmas & Thanksgiving dinner take place. One lady has a Taco Night once a week at her house-a potluck kind of deal. She is almost 80 so that may cease.
Everyone meets at the restaurant/store when the Bookmobile comes up 1x a month. Anyone not there who lives alone is checked on since it's more of a social gathering where people pay to eat lunch and socialize with the library employee. He works for about 1 hr then sits for another hour with the crowd eating and smoking his cigarettes.
The food bank comes up 1x a month for the poorer folks who cannot get out. Those who are poor who do not show are brought food.
From what I see, people are closer in this town. They help one another out. Those that are doing well financially to the poor ones, they are all fairly bonded.We plan to can alot of our food to get thru winter (I hate driving) BUT the day we cannot ride an electric bike a few hours each way into the town, is the day we move. Moving is easier when you saved up not spending as much being self sufficient. At that time in life, you just buy a cheap condo or apartment in town yet here in Calif, that isn't as easy. So some move to lower COLA areas near family
Lots of good ideas in here. Get out of debt before retirement, learn to live in what means you have. Everything will be fine, go fishing have a few beers maybe even a dab or two. Relax and smell the roses, listen to some Jerry Garcia music, the acoustic stuff. Life will be better for you, at least it works for me.
You need to find a balance. Do you want to live 50 years of your work life like a pauper, trying to save every dime so your last 10-15 years of your life is comfortable?
That's how I have always lived my life. I wouldn't trade those 35+ years of life experiences during my working years for anything. The whole "I'll travel when I retire" thing. I've always traveled. My adult average is probably 50 to 60 ski days per winter. I've always had a boat. I'm still just fine living on less than half the cash flow of my adult working years.
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She's moving to an efficiency apartment in a good retirement community. At least she'll have a roof over hear head, 3 meals a day and no house maintenance expenses.
