Is Retiring comfortably in the US becoming a lost dream? (70+, pension)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
With all the headlines and so called money experts all professing the sky is falling for retires, that you need to work until 70+, What a your thoughts if it's becoming a dream?
What would you think would be a minimum allocations to be retired comfortably:
Pension: $35.000 yr
SS: $32,000 yr (both spouses)
Total saved $1,000,000
What would you think would be a minimum allocations to be retired comfortably:
I think it depends on your definition of comfortable and where in the country you live.
My retirement income is plenty in Tennessee. I might be just getting by if I lived in New York or California, though.
Without trying, I lead a pretty boring lifestyle. I always have, though. It's not like "money" is determining my lifestyle. I never had a big life with a lot of stuff. I don't need as much money to be comfortable in retirement as some of my friends might. Most of my activities are cheap or free. I didn't choose them for that, they just happen to be the kind of things I like to do. You know, if "comfortable" means you take two airplane trips/cruises a year, you eat out every other night, you like to shop, you like paid entertainment, your hobbies aren't cheap, you wear nice clothes, etc., then to be "comfortable" you are going to need more money than I need.
With all the headlines and so called money experts all professing the sky is falling for retires, that you need to work until 70+, What a your thoughts if it's becoming a dream?
What would you think would be a minimum allocations to be retired comfortably:
Pension: $35.000 yr
SS: $32,000 yr (both spouses)
Total saved $1,000,000
Minimum income from all sources after taxes : 200k
Minimum net worth apart from personal real estate: 5M
That's bare bones. Think what real home care costs. Think what a heart transplant in India costs if they won't do one here.
Of course you can, depending on "comfortably."
I want to live somewhere decent (not dreary home), keep a reliable car, and be able to make co-pays in health and buy good food and keep pets (if not dogs, maybe a couple of rabbits. Really).
If you pay off your living quarters, that would help a lot. I also have no need or intention to leave an estate- whatever happens to be left goes to various charities and my lawyer knows that.
I have to say that even retiring early is more common than I can ever remmeber it really at anytime in my life ;really. What i think has hapooened is that poeople have ebcome so use to so much government control of their lifes they just seem to live more day to day;relyig on it. One only has to look at the savings rate i Chuina to see what people do when its considered survival. Confrtable;I say both workers and retirees are more confortable tha anytime in past.
Your question of living comfortably in retirement on 67,000 dollars a year is, as pointed out, completely dependent on personal circumstances.
I believe that if you asked the 50 percent of American households that are below the median income of 49000 dollars a year while working, they would gladly retire to get an 18,000 dollar a year pay raise.
I would say that the modern support system makes all circumstances more confortable than i the past. Perhapos the bigegst chnage is that in the not too distant past the family takig over care was a huge number both fiancially and basic case. To a large degree that has been of set by the number swho return to normal life much unlike the past becasue fo modern medicine avialble now days,. What we see as farily common things like by pass surgery not available meant disabilty and early death not that long ago.Cancer was a death sentence not that long ago.We all have much better healthcare now compared to past even if only medciare coverage in general. The terms of work means our bodies are less wornout than generally in past also. Perhaps its just personal lifestyle that has suffered really. But fiancially we have mnay advatages not availble in past to general person that even with personal habits problems allow the overall age to increase before death.Its the same whch also allows one to work in many case beyond what was possible in past.Financially and health wsie we are much more confortable than past retirees under same general circumstnaces.
Sure you can. It just depends on your definition of comfortable. People do it every day with much less than you are proposing.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
