The ‘retirement crisis’ that isn’t (physically, teenagers, adults)

[Vision67]

Originally Posted by freemkt

Not really, since SS was never intended to be a retiree's sole source of support.

True.

Back in the day, we had a 3 legged stool: Pension, Social Security, and savings.

Now most companies have eliminated pensions and most people cannot or will not save enough.

[freemkt]

Originally Posted by mathjak107

no , i expect the middle class wastrels to be on par with the frugal lower income earners .

So you expect the low earners to save nothing and then die?

[mathjak107]

76% of america lives pay check to paycheck so you tell me .

[NewbieHere]

Originally Posted by freemkt

Not really, since SS was never intended to be a retiree's sole source of support.

It was also never intended for people not to save. When I was in college, SS was destined to be broke, that's why we have a slew of programs like IRA, 401k, etc.. And the FRA was also raised.
Even in Socialist country like UK it doesn't cover enough. I don't know about Denmark. That seems to be the utopia at the moment. But I bet you pay more for hamburger than anywhere else.

[NewbieHere]

Originally Posted by freemkt

So you expect the low earners to save nothing and then die?

We will all die, not just the save nothing crowd. My sister's two best friends with more than $5 million in networth died before reaching SS.

[HappyTexan]

Originally Posted by lenora

Not quite correct. A retired worker's average benefit is about $1340/month.

https://www.ssa.gov/policy/docs/quic...stat_snapshot/

The better comparison number is the median, not the average.
Averages are skewed.


10 guys in a room, 9 make $20K a year and 1 makes $500K a year.
Average is $68K a year. Median is $20K a year.

[mathjak107]

yep , no one is ever average . they can only be above or below .

[HappyTexan]

Only about 50% of SS comprises a person's total retirement.
SS accounts for a greater percentage of those 80+.

The last report from the SSA is for 2012. Sadly they are woefully behind in their "annual" reporting.

https://www.ssa.gov/policy/docs/stat...12/sect10.html

[Weichert]

Having a net worth of more than $10 I was able to retire. So ...

[freemkt]

Originally Posted by NewbieHere

It was also never intended for people not to save. When I was in college, SS was destined to be broke, that's why we have a slew of programs like IRA, 401k, etc.. And the FRA was also raised.
Even in Socialist country like UK it doesn't cover enough. I don't know about Denmark. That seems to be the utopia at the moment. But I bet you pay more for hamburger than anywhere else.

??? ??? ??? ???

did anyone ever seriously expect burger flippers to save?