Retirees are really counting on Social Security (pension plan, 2015, relative)
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That is surprising but also a result of so many older retirees who worked when pensions were common. I highly doubt that figure is anywhere close for people who are currently still working, even those about to retire.
Also not that close to where I live - but in the metro JAX area.
I am proud to live in an area that supports our military. Not so proud to live in a country where members of the military need to use pawn shops and title loan places to get from paycheck to paycheck.
We have an air show every year here. And - every other year - the path the Blue Angels fly goes right over my house (where they turn around on their way back to the beach). I can't help but cry every time I see them (and I cried the most right after 9/11).
I think a lot of my world view changed after 9/11. And this best expresses how I feel about that seminal event:
Pension? I'd really like to know the percentage of people who get one.
According to the GAO, 29% of households age 55+ years have no pension and no savings; 23% have a defined pension benefit but no savings; and 48% have no defined benefit, but have savings.
You can find that info on the first page of the report:
Of the 29% with no savings and no defined benefit plan, 35% own a home with no debt; 24% own with some debt; and 41% do not own a home.
Quote:
For example, among households age 55 and older, about 29 percent have neither retirement savings nor a DB plan, which typically provides a monthly payment for life. Households that have retirement savings generally have other resources to draw on , such as non-retirement savings and DB plans. Among those with some retirement savings, the median amount of those savings is about $104,000 for households age 55-64 and $148,000 for households age 65-74, equivalent to an inflation-protected annuity of $310 and $649 per month, respectively. Social Security provides most of the income for about half of households age 65 and older.
I am so happy so many think retiring in Florida is a fate worse than death - we have WAY too many people here already, so y'all can stay where you are or retire elsewhere. In the meantime hubby and I are enjoying our life in our small coastal city with it's own symphony, ballet, historic opera house, multiple theater companies, museums, top rated beaches, etc. etc. And my husband will be retiring in 5 years from a nice government job receiving a lump sum and monthly pension payment from the Florida Retirement System. Yeah, it's really a fate worse than death!
I am so happy so many think retiring in Florida is a fate worse than death - we have WAY too many people here already, so y'all can stay where you are or retire elsewhere. In the meantime hubby and I are enjoying our life in our small coastal city with it's own symphony, ballet, historic opera house, multiple theater companies, museums, top rated beaches, etc. etc. And my husband will be retiring in 5 years from a nice government job receiving a lump sum and monthly pension payment from the Florida Retirement System. Yeah, it's really a fate worse than death!
Isnt that the truth. When people start saying how horrible it is living in Florida I look outside and think, they cant be talking about MY Florida.
But as you said, I hope more people do hate it here. We have enough.
That is surprising but also a result of so many older retirees who worked when pensions were common. I highly doubt that figure is anywhere close for people who are currently still working, even those about to retire.
If I had to live on all those amounts added up I would have a drastic reduction in my lifestyle. I don't see how people do it.
Every generation will be more and more dependent on SS. Look at what the young people face today starting life with $100,000 student loan debt. Talk about starting in a hole. It will be very difficult for them, but the end result will be socialism due to this college grab. Most all younger people I know are voting Sanders and I don't blame them one bit. Anyway, there will be more government programs and higher taxes within the next 20 years. Most of it will revolve around student debt and just general debt for 20 year olds to early 30 year olds. They will just always be in debt.
That's ridiculous. They should not be going into debt for that much. There are much less expensive schools available.
Well, as a teacher you didn't pay into social security, so, of course, your benefit is small..based on when you did contribute.
Yikes. I had no idea that there were states that excluded teachers from SS payments. Thank goodness only 15 states do this.
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