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Retirement is some sort of thing people do because it is ingrained to get people to invest in companies that don't generate enough $ to expand without risking other peoples $. People need to stay active if they truly want to experience life. Save as much as you can so you can go "see" things? Don't get me wrong traveling is nice, but why not do it before your eye site goes to crap and you can actually climb to the top of the hill to get the best view. Work hard to save a bunch of money so when your body goes to crap you can afford to sit around? Most Americans claim to believe in God and the after-life, but if their faith was as strong as they claim they would spend more time helping others and being productive as they age instead of giving up on it all at 62 as if it is impossible to enjoy life as they work and as if it was so bad they need a 30 yr. vacation. My parents are retired, but man am I happy they still work 4-5 months out of the year it keeps them growing as humans instead of falling into the same old rut. If 50 is the new 40 why are so many boomers freeking out about their recent losses (well obviously because it sucks) but really I think they ought to just keep plugging away, heck they probably hadn't planned on living to 85+, but now that more are beginning to realize they probably will they may as well put in a few extra years at least part time - people that want a million $ to retire forget that the happiest ones around seem to be the ones still working into retirement.
I don't agreeits time for others to help those others and take the reins of leadership. Retirement means just that; turning over mnay powers and responsibilties from generation to generation.I also say that you retire and enter into what people do when retiring;travel and enjoy life like like a kid agian.Most know when it their time and everyonhe is dfifferent than others. Some unfortuniately can't afford to for wahtever reaosn but that should not stop those that can. Retirement does not mean withdrawl form life to me but more time to engage in it.
I'll be 60 next month and I only have $5k stored away for retirement.
But, but, but! I'm extremely clever, extremely imaginative and charming, have read hundreds of true crime books and can pass lie detector tests with flying colors! With those resources, I have more than enough to enjoy my retirement years!
This demonstrates how important social security is. Those people will probably work until they can't then survive on SS. It's what my mother did. And probably what a couple of my brothers will do.
If want more then you have to live differently. The increase is probably indicative of the high unemployment - people spending down to survive. Not necessarily their choice in that situation.
You also need to adjust your living standard long before retirement arrives.
Do you really need that 2,600 sq ft house since the kids are gone? Built correctly wouldn't a house half that size, with half the taxes, utilities and upkeep, do just as well or better?
We are entering retirement at a slow pace. My wife starts to collect on her state pension in May and start drawing social security two years after that.
In preparation we dumped the McMansion 5 years ago opting to purchase a house half the size we had. Everything went down, taxes went down to where we are saving $300 per month just in property taxes.
Utilities are half of what we paid. We are saving $150 per month on a year round average. Coupled with the property tax we have $450 extra per month just in those two items. You can not retire on $450 a month but for many $450 may mean the difference between bare survival and living.
We do have retirement savings and while it is a lot more than $10,000 it isn't close to the half million to a million I have heard some mention. But in planning we are not even thinking of tapping into any savings but to adjust our lives to be able to live comfortably on 60% to 70% of what we should be getting from social security alone. In my opinion there has to be more to planning for retirement than just saving a pile of money.
You also need to adjust your living standard long before retirement arrives.
If people were to do this, it would require planning and saving and money management. If they were inclined to do that, they wouldn't have so little in savings. Assuming, of course that said people are steadily employed.
Of course, when looking at the statistics cited in the article, you have to take into account that the average income is less than $50k/year and unemployment rates nearing 10%. Without putting the savings rates in context with income, you can't really get a good sense of whether the low savers are really at fault for poor management or simply are in the low income brackets and don't have extra money to save.
My mother's reasons for low savings were never spendthrift ways. She was always very frugal but had low income and never had any extra to put away. In the case of my brothers on the edge, they made foolish choices and spent whatever they made.
You also need to adjust your living standard long before retirement arrives.
Do you really need that 2,600 sq ft house since the kids are gone? Built correctly wouldn't a house half that size, with half the taxes, utilities and upkeep, do just as well or better?
We are entering retirement at a slow pace. My wife starts to collect on her state pension in May and start drawing social security two years after that.
In preparation we dumped the McMansion 5 years ago opting to purchase a house half the size we had. Everything went down, taxes went down to where we are saving $300 per month just in property taxes.
Utilities are half of what we paid. We are saving $150 per month on a year round average. Coupled with the property tax we have $450 extra per month just in those two items. You can not retire on $450 a month but for many $450 may mean the difference between bare survival and living.
We do have retirement savings and while it is a lot more than $10,000 it isn't close to the half million to a million I have heard some mention. But in planning we are not even thinking of tapping into any savings but to adjust our lives to be able to live comfortably on 60% to 70% of what we should be getting from social security alone. In my opinion there has to be more to planning for retirement than just saving a pile of money.
Not so sure that 1,300 sq ft is the way to go. We went from 3,200 to close to 2,900 after looking at homes a lot smaller. We are glad we went the larger route and our retired neighbors with larger houses are glad they did and those with not as much floor space wish they had it. The space enables you to have multiple purpose rooms and also SPACE so you don't get on each others nerves being together all the time.
Whoo boy! If you need that much space between you, then your problems are probably bigger than the house ....
Just saying...
The bottom line is there is not one single right path to a successful retirement. For those who have lots of money, then the downsizing and scrimping is not necessary unless you want a different lifestyle. For those who are good at living below our means and saving, then we have it under control and will have a successful retirement with more modest means. For those who are the subject of the OP article, let's hope they will be able to save more and/or be able to survive on social security because when they can no longer work, that will be all they have.
you left out the colt .45. with that you can get everything you else you need.
Don't forget the fast car too. You need a fast car with that colt .45.
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Assuming, of course that said people are steadily employed.
