Not sure just where I sit, but I live off Social Security; in other words, it meets my Normal needs from month to month. I have an emergency fund; guess you could call that a savings.
For someone on S.S. what should you expect? In my best year, I made about $34000 & that was probably in ‘01. I retired in ‘13 & most of the years from around ‘01 forward, the paychecks were “downhill” from there on until retirement. So what would be a proper retirement fund under those conditions? Added to this, I know many folks who get a smaller S.S. check than I do. I live singly & simply,own my own house, & drive an old car. I’d listen to any advice someone offers.
In addition to what I stated above, I would mention that I pay no property tax, home(humble as it is)is paid for. If I fixed everything that needed it right now, I guess it would eat up my emergency funds.
I get the impression the majority of those that post on Free Republic, have quite a bit of money. They may not think it’s quite a bit of money, but to me, they are rich. I reached $40,000 one year. That was the most I ever made my life. Yet I was able to buy a brand-new car, buy my own house, and go on trips. I have always been good at budgeting.