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Baby Boomers are going to struggle to retire
http://myirionline.org/ ^ | 2015 | Insured Retirement Institute

Posted on 10/13/2015 12:44:27 PM PDT by 100American

The Insured Retirement Institute has concluded, baby boomers "face a dangerous combination of being under-saved and long-lived." The IRI found four in 10 baby boomers have nothing saved for retirement, and 37% of those who do have savings have less than $100,000 put away. This spells trouble for the average 65-year old male and female who have a 50% chance of living until at least 87 and 89, respectively. The IRI says someone who retires at the age of 65 today will need more than $1 million for retirement while someone who waits until age 70 to retire will need $720,00.

(Excerpt) Read more at myirionline.org ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; Politics/Elections
KEYWORDS: retirement; savings; seniors
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To: Revelation 911

A lot of TV shows unrealistically show people living in middle to high income apartments and consumption lifestyles when they work as a waitress, just got out of college, etc.
It looks great, like travel shows and fancy decorating programs, but it sets up unrealistic expectations that when you finish college, you should have an 800 square foot apartment or 2000 square foot house, new car, fancy electronics and luxury goods while eating out a lot.


121 posted on 10/13/2015 3:46:11 PM PDT by tbw2
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To: ThisLittleLightofMine

I hear ya on the medical and long-term care costs.

That makes it even more puzzling that the $1,000,000 the article says you need at age 65 is only $720,000 at age 70.


122 posted on 10/13/2015 4:30:59 PM PDT by MUDDOG
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To: Night Hides Not

“Shortly after his inauguration, I was invited to sit at the stammtisch, the table reserved for family and close friends of the family...quite an honor.”

That’s cool.

My neighbor was a veteran WWII Russian soldier who escaped from the Soviet gulags. (Stalin the monster feared his soldiers who saved the Soviet Union and tossed them away like garbage.) I didn’t need to school him on American values and exceptionalism; it was imprinted on his Christian soul. He loved America and its freedoms and free enterprise.

He worked as a machinist in a factory and saved every penny he could. He’d work 60-hour weeks when the American factories were humming back in the early 1970s. Once in awhile, he’d invite me over for a Russian vodka social at his kitchen table. I thought I could hold my liquor, but he defeated me in drinking events nearly every time.


123 posted on 10/13/2015 4:37:53 PM PDT by sergeantdave
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To: PAR35

You are correct.

That along with effective treatment of hypertension and coronary stints.


124 posted on 10/13/2015 4:46:30 PM PDT by dangerdoc ((this space for rent))
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To: 100American

they are selling annuities


125 posted on 10/13/2015 5:12:51 PM PDT by kvanbrunt2 (civil law: commanding what is right and prohibiting what is wrong Blackstone Commentaries I p44)
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To: oldplayer

A report like this from the Insurance industry (that wants you to buy their annuities)is like a report from the tobacco industry that claims we need to smoke more.

Just my opinion.

Oldplayer

I agree doom and gloom. who can spend 100,000 a year at age 95. apparel was how much?


126 posted on 10/13/2015 5:19:31 PM PDT by kvanbrunt2 (civil law: commanding what is right and prohibiting what is wrong Blackstone Commentaries I p44)
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To: 100American

Retirement? What’s that?


127 posted on 10/13/2015 5:22:09 PM PDT by COBOL2Java (I'll vote for Jeb when Terri Schiavo endorses him.)
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To: 100American

achieving an early death is an integral part of my retirement plan


128 posted on 10/13/2015 5:24:11 PM PDT by TheRightGuy (I want MY BAILOUT ... a billion or two should do!)
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To: TheRightGuy

Alas I am destined to die in the harness.


129 posted on 10/13/2015 5:25:05 PM PDT by central_va (I won't be reconstructed and I do not give a damn.)
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To: COBOL2Java

Ahhh retirement!

130 posted on 10/13/2015 5:34:33 PM PDT by central_va (I won't be reconstructed and I do not give a damn.)
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To: kvanbrunt2

I have been pressured to buy annuities, but not made the move. Can’t put my finger on it, but do not feel good about them. So many variations. I do not think anymore money is needed on my end, so why risk what I have.

Will prolly never get SS to the extent I contributed over the years as an employee and now self employed.


131 posted on 10/13/2015 5:37:52 PM PDT by SgtHooper (Anyone who remembers the 60's, wasn't there!)
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To: PAR35
If she’s CSRS, you all ought to be in great shape. If she’s FERS, not so great, but should be workable.

Yes, she is CSRS. I'll have 15+ for FERS, plus SS. We've lived in the same house for nearly 20 years, so there's some decent equity built up.

She knows she's stuck with me, because half of her pension is worth much more than half of my pension...lol.

132 posted on 10/13/2015 5:38:57 PM PDT by Night Hides Not (Remember the Alamo! Remember Goliad! Remember Mississippi! My vote is going to Cruz.)
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To: 100American

Good. They brought it upon themselves; let them deal with it.


133 posted on 10/13/2015 5:42:30 PM PDT by ex91B10 (We've tried the Soap Box,the Ballot Box and the Jury Box; ONE BOX LEFT!)
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To: CottonBall
I crunched the numbers. The cash flow from starting SS at 62 vs 66 or 70 provides more revenue until I hit 86. I'm playing the odds, as both grandfathers and my dad passed away before 60 (I'm 61).

It helps that my current job sucks, I'm ready to go Galt, and head for Route 66, Southern Utah, and wine country.

134 posted on 10/13/2015 5:43:01 PM PDT by Night Hides Not (Remember the Alamo! Remember Goliad! Remember Mississippi! My vote is going to Cruz.)
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To: ex91B10

Put them back to work and when prosperity really rolls they can go from there...

Agree...


135 posted on 10/13/2015 5:44:38 PM PDT by 100American (Knowledge is knowing how, Wisdom is knowing when)
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To: ex91B10

Put them back to work and when prosperity really rolls they can go from there...

Agree...


136 posted on 10/13/2015 5:44:46 PM PDT by 100American (Knowledge is knowing how, Wisdom is knowing when)
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To: Night Hides Not
I'll have 15+ for FERS

20's better, but MRA and 10 is a lot better than nothing.

137 posted on 10/13/2015 5:45:32 PM PDT by PAR35
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To: Night Hides Not
Yes, don't let your kids or in-laws treat your retirement income or savings like their piggyback. Once you put a fence around those two items, then you can decide how much you are able to help them.
138 posted on 10/13/2015 5:45:34 PM PDT by riverdawg
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To: ExNewsExSpook

“: limit social security benefits to what you’ve paid in, your employer contributions and whatever’s been earned with that whopping 1% rate of return. That’s it. “

SS is highly socialized, with higher earners subsidizing lower earners.

Looking at the 3 tiers of the SS calculations that use a retiree’s AIME, or average indexed monthly earnings. In the first tier, 90% of your AIME count toward your PIA (primary insurance amount). Those in this tier alone get back more than they paid in, by far.

The 2nd tier drops rather quickly, giving a retiree credit for only 32% of what they earned. Some in this category might get back what they paid in, some won’t. Depends where they are in the earnings range and how long they collect SS.
Those earning in the last tier will never come close to getting their money back, not even just the amount they paid in if not self-employed, much less the total paid in for them by an employer and themselves.

I’m all for your plan since it is like a flat tax vs progressive tax.


139 posted on 10/13/2015 5:47:04 PM PDT by CottonBall
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To: Night Hides Not
The cash flow from starting SS at 62 vs 66 or 70 provides more revenue until I hit 86.

That's about what my math showed for early vs late.

140 posted on 10/13/2015 5:47:11 PM PDT by PAR35
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