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 ...
And money saved in your 20s is going to result in a lot more money in retirement than money saved in your 30s.
compounding interest only works when there is interest otherwise no and if there is inflation over the interest then double no.
:It says you need $1,000,000 in savings at age 65, and $720,000 at age 70.”
Baloney.
I’m 83 and retired 20 years ago. I had nothing close to those figures and I’m doing just fine.
..
.
“The cash flow from starting SS at 62 vs 66 or 70 provides more revenue until I hit 86.”
Glad you did the math. I think the SS administration tries to bamboozle people who just look at the monthly number, because SS knows there’s a good chance the recipient will not live to take all their SS if started at 70, or 66 or 67.
yup, another reason to quit working and quit paying into it. Going Galt is bliss.
Way to go! Going Galt is bliss. I’m glad my husband hated his job too. I can live on little and be delighted in the simplicity. I can’t be charged to enjoy nature and the AT!
Hope it works out for you as well
ps. when SS is cut, it will be the higher earners. yet another reason to quit paying into the fascist beast.
I'm retiring June 30th of 2017, and I'll be 55. Won't say how much I have saved for retirement, will say that once my youngest finishes high school in 2017, I'm quitting my job and I refuse to pay a single dime more in income taxes to the Federal behemoth, or any form of taxes to the idiots that run the state I currently live in - Illinois.
I'll be outta Illinois and am moving to a state with no income tax and no/low property taxes. The entire US Government and the state of Illinois can KISS MY ASS!
You’re living the Dream!
The Lord feeds the birds and dresses flowers,,
living the Dream!
My mother only paid into SS for a couple of years in the 1940s
She retired,with a pension,at age 70 .
She collected approx. $200.00 per month from SS and lived to age 91.
She ended up collecting approx. $50,000.00 and had put hardly anything in.
.
Sorry, I don’t get what your point is? I’ll guess tho..
She had to be getting half her husbands’ benefit since you have to have paid in for 40 quarters.
If one knows they’ll live past the average, getting SS later works. Nobody can plan it though.
Why would you begrudge a 90 veteran? What about a 21 y.o. gangbanger who has been collecting 'crazy' welfare (SSI) for years.
I’ve never been able to put enough in a 401K because I needed it to live on. I just plan on working till I die.
I’m the grouchy old man at work
and I enjoy sharing it.
Retirement would ruin all My Fun!
Well, I’m screwed.
I’ll get b, though. god will provide
He hasn’t helped it hough, has he?
If you do save, the government will look at that “unearned” wealth with a greedy eye. Remember when Fist Lady Hillary wanted to do a wealth tax on IRA’s and 401k’s?
She hasn’t really given up on that. And she’s not alone.
“Sorry, I don’t get what your point is? I’ll guess tho..”
I really had no point other than the fact that she started collecting at 70 and collected far more than she had put in.
I doubt that anything came from her husband(my father) since he stopped working in 1937 and died the next year.
She didn’t work at all for a while,then part time,then full time until she went with the city.
.
I know you have to pay in for 40 quarters. She could’ve gotten SSI instead, for those that don’t pay anything. That’s what all the illegals will be getting.
That is a different situation where those people are living off of the rest of us. And those that make very little but to pay in, get their money back in quite a bit from other people. It is those in the top-tier that worked the hardest but never get all their money back.
It is socialized security and punishes hard work and rewards sloth.
Therefore we are going Galt. Someone else can support this fascist regime.
Well she must have worked for 40 quarters because I handled her finances for the last 15 years of her life.She got regular social security.
How on earth would she have been eligible for SSI anyway?
.
Anyone who doesn’t get SS gets SSI when reaching the retirement age. It’s like a minimum SS for those that didn’t work much or didn’t have a spouse that gets SS. That’s why so many immigrants want to come here when they are older.
What a stupid country we are, huh?
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