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 ...
The converse is to live like their is no tomorrow and drive that new car and take that vacation. Who's to say who is right?
Don’t worry.
There’s Social Security.
“The IRI found four in 10 baby boomers have nothing saved for retirement, ...”
In many boomer households nearing retirement, both spouses worked so they will have $40K-50K in Social Security income. That’s the annuity equivalent of about a $700K lump sum.
Sounds to me like future proposals from Democrat politicians to expand Social Security and other benefit programs for Seniors are going to get them A LOT of votes.
Just sayin’.
The Baby Boomers are getting what they asked for, but then they believed the public educators when they were told what to ask for.
>> So I guess your comments are not viewed that favorably - by me at least,
Sorry. I was poking fun not at any particular boomer (of which I am one), but at the presumptuous nature of the author’s statement.
>> Still work every day and probably will until I can no longer hobble around.
Me too. Then again, I enjoy work. GOD made us to work. For most of history — until maybe eighty years ago — the idea of “retirement” didn’t exist.
I will note that my grandparents’ generation (who came of age at the turn of the century) fully expected to work their entire lives — usually, to “put food on the table” — and never once whined about it, that I know of. And they saved as best they could, because there was no other alternative.
Absolutely, although I didn’t start to save until I was in my early forties. The dot.com bubble put my 401k on steroids (Thank you Janus Twenty).
Born 1956, 13 when the Summer of Love went off. My parents were ultra conservative and so we “disliked strongly” hippies
Some embraced Commie stuff as the ones today embrace Che. We had our poets as well, the transformation in the first 21 years of my life was breathtaking...
Putting all of them together and label them as all the same, I will not agree to that, I know better
God Bless
I refuse to carry one - its not a necessity for me
My mid 20 kids look at me like I'm a caveman that scratches his back hump on the fence post
Its about a budget and no one wants to live by one -
my daughter did not want an apartment because it was gross...I pointed out it was ok for me and my wife...our dining room furniture was my FIL's old lawn furniture...we had a folding table and folding chairs and a 12" B&W tv
she has an apartment now
they all want the nice stuff with no dues paying sacrifice.
But even now - my tv is 720 dpi 24" - tiny by todays standards - no cable - only Netflix and hulu.....I don't NEED anything more
Boomers have the tools and facilities to retire comfortably, but they also have debt and too large of an estate.
I didn't put it together in a practical way until I retired ... I just did what I could with what I had and developed a life accordingly
20 years ago I picked up 2.25 acres of God's SW Pa.
Less than 20K ... paid it off
Moved an older mobile home on it , kept it together with duct tape, super glue and WD40
Retired at 62 6 yeasrs ago, but still drove truck part time until my eyes and body said, "Nope ... ain't goin' t'work t'day ... nor never again' (about three years ago
Had a fire, burnt the first MH down, picked up a newer, larger and better shape one for $4,500 ... paid off
We hasve no mortgage, no fancy home, but my wife is super domestic and clever and OCD clean ... I live in a mansion
I just dug potatoes from the garden ... carrots and potato leaves (Filipine cooking) .. cherry tomatoes all from the garden, threw it in a pot with a pork rib and onion ... now done
We live frugally because we have no debt and we eat simply because she's (we're, by extension) Asian and all I have is phone, internet, auto and electricity (taxes of course but they're small)
Boomers were led to believe they would be those beautiful white haired retired people on TV that had a good life
The older I get, the more I see how evil has manipulated The USA into becoming a third world rat hole
Trump is right
Laguardia should be made into condos
Yes to what you said. And also if some or all of the “savings” is not taxable, a person might need less.
Most of the boomers are screwed and have been for 15 or 20 years.
They're jobs and careers got shipped over seas, the previous generation stood by and watched the borders turn into a lawssless free for all while the boomers were barely out of high school....Both Mr. and Mrs. Boomer had to go to work just to survive or have anything...The dollar became worthless, secure jobs disappeared, they're benefits and medical insurance were looted and slashed, while spending 5x more for food, fuel you name it....They've even told the boomers they've looted their social security they've were confiscating all their lives...
Should I go on?
My folks lived in paradise in 1940s, 50s and 60s America compared to what the boomers were left with today.
It’s not having what you want, it’s wanting what you have.
Nonsense. Retirement is a modern affectation.
After trucking for nearly 20 years with a first class company; a career which I had found after a successful but unrewarding career in TV Meteorology, and taking an early retirement, I got fat and bored; went back to work in retail, lost the trucker paunch, and now I’m watching customers steal and eat us blind. So, work, work, work. It keeps the body tuned, it keeps the mind tuned and it’s great for the bottom line. The looters will loot but the righteous will prosper.
My shoulders scream from the arthritis probably caused by holding the steering wheel of the Freightliner and the repeated crankings-up of the dollies of the hundreds, no, thousands of trailers I’ve hooked to and dropped over those 20 years. But that hasn’t stopped me from baking bread, turnovers, and glazing donuts at my Walmart.
So, I suggest to those of you who can’t wait to retire; give it a second, no, third thought before doing so (unless of course you are being forced-out). Stay active and stay healthy for doing so.
I love your description of lifestyle, I have had some similar events in mine for the last 2 years and it resets things a lot
Awesome post, I respect and admire you
No sweat then, that's a government promise!
I agree 100%...with your tagline. But not your savings program. Sounds a lot like fascism. And that don't fly around here.
Unless you forgot the sarcasm tag.
No. They’re the short-haired, rifle-toting men in green uniforms of the 1960s who fought the hot war in Viet Nam, and the Cold War elsewhere.
No sweat then, that's a government promise!”
That promise will be good for (most of the) Boomers, but the GenX’ers and those who follow them may not want to count on it.
Perfect, I have no intention of retiring, ever...
Like waiting to die or veg out...
Nope!
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