Baby Boomers are going to struggle to retire

http://myirionline.org/ ^ | 2015 | Insured Retirement Institute

[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.

[Nervous Tick]

>> Sounds a lot like fascism.

Oh Hail Yes, it’s OVER THE TOP fascism! But isn’t that what Supreme Leaders are? Fascist?

>> Unless you forgot the sarcasm tag.

We post... you decide. ;-)

[dfwgator]

So what do we do with those who didn’t save?

[SVTCobra03]

There are a lot of Baby Boomer names on The Wall. Many of them my brother Marines.

[Vigilanteman]

You are so right. I get these panic reports from my 401(K) at work every quarter showing how many hundreds of thousands of dollars I am short to meet my current income in retirement.

Currently, I get to take home a grand total of about 52 cents of every dollar earned after all the levels of government (plus my current 401K contributions) take their bite. Plus I am paying taxes on all the social security I am having confiscated.

Plus, I earn a pretty average household income. How much does the average retiree have deducted from their checks? I'm guessing that it isn't anywhere close to 48%.

[TexasTransplant]

You can hobble?

I am mastering the Wobble, I am building a wagon that my dog can tow that carries an Ice Chest that will enhance our mutual exercise experience.

[mware]

I retired at 62.

Had two TSA for years. One with 130,000k and another with 30,000 saved by the time I retired. That with my pension of 3,500 a month and SS at 1,500 month.

I still own 20K on home equity loan, but should have that paid off in less than 2 years.

[Nervous Tick]

>> It’s not having what you want, it’s wanting what you have.

Or as Paul put it, “...godliness with contentment is great gain...” (1 Tim 6:6)

[timestax]

ping

[Night Hides Not]

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.

My wife and I are going to need to consult an expert: she's been a federal employee her adult life, and I've done public and private sector work.

She went to a retirement seminar last month, and she was bursting forth with "great ideas." LOL, the first one was an ender: "if you can hold off on SS until you're 70...", to which I said, "that ain't happenin.'"

I've crunched all the numbers, and we're good to go in 18 months, when I turn 63...IF we can pay off all of the consumer debt, leaving just the mortgage and utilities.

It may not be a Cadillac retirement, but I won't need much. I'll stay busy doing different things, I know how to stay busy and productive. For example, I'm a catechist at our church, and there are plenty of volunteer activities.

One problem I'll have to head off at the pass are kids and in-laws coming to us for help. Our "emergency fund" is my 401k, and that stays in my name.

[TexasTransplant]

Ice Chest and a folding chair

[ThisLittleLightofMine]

Medical care is what you need the money for. Long term care is very expensive, and most people are not prepared for the expense, even if you have insurance, it costs a fortune to meet care needs, stroke, heart failure etc.

[Iron Munro]

we live in a world now where poor people own cell phones

And computers and HD TV's.

And her kids walk around in $300 sneakers.

While mama complains that the blankety-blank government doesn't put enough money on her EBT card.

[Night Hides Not]

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.

Good catch. That's where stockbrokers make their money these days. Can't make it on stock trading or mutual funds, unless you've got a large clientele.

[Bloody Sam Roberts]

Laugh at them when they either have to survive on what SS gives them...or laugh at them when they realize that SS is bankrupt and they get nothing.

[Boogieman]

Baby boomers will have a downright luxurious retirement compared to everyone coming after them.

[knarf]

Thanx

I confess to being a little nervous ten or so years ago because I was in FR reading all KINDS of woe is me's and I experienced a little trepidation ...

but after a couple of beers and sex with my wife ... it all went away.

[notdownwidems]

The boomers were supposed to be the spoiled ones or so were told. yet the reality is the previous generation left them holding an empty bag. All used up...They're screwed!

Funny, that's exactly what the 'millenials' say about the boomers, that we left them holding an empty bag. I think the truth is the government screwed all of us!

[who_would_fardels_bear]

This should be great for those who HAVE saved.

Being older we will be exempt from most taxes. And if there are a lot of people with very little money, then that will keep inflation in check.

So the sorry souls who are young enough to work will be spending more time at work providing a meager dole to those boomers without foresight.

The rest of us will be living large.

[dragnet2]

I think the truth is the government screwed all of us!

BINGO!

That's the closest thing to the truth on this entire thread.

You win!

[Boogieman]

Hey everyone, check it out! Here’s a guy who still thinks you will be able to count on “Social Security”!