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 ...
Soylent Green
He didn’t? Really? Interest rates are being held lower than ever in the last 40 years to support his flam flam recovery.
Ten years ago we had good but higher mortage rates, could get 6% annuities and similar return on money market. It had been that way for a long time. Now you are luck to get anything on money market investments. All that is left is the roulette wheel of the equity (stock) market. Good luck with making a steady living on that.
There are differences that come with age. For example, I used to consider it immoral to tab my young successors for 50% of their income so that I don't have to take my yacht docking fees out of petty cash. With age comes wisdom - poverty is good for the soul, and so I'm really doing them a favor by impoverishing them now so that they'll appreciate the ability to put the screws to oncoming generations later themselves.
I would hope this enlightened approach would inform the social policies of the Tick Administration. It's for their own good. Really it is... ;-)
Those are the a$$holes that call themselves "Democrats." Boomers like me got Reagan elected, and ended the Cold War.
It took me a couple of months, but I turned my German neighbors around on Reagan. They were convinced he was going to start WWIII. Fortunately, my German was really good, as I'd been in country nearly 4 years. 2-3 nights a week, we'd engage in discussion at the local gasthaus.
I kept driving home the point that the world was a safer place when America is strong, and that Reagan was the man to do it.
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.
It could be that your supreme leadership will go down in flames at the hands of the boomers who can’t retire. You don’t account for the boomers who had to burn through their savings and retirement accounts and had to sell of their assets when they were laid off in their 50s and nobody would hire them because of their age. Then, there is the economy that has wiped out retirement accounts or put them at subsistence level.
Many of us who have saved and sacrificed have found ourselves nearly wiped out by circumstances beyond our control so yeah, retiring will be iffy at best.
Then again, maybe we’ll just confiscate your savings because from the way you put this, you have plenty of sheltered money.
Doesn’t seem right at all does it?
Shouldn’t there be a better way?
There are needs and wants even into the “Golden Years”.
I don’t want anything and don’t need much.
What good are savings ? The stock market is nothing but an enormously inflated bubble. Fixed income investments generate almost no return. Dollars will become nothing but pieces of paper covered with ink in the near future - in truth they already are, but few people know it and even fewer are willing to admit it. Prime real estate - isolated farmland with a water supply is insanely expensive. When the collapse comes does anyone think that they can take their 1 ounce gold coin anywhere and buy something ? Don’t forget about inflation ? That one million dollar requirement will very soon become two million, three million.
Its because so many people make such incredibly terrible financial decisions. Almost everyone I know repeatedly makes horrendous decisions. Old timers are far from immune.
Life is just making choices, sometimes we do not know the consequences until years later.
That number varies wildly from state to state or region to region....
This “problem” is only true for Boomers who were not employed by government as they will enjoy a defined benefit pension plan that will provide ten times the benefits they are funded for.
What is retirement but just a shifting of focus away from the workaday world and into other activities. To have enough funds to live simply with extra cash to spare. A little place in the quiet country, raise a few veggies to eat and a few projects to keep the activity level up. Of course health and vitality and praising the Lord for His blessings. But at 59— not there yet but its getting closer.
Or most important, being there for grandkids.
That depends on so many factors. Where you live. What your lifestyle is. Debt. Monthly S.S. income.
I wont have any-— but I admire greatly my brother who is an excellent grandpa to his kids.
I am always surprised to hear of people in their 60’s with mortgages....but, then, sometimes I think....MAYBE they are the SMART ones....16 year old pick up here...with almost 300K on it...house not that old, but paid for...with a LOT of hard work over the past 40 years!
Guaranteed that this will happen once Democrats give illegals amnesty and then use the “its only fair” argument to allow them to draw from both funds.
I saw way too many people wait for the stock market to bottom out and then sold everything to shove it into a CD getting .5%. Then they complain about the market.
If they had stayed in, they would have recouped their losses and gained more because they were buying when the market was cheaper.
I guess the government shouldn’t have tried to talk everyone into quitting smoking.
Smokers are actually cheaper in the long run, as a group.
End tobacco excise taxes and second hand smoke propaganda now!
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