Posted on 09/26/2024 5:30:56 PM PDT by ChicagoConservative27
If you're aiming to retire at the standard age of 65, buckle up because you're going to want to hear this one.
According to a simulated model that factors in things like changes in health, nursing home costs, and demographics, about 45% of Americans who leave the workforce at 65 are likely to run out of money during retirement.
The model, run by Morningstar's Center for Retirement and Policy Studies, showed that the risk is higher for single women, who had a 55% chance of running out of money versus 40% for single men and 41% for couples.
The group most susceptible to ending up in this situation are those who didn't save toward a retirement plan, according to Spencer Look, the center's associate director. Still, retirement advisors say even those who think they're prepared aren't.
(Excerpt) Read more at businessinsider.com ...
I ran out of money long before retirement, when you live fast you accomplish things earlier than others.
People don’t retire anymore not for finances but simply to get out of the house they may have had to drain their finances sure but a large part want something to do in their golden years.
One word.: Lavishness.
A subscription pop up blocked me from the article.
Can’t read it. You wanna list them please
Much younger wife, 401k wiped out by extended unemployment, dependent children. No retirement for me.
Ask them: How do you feel about paying the pensions of functonaries in a country 4000 miles away
Or the salaries of those tasked to harassing you for your religious or political beliefs
Or subsidizing foreigners who contribute NOTHING
Or for people whose life is dedicated to lobbying politicians to steal money out of your pocket
Or to a horde of online 'influencers' to promote all of the above.
The mistakes.
taxes and the lack of planning around them
moving money around in an inefficient way
sequence risk
lack of appropriate risk-taking they make during their income-earning years.
I will need to work until lunchtime on the day of my funeral and probably have to help dig the hole too.
Tell the wife and dependents you are all joining a back to nature movement, a modern lifestyle choice of wheat grinders and fresh bread and a cheaper home with a large lot for home gardening, it is uplifting and idealist, and not because you had some bad breaks before retirement.
The article literally states, those most at risk are those who did not save for retirement. How is that even news?
Talk about stating the obvious.
When asked by a wealthy man how he could get to heaven, Jesus said “sell everything you have and follow me”.
The article mostly covers the investment side, but on the expense side, it seems to me the biggest money suckers are:
-Government
-Day care
-Elder care
Maybe multi-generational life needs to return to the US to force a market correction.
Live well below your means. Own everything that you can. Don’t let the doctor give you more pills, exercise and diet is all you need. Don’t buy stuff and then put old stuff in paid storage. Stop working at 55 and say to hell with them. You will figure it out.
I think more than ever the health care industry is about taking the maximum amount of money from the people. That is fine for the rich but if you show up at the ER with a legit problem you can expect to be put into debt and lose everything that you have.
I am older than most of you. Married.. Years.. 4 sons, 1 daughter. It took about all the money we made to keep 5 kids red, clothed, educated, and safe.
If all of us had the SS money gov took, invested our way, we could perhaps retire with enough.
Owning a house is a good investment. The past few years the selling price has almost doubled from 30 years ago. IF the dems will leave things alone.
The stock market is not my bag.. I don’t even like to see a golfer lose $50,000 over an inch.
We lived below our means…saved, conservative investments, we are a year or two away from retirement. We would be just fine and could continue our current lifestyle. But a few months ago i came to the conclusion that they’re going to take everything from us. You cannot trust a bankrupt and criminally corrupt government. We are going to spend it all before they can screw us over.
No debt.
You can if you prepare. Pay off your house, set aside a fund for major repairs and don’t touch it for anything else. Live well within your means and you can do it. It’s not fun, but you survive.
Well, just view it as you being an overachiever. :)
That’s what mama always said.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.