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Posted on 11/16/2011 7:45:49 PM PST by newzjunkey
When it comes to retirement, many middle class Americans said 80 is the new 65 and plan to delay retirement because of worries over money, according to a new survey.
Wells Fargo bank asked 1,500 Americans who earned between $25,000 and $99,999 and ranged in age from 20 into their 70s questions about retirement, savings and Social Security for its seventh annual retirement survey... On average, Americans have saved only seven percent of their desired retirement nest egg, with a median of $25,000 saved versus a median retirement goal of $350,000...
"We did find a bright spot among middle class Americans - more than three quarters do not want to retire with mortgage debt..."
(Excerpt) Read more at ca.news.yahoo.com ...
For this to function, you need to have enough kids raised to be successful to the point that between them they can take of you. You will also need to pour enough love and attention into them that they will do so.
Not only is this a principal found in scripture, it is how things have been done in most of the world throughout most of history, modern western nations not withstanding.
Absentee parents with latchkey kids or people who choose not to procreate earn the lonely end they generally get.
Anyone who imagines they can retire with $250K in the bank is delusional.
Its probably slightly better than that because you can draw down your principal if you assume a reasonable time horizon for living (let’s say 20 years max after you retire). But you also have to adjust for inflation.
So.....my estimate is that $1.5M is really the current minimum if you want to maintain a middle class lifestyle.
They want people to work till they drop dead...
Easily it must be savings in excess of 1 million.
When I hear of people who have not begun to save, I am in amazed!
You have that right. You need $1,000,000 in investments to generate $50,000 a year, assuming a measly 5% return. And with returns averaging 1% and inflation thrown in you are going to need a lot more than $1,000,000 to have a sustainable income through retirement.
Yeah, you wouldn’t want me to be your nurse at age 80. You wouldn’t even want me to be your nurse at age 64 which is why I retired. Dealing with potentially dangerous drugs in a chaotic environment with constant interruptions, heavy lifting, working 12hr shifts on your feet the entire time is not for anyone who is not mentally very sharp and in good physical condition.
I would be thrilled if my investments were returning 1%. All they are doing is dropping like a stone in value and my investments are fairly conservative.
I know what you mean, .25% on my last 1 year CDs. I have lately been investing for Dividends, large blue chip companies that have a record of increasing, and not missing dividend payments. 6% return last year.
I know what you mean, .25% on last year' CDs. I have lately been investing for Dividends, large blue chip companies that have a record of increasing, and not missing dividend payments. 6% return last year.
we have nurses now working past 65.....its the economy of course but one nurse confided in me that she can’t see being home with her retired husband all the time...LOL!
Yep, you got it.
Vietnam is quite friendly to the US nowadays... and it’s a place that’s very cheap to live on a fixed income, like retirement.
I retired at 55, now 57. Working until age 80 is fine if one never had to do a physical thing in his life.
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