Life Retirement

**bogey** · 03-05-2018, 06:36 PM

Do you old folks have a retirement plan in place? How much money will you have saved for your retirement? I'm 60 and it's weighing on my mind. I'm wondering if I'm going to have enough retirement $ saved up.

**BigRedChief** · 03-05-2018, 06:47 PM

Quote:

Originally Posted by bogey

Do you old folks have a retirement plan in place? How much money will you have saved for your retirement? I'm 60 and it's weighing on my mind. I'm wondering if I'm going to have enough retirement $ saved up.

how many people have enough for retirement? I’d bet it’s a small %.

Unless your a multi millionaire it’s not going to be enough to cover 20 years. Who knows what’s going to happen with medical insurance, the economy etc. you can only control so little of your expenses that could rise on you.

**BigRedChief** · 03-05-2018, 06:57 PM

Quote:

Originally Posted by BigRedChief

how many people have enough for retirement? I’d bet it’s a small %.

and here ya go

Around half of American households have no retirement accounts at all. No 401(k)s, no IRAs, nothing. You might think that’s because they’re all expecting pension income in retirement. In fact, according to the Government Accountability Office (GAO), around 29% of households age 55 and older have neither retirement savings nor a pension. It doesn’t paint a pretty picture.

Randallflagg · 03-05-2018, 07:48 PM

Quote:

Originally Posted by BigRedChief

how many people have enough for retirement? I’d bet it’s a small %.

Unless your a multi millionaire it’s not going to be enough to cover 20 years. Who knows what’s going to happen with medical insurance, the economy etc. you can only control so little of your expenses that could rise on you.

Both my Wife and I are retired. I retired from the Army and then from a civilian company. 2 pensions and Social Security. Hey- I paid into it my entire life.

My Wife had to retire from Nursing after 33 years when she fractured her back. Been on Social Security Disability since then. She would LOVE to back to work but we are in our 70s. That's pretty much out of the question.

Our home is paid for, our vehicles are paid for and other than the usual (utilities, taxes, etc) we are debt free. We do not have the lifestyle that we once had - she "averaged" $110,000 per year and I - around $95,000.

When we retired, we had a decent "nest egg" and only touch that now in the event of emergency. We both have Medicare - I lost private insurance when I turned 65. I will NOT go to the VA for ANY reason whatsoever.

That's about it. I WILL, however, say this: If you are just starting out in your working life - SAVE!!! When you can. Always put a little back - even if it's only $10 a week - it WILL add up!

JimBaker48.8 · 03-05-2018, 07:59 PM

Quote:

Originally Posted by BiStateNo

If you are just starting out in your working life - SAVE!!! When you can. Always put a little back - even if it's only $10 a week - it WILL add up!

Yep that's the key.
It's called the "time value" of money, or put another way the power of compounding over time.
Gotta have the discipline to put it away on a regular basis and don't touch it.

cooper barrett · 03-05-2018, 06:49 PM

You can only have too little, never to much.

Get your investments making money, not going up in value. Both if you can.

**lewdog** · 03-05-2018, 06:52 PM

They say a couple retiring now, with 20-25 year extended life expectancy from retirement should have around 1M saved. That’s for a fairly comfortable draw down rate of 4% per year. That lets you live comfortably but not luxurious in retirement. A major health issue or someone needing long term care can see that vanish quickly without the right planning.

Those looking to retire 20-30 years from now will likely need 1.5m+.

And no, most Americans don’t have these savings.

**Rain Man** · 03-05-2018, 07:18 PM

Quote:

Originally Posted by lewdog

They say a couple retiring now, with 20-25 year extended life expectancy from retirement should have around 1M saved. That’s for a fairly comfortable draw down rate of 4% per year. That lets you live comfortably but not luxurious in retirement. A major health issue or someone needing long term care can see that vanish quickly without the right planning.

Those looking to retire 20-30 years from now will likely need 1.5m+.

And no, most Americans don’t have these savings.

A 4% drawdown on $1 million is $40,000 a year. And with inflation, it'll have the buying power of $20,000 in 20 years. I think people need a heck of a lot more than $1 million these days.

I'm quite envious of my friends who are in government or military jobs. They're retiring early with no uncertainty while the rest of us have to save like crazy and also plan for the worst case scenario. I should've joined the military when I got out of college.

The biggest change in society over the past 30 years has been the elimination of pension programs. We're all going to learn a hard lesson about that during the next 30 years.

**lewdog** · 03-05-2018, 07:38 PM

Quote:

Originally Posted by Rain Man

A 4% drawdown on $1 million is $40,000 a year. And with inflation, it'll have the buying power of $20,000 in 20 years. I think people need a heck of a lot more than $1 million these days.

I'm quite envious of my friends who are in government or military jobs. They're retiring early with no uncertainty while the rest of us have to save like crazy and also plan for the worst case scenario. I should've joined the military when I got out of college.

The biggest change in society over the past 30 years has been the elimination of pension programs. We're all going to learn a hard lesson about that during the next 30 years.

3-4% draw down rate, 3% early on if you can take it.

It can work provided you have no other debt and don’t take on anymore. You still would need 40-50% invested in stocks as well. And as I said, it would pay bills and you’d be ok, but don’t think it will have you living luxurious.

**bogey** · 03-05-2018, 06:53 PM

I've been working since I was 15 and I still don't know when I will able to stop working. Sucks!

**BigRedChief** · 03-05-2018, 07:03 PM

Quote:

Originally Posted by bogey

I've been working since I was 15 and I still don't know when I will able to stop working. Sucks!

hows a cop, nurse, insurance agent, car salesmen etc supposed to save $1.5 million?

Your making $50k for 45 years that’s $2.2 million. Your supposed to take care of kids, pay a mortgage etc on $700K over 45 years? 15.5K a year? Good luck with that.

**LoneWolf** · 03-05-2018, 07:09 PM

Quote:

Originally Posted by BigRedChief

hows a cop, nurse, insurance agent, car salesmen etc supposed to save $1.5 million?

Your making $50k for 45 years that’s $2.2 million. Your supposed to take care of kids, pay a mortgage etc on $700K over 45 years? 15.5K a year? Good luck with that.

That’s a pretty simplistic, linear way of looking at saving money. Compound interest is a wonderful thing.

Hammock Parties · 03-05-2018, 07:15 PM

Quote:

Originally Posted by BigRedChief

hows a cop, nurse, insurance agent, car salesmen etc supposed to save $1.5 million?

Your making $50k for 45 years that’s $2.2 million. Your supposed to take care of kids, pay a mortgage etc on $700K over 45 years? 15.5K a year? Good luck with that.

simple, don't have kids

shitting, pissing, moneysucking little devils

**wazu** · 03-05-2018, 07:31 PM

Quote:

Originally Posted by Hammock Parties

simple, don't have kids

shitting, pissing, moneysucking little devils

And it’s a well known fact that the number one regret old people have is that they had children.

Hammock Parties · 03-05-2018, 08:41 PM

Quote:

Originally Posted by wazu

And it’s a well known fact that the number one regret old people have is that they had children.

Look, not saying there is anything WRONG with having kids.

But they cost a lot.

They're not everyone's cup of tea. Nor SHOULD everyone have kids.

03-05-2018, 06:36 PM	Topic Starter
bogey Supporter Join Date: Oct 2007 Location: California Casino cash: $10005290	Retirement Do you old folks have a retirement plan in place? How much money will you have saved for your retirement? I'm 60 and it's weighing on my mind. I'm wondering if I'm going to have enough retirement $ saved up.
Posts: 2,264

03-05-2018, 06:49 PM	#6
cooper barrett MVP Join Date: Aug 2017 Casino cash: $10000400	You can only have too little, never to much. Get your investments making money, not going up in value. Both if you can. __________________
Posts: 13,669

03-05-2018, 06:52 PM	#7
lewdog Mod Team Join Date: Sep 2011 Location: Valley of the hot as **** Casino cash: $1701900	They say a couple retiring now, with 20-25 year extended life expectancy from retirement should have around 1M saved. That’s for a fairly comfortable draw down rate of 4% per year. That lets you live comfortably but not luxurious in retirement. A major health issue or someone needing long term care can see that vanish quickly without the right planning. Those looking to retire 20-30 years from now will likely need 1.5m+. And no, most Americans don’t have these savings.
Posts: 45,638

03-05-2018, 06:53 PM	#10
bogey Supporter Join Date: Oct 2007 Location: California Casino cash: $10005290	I've been working since I was 15 and I still don't know when I will able to stop working. Sucks!
Posts: 2,264