Friday, January 17, 2014
Here's a very interesting report
http://www.nirsonline.org/storage/nirs/documents/Retirement%20Savings%20Crisis/retirementsavingscrisis_final.pdf
The Retirement Savings Crisis: Is It Worse Than We Think? (June 2013) uses the Federal Reserve’s Survey of Consumer Finances to analyze retirement plan participation, savings, and overall assets of all U.S. households. The research finds retirement savings are dangerously low.
Of note - "Most people do not have a clear idea of how much they need to save to have enough income—including Social Security—to maintain their standard of living in retirement. For instance, a $200,000 retirement account balance may seem high, but is less than half of the minimum amount that a couple with $60,000 in combined annual income will need, according to conservative estimates. The financial services provider Fidelity Investments recommends a minimum of 8 times income in retirement savings for retirement at age 67... Aon Hewitt, a large human resources consulting firm, estimates that 11 times salary is needed in retirement assets in order to retire at age 65. Both models include a target replacement rate of 85 percent of pre-retirement income. Significantly, given the current median Social Security claiming age of approximately 62, high long-term unemployment among older adults, and large disparities in life expectancy and health status by income, delaying retirement until age 67 may not be realistic for a significant share of workers"
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14 comments:
I hope everyone passes this information to their children or they're going to be screwed when they reach 65 and will find themselves working until the day they are put into a pine box. I find the direction this country has taken to be very sad but I guess this is one way to get the US to join the other third world countries of cheap labor and government dependency.
You may all want to watch this https://www.youtube.com/embed/LPjzfGChGlE
It’s a lost cause and he’s absolutely correct. The people of those other countries that want change need to stay in their own country and seek the change they desire, even if it means they'll die trying. Running from their homelands problem will not resolve anything and coming here only burdens our society where we have millions of our own, many of them who are parasites, virtually worthless and will remain so due to our social programs, but are still in need of an opportunity, jobs and personal attention.
...coming here only burdens our society...
The houses built, landscaping maintained, and households cleaned have certainly been a burden.
Poster:
Your ancestors were from the old world. If they did not run away, you would not have the opportunities you have today. Your bigotry is outdated and you need to open your eyes. Praise the imimgrants courage instead!!
Many if not most legal immigrants to the United States have some form of advanced skills. While this adds to the skill-base of the United States, it subtracts from the skill-base of the originating countries. I believe the poster's point was that potential immigrants from developing nations would show more courage by remaining in their own countries, since it is these countries that need their skills the most.
It is ironic that some (but not all) of the most "progressive" countries of Europe have some of the most restrictive immigration laws. Doesn't Mexico also have very restrictive immigration laws? So called bigotry seems to be a one-way street that only points to the United States. But if people can feel good about themselves by calling other people names, I guess that is all that matters.
Long-time readers of this blog know that while he may do a fair job running it, Scooby really is quite a nasty person.
Social Security would be easy to fix if we want it fixed.
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The point about " target replacement rate of 85 percent of pre-retirement income" seems high.
The rule of thumb that I've always heard is 70%.
The rule of thumb that I've always heard is 70%.
January 28, 2014 at 2:33 PM
Well, after several days, Scooby deleted my post, so here it is again: I have always shot for 100% or greater (pension plus investments). Where does this 70 - 85% shit come from? Why give up spending on good things and travel abroad now that you have the time? Some people must assume that retirees should sit in front of the TV and go quietly. Not me. Spend more than ever!! Try not to act like doddering old fools before you have to! PS (not in the original post): After age 18, you don't owe a DAMN THING to your kids!
Please remove head from but. Put 11 times your salary away for what? Hoping you live long enough so a retirement home can take it. Hoping you live long enough so the medical bills will eat it up. Hoping you live long enough so you can't remember where you put it. Hoping to live long enough knowing the government wants it. Hoping to live long enough to support a drool cup. At 85 chances are you be in a state funded retirement home because all the money will be gone and that is all your SS will pay for. Hoping to live long enough so you won't remember Bruno changing your bed pan after you sat in it for three days.
Keep listening to your advisers they need your money too.
POS
Try not to act like doddering old fools before you have to! PS (not in the original post): After age 18, you don't owe a DAMN THING to your kids!
That does go both ways your kids don't owe you a damn thing. When the life changing event comes, I pray it don't but when it does come the choice for your kids will be easy. Pull it. Your self absorbed life will be gone and no one will care. Typical
POS
That does go both ways your kids don't owe you a damn thing. When the life changing event comes, I pray it don't but when it does come the choice for your kids will be easy. Pull it. Your self absorbed life will be gone and no one will care. Typical
POS
January 30, 2014 at 8:58 PM
See, I don't have any kids - never saw a reason to overpopulate the planet. So that makes it easy for me - just spend every dime I have before I die having fun! Hope your life is as fulfilling and exciting, but somehow I doubt it.
Again self absorbed to compensate for your loneliness and depression. Since the planet as you say is over populated please remove yourself from the planet you helped screw up.
POS
Everyone on this blog comments on how lonely and depressed POS is. The fact that he transfers those feelings to others in nearly every post is telling. The fact that he wishes death on others testifies to his lack of anger management skills.
Everyone on this blog comments on how lonely and depressed POS is. The fact that he transfers those feelings to others in nearly every post is telling. The fact that he wishes death on others testifies to his lack of anger management skills.
I clearly state that if the person truly believes in their marxist ideology of over population then to eliminate oneself for the greater good would be noble. Nothing more. And as the second hand moves faster as you get older death is always around the corner no matter who you may be.
POS
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