quote:

Originally posted by chellim1:

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THIS picture is huge so I linked it

https://southfloridareporter.c.../03/main_overall.jpg

Nice to know I'm in the 13% crew.

71 Truck, can you please fix your signature?

https://sigforum.com/eve/forums...935/m/8570008444/p/1

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Originally posted by tha1000:

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Originally posted by 71 TRUCK:
I just read something not long ago that 40% of Americans cant cover a $400 dollar emergency.
I also read that 70% cant afford a $1000 emergency.
With statics like this it is going to be interesting when people start to hit retirement age 40 to 45 years from now.
I see what is going on with some younger people spending money they don't have on thing they cant afford. It leaves little for retirement savings.
Years ago many people worked for companies that had pension plans and required very little input from the employ to have a nice retirement.
Now most companies have 401K and require the employ to contribute to get the company benefit.
I can see a lot of people working till they die in the future because they cant afford to retire.
The other problem with people working well past retirement age it leaves less jobs for the younger people needing jobs.

This isn't a problem that is going to manifest in 40-45 years... it's those nearing retirement age today. Millennials, for all their faults, do seem to save money... at least from the stat's I have seen. They also skew to risk averse, which will create it's own problems... but likely wont be from lack of savings. It'll be lack of growth of savings.

Good point on people nearing retirement now.
I live in central Florida and see a lot of older people still working in some of the major tourist attractions. I would hope most would do it because they want to keep busy.
I have known people who were in there late 60s to early 70s who were still working because they either needed the insurance or could not live on social security and what little retirement they had.
The other thing I see living in central Florida is that the cost of housing keeps going up and young people wanting to buy their first home are looking at mortgages they can barely afford based on wages paid in the area.
I am not going to blanket accuse the younger generation of not wanting to work however when I was buying my first house and many years after words I worked two jobs. When I talk to most younger people and they tell me they cant afford their bills. I ask them how many hours do they work ( do you have a part time job)and most look at me like I have two heads. Most answer no.
With that said most younger people I have met have very little left to save for retirement and what they do have may not be invested very well.

quote:

The OP didn't copy selectively. That quote is a video advertisement in the article.

Sorry I missed that.

I always considering 4 percent a guideline and think it is sill not a bad number so start with IMO and of course every personal situation will be different. I am not planning stock market returns to average 10 percent for my remaining duration and if they do then great but not planning on it. IMO we are coming much closer to a reckoning day involving the enormous national debt, unfunded liabilities, and the same for many states. I don't think the stock markets will take kindly to that especially at current valuations.

Between SS for myself, which I am getting now, and what my wife gets when she retires plus 4 percent withdrawal we should do just fine. At this point I am not planning to take anything from my IRAs until forced to at 70 1/2 I believe. With President Trump's tax plan we should also be able to take substantial amounts from out IRAs and be at the ten percent tax bracket which is a sweet bonus. Of course the democrats want to trash that so who knows what the tax plan will look like in 10 years.

I know retirees who are burning through their investments living the high life believing they will continue to see double digit stock market gains forever. I wish them luck with that.

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Originally posted by Skins2881:
71 Truck, can you please fix your signature?

https://sigforum.com/eve/forums...935/m/8570008444/p/1

What is wrong with my signature. I cant see anything wrong with it.

Can't see picture I attached or the included link? Since you have dashes or underscores in sig line it makes your post unreadable for certain cellphones that can't wrap the continuous line.

If you simply replace all the underscores with [H R] but remove the space between H&R you will get a pretty separator line that works on mobile, desktop, tablets that all have varying sizes of screens.

It will look like these

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With a few exceptions, there is nobody on this Forum that can come even close to knowing how much they will actually need for retirement. 70,80, 90? How long will you live and what medical conditions will you have to deal with during those periods?

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Nice to know I'm in the 13% crew.

Good job!

Take a look at that graph again.
Add the first 3 categories together....
33+23+10=66
Two thirds of all Americans have under 50K saved for retirement... what are they planning on doing?

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With a few exceptions, there is nobody on this Forum that can come even close to knowing how much they will actually need for retirement. 70,80, 90? How long will you live and what medical conditions will you have to deal with during those periods?

Actuaries have a pretty good idea. Once you get into your 60s you get a better idea of what health problems you may be facing. Family history and how you take care of yourself are two factors as well. I am self employed and have myself to blame if I have not put away enough money for retirement.

quote:

Originally posted by Skins2881:
Can't see picture I attached or the included link? Since you have dashes or underscores in sig line it makes your post unreadable for certain cellphones that can't wrap the continuous line.

If you simply replace all the underscores with [H R] but remove the space between H&R you will get a pretty separator line that works on mobile, desktop, tablets that all have varying sizes of screens.

It will look like these

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I tried it let me know if it worked.

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Originally posted by preten2b:

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Originally posted by chellim1:

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THIS picture is huge so I linked it

https://southfloridareporter.c.../03/main_overall.jpg

This graph would hold more meaning if it were broken out by age group. 200K for example would be more impressive it you were 30 yo.

Yes. And And in a similar vein, the Census Bureau says that in 2010 24% of Americans were under 18. 'No Retirement Savings' is not at all shocking for that age group.

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retirement readiness is too complex to be codified by a simple rule of thumb.

That's the main thing to take away from the article in the OP.

That, and when you're working, save like your life depends on it...because it will.

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I tried it let me know if it worked

It did for the first line, you have a second one between TJ quote and NRA stuff. Please do that one too.

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Originally posted by Skins2881:

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I tried it let me know if it worked

It did for the first line, you have a second one between TJ quote and NRA stuff. Please do that one too.

Ok I think I got it.
Thanks

I read an article about 6 months ago - forget where - talking about retirement

the average person in average to good health with spend approximately $250,000 in medical related expenses over 30 years

this doiesn't include any catastrophic events

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Originally posted by chellim1:
b
Two thirds of all Americans have under 50K saved for what are they planning on doing?

Finally, a simple one even a fool like me can answer. They're going to vote for a living, and vote for the liar who promises most.

My wife and I both retired 3.5 years ago. We are also in the 13% group. We started taking a little under 4% to supplement our SS when we threw in our collective towels.

Since America became great again, our investments have followed. Thanks Mr. President. We just bumped our withdrawals up to 4% again for a nice little raise.

quote:

Originally posted by OMCHamlin:

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Originally posted by tha1000:
The bigger concern is that we have an entire generation of people that have not saved enough to retire...

Where I used to work, there are more then a few retired .mil, now working as 52+ yr old defense contractors, yet STILL don't have $100K saved for retirement. Oh, sure, they have some nice toys, absolutely.
Me? I retired from there 2 months ago...

Besides the owner of my company, I am the only one that has set up a retirement plan, and he gives 4% for free just for participating. So if you put in $10 a week, he'll put in 4% of your weekly paycheck.

Those fools are giving up free money. I don't know home much they earn, but I assume it's no less than $50,000, maybe much more. That's $2,000 (assuming $50k) FREE money!!!!

Over 40 years at 9% (a little less than historical S&P return) you will end up with $675,765. Double the top end of that chart.

What the hell are people thinking? How am I the ONLY one that takes advantage of the free money? Granted we are all electricians, which isn't the brightest profession around, but someone's momma or papa should be telling them to invest.

PS Looking good 71 Truck!

Working for a municipality we are required to contribute 7% to the retirement entity (matched 2 to 1 by the city) and another 2% to a supplemental plan designed to take the place of social security that we do not contribute too. Employees can retire after 20 years of service but I'm told the "sweet spot" is around 28 years of service. I'm nearing my 17th year.

Most employees already have enough credits to qualify for social security from jobs previous to city employment. Yearly statements from the Social Security administration indicate that I will qualify for small monthly payments upon retirement age but I do not qualify for disability. I'm also in the 8% group of the chart above in terms of cash savings and have another 40k+ in stocks and such.

I think I’ve mentioned it in a thread before but I’m not going by those rules when I retire. I see people trying to protect their principle and live off the interest, dividends etc. and then leaving a lot of assets for their heirs to fight over. I started off very poor and worked hard to get where I am. I’m not working so my daughter can have it easy nor will I leave a stash to heirs. My daughter will get all that’s left when I’m gone whatever that may be. I have two pensions that I’ll live off (along with SS) and I’ll take from my 401 as I want. As the saying goes, I’d like to spend my last dollar the day I die. As was already stated, nobody knows what they will need but I’ll play it by ear. I’ve saved all my life but if I screw up and run out of money I’ll make due with pensions and SS. I’ve lived frugally a good portion of my life and I can go out the same way since I don’t need to live extravagant in retirement. You can retire anytime you want, when you retire really depends on how you want to live.