dmarc117 Posted March 9, 2010 Share Posted March 9, 2010 http://money.cnn.com/2010/03/09/pf/retirem...dence/index.htm NEW YORK (CNNMoney.com) -- The percentage of American workers with virtually no retirement savings grew for the third straight year, according to a survey released Tuesday. The percentage of workers who said they have less than $10,000 in savings grew to 43% in 2010, from 39% in 2009, according to the Employee Benefit Research Institute's annual Retirement Confidence Survey. That excludes the value of primary homes and defined-benefit pension plans. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted March 9, 2010 Share Posted March 9, 2010 I think this is a total crock: In general, financial planners say that retirement savings, including Social Security benefits and pension, should be large enough to provide about 80% of pre-retirement income. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted March 9, 2010 Author Share Posted March 9, 2010 I think this is a total crock: no sh1t, thats insane. you dont have nearly the expenses once your retired i would think. no mortgage, dont buy stuff. only expenses are medical, groceries, and taxes. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted March 9, 2010 Share Posted March 9, 2010 no sh1t, thats insane. you dont have nearly the expenses once your retired i would think. no mortgage, dont buy stuff. only expenses are medical, groceries, and taxes. Figured my base at current prices to be roughly $25k - $30k and that would be without cutting anything important. Quote Link to comment Share on other sites More sharing options...
matt770 Posted March 9, 2010 Share Posted March 9, 2010 no sh1t, thats insane. you dont have nearly the expenses once your retired i would think. no mortgage, dont buy stuff. only expenses are medical, groceries, and taxes. So just wait to die? I hope I'll travel and have hobbies. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted March 9, 2010 Author Share Posted March 9, 2010 So just wait to die? I hope I'll travel and have hobbies. and you need 80% of your current income for that? Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted March 9, 2010 Share Posted March 9, 2010 So just wait to die? I hope I'll travel and have hobbies. Right, but first calculate base and then add to it for "luxuries". Also, bear in mind that vacations are a lot less expensive for retired people since they can go pretty much at the drop of a hat and also go out of season too. There are astounding bargains out there for vacations if your circumstances are right. Quote Link to comment Share on other sites More sharing options...
polksalet Posted March 9, 2010 Share Posted March 9, 2010 retirement is for cowards Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted March 9, 2010 Share Posted March 9, 2010 retirement is for cowards Work is for idiots Quote Link to comment Share on other sites More sharing options...
matt770 Posted March 9, 2010 Share Posted March 9, 2010 and you need 80% of your current income for that? Well I'm probably going to retire about 25 years from now. When we say 80% of CURRENT income is that 2010 numbers or 2035? If a loaf of bread is $15 when I retire and I'm getting 80% of what I make today, I'm not so sure I'll travel anywhere but to the cat food aisle. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted March 9, 2010 Share Posted March 9, 2010 Well I'm probably going to retire about 25 years from now. When we say 80% of CURRENT income is that 2010 numbers or 2035? If a loaf of bread is $15 when I retire and I'm getting 80% of what I make today, I'm not so sure I'll travel anywhere but to the cat food aisle. Current = income when you retire, so 2035. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted March 9, 2010 Author Share Posted March 9, 2010 Well I'm probably going to retire about 25 years from now. When we say 80% of CURRENT income is that 2010 numbers or 2035? If a loaf of bread is $15 when I retire and I'm getting 80% of what I make today, I'm not so sure I'll travel anywhere but to the cat food aisle. plus, sounds like youre driving anywhere you go for vacation with your wife....... Quote Link to comment Share on other sites More sharing options...
westvirginia Posted March 9, 2010 Share Posted March 9, 2010 retirement is for cowards Work is for idiots You guys are both right. F it, I quit. I'll just suck off the gov't tit from now on. Quote Link to comment Share on other sites More sharing options...
WashingtonD Posted March 9, 2010 Share Posted March 9, 2010 80% is a very generic rule of thumb, a financial advisor or any one of many calculators online will give you a more personalized estimate based on your own personal preferences and financial situation. The largest driver of the increasing costs in retirement in Health Care....if you are in your thirties now and are going to retire in your mid 60s, most of the numbers I've seen projected out say you'll need 1 million dollars (as an individual) in savings to pay for out of pocket health care costs throughout your retired life...right now I think the number for retirees about 200k. Quote Link to comment Share on other sites More sharing options...
SayItAintSoJoe Posted March 9, 2010 Share Posted March 9, 2010 no sh1t, thats insane. you dont have nearly the expenses once your retired i would think. no mortgage, dont buy stuff. only expenses are medical, groceries, and taxes. Sometimes I think that the lifestyle between a broke old person and a wealthy old person aren't that different. Perhaps a newer Buick. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted March 9, 2010 Share Posted March 9, 2010 You guys are both right. F it, I quit. I'll just suck off the gov't tit from now on. Let me clarify - work is for idiots once you have enough money to not do it. Quote Link to comment Share on other sites More sharing options...
Kid Cid Posted March 9, 2010 Share Posted March 9, 2010 (edited) I'm reasonably certain that I will never be able to retire. Social Security has been stolen from me in the form of gov't ineptness and the cash I could have invested has been stolen from me in the form of Social Security payments. Edited March 9, 2010 by Kid Cid Quote Link to comment Share on other sites More sharing options...
yo mama Posted March 9, 2010 Share Posted March 9, 2010 Let me clarify - work is for idiots once you have enough money to not do it. I dunno, man. work gives a man purpose. cerebral daily activities stave off mental softness. and there's always room for a few more bucks under your mattress. As long as I continue to really enjoy what I do, I'm not sure I'll ever completely retire. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted March 9, 2010 Author Share Posted March 9, 2010 I dunno, man. work gives a man purpose. cerebral daily activities stave off mental softness. and there's always room for a few more bucks under your mattress. As long as I continue to really enjoy what I do, I'm not sure I'll ever completely retire. cant wait til i get to golf starter age Quote Link to comment Share on other sites More sharing options...
BeeR Posted March 9, 2010 Share Posted March 9, 2010 (edited) That excludes the value of primary homes and defined-benefit pension plans.Stupid question maybe but by "defined-benefit pension plans" are they including 401Ks and such? Cuz $10K in savings is quite a diff story than $10K INCLUDING 401Ks. Overall, needing 80% of your pre-retirement I agree is overkill, bu 70% is reasonable. The main diff that I see is you hopefully have your mortgage paid off, which means needing about 30%ish less income, typically. I would think you're still going to want to live at least as nicely as you're living now, if not nicer, so all the other expenses you have now you still will. Yeah you might not need as much stuff like furniture etc but that could easily be offset by medical expenses, if not more. EDIT: I realized that I didn't take into account people w/kids. Your mileage may vary. Edited March 9, 2010 by BeeR Quote Link to comment Share on other sites More sharing options...
WashingtonD Posted March 9, 2010 Share Posted March 9, 2010 Defined Benefits = Pension plans (Defined benefits literally meaning you can predict the benefits that the plan is going to pay out)...so those plans are excluded in the survey Defined Contributions = 401(k) plans that most people have through their companies and just about all companies have moved to in the last decade or so. Those plans are included in the less than 43% saying they have less than 10k number. WD Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted March 9, 2010 Share Posted March 9, 2010 I dunno, man. work gives a man purpose. cerebral daily activities stave off mental softness. and there's always room for a few more bucks under your mattress. As long as I continue to really enjoy what I do, I'm not sure I'll ever completely retire. If you're going to sit around gaping at daytime TV all day then sure your brain will turn to mush. I have so many interests and things I want to do that I could start right now and never hope to get through them before I shuffle off the mortal coil. Quote Link to comment Share on other sites More sharing options...
polksalet Posted March 9, 2010 Share Posted March 9, 2010 If you're going to sit around gaping at daytime TV all day then sure your brain will turn to mush. I have so many interests and things I want to do that I could start right now and never hope to get through them before I shuffle off the mortal coil. Let me clarify. Let's say somone is a union autoworker or some other mindless drone. If helps them nor society to keep on keeping on. However if one contributes something to society such as clergy, educator, doctor, or anything else which helps society. I am pretty much focusing on ding research and increasing my knowledge. Therefore I believe I have a duty to society to help others. I will very likely be doing this for the next 50 years if I live this long. I want to be like this guy. http://connect.tamucc.edu/st_loon.htm Quote Link to comment Share on other sites More sharing options...
yo mama Posted March 9, 2010 Share Posted March 9, 2010 (edited) If you're going to sit around gaping at daytime TV all day then sure your brain will turn to mush. I have so many interests and things I want to do that I could start right now and never hope to get through them before I shuffle off the mortal coil. Fair enough. But part of what makes me tick is that I do something well enough that people are willing to pay me ever-increasing amounts to do it. It affirms my value as a person, and can't imagine not needing that affirmation. Perhaps there will be a different means through which I satisfy that psychological need, but I've yet to find it. Perhaps I'd be just as happy being the part-time civics teacher and debate team coach at the local public high school. But I'll always be doing something like that. It makes me happy in a way that pursing personal interests does not. Edited March 9, 2010 by yo mama Quote Link to comment Share on other sites More sharing options...
matt770 Posted March 10, 2010 Share Posted March 10, 2010 plus, sounds like youre driving anywhere you go for vacation with your wife....... It's pretty funny, we have that conversation all the time. She wants to take one of the cruises that leaves from New York or Baltimore so she won't have to fly. But I get seasick. Quote Link to comment Share on other sites More sharing options...
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