Posted on 12/08/2010 4:20:42 PM PST by MamaDearest
Snips from excerpt only website: While most Americans predict they will need a nest egg of $300,000 to live on for 19 years in retirement, the average savings of 50-somethings is only $29,000, which comes out to an income of $190 a month over 20 years assuming a 5% rate of return.
Even with Social Security or other sources of income, most people are not going to be able to cover basic needs with such a small amount of money, she added.
The survey found that 72% of Americans now expect to work through retirement, with 39% saying they will work because they have to and 33% saying they will do it because they want to.
(Excerpt) Read more at money.cnn.com ...
Before Obama's inflation plan kicks in.
The SS office begs to differ.
Throughout nearly all of human history there was no such thing as retirement.
Hmmm, that’s a double edged sabre (pun intended). Depends if you’re at full SS age or not.
Well be careful who you trust. Remember many people’s pension plans/401’s lost money already because of the banks and us having to save them and may lose more because many have invested in MBS’s (Mortgage Backed Securities) that are filled with toxic liars loans . They’re probably trying to figure out a way to latch onto the rest of our pension plans.
Low interest rates squeezing pension funds
Thanks to stock market gyrations and the lowest interest rates in 60 years, millions of Americans are struggling to keep their retirement savings intact and secure their future.
And it’s not any easier for managers of their pension funds.
Both groups share a mounting problem. The plunge in interest rates engineered to save the U.S. economy and banking system has left them with a giant money hole to fill.
continue http://www.msnbc.msn.com/id/38941692/ns/business-your_retirement/
Can we pick who we come back as?
If so, I am going to make a list.
In india, it’s mandatory.
And how can you safely earn 5% on your money? What a joke.
Paying your credit card balances will return more than 5%.
I’ve already picked out the best underpasses to sleep in and the best dumpsters to dive into for scraps of food for my retirement plan.
Jack Welch made me a millionaire, Jeff Immelt cut my stock value, from 50 to 17 and made me middle class again.
100% correct. For most of human history, people worked until they dropped. Sounds harsh, but people who could no longer contribute to their family, tribe, society, etc., were expected to die so that they did not become a burden on others. In fact, it was a point of honor. People who could no longer contribute WANTED to die as it was considered shameful to be nothing more than a mouth to feed.
I'm not saying we need to go back to that extreme but if you are unable to provide for your own needs with your own resources, you need to keep working. End of story. Nobody is entitled to a retirement on somebody else's dime.
“100% correct. For most of human history, people worked until they dropped. Sounds harsh, but people who could no longer contribute to their family, tribe, society, etc., were expected to die so that they did not become a burden on others. In fact, it was a point of honor. People who could no longer contribute WANTED to die as it was considered shameful to be nothing more than a mouth to feed.”
I dunno, but they say that staying active is the best way to prevent senility. I guess that’s why a lot of old-time musicians like B.B. King keep doing concerts; they’re afraid that if they quit, they’ll die in a week.
A TON of people do just that.
The will to live is an important thing.
They retire, stop working, and bam, they stop living.
John Adams and Thomas Jefferson both died on July 4, 1826 the 50th anniversary of the Declaration of Independence. Jefferson preceded Adams by about 3 hours (which Adams was unaware of, as his last words were “Thomas Jefferson still lives”).
Jefferson was holding out and the last couple days would ask the servant who drew the curtains back in the morning “is it the 4th?”.
The will is a powerful thing.
Retirement ping.
What great men our founders were!
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