Skip to comments.45% Of Americans Will Probably Run Out Of Money By Their 75th Birthday
Posted on 04/26/2012 9:04:08 AM PDT by SeekAndFind
Here is some good news from the Center for Disease Control: by 2050, life expectancy in the U.S. will be 87.5 years.
Or at least we thought this was good news. According to a Northwestern Mutual study, it turns out that only 56 percent of American are financially prepared to live to age 75, and even fewer are prepared to live to 85 or 95. Women are expected to live even longer than men but they're even more in danger of outliving their finances.
In fact, only 45 percent of those surveyed have any plan regarding their financial life, down from 72 percent in 2011.
For more detailed breakdown regarding financial preparedness check out the Northwestern Mutual infographic below:
(Excerpt) Read more at businessinsider.com ...
That’s why we have Death Panels, right? [/s]
Funny how saving and planning for 20+ years can be destroyed by unemployment, and being forced to sell your home for a fraction of it's value. The most rational plans, worked for decades, but in just a few years the DEMS and Obama have destroyed these plans for countless millions.
My long range plans for retirement have changed drastically. I had planned to retire comfortably at 62, travel with my wife and enjoy our remaining years together in comfort. We have saved, worked hard and planned with the best information we had. Now, I fully expect to die at my desk, as those plans have been completely destroyed by forces outside my area of influence.
Knowing that Obama and the DEMS that ruined our plans, have lifetime pensions, safety and security is just icing on the cake.
45% of Americans won’t live that long anyway. And that’s the idea.
“Thats why we have Death Panels, right?”
Yes, and also so the Fed’s can steal the life savings from the remaining 55%
Since no one in my family has lived past the age of 72, I guess I’m safe.
Boy, good think the gummint will be there to take care of everyone eh?
I’m 59 and have already run out!
RE: Boy, good think the gummint will be there to take care of everyone eh?
The only thing from the government the average American retiree can “depend” ( note the quotes ) on is Social Security.
Assuming one retires at 65 ( and you aren’t forced to retire due to layoffs at a few years before that ), the average monthly Social Security benefit for a retired worker was about $1,230 at the beginning of 2012. That amounts to $14,760 a year ( try living on that for a year ).
So, you must supplement this with your own pension fund or IRA or 401K plan.
If you need say, $40,000 to live on a year, you will need to get an additional $26,000 a year from your personal retirement plan ( Assuming you did save for this while you were working ).
If your IRA account by the time you reach 65 is say, $260,000, that will tide you over till you reach 75.
But after 75, YOUR RETIREMENT ACCOUNT IS DEPLETED !!
RE: Im 59 and have already run out!
I guess the rest of us will have to support you ... :)
RE: Now, I fully expect to die at my desk, as those plans have been completely destroyed by forces outside my area of influence.
Not sure what you mean by desk, but I assume that you mean — employment (or place of work ). There is one huge assumption underlying this — That companies still want to RETAIN senior citizens as long as they want to work....
NOT TRUE in my observation. AGEISM is RAMPANT in corporate America and often, older workers are laid off first. So, even planning to die at your desk is not necessarily viable today.
God, I pray I don’t live that long. I mean, there is nothing on my list that I can’t do until I’m 75.
I know people in their 50s who plundged themselves into debt and took out second mortgages to buy cars and go on vacations and pay for their daughters’ weddings. Hey, why not? Uncle Sam will take care of them when they are old and, if they have any money left, Uncle Sam will take it from them anyway to take care of someone else.
don’t forget the republicans and bushie, they did their part in this downfall too...
Not to worry. When 0bmaacare fully kicks in, you won’t have a chance. No money = no way to pay taxes = no medical treatment.
No - I’m gonna make my kids support me.
Their house sold after the housing bubble burst for 35% less then it would have in '06 but it paid the bills for skilled care.
My wife and I had planned well but modestly and that experience with parents made us plan all the more.
Baring deadly inflation, we will live modestly where we wanted to in retirement and get to visit the 8 (and climbing) grandkids as we wish. The last item is a diesel Jetta Sport Wagon I am planning to get for my last two years of work so I can go into retirement at 45 MPG!
One thing we started four years ago was to slowly purchase the minor tools and items used in our planned hobbies now before we reach the "Alpo" years. That has been a fun process -- almost a hobby in itself to achieve it with moderation.