Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

80 is the new 65 when it comes to retirement, survey says
Reuters ^ | Karin Matz

Posted on 11/16/2011 7:45:49 PM PST by newzjunkey

When it comes to retirement, many middle class Americans said 80 is the new 65 and plan to delay retirement because of worries over money, according to a new survey.

Wells Fargo bank asked 1,500 Americans who earned between $25,000 and $99,999 and ranged in age from 20 into their 70s questions about retirement, savings and Social Security for its seventh annual retirement survey... On average, Americans have saved only seven percent of their desired retirement nest egg, with a median of $25,000 saved versus a median retirement goal of $350,000...

"We did find a bright spot among middle class Americans - more than three quarters do not want to retire with mortgage debt..."

(Excerpt) Read more at ca.news.yahoo.com ...


TOPICS: Business/Economy; Culture/Society
KEYWORDS: mortgages; retirement; savings
Navigation: use the links below to view more comments.
first previous 1-5051-73 last
To: newzjunkey

Life expectancy was 60 when Franklin Delano Rat-bastard forced SS upon the nation. That’s why the age of retirement was set at 62. The bastard played no different than Bugsy Siegel.


51 posted on 11/16/2011 9:42:51 PM PST by eyedigress ((Old storm chaser from the west)?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: gogogodzilla

Wow, very nice! Where is that?


52 posted on 11/16/2011 9:57:22 PM PST by Jack Hammer
[ Post Reply | Private Reply | To 45 | View Replies]

To: MrEdd

I don;t think there is retirement mentioned in the scriptures....it mentions widows and such but it doesn’t appear God established we should do so. Why don’t you share where God mentions retirement?


53 posted on 11/16/2011 11:01:53 PM PST by caww
[ Post Reply | Private Reply | To 39 | View Replies]

To: babygene

My brother has done likewise....though he has no intentions of retiring until he can’t work...he loves his job. But he too buys used vehicles and lives far less than his means could provide him. He enjoys saving his money and his wife is thrifty as well.

BTW I know a gal who has lived below the poverty level most of her life with no outside aid....not only is she surviving but she has no debt. She says she lives within her means and that is the secret to being independant and without debt.

I honestly don’t know how she does it when you hear so many complaining who are on the welfare rolls...here this gal works at her job daily...gets her paycheck at weeks end and somehow makes it work. Really quite amazing.


54 posted on 11/16/2011 11:12:46 PM PST by caww
[ Post Reply | Private Reply | To 47 | View Replies]

To: rbg81
Anyone who imagines they can retire with $25K in the bank is delusional.

Hence the reason all these people say they have to work until they are 80.

55 posted on 11/16/2011 11:12:46 PM PST by Freedom_Is_Not_Free (We be fooked.)
[ Post Reply | Private Reply | To 6 | View Replies]

To: babygene
Let me give you a hint... Only bought one new car in my life, and that was before I got married. Funny what saving will do for your net worth.

That is the secret.

Do it, and one day you will wake up realizing you matched your (probably six figure, by then, income) before you got out of bed.

56 posted on 11/16/2011 11:25:18 PM PST by cynwoody
[ Post Reply | Private Reply | To 47 | View Replies]

To: Jack Hammer; gogogodzilla
Wow, very nice! Where is that?

'Nam?

http://www.new7wonders.com/archives/wonder/halong-bay

57 posted on 11/16/2011 11:35:40 PM PST by cynwoody
[ Post Reply | Private Reply | To 52 | View Replies]

To: Ken H
You're comparing a retirement nest egg to net worth.

A distinction without a difference.

58 posted on 11/16/2011 11:38:21 PM PST by cynwoody
[ Post Reply | Private Reply | To 27 | View Replies]

To: All

I`m counting on “The Rapture “ for my retirement.


59 posted on 11/17/2011 3:02:00 AM PST by Einherjar
[ Post Reply | Private Reply | To 58 | View Replies]

To: caww; MrEdd
"Why don’t you share where God mentions retirement?"

Yes, I'd be interested in hearing that as well . . .

60 posted on 11/17/2011 3:15:02 AM PST by blues_guitarist (Crack is the "crack" of crackheads . . . -- Anon.)
[ Post Reply | Private Reply | To 53 | View Replies]

To: blues_guitarist; caww
Be fruitful and multiply...is the first mention, and all through scripture an obligation to take care of aged parents is delineated.

For this to function, you need to have enough kids raised to be successful to the point that between them they can take of you. You will also need to pour enough love and attention into them that they will do so.

Not only is this a principal found in scripture, it is how things have been done in most of the world throughout most of history, modern western nations not withstanding.

Absentee parents with latchkey kids or people who choose not to procreate earn the lonely end they generally get.

61 posted on 11/17/2011 3:45:51 AM PST by MrEdd (Heck? Geewhiz Cripes, thats the place where people who don't believe in Gosh think they aint going.)
[ Post Reply | Private Reply | To 60 | View Replies]

To: BunnySlippers

Anyone who imagines they can retire with $250K in the bank is delusional.


Concur. The truth is you probably need enough to maintain 75% of your current “working” income. Say you make $100K/year, then you might need $75K. Say about $25K of that comes from SS. To generate $50K per year of income (w/out touching your principal), you would need ~ $1.7M (assuming you’ve got a CD yielding 3%).

Its probably slightly better than that because you can draw down your principal if you assume a reasonable time horizon for living (let’s say 20 years max after you retire). But you also have to adjust for inflation.

So.....my estimate is that $1.5M is really the current minimum if you want to maintain a middle class lifestyle.


62 posted on 11/17/2011 4:19:15 AM PST by rbg81
[ Post Reply | Private Reply | To 21 | View Replies]

To: dragnet2

They want people to work till they drop dead...


Yup. Being a good little consumer bot and driving economic growth is the new Patriotism. Bill Clinton was the first politician to figure out that people cared more about their 401K than the country itself.


63 posted on 11/17/2011 4:21:55 AM PST by rbg81
[ Post Reply | Private Reply | To 18 | View Replies]

To: rbg81

Easily it must be savings in excess of 1 million.

When I hear of people who have not begun to save, I am in amazed!


64 posted on 11/17/2011 4:52:34 AM PST by BunnySlippers (I LOVE BULL MARKETS . . .)
[ Post Reply | Private Reply | To 62 | View Replies]

To: BunnySlippers
"Anyone who imagines they can retire with $250K in the bank is delusional."

You have that right. You need $1,000,000 in investments to generate $50,000 a year, assuming a measly 5% return. And with returns averaging 1% and inflation thrown in you are going to need a lot more than $1,000,000 to have a sustainable income through retirement.

65 posted on 11/17/2011 5:31:31 AM PST by 2001convSVT (Going Galt as fast as I can.)
[ Post Reply | Private Reply | To 21 | View Replies]

To: cherry

Yeah, you wouldn’t want me to be your nurse at age 80. You wouldn’t even want me to be your nurse at age 64 which is why I retired. Dealing with potentially dangerous drugs in a chaotic environment with constant interruptions, heavy lifting, working 12hr shifts on your feet the entire time is not for anyone who is not mentally very sharp and in good physical condition.


66 posted on 11/17/2011 6:01:42 AM PST by k omalley (Caro Enim Mea, Vere est Cibus, et Sanguis Meus, Vere est Potus)
[ Post Reply | Private Reply | To 40 | View Replies]

To: 2001convSVT

I would be thrilled if my investments were returning 1%. All they are doing is dropping like a stone in value and my investments are fairly conservative.


67 posted on 11/17/2011 6:04:10 AM PST by k omalley (Caro Enim Mea, Vere est Cibus, et Sanguis Meus, Vere est Potus)
[ Post Reply | Private Reply | To 65 | View Replies]

To: k omalley
I would be thrilled if my investments were returning 1%

I know what you mean, .25% on my last 1 year CDs. I have lately been investing for Dividends, large blue chip companies that have a record of increasing, and not missing dividend payments. 6% return last year.

68 posted on 11/17/2011 6:27:53 AM PST by 2001convSVT (Going Galt as fast as I can.)
[ Post Reply | Private Reply | To 67 | View Replies]

To: k omalley
I would be thrilled if my investments were returning 1%

I know what you mean, .25% on last year' CDs. I have lately been investing for Dividends, large blue chip companies that have a record of increasing, and not missing dividend payments. 6% return last year.

69 posted on 11/17/2011 6:33:32 AM PST by 2001convSVT (Going Galt as fast as I can.)
[ Post Reply | Private Reply | To 67 | View Replies]

To: k omalley

we have nurses now working past 65.....its the economy of course but one nurse confided in me that she can’t see being home with her retired husband all the time...LOL!


70 posted on 11/17/2011 9:59:45 AM PST by cherry
[ Post Reply | Private Reply | To 66 | View Replies]

To: cynwoody; Jack Hammer

Yep, you got it.

Vietnam is quite friendly to the US nowadays... and it’s a place that’s very cheap to live on a fixed income, like retirement.


71 posted on 11/17/2011 12:21:36 PM PST by gogogodzilla (Live free or die!)
[ Post Reply | Private Reply | To 57 | View Replies]

To: Graybeard58

I retired at 55, now 57. Working until age 80 is fine if one never had to do a physical thing in his life.


72 posted on 11/17/2011 12:28:45 PM PST by upsdriver
[ Post Reply | Private Reply | To 17 | View Replies]




Click the Pic               Thank you, JoeProBono

Hang on, Gary!

Follow the Exciting Adventures of Gary the Snail!


Donate Monthly
Sponsors will pony up a sawbuck
For each New Monthly Donor

73 posted on 11/17/2011 1:45:05 PM PST by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list)
[ Post Reply | Private Reply | View Replies]


Navigation: use the links below to view more comments.
first previous 1-5051-73 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson