Posted on 03/28/2013 5:44:09 PM PDT by Lorianne
Teresa Ghilarducci, a professor of economics at the New School for Social Research, estimates that 75% of Americans nearing retirement in 2010 had less than $30,000 in their retirement accounts.
Corporate America and the financial wizards behind the past three decades of so-called retirement innovations, most notably titans of the pension benefits consulting and mutual fund 401(k) industries, are down-playing just how bad things are already and how much worse they are going to get.
Americans today are aware that corporate pensions have been virtually eliminated and that the few remaining private, as well as the nation’s public pensions, are in jeopardy. Even if you are among the lucky few that have a pension, you cannot rest assured that it will be there for all the years you’ll need it. Whether you know it or not, someone is busy trying to figure how to screw you out of your pension.
Americans also know the great 401k experiment of the past 30 years has been a disaster. It is now apparent that 401ks will not provide the retirement security promised to workers. As a former mutual fund legal counsel, when I recall some of the outrageous sales materials the industry came up with to peddle funds to workers, particularly in the 1980s, it’s almost laughable—if the results weren’t so tragic.
(Excerpt) Read more at forbes.com ...
I see it everyday, all around me.
Bingo.
I have been saying it for years.
I bet 25% having their house paid off is too high in today’s economy. The number of people in the 60’s whose finances are totally $hit is astounding. Most with good paying jobs but broker than dick.
And in many states, there is a property tax reduction for those over 65. In short, families and businesses pay more so the elderly can pay less.
See my tag line.
Mine is over $6,000 myself. Good thing my house is paid off.
In exchange for being tax free the government would want to own it and be the beneficiary after you die.
The baby boomers strike again. Who couldn’t see this coming?
“It’s okay now.. Stock market is reaching all-time highs under 0bama and everyone will be rich soon. :)”
The news media crow about this as though you made back in your 401 what you lost in 2008
bookmark for later read
I cannot imagine paying that much in property taxes. I live in a small town (pop 1600) in "fly over country", in the blue state of Illinois, blue only because of Chicago and I live nowhere near Chicago.
I have owned my house for 21 years and it's paid for long ago. My house is on a large double corner lot, three bed rooms, two baths, two living rooms, utility/laundry room and a room off the master bed room that I use for my "office". I do not know the interior sq. footage but I had gutters installed a few years back and learned then that the exterior is 70' by 50' (3500 sq ft) which is not the same as the interior, living area is all on the same level, it also includes a one car attached garage, I also have a 12' by 20' newer out building. It's a nice house and we have made improvements over the years.
Real estate taxes are just under $800 per year.
Real estate taxes are just under $800 per year.
Holy crap. What a deal. I would LOVE to have property taxes that low. I guess you won’t have any problems whatsoever retiring. Congratulations!
That's funny.....and true a lot of times. My youngest daughter got married and I walked her down the aisle, two years later she got a divorce, two years after that, remarried and I walked her down the aisle, a few years later, her husband died of a heart attack at age 33. A few years later, she remarried (still married to him) I walked her down the aisle, as we were slowly walking down the aisle, I whispered to her. "If you ever do this again, you can walk yourself, you know the way by now".
She was nervous already and that remark started her giggling like a little girl and she had a hard time stopping it.
The problem there is the word "extra". For too many people S.S. is their only source of income. S.S. was never meant for that. It was supposed to be a supplement to savings and/or investments.
I retired at 54, signed up for S.S. at 62 and could survive on it if I had to but it's a whole lot more than the $900 per month you mentioned.
They are both home schooled and each one is smarter than the other one, graduated from high school when they were 11. Doctorates by 16. bought their first houses by 18, paid cash.
I'm still working on part one.
Four words..... Buy lottery tickets.
I retired in 1999, life is good.
So glad to hear that.
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