Skip to comments.Baby Boomers are going to struggle to retire
Posted on 10/13/2015 12:44:27 PM PDT by 100American
The Insured Retirement Institute has concluded, baby boomers "face a dangerous combination of being under-saved and long-lived." The IRI found four in 10 baby boomers have nothing saved for retirement, and 37% of those who do have savings have less than $100,000 put away. This spells trouble for the average 65-year old male and female who have a 50% chance of living until at least 87 and 89, respectively. The IRI says someone who retires at the age of 65 today will need more than $1 million for retirement while someone who waits until age 70 to retire will need $720,00.
(Excerpt) Read more at myirionline.org ...
>> baby boomers “face a dangerous combination of being under-saved and long-lived.”
When I become Supreme Leader I am going to change all that.
I’ll call my program The Save Or Die Act. It’s Your Choice!
But they have really nice houses and cars they’re making big payments on.
A tiny example, what my folks paid TOTAL PRICE for their first brand new home on ONE income, the boomers are paying every 3 or 4 months in mortgage payments!
They've been had!
Thanks a lot, Barack!
(No, he had almost nothing to do with this particular situation but I could not resist a gratuitous swipe at the idiot in the Oval Office.)
Many of us who are slightly older than the boomers are still working or have had to return to work to supplement our retirement income just to stay even with rising costs.
Our cars are old; so’s our house. Old and paid for. :o)
Can I become a gimme dat?
Boomers will have it easy compared to us Gen X’ers. They’ve effed up verything before us.
I am 68.
I saved all my life.
Being a real estate appraiser was great during the good times. When the real estate market took a dive, my savings were gobbled up (and we do not have a nice house or new cars). It took my savings to put food on the table (and it was not steak and lobster).
So I guess your comments are not viewed that favorably - by me at least,
Still work every day and probably will until I can no longer hobble around.
A report like this from the Insurance industry (that wants you to buy their annuities)is like a report from the tobacco industry that claims we need to smoke more.
Just my opinion.
"I'm old.....Gimme Gimme Gimme."
I look at the stats in relationship to other trends charts as you will see congruence and speculation
Eyes open wide is great advice, thx
It says you need $1,000,000 in savings at age 65, and $720,000 at age 70.
But that’s the equivalent of spending $280,000 of savings between 65 and 70, or $56,000 a year.
Seems like you could get by on less than that, especially since it’s not counting Social Security.
You got it. My advice to young ‘uns is to max out your 401K contributions, do not go into retirement with any debt, and live below your means.
I don’t ever expect to be able to retire...
And I am not looking forward to the day the GenX-ers realize their grandparents spent all their money years ago.
You know what a bunch of spoiled, whiny, brats they are.
God is our provision
Aren’t they the long haired, pot smoking hippies of the 1960s who rallied to the Communist side during the Cold War?
And money saved in your 20s is going to result in a lot more money in retirement than money saved in your 30s.