US workers estimate they need $1.8M to retire: survey

The Hill ^ | 08/02/2023 | MIRANDA NAZZARO -

[MarMema]

why retire here?

[AppyPappy]

You have X number of years where you can drive. Get that dream car now.

[cgbg]

I know folks here have their doubts but I am hoping that the self-driving technology will work will enough so that I can get one of those vehicles when I am too old to drive myself safely.

I am not a “car person” at all—just want reliable transportation at as low a cost as possible.

[AppyPappy]

I love the driving experience and I don’t ever fly. I would love to have a touring car, an AWD snow car and a truck. I would probably get another Infiniti as a touring car. We already have the right snow car.

[Gene Eric]

lol

[Texas resident]

I just upgraded our road trip vehicle. Bought a 5 years old Toyota Sequoia. We don’t fly much so I wanted a comfortable road vehicle that can carry us two and our pups.

[Gene Eric]

Good point!

[Sequoyah101]

A lot will never retire, some will not retire independently but live with someone, others will retire and fail running out of saved funds before they run out of life and become part of the huge geriatric indigent population I expect. Finally, only a few will retire successfully and comfortably enjoying the lifestyle advertised. Some of all will die in a rest home or hospice stripped of every penny that he medical system or wall street does not get in the process of killing or “helping” them respectively.

This will take another 20 years of difficulty and it will get uglier each year for at least the next 15 years or so until it begins to taper off.

401k is the fleecing of the boomers.

At least the next two generations will see how bad this scenario gets too late and will demand a socialist national retirement plan but that too will be too late.

All the while the medical industrial complex will consume a growing and obscene pert of the economy complaining how broke they are every single day.

[AppyPappy]

It’s just two of us. I prefer a sedan as they are more comfortable and have better acoustics for music. It needs to be roomy as we are roomy. It also needs to have major horsepower.

[glorgau]

> And that is assuming that the money makes absolutely no return. $1.8 million in a 20 year treasury at the current rate of 4.32% pays $77,760/year in interest.

Also, if you had that in a Roth, you could take withdrawals with no federal tax. Frankly, that’s a VERY comfortable retirement.

[SamAdams76]

Everybody forgets to include Social Security in these posts.

$1.8 million saved in a 401(k) will yield $72,000 a year in a standard 4% scenario but the average Social Security payout (for people retiring now) is around $30,000 a year for those retiring around 65 so $1,050,000 is all you need in a 401k to get to the $72,000 income.

That does not count what a spouse might take in for Social Security.

Yes, people say Social Security might not be around later on but they've been saying that for decades now.

[If You Want It Fixed - Fix It]

Work until you can’t. Then steal. Enjoy 3 meals and a cot until beaten to death while praying.

That’s my plan as the future of this country will ostracize me then throw me in jail and kill me eventually.

God’s plan will happen, the easy way or the hard way, up to each man how he follows it,

[SaveFerris]

[Get that dream car now.]

My Boss 429 Mustang?

[Machavelli]

Retirement is based on the stock market performance. We are on the verge of economic collapse so only the very wealthy will survive. THEY planned it and Billions of people will perish. This is exactly as planned by Gates, Soros, Schwab, Pelosi, Biden, Obama, Kerry, McConnell, Graham,the Bushes, ETC.

[SaveFerris]

[THEY planned it and Billions of people will perish]

That's pretty much what I've been thinking. Their "Great Reset" which leaves very, very few in power. The deaths of millions, perhaps billions will be part of the Four Horsemen of the Apocalypse.



Those who think they're protected by their 401(k) accounts may be in for a very, very rude surprise.

AT AN ABSOLUTE MINIMUM I expect a Global Digital Currency to be how they finally control people - Doesn't matter if you've got $30 million dollars in the bank if you can't get to it, can't access it with your Debit Card, pay your Credit Card, or even hit an E-Wallet with your Cell Phone or other Cell phone-payment method.

It's a Devilish (literally) well-thought out scheme. Now, all of us have been trained for decades to sign up for Direct Deposit and use our Debit Cards.

Cash will eventually be outlawed, and it's already frowned-upon. In the sense of, take $5,000 cash with you on a domestic airline trip. My guess is you'll be stopped and the money confiscated - difficult to get it back, too.

Once cash is eliminated, every single transaction is tracked and we're nearly there already. Even cash is tracked as many of the machines record the serial numbers for the movement of the cash (history trail).

Barter? Yeah, IF you can find somebody who has what you need and IF you have what they need.

And then, I say, the in the middle of the 7 years of 'Peace and Security' (a deal that divides Israel) comes the following. I say it's inescapable and coming to our planet. A lot of people are going to be surprised. Just like Covid-19⁽⁸⁴⁾, the impact will be world-wide and a new type of lockdowns will occur. A lot of people scoff at this idea. Look what they did with Covid-19⁽⁸⁴⁾.

Lurkers, please click on my screen name to see my homepage for additional information.

[Psalm 73]

I live in CT also, but it's not just the state income tax - it's also the general cost of living. Some of the highest electricity rates in the nation, general food prices, and heating oil in the winter.

Those are part of my calculus also.

[Psalm 73]

"Pay off your Mortgage unless you have a super low Mortgage Rate? ...it would cost me...to take money out of vehicles growing at 7 to 8% to pay off a debt only costing me 2.75%."

Can't argue with that.

My mort. is 4% and I'm getting about 6% from my 401Ks, but only owe 50K on my house - so what little I may lose in pulling a few bucks out of my 401K I gain in more flexible mobility (easier to move to a cheaper state).