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Valued Social Butterfly
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Re: Retirement Savings

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@AlyssaG282171wrote:

 

I would like to preface this with saying that I am far from retirement age but have recently got serious about retirement and have been doing a lot of research, and I have made the conclusion that seniors do not have it easy out there. I came to this forum because I know people have many more life experiences than I. One common theme that I am noticing is that many had difficulties through no fault of their own and now are living on the brink during retirement. For example, very little pension and living off a small social security check each month. Please correct me if I am wrong, it may have been just what I was reading. And I am not passing judgment or anything, but I was wondering if this was common.  This is all new to me and I am trying to learn more. Thank you for reading.


I would say  that "no fault of their own" covers a lot of bases - so to simplify the topic - for whatever the reason, they did not prepare or save enough under whatever method to support themselves in their old age or even disability.

 

We usually have a lifetime to prepare for a time when we can no longer work.

There are many ways to prepare for this time financially but some people just don't do it for whatever the reason - but Social Security in most instances is NOT enough to live off of by itself.

 

But retirement income is only one part of the equation - the other part is working down your expenses and spending wisely.

 

So retirement planning is very, very important all the way around.

 

 

* * * * It's Always Something . . . Roseanne Roseannadanna
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Treasured Social Butterfly
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Re: Retirement Savings

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Hi. We might be in the same boat. I’m 50 and won’t retire for quite awhile. 

 

Here’s an interesting government report on retirement wealth and readiness.

 

https://www.gao.gov/products/GAO-15-419

 

There are are also a lot of retirement calculators online to look at what’s right for you.  And people have a lot of different individual circumstances. Where I live there are many immigrants, and culturally they assume they will live with their children. So there’s not as much need to plan for a roof over their heads.  Not quite sure if they’ve planned for health expenses though. 

 

There is a thread on here somewhere, a long one, about what people need for retirement. I’ll try to find it for you.  And post the link.

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Retirement Savings

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I would like to preface this with saying that I am far from retirement age but have recently got serious about retirement and have been doing a lot of research, and I have made the conclusion that seniors do not have it easy out there. I came to this forum because I know people have many more life experiences than I. One common theme that I am noticing is that many had difficulties through no fault of their own and now are living on the brink during retirement. For example, very little pension and living off a small social security check each month. Please correct me if I am wrong, it may have been just what I was reading. And I am not passing judgment or anything, but I was wondering if this was common.  This is all new to me and I am trying to learn more. Thank you for reading.

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