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a question for the yanks on retirement lifestyle

Mcluhan

New member
Question on income and asset protection and the USD etc

This is a question for you yanks, as the majority you seem to be well off, well educated and politically/economically in tune with current affairs.

Let me first pose the question, then explain why it comes about.

Q: what percentage of Americans from the ‘boomer sector’ (said to be about 76 million) will hit a lifestyle/economic crisis when they retire. And what do you think, (referring to this sector only –boomer-in-crisis) on average their free and clear asset base is? (i.e. household)

To explain a bit. Two buddies of mine in the US, (mid-boomers) independently of each other both raised the same topical questions to me over the holidays, which focused on their concern for their financial well being when they hit retirement.

In this scenario, the income will stop, and the portfolio of assets they have accumulated may-or-may-not get them thru the post retirement phase in a life style they are accustomed to. (they each feel, probably will not).

One chap, who is financial consultant, has socked away a percentage of his income over the years, the other is not quite as well-prepared. So the conversation branched to the numbers of people in the same boat as they. One fellow thinks a lot of the middle class will be in crisis, as the pension funds are eroded, many collapsed – the Government back-up is not there. They each tossed some numbers at me, and the general feeling was that about 10 million people now living comfortably will be headed for the poor house. What do y’all think?

Is this number 10 mil people high? Low? Is their overall concern warranted? In general terms, what type of asset base (value)would they need to be sitting on to get though say 20 years of retirement and maintain the current life style (means average middle class)?
 

langeweile

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The rule used to be that you should have about 1MM in your 401K. The average rate on a conservative investment is around 6%. This in combination with your SS should be sufficent.
Given that you own your house outright.

Does that answer your question?
 

Mcluhan

New member
langeweile said:
The rule used to be that you should have about 1MM in your 401K. The average rate on a conservative investment is around 6%. This in combination with your SS should be sufficent.
Given that you own your house outright.

Does that answer your question?
Well sort of defines the group. My question was really what percentage of this group, narrowed to the boomer crowd, did not..will not..make this grade. The question was, how many will be foraging in dumpsters for bottles, ten years after their retirement. Something like that...

Both my Yank buddies in this conversation seemed to think a lot. They each raised the conversation point individually. I was merely listening. It was on their minds..
 

onthebottom

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I don't know how to answer this question without looking for research. The segment you've chosen has a pretty good chance to do alright because they had tremendous economic times, likley own their houses outright and have good 401k balances.

If I look at my family/friends my age and older they are all in good shape - not really a valid sample though.

OTB
 

Mcluhan

New member
onthebottom said:


If I look at my family/friends my age and older they are all in good shape - not really a valid sample though.

OTB
It could be as valid as any. Buddy feels that its one in ten, whose lifstyle will hit a brick wall after retirement. For some, their pension funds have failed. As in bankrupt.
 

onthebottom

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Mcluhan said:
It could be as valid as any. Buddy feels that its one in ten, whose lifstyle will hit a brick wall after retirement. For some, their pension funds have failed. As in bankrupt.
I don't know anyone who's planning on getting a pension or depending on Social Security to take care of them, again I may not have a valid sample.

The generation that is beginning to retire now had some huge advantages. At one point, because of the inflation in wages, real estate.... in the 70s, my father was paying less for his house payment than I was paying for a car (this right after collage). I always told him he was granted free housing by the 1970s. My mother now spends more on my kids, as a retired person, then they ever did on me when they were working. They bought her a farking laptop for Christmas... I had to yell at them not to spoil her too much and remember who their favorite son was ;-)


OTB
 
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