Retirement Planning - Lessons Learned

[KennyG]

For the last 20-30-40? years i've been hearing all about how americans don't have enough saved for retirement. In many cases not a penny and in many more cases, deep in debt.

It's been 20, 30, 40 since i started hearing all that. Whats happening to those folks now?

Some are in real trouble, some are getting by. Retired people continue to be, on average, the wealthiest group in the population. Those that took the future seriously and planned for it are doing better than they ever expected because of the great growth in investments. The others, in most cases, are just getting by and don't have the luxurious retirement they wanted.

 

[Fuddy1952]

^^^Very true^^^
As a kid I read Aesop's Fables. "The grasshopper and the ant" I remembered.
"A Grasshopper frolicked while an Ant stored food for the winter. When winter came the Ant was comfortable; the Grasshopper not so."
My 73 yo brother had a very successful business for years, sold it for peanuts, partied, now in bankruptcy. They're barely able to make it.

 

[Fuddy1952]

I started retirement saving in my 20s, retired at 61. My Dad retired at 56. Be frugal living below your means.
Our banker says most people spend to their income. A good friend & wife were making together about $300K/yr fifteen years ago and lived like it...bought an expensive home, Lexus, etc. Now in their 60s lost jobs, making $100K. If they lived as if they were making $100K back then they'd be on easy street today.

 

[MossRoad]

Ouch!

We've always planned our expenses on two people making minimum wage. Everything else is gravy.

 

[goeduck]

For the last 20-30-40? years i've been hearing all about how americans don't have enough saved for retirement. In many cases not a penny and in many more cases, deep in debt.

It's been 20, 30, 40 since i started hearing all that. Whats happening to those folks now?

I won't state my opinion on how some of the people you refer to are expecting to get by. TBN posting rules.

 

[ultrarunner]

For the last 20-30-40? years i've been hearing all about how americans don't have enough saved for retirement. In many cases not a penny and in many more cases, deep in debt.

It's been 20, 30, 40 since i started hearing all that. Whats happening to those folks now?

Some are in subsidized housing with discounted utilities, free computers and cell phones and fully covered medical…

Subsidized housing varies but senior only has some very nice offerings in some great locations… speaking locally SF Bay Area

 

[MossRoad]

For the last 20-30-40? years i've been hearing all about how americans don't have enough saved for retirement. In many cases not a penny and in many more cases, deep in debt.

It's been 20, 30, 40 since i started hearing all that. Whats happening to those folks now?

They're living in crap apartment houses, old hotels that have been converted to crap apartments, and other not so nice places.

 

[goeduck]

They're living in crap apartment houses, old hotels that have been converted to crap apartments, and other not so nice places.

Curious, who you think is responsible for this situation?

 

[ultrarunner]

As stated no plan can be a viable option for some… all depends on expectations.

The wait for subsidized housing often is many years but expedited for seniors.

People living in the street I encounter and I encounter a lot are seldom of retirement age… most teens to about 40.

Many have burned too many bridges when it comes to family/friends.

Others don’t like rules… some have pets they couldn’t keep and some simply don’t have income and or programs in place.

A difficult situation for sure… the nearby supermarket spent over 9k cleaning up a camp… and now ongoing security to keep clear as an unbelievable amount of trash accumulated… plus utility theft.

 

[goeduck]

^^ With all due respect to you and Moss, both of which I greatly admire:

Boo Hoo !!