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|Subject: Re: Are Americans saving too much for retirement||Date: 2/18/2007 10:31 AM|
|Author: telegraph||Number: 2272 of 101956|
SirTas: "In the very same article, they also claim that "one third of retired workers depend on Social Security for 90 percent or more of their income." In my case, DW and I will receive about 30k in Social Security. This does not seem "adequate" to me."
If you look at the stats, over half the retired people in FL live on under $25,000 a year. While you might not have a life of easy street, there are millions and millions doing it. Depends upon where you live and what you made before you retired.
Remember, many retirees collection SS have been retired for 10 or 20 years already...so their salaries 10 and 20 years ago, minus inflation, was a lot lower in dollar terms. Some have been retired for 30 years (think retiring at 50 or 55 with gov't pension or military pension, or generous company pension - for the times).
That is not to say that SS will provide as good a living in the future. The gov't expects it will provide less percentage in the future, requiring you to save (or have company pension) to provide the rest.
Heck, if I had to, I could live on 30K right now.......it would be tight, and I might have to give up a few things, but I could stay in my current house, eat well, pay the bills, on 30K/yr. But I am single, worked only 31 years, so won't get that much from SS. (full benefits after 35 years, pro-rated up to that, so I get 31/35ths of the benefit)....plus I will take it at 62 in 18 months....
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