UnThreaded | Threaded | Whole Thread (17) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: Cocomartinez One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76237  
Subject: Coming down the pike Date: 2/1/2006 4:29 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
From the "4 ways to ruin your retirement" article today:

"Of the $34,000 your average retiree collects every year, Social Security provides just 41% -- $13,940. Sure, studies show that the institution can meet its obligations in full through 2042 (or 2052, according to the Congressional Budget Office)."

and

"According to the Employee Benefit Research Institute's 2005 Retirement Confidence Survey, fewer than half of all Americans age 55 and older have even $45,000 saved up for retirement. In fact, excluding home equity, the median net worth of retirement-age Americans is closer to $30,000 -- which explains why their savings suffice to fund only 11% of their living costs."

Given the prognostications that the baby boomers are going to downsize their housing, and it seems that the housing boom is at least slowing if not going bust, let's exclude home equity based on volatility alone.

What is life going to be like for society when a HUGE number of people over 65 are living on $13,940 in social security and less than $45,000 in savings. How much can they make working part time at Walmart or McDonalds? What happens to the "consumer" economy? Healthcare?

I'm really curious about your thoughts about the future.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (17) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Macro Economics

Implications of the Ballad of Ted Plotz
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement