« prev   random   next »

3
0

Boomers' savings would only last seven years in 'ideal' retirement, study finds

By Al_Sharpton_for_President follow Al_Sharpton_for_President   2020 Oct 16, 9:54am 500 views   31 comments   watch   nsfw   quote   share    


The average baby boomers’s savings will last only seven years in retirement, a new study found, unless they curb their spending during their golden years.

Boomers on average have $920,400 saved for retirement, the Charles Schwab survey found, but expect to spend $135,100 per year, not including off-budget spending on hookers and blow, to sustain their ideal lifestyle in retirement. That means their savings would run out after seven years.

“Boomers in this study have been saving for retirement and are confident, but for many there’s a potential gap between what they have saved and the retirement they’re envisioning,” said Rob Williams, vice president of financial planning of Charles Schwab. “That is why we are recommending that boomers turn to crime, to make up the shortfall.”

So how do they expect to stick with this vision? The Walking Dead series may offer solutions.

https://finance.yahoo.com/news/boomers-savings-would-only-last-seven-years-in-ideal-retirement-160528666.html

1   zzyzzx   ignore (2)   2020 Oct 16, 10:16am     ↓ dislike (0)   quote   flag      

Al_Sharpton_for_President says
but expect to spend $135,100 per year


What's the point in retiring, unless you an do it in Caligulan splendor?
2   Eric Holder   ignore (1)   2020 Oct 16, 10:22am     ↓ dislike (0)   quote   flag      

zzyzzx says
Al_Sharpton_for_President says
but expect to spend $135,100 per year


What's the point in retiring, unless you an do it in Caligulan splendor?


Caligula lasted only 3 years, IIRC, so 7 is a huge improvement.
3   Tenpoundbass   ignore (14)   2020 Oct 16, 10:26am     ↓ dislike (0)   quote   flag      

Al_Sharpton_for_President says
the Charles Schwab survey found, but expect to spend $135,100 per year


I don't live in LaLa Land, where Boomers have $135,100 a year, not in income, not in disbursements.
I'm 5 years shy of being a Boomer, but all of my friends are at least 10 years older than me. I don't know a single one of them that makes near that much nor would have that much in retirement. Well I know one guy, but he retired from being a DBA, he was one of the original Oracle DBA's when it first came out and used in Companies.

I make about that, but never expect to spend what I make. Perhaps if we decided to do a lot of home renovations and upgrades we would manage.

I guess they are expected to travel to Bohemian Grove, and Run with the Bulls in Spain when they retire, as far as the Author was concerned.
4   Ceffer   ignore (4)   2020 Oct 16, 11:21am     ↓ dislike (0)   quote   flag      

This is the best reason for MillXY to assassinate the old baggage as early as possible and with extreme prejudice, before the inheritable assets are dried up by nappies and wheelchairs.

Without the hookers and blow, retirement, much less life itself, has no meaning.
5   SunnyvaleCA   ignore (1)   2020 Oct 16, 12:04pm     ↓ dislike (0)   quote   flag      

Boomers on average have $920,400 saved for retirement, the Charles Schwab survey found, but expect to spend $135,100 per year

Maybe Chuck did a survey only of their own clients, because I have a hard time believing an accurate survey of all boomers in the country would see those same numbers. Spending $135k/year is something like 2x the national average for married couples raising kids; surely the average retiree doesn't plan on doubling their spending when they've already paid off their house and the kids are safely on their own.
6   Eric Holder   ignore (1)   2020 Oct 16, 12:12pm     ↓ dislike (0)   quote   flag      

SunnyvaleCA says
surely the average retiree doesn't plan on doubling their spending when they've already paid off their house and the kids are safely on their own.


When you don't have to get up early and go to work every day you can do much more hookers and blow than when you're gainfully occupied.
7   zzyzzx   ignore (2)   2020 Oct 16, 12:13pm     ↓ dislike (0)   quote   flag      

Eric Holder says
Caligula lasted only 3 years, IIRC, so 7 is a huge improvement.


Which explains how he could afford to do it.
8   zzyzzx   ignore (2)   2020 Oct 16, 12:14pm     ↓ dislike (0)   quote   flag      

Eric Holder says
When you don't have to get up early and go to work every day you can do much more hookers and blow than when you're gainfully occupied.


That would certainly explain how Hunter Biden blew all that money.
9   Ceffer   ignore (4)   2020 Oct 16, 12:14pm     ↓ dislike (0)   quote   flag      

Discipline takes care of a lot of these problems. Like, alternating hooker and blow days, but allowing both on Sunday.
10   HeadSet   ignore (2)   2020 Oct 16, 12:35pm     ↓ dislike (0)   quote   flag      

Ceffer says
Discipline takes care of a lot of these problems. Like, alternating hooker and blow days, but allowing both on Sunday.


Or, think "outside the box" and pay the hookers with blow.
11   Shaman   ignore (2)   2020 Oct 16, 12:43pm     ↓ dislike (0)   quote   flag      

HeadSet says
Or, think "outside the box" and pay the hookers with blow.


If you’re going to do that, the next step is to maintain a stable and pimp them out yourself! Of course, there go your retirement plans because as we all know: Pimpin’ Ain’t Easy!
12   Ceffer   ignore (4)   2020 Oct 16, 12:47pm     ↓ dislike (0)   quote   flag      

Shaman says
Pimpin’ Ain’t Easy!


Keeping protein losses down and profit margins up with recalcitrant merchandise, but it never gets old.
13   clambo   ignore (5)   2020 Oct 16, 2:12pm     ↓ dislike (0)   quote   flag      

The entire story is bullshit.

I’m a boomer, and know a lot of boomers slightly older than I.

Most are 1. Still working 2. Retired with rich pensions. The guys with the pension worked for a county or city government.

Few have large investment accounts.

I’m among those who weren’t married, didn’t pay for children to attend college, and was a fanatic investor.
I am in the minority.

My father was an MD who didn’t invest very much, so in his last years working he put a lot of dough into a New York Life annuity which paid him $3000/month.

His IRA wasn’t huge, but he didn’t need more income than the annuity and social security.

You can easily spend $1000/month eating out, but this was his main hobby, so he didn’t care.

I think most guys can get by on much less than $100,000/year in retirement.

I’m not going to completely stop doing things for money; but I’m not going to a 9-5 salt mine.
14   Booger   ignore (7)   2020 Oct 16, 2:27pm     ↓ dislike (0)   quote   flag      

clambo says
I’m not going to a 9-5 salt mine.


The thing is that for me, work is so easy for me that I don't feel like I am going to the proverbial salt mine. That and I have flex time. So no real reason to not keep working.
15   Ceffer   ignore (4)   2020 Oct 16, 2:36pm     ↓ dislike (0)   quote   flag      

A Charles Shwab Account Boomer isn't the same as a Boomer-At-Large. Shwab is talking about his (relatively) well off account holders vs. the general herd.

California has the highest poverty rate in the country. However, even the poor in California have these baffling attitudes of self centeredness and entitlement.
16   Booger   ignore (7)   2020 Oct 16, 2:37pm     ↓ dislike (0)   quote   flag      

clambo says
he put a lot of dough into a New York Life annuity which paid him $3000/month.


Using this annuity calculator:
https://www.schwab.com/annuities/fixed-income-annuity-calculator
For someone who is 65, they would have to pay 628K to get $3000/month for the rest of their life. YMMV.
17   FuckTheMainstreamMedia   ignore (7)   2020 Oct 16, 3:00pm     ↓ dislike (0)   quote   flag      

$135,000 a year is insane. I actually don't know anyone who will making that in retirement except a person who was in private industry and has retirement plus a multi million 401K account. Im one of those govt workers and even the division heads and higher that make $180K-230 K wont be getting $135K a year(you have to do 35+ years to get that and most are retiring at 30-32 years).

Wife and I are expecting to be at $90-100K a year and will need to buy a house. We cant do it in California and will be moving to a no income tax state. We expect to live a pretty decent lifestyle. I can't imagine what people need more than that for. I only know of a few retirees from where I work who needed to go back to work. One retired too early and didn;t actually have enough income. THe other was a life train wreck and would be in trouble regardless of what her income was.
18   FortWayneAsNancyPelosiHaircut   ignore (4)   2020 Oct 16, 3:10pm     ↓ dislike (0)   quote   flag      

FuckTheMainstreamMedia says
$135,000 a year is insane. I actually don't know anyone who will making that in retirement except a person who was in private industry and has retirement plus a multi million 401K account. Im one of those govt workers and even the division heads and higher that make $180K-230 K wont be getting $135K a year(you have to do 35+ years to get that and most are retiring at 30-32 years).

Wife and I are expecting to be at $90-100K a year and will need to buy a house. We cant do it in California and will be moving to a no income tax state. We expect to live a pretty decent lifestyle. I can't imagine what people need more than that for. I only know of a few retirees from where I work who needed to go back to work. One retired too early and didn;t actually have enough income. THe other was a life train wreck and would be in trouble regardless of what her income was.


same plan here. private sector and 401k is my life story, results will likely be similar. definitely not retiring in CA.
19   Ceffer   ignore (4)   2020 Oct 16, 3:13pm     ↓ dislike (0)   quote   flag      

With a paid off house and 90k total a year after taxes that increases with inflation, including the SS input and Medicare, should do it. If you insist on coastal California, you might still be gnashing your teeth in envy and consternation. However, in many parts of the country, that could still represent some version of Caligulan splendor. At some point, you could also start reverse mortgaging your home for more.

I still know the people who slum it in Cali and seem to do OK with the welfare put and low incomes. With the general high cost of housing and living in Cali, you would think there would be nothing but bronzed, beautiful trust fund gods and goddesses, but the scuzzball titer when you go out in public is something to behold. It's not the land of the majority beautiful, even in the expensive areas. Apparently, that's the greatest disappointment of tourists, because a lot of them look better than the people in the state.
20   FuckTheMainstreamMedia   ignore (7)   2020 Oct 16, 4:13pm     ↓ dislike (0)   quote   flag      

I actually can't believe the people that don't cash out their lottery ticket (their house). I live in a nice area with horribly over priced homes compared to rents. There are people that own their homes that are in horrible shape because the owners are retired and cant afford to fix up the homes. These are 800K and up homes (and a handful on the westside that are a million and a half and up) even in beat up shape.

Enough money to buy a home elsewhere and combined with SS, would provide a very high standard of living. But I guess some people dont like change and are unreasonably stubborn.
21   Dholliday126   ignore (0)   2020 Oct 16, 8:55pm     ↓ dislike (0)   quote   flag      

These trading/money management companies are so funny...they always come out with these ridiculous scenarios to make you feel inferior so you invest MOAR.
22   just_adhom_preaching   ignore (6)   2020 Oct 16, 9:19pm     ↓ dislike (0)   quote   flag      

Al_Sharpton_for_President says
Boomers on average have $920,400 saved for retirement


Median: 48K
23   clambo   ignore (5)   2020 Oct 16, 9:39pm     ↓ dislike (0)   quote   flag      

For Booger, re:annuity income.

My father worked until almost age 90. So, he could pay less to get $3000/month than if he were 65.

He didn’t like the idea of needing to live from investments although he had some.
24   steverbeaver   ignore (1)   2020 Oct 17, 12:22am     ↓ dislike (0)   quote   flag      

Shitty generation and all they have is 48k median savings. EAT. SHIT.
25   Booger   ignore (7)   2020 Oct 17, 5:00am     ↓ dislike (0)   quote   flag      

clambo says
For Booger, re:annuity income.

My father worked until almost age 90. So, he could pay less to get $3000/month than if he were 65.

He didn’t like the idea of needing to live from investments although he had some.


Using the same annuity calculator, for a 90 year old, it would cost $186,353 for a lifetime $3000/month annuity.
26   B.A.C.A.H.   ignore (0)   2020 Oct 17, 10:49am     ↓ dislike (0)   quote   flag      

Booger says
for a 90 year old, it would cost $186,353 for a lifetime $3000/month annuity.


Yikes!
27   clambo   ignore (5)   2020 Oct 17, 10:51am     ↓ dislike (0)   quote   flag      

Yes, an MD can sock some cash away if he bills enough hours 🤑
28   Ceffer   ignore (4)   2020 Oct 17, 1:46pm     ↓ dislike (0)   quote   flag      

A little organ harvesting on the side can go a long way towards filling up those neglected portfolios.
29   NoCoupForYou   ignore (2)   2020 Oct 17, 3:54pm     ↓ dislike (0)   quote   flag      

A lot of people in $800k homes who brought it for $300k and have been living in them 20-30 years found out that refinancing to buy boats, additions, new kitchens every 7 years, etc. has a cost.
30   ad   ignore (0)   2020 Oct 17, 11:06pm     ↓ dislike (0)   quote   flag      

.

A retired couple on medicare could easily live well on $40,000 a year in the Florida panhandle and within 3 to 5 miles of the beach. And that is based on them renting a nice 2 bedroom house at $1300 a month.

.
31   TrumpingTits   ignore (4)   2020 Oct 19, 12:24pm     ↓ dislike (0)   quote   flag      

American Expat living in places like Costa Rica, Belize, Cambodia, etc. is gonna soar.

A couple can live quite comfortably for $800 - $1,300 month in those places. That includes a maid, health care (Medicare will not reimburse doctor's overseas), housing, food, etc.

Please write p@patrick.net if you would like to register to comment

about   best comments   contact   one year ago   suggestions