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Reply #47


Response to Texin (Reply #13)

Sun Dec 9, 2012, 12:30 PM

47. How many of you have more than $1 million saved for retirement?

You would need that much, and more, to replace what SS would give you. I've been a hardworking salaried guy my whole life, making in the mid-five figures annually. I'm 55. My wife and I will both qualify for something like $2,000 a month in SS when we retire, or $48,000 a year in today's dollars. You realize that most investment advisors tell you not to withdraw more than 4% annually from your retirement accounts. So if you have a million bucks, that gives you an income of $40,000 a year. Not poverty, of course, but not cruising-the-world either. We would need more than a million dollars in retirement savings to match what SS will pay us. And let's not forget that people my age have been paying higher rates their entire working life -- because the 1983 SS fix was supposed to account for the baby boomers. This seems to have been completely overlooked in this whole discussion.

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Texin Dec 2012 OP
Jackpine Radical Dec 2012 #1
NoMoreWarNow Dec 2012 #62
avedon Dec 2012 #64
PDJane Dec 2012 #2
bluestateguy Dec 2012 #3
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kimbutgar Dec 2012 #5
Texin Dec 2012 #8
democrattotheend Dec 2012 #55
DURHAM D Dec 2012 #6
newfie11 Dec 2012 #7
forestpath Dec 2012 #9
Texin Dec 2012 #13
LineLineLineReply How many of you have more than $1 million saved for retirement?
reinan Dec 2012 #47
jeff47 Dec 2012 #49
Zorro Dec 2012 #10
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PSPS Dec 2012 #11
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