Baby Boomers: What Are Your Plans For Retirement Fund?

[stopbush]

Poll question: Baby Boomers: What Are Your Plans For Retirement Fund?

From Reuters today:

NEW YORK (Reuters) - The average American has saved less than 7 percent of his desired retirement nest egg and will likely have to keep working in retirement to supplement his income.

Middle-class Americans think they need $300,000 to fund their retirement, but on average have only saved $20,000, according to a survey released on Wednesday by Wells Fargo & Co.

"Middle class" is defined as those aged 30 to 69 with $40,000 to $100,000 in household income or $25,000 to $100,000 in investable assets and those aged 25 to 29 with income or investable assets of $25,000 to $100,000.

"Too many Americans have their heads in the sand in the face of obvious savings deficits," said Laurie Nordquist, director of Wells Fargo Institutional Retirement Trust. "Barring a miracle, a winning lottery ticket or a big inheritance, they're going to be forced to dramatically cut back their lifestyles after retirement."

Even those fast approaching retirement age are not well-funded. Respondents aged 50 to 59 have saved an average of only $29,000 for retirement."

I HAD about $50,000 in retirement savings back in 2003, but stints of unemployment and the bad economy wiped that out. Today, our only hope is that my MIL has a decent estate that will be split only two ways (my wife & her brother), plus whatever my wife and I get on SS.

What's your situation?

[lunatica]

1. When I die it will be in my office somewhere, or in a shopping cart in my sleep

[JuniperLea]

2. Other: What retirement fund?

What the crash didn't take, emergencies did. I have less than zero, and at 53, that is fucking nuts.

[stopbush]

3. Try having less than zero at 56...

[JuniperLea]

8. I'm sure I'll get there...

Unless I win the lotto... and I can't afford to pay, so... unless someone gives me a winning lotto ticket, I'm screwed in three years too. Scary, isn't it?

[RagAss]

4. Keep smoking 2 packs a day !...That's my fucking plan in America 2010 !

[badtoworse]

16. I hope you are kidding

I've known a few people (including my brother who died of lung cancer) that died from smoking related disease, You do NOT want go that way.

[Speck Tater]

5. I'm retirted on Social Security alone.

But as a fan of voluntary simplicity my needs are few and I'm very comfortable on my so-called "poverty level" income. I'm very happy and have everything I really need.

[RaleighNCDUer]

9. That's what I'm looking at. Between my state retirement, my 401k,

and SS I should have a monthly income that is approximately what my working income is today - but i have few expenses living in a too-small apartment and my desires are few. I'm not comortable, but i'm getting by OK.

Of course, if something happens to SS or my state retirement, I'm fucked.

[KansDem]

11. That's what I'm looking at....

If I can just hang on another 10 years, I'll have a modest school-district retirement check, SS, and Medicare.

If I just hang on...

[Autumn]

6. Lot's of cat food, if it's cheap enough,

medication, cut that in half. Die sooner?

[Speck Tater]

18. I have cats and their food is WAY more expensive than mine!

I buy basic staples in bulk; rice, flour, pasta, dry beans, sugar, frozen beef by the side from a local ranch, etc., and I grow most of my own veggies, so I actually spend more on cat food for my cats than on people food for me.

[Autumn]

7. Lot's of cat food, if it's cheap enough,

medication, cut that in half. Die sooner?

[doc03]

10. I retired, well I was forced to retire actually, they shut my plant

down. I'm doing OK, I have a small pension and a nice IRA balance.

[demodonkey]

12. Keep working, or DIE.

I am on the cusp between GenX and Baby Boom so am posting this in both threads. :-)

[supernova]

13. Needed option: Had it in 99, lost it in the 00s and starting over

in my late 40s. How's that for Suckville, USA!

:P

I used to have about 60K in the bank in cash and stocks. A couple of crashes later and three layoffs have dried all of that up.

What I hate about MSM discussions of this topic is that they all seem to ASS/U/ME that we were stupid enough to piss it all away intentionally or stupid enough to not bother with that fancy finance stuff. Neither of which was true in my case or most people that I know.

Hell yes! I'm spitting bullets!!!!

:grr: :grr:

The only thing I can do at this point is either:

1) Win the lottery
2) Create and product that make me a million selling it myself.

[Lasher]

14. Too late for some boomers to start planning.

Boomers were born between 1946 and 1964. If you're around sixty, you'd better be at the tail end of a good retirement strategy. Otherwise face it, you're screwed. If you're 45 and haven't already set aside some significant assets, there might be some hope for you but you'd best get your ass in gear right now.

Me? I'm hoping I'll be OK with income barely into the middle class range. But I didn't account for the possible demise of Social Security, Medicare, and other social programs. I still can't believe anyone has the guts to even suggest such a thing. But here we are, poised to betray all of us boomers who were foolish enough to trust a government that has been clearly unworthy of it.

[old mark]

15. Retired at 59, am now 63. No problems financially at all - made some good

investments years ago, out of sheer luck.

Sorry, but it's true.

mark

[enough]

17. 66, life-long self-employed, some but not enough savings, no pension. On medicare not Soc Sec yet.

Work is slow now but still barely alive. We know how to live poor, have no mortgage, know how to grow plants and livestock. My biggest worry is that what's in the bank will become worthless or disappear in some kind of collapse. I know everybody's buying gold/silver now to stave this off, but doing what everyone is doing does not seem like a very good bet.

Always happy to hear anyone's advice.

Looking back over this thread, I remember that as self-employed people, we never had access to unemployment, and in fact we never expected Social Security to still be around when we got to it. I consider whatever years we have on Medicare to be gravy, and I don't expect it to continue indefinitely. I don't see my basic existential relationship to be with the government.

[Blue_In_AK]

19. We are in fairly good shape, thanks to my husband's UNION,

the Marine Engineers Benefit Association. After 25 years at sea, he got a fully funded pension plus some IRA money. When we married in 2003, I had a little inheritance money in an IRA, so between us we had a pretty nice nest egg. We lost quite a bit a couple years ago before we took it out of stocks, but it's hanging in there with whatever it is we've got now. Bonds or money markets or some crap. (I know NOTHING about money.)

Also we both took early social security, so while we're not rolling in money by any means, we can at least be comfortable. It also helps that I bought my owner-occupied duplex (a foreclosed HUD house) in 1990 when we had a housing crash here, and home prices were depressed. My tenant pays about 2/3 of my mortgage -- and even at that, she's getting a really good deal, about $200 a month below what most apartments are going for here. I just don't feel like gouging her.

A lot of serendipity. Fifteen years ago, I assumed I'd have to work all my whole life and ultimately depend on my kids in my old age.

[MiniMe]

20. Unemployment has wiped out my 401k

My father set up my mother and me and I should be OK between that and SS, but who knows how it will be in 13 years when I can retire. Need to find a job to get me there first. I am luckier than most. My father has passed on now, but he took care of my mother and me. I am also an only child, and that helps a lot with the estate.

[Bulletin Justin]

21. Funny you should ask.........

After calling the White House, my senators' offices, my congressman's office, Bernie Sanders, Harry Reid and anyone else I could get through to today to express my displeasure with the tax cut situation, I thought it really doesn't matter what they do. We can't retire anytime soon. But I will be applying for SS this spring. I am going to get what I can as soon as I can since no one knows when these bastards will rip the SS "safety net" out from under us as well.

I asked the White House staffer who answered my call (we lost our job, income, home, cars and retirement) to let the tax cuts expire. What's a little less money in the pay check after you have survived all of that for more than two years.

Then I asked when the bastards on Wall Street that got all of the wealth we lost were going to be asked to sacrifice like we have.

[socialist_n_TN]

22. I picked the lottery one.............

My wife and I are working on it. I take care of the short term investments (scratch offs) and she takes care of the long term ones (Power Ball).

I kid rather than cry.

[Yavin4]

23. My Plan? I'm Going To Get Me A Fast Scooter and Rob Banks

Think that I can out run the cops on this:

[stopbush]

28. You may not out run the cops, but you can get Medicare to pay for your scooter!

At least if the TV ads are to be believed.

[NNN0LHI]

24. Retired now but it appears the property taxes on our house will force me back to work

Ain't looking good.

Don

[Skidmore]

25. We are, by that definition, not middle class

and we have some savings but will never have that amount of money. We have enough, live with thrift, and do not need to support a lifestyle that is one of conspicuously consuming middle class members. We will carry on as long as we can, and then we will die. We are neither one asking for exceptional measures to prolong life if we become ill nor are we asking for elaborate funerals when we go.

[Contrary1]

26. Commit three felonies. n/t

[Stinky The Clown]

27. I get a real kick out of these financial "experts" such as those on the morning teevee shows.

Our retirements have been fucking STOLEN from us. Worth far less than half what they were a few short years ago.

And the MASSIVE transfer of wealth continues.

[varelse]

29. My retirement plan is a shotgun (nt)

[Greyhound]

30. Kick. n/t