January 26, 2008

HousingPANIC Stupid Question of the Day - Retirement Edition


1) Do you think you'll have enough money for a comfortable retirement?

2) Do you plan on receiving the social security benefits that have been promised to you?

3) What % of your income do you save today for retirement?

4) Where would you like to retire?

5) How old are you, and what age do you plan on retiring?

80 comments:

Anonymous said...

1) Yes, I should have enough to be comfortable. It really helps to be nonmaterialistic - give me good food and books and I'm as happy as can be.

2) No

3) Saving/investing over half of gross income

4) No preference at the moment

5) 26 - aiming to be retired by 40

Han Solo of the Crash said...

1) Do you think you'll have enough money for a comfortable retirement?

No. I think I will have to work somehow until I die. I know most people think retirement is a god given right, like cheap flat panelled television sets. Retirement is the ultimate luxury, a life of leisure with out work. Social Security the way it was designed was so that people who could no longer work at the end of their lives would be protected until they could kick off. Maybe 5 - 10 years. Not 30-40 years!

2) Do you plan on receiving the social security benefits that have been promised to you?

Not a chance in hell.

3) What % of your income do you save today for retirement?

50% -- I am a saver, 1st emergency fund then gold plays, foriegn currencies, roth401K, roth (overseas dividend stocks, not china -- bubble)

4) Where would you like to retire?

Wherever the greatest concentration of my family is.

5) How old are you, and what age do you plan on retiring?

I am 33 I own my own compnay if it takes off as soon as possible, if it doesn't work, I think i can shoot for 75.

BKS said...

Well, it's readily apparent that the Baby Boomers have no problem with devouring their own children (and everyone else's.)

So, I know that I will never receive a pension or social security benefits with anything near the spending power they will enjoy.

They will clean the carcass and leave the rest of us with the bones.

Has it occurred to anyone else that the Social Welfare State has caused the declining birth rate in the West? I mean, why bear the expense of having children when "the government" will look after you in your old age. Hence, the current demographic disaster.

Democracy is nothing more than a tyranny of the majority. The Baby Boomers can still outvote the rest of us because of their sheer numbers. They will vote to steal our money.

When they begin to die off and the younger generations outnumber them, they will vote to withdraw the level of benefits now supplied. So, those of us in the middle (Gen Xers) will be doubly screwed. Wewill have to fund those ahead of us and will be denied benefits by those behind us.

Has anyone else heard that Social Security recipients are now demanding they also get this recession bailout money?

God help us.

Mark in San Diego said...

I will comment on this because I AM retired already - it wasn't rocket science. . .I am now 57 and retired at 55 - I started putting 10% into my 403 (the public version of 401) in 1983 when it was offered at University of California. I also have a decent pension system with healthcare from UC. I am coordinated with Social Security, and will likely take it at 62 if it is still offered. . .if not, I can live without it.

My advice to people in their 20's and 30's is to live below your means, save 10%(I put my money in an equity fund from 1983 to 1998 - when I switched to a bond fund) and buy real estate, ONLY if rent to own ratio comes back into line.

I bought my condo in 1987, and in 1992, my neighbor wanted out of his place, and sold it below market value to me, during the last housing crash in California. I rented it out for positive cash flow, and sold it in 2004 for tripple the money.

Timing is everything - I think there will be a lot of opportunities for investment in foreclosed properties in the next 2 years. . .also some nice blue chips can be picked up at low costs. . .I got Chevron back this week at 78 with a 3% dividend.

Living of course in San Diego - good downtown airport, nice weather, and at least enought culture to keep me happy - hey it isn't NYC or SF, but ok.

Another advice - don't build your life around doom and gloom - things looked pretty bad in 1981, and again in 1992. . .the economy usually muddles through, and those who invest at low prices are rewarded.

Anonymous said...

.







Not enough now!







.

Anonymous said...

1. Not sure. I am afraid government will eventually confiscate/tax all IRA/Roth/401K accounts to "share" with the people that haven't been saving.
2. There'll be some basic benefit, maybe like $500/month and a free ticket to your local soup kitchen.
3. 15%
4. Europe, not sure that's gonna happen with the $$ tanking. Maybe I've to settle for Wal*Mart as door monkey "Welcome, want a sticker?"
5. 44 now, might have another 20 years in me.

Daphne64 said...

1) Heck no

2) Heck no

3) We're trying to keep our heads above water with one kid in private school and the other in daycare. Not worried about retirement money. We're going the precious metals route to try to protect against inflation. It's impossible to predict how that will work out.

4) Given I think global warming is real, I am hoping to get some cheap land in Minnesota or thereabouts.

5) Not worried about retiring. Mostly worried about keeping my children alive in the coming chaos.

Anonymous said...

I'm hoping to have enough for retirement if the FED doesn't inflate it all away.
I expect social security I've paid into it my whole life and I'm a boomer that will vote for whomever will make sure of it.
I'm saving 22% of my gross and have a company match of 7.5%. Also have a pension with medical from a previous employer.
I live in Arizona and will retire here.
I'm 51 years old and I will work till I'm 66 health permitting.
Now wether I'll be able to retire comfortably depends on our scumbag government. If housing prices come down enough I'll buy one and live out my life in it. That's alot of if's for someone who is conservative and a saver. I'm not sure how alot of other people will retire that didn't save and lived on credit and I say screw-em it's their problem.

RichinAz

Uncle Jerry said...

The only retirement plan in this country involves putting on a blue vest and repeating the phrase "Hi, welcome to Wal*Mart."

All you Wal*Mart shoppers out there created your own nightmare. Have fun thinking about how the greedy gimmie, gimmie, gimmie lives you have lived took you down a dead end road that had the front door of a squalid big box store as the place where you would while away your golden years.

The Wal*Mart shoppers that walk past you should see a warning, a cautionary tale, there in the blue vest at the front door of every Wal*Mart is the ghost of Christmas future but they don't see you because today only 52" Plasma TVs are only $499.95 and supplies are limited.

AZ transient said...

Wife and I retired at age 50, now both age 52 and temporarily living in Arizona SF rental, after selling our paid off home 2 1/2 yrs ago.
Both receive total of appx 90k per annum in corporate pensions with excellent, (virtually no cost), health and dental plan. Liquid assets of slightly more than $2 mil, actually cash with no tax liability, bringing income, along with our part-time mickey-mouse fun jobs, at almost 225k per year. Also own a debt free small mixed use building in the Chelsea neighborhood of Manhattan, where I spent first 40 years of my life.
Social Security never was a factor in our retirement plans, but if we live long enough, will take it at 62.
Spent over a year traveling overseas and USA extensively to finalize a new home base/retirement spot. Florida,Carolinas,Hawaii,New Mexico and few other warm spots were explored in detail,and decided no way. California which we know well, still has appeal in certain parts (SoCal). Probably can swing something in our favorite spot, town of Rancho Santa Fe, (north San Diego),if motivated enough but would pin us down in one house with maybe a 500k mortgage and other high carrying costs which is counter to my "pay cash for everything" lifestyle. Was thinking a two-home solution for retirement would maybe work for us by paying about 500k cash for each, and shuttling between two locations. Not quite sure yet, still want to visit the other half of the world and the last 5 US states that are on my list.
Living overseas is starting to sound better and better.

deez said...

1) Yes (being young and funding a 401k on the down leg of an equity bubble helps)

2) Heck no.

3) About 1/5th.

4) Europe, Canada, or Brazil. Retiring in the US would be fantastic too, assuming we can make our country less of a crap heap within 40 years (not holding my breath).

5) 24; anticipate retiring just north of 70 (when work is fun, why would you quit early?) if I can make it that far.

ohhhyesss said...

I currently don't have enough for retirement; I expect social security to survive since it's a cheap program as long as people are in good health and can "live on their own"; The economy will suffer when the number of folks needing "labor intensive care" goes up; I currently save about 60% of my paycheck and expect to work until 60 or 65 because I don't mind working-- I find it more satisfying than travel since I like meeting new people.

Anonymous said...

I am 34 years old and NO I am not saving a dime for retirement. Why do that? So the government can screw me? I am spending every dime I got and don't give a f**k. Anyone who decides to save their money, be frugal and make wise choices is a FOOL. Because people like me will outvote them and what you haveth I will taketh.

Joe said...

1) Enough money to retire?

Yeah. I don't really spend much money on things besides food and beer. I love a good beer.

2) Social security?

No. If I get the money back, that's nice. However, until I'm ten years away from actually receiving it I'll vote for anyone that promises to get rid of it.

3) % Income Saved?

Roughly 50%. It sounds like a lot, especially considering I don't make all that much, but I can't say I feel like I go without all that much. I go out three or four nights a week, buy nerdy gadgets like ipods occasionally. I like to go to concerts a lot.

4) Where would you retire?

I like living near my friends and family in Pittsburgh. Nothing particularly magical about the place. It's nice I guess. I'm not picky.

5) How old are you, and what age do you plan on retiring?

27. I don't really plan to retire. If I stopped working I wouldn't be affecting the world anymore, at which point I may as well die. I like to have enough money that I can do work that I enjoy. Strange but true: as I've changed jobs to do things I enjoy more, I've been paid and promoted a lot more.

Anonymous said...

Work for the State of Cali...Generous retirement that will be worthless by the time I retire...

Don't expect Social Security nor my retirement to be there

Savings are low but I am almost debt free and make a decent living as a state cop

Expect to retire at 45 (37 at present) to Colima Mexico where I was lucky enough to inherit some beach front land...

Only need $200k to retire to build home and maintain lifestyle...If Mexico goes down the tube then Philapines here I come!

Anonymous said...

1) Yes.
2) Only 60% of what they tell me on my statement.
3) 40
4) Central Mexico
5) 46. 53.

ForWhomTheTollBuilds said...

For a window into Realtor/Broker psychology, check out the recent postings on Swann's blog.

It's not the content but the tone that is interesting. They all feel so "put upon" these days, like all this sh*t that has nothing to do with them keeps getting in their way.

It's not fair dammit!

This is what I come to the blogs for and for me, these are the questions the housing bubble drove me to answer:

How can those who have been devastatingly wrong all along continue to be taken seriously? Are they purposful liars or do they honestly believe they are ethical people? Why does society permit them to continue to operate?

The answers to these questions will help us to spot and survive the next bubble/mass hysteria, and that is what matters, to me at least...

westwest888 said...

This has been a humbling year for me with taxes. I'm paying heavy, heavy five figures in taxes and I am not allowed to deduct anything. The only thing on the table for me is traditional 401k and my health savings account. I'm locked out of everything else. Further, because I helped the gov raise so much money I'm not eligible to get direct stimulus this summer. Which is awesome. People who pay more in taxes get less or zero back - makes perfect sense? Maybe they'll cut taxes next year retroactively when we're in a deep sh1t, a la Bush 2002. I won't hold my breath.

Honestly, I think social security will shore up BUT anyone who has a substantial 401k and retirement will be ineligible to receive benefits. Since I saved, I won't be able to get the money the government saved for (robbed from) me and my employers. That's what's going to happen.

Oh yeah, and we're going to default on our debt and see marginal tax rates the likes of the UK and Europe - about 55% effective rate. Good stuff!!!!!!!!!!!!!!!!!!

andy in nz said...

1) No

2) No, won't exsist

3) 4%, need the rest to live.

4) not under a bridge...

5) 35, never will be able to retire as my greedy boomer parents have made sure the system will pay all their costs until death, and they will live long lives because of that. They have also pulled up the draw bridge on entitlements so that their own kids will get the bill for them and (our own education, theirs was free)no other generations. Think my kids will still be paying for the grandparents.

Anonymous said...

1) Do you think you'll have enough money for a comfortable retirement?

I have no idea.

None of us are guaranteed a tomorrow.

There is no certainty that I will even be around at that time in order to retire!

The money that I save today is put there for a rainy day, and is put there to eventually give away or pass on to heirs... but to say when that rainy day arrives and how I would expect to dispense of that money could be anybody's guess right now.

It seems to me that the important thing to do is to save money for unexpected contingencies. I see my savings as a way of being self-insured.



2) Do you plan on receiving the social security benefits that have been promised to you?

I would hope so, but by that time, the amount would probably be insignificant due to inflation and the system collapsing on itself. By that time, I would expect to hear the government say "We're broke. Yeah, it's not much that you're getting, but it's better than nothing".



3) What % of your income do you save today for retirement?

I save as much as the tax laws allow me to do so.

I max out IRA's, SEP IRA's, 401K's, etc. And after that, if there is little left over, I try to save that too... (after paying for living expenses).



4) Where would you like to retire?

Wherever the good Lord puts me.



5) How old are you, and what age do you plan on retiring?

44.

I plan to retire when I can no longer work... In other words, if it is God's will, then I would prefer to be working in some capacity to the very end (with adequate time for some vacation from time to time).

Anonymous said...

mark in san diego forgot the advice of getting a govt job with its truly socialistic benefits and leech of the public till and taxpayers, by being smart, just not like the inteligensia that were the first people hitler did in.........

Anonymous said...

az transient two house routine...i remember that when the houses were 100,000 ubtil taqxes on each went to 16,000 a year.... your at 500,000 per could dwindle your income and soon your assets until you sell to a miomimum wage earner or "strawberry picker" screw you too

Anonymous said...

oheyess or whatever, sure till youy want hundreds of dollars an hour to tend the ill.........screw you too.....see you at the convention?????????????//

Anonymous said...

SYT......SCREW YOU TOO ,,,,,,,,,,,,,,,,,BRILLIANT........... ANDY IN NZ...BUT THE STATS SAY.. THE MORE HEALTH CARE ONE GETS, THE SHORTER THE LIFESPAN????????/

Anonymous said...

1. Maybe. In theory I have enough now, the challenge is to preserve my wealth and keep up with inflation over time. Since the 2000 crash that has been extremely difficult as we've had one bubble after another and what appears to be a secular bear market in US stocks. The fact that fixed-income interest rates are below inflation (net of taxes) compounds the problem.

2. No. I figure it will be means-tested to the point where anyone who saved for their retirement is screwed. But people who saved nothing either because they were foolish or because they just didn't make enough will still get minimal benefits.

3. Too hard to figure - there is almost nothing left of my income after paying my expenses and paying my taxes, which includes massive taxes due on my investments. All I can really say is I live well below my means, and the money seems to be slowly piling up.

4. I'd like to stay right here in the SF bay area. If I find that I can't afford that, then back home to rural Virginia.

5. 47 now, would like to retire at 55. I would probably do something else rather than really retire, something where I can be my own boss.

Daphne64 said...

I don't think Social Security will survive because the US congress pretty much has trash the dollar to weasel out of it's medicare and medicaid obligations.

There is no way they will cut the nominal benefits, but if it costs $700 a day for a nursing home and the Medicare reimbursement is only $200 a day, and congress has no more money to allocate...

You can just imagine what is going to happen to hospitals and nursing homes during the transition. I am guessing they will have a tough choice to go bankrupt, or somehow make their charity (medicare) cases "disappear".

Social Security may nominally remain, but that $1500 benefit will have no more than 20% of it's current buying power. Maybe none, if we end up with full hyperinflation.

It kind of pisses me off that the few public officials that out there that talk about future medicare obligations either stop at saying the current situation is unsustainable, or actually pretend that congress is going to select one of the options on the "Menu of pain" rather than just inflate away those obligations. There is no way congress will raise taxes by 30% and simultaneously cut entitlement benefits by 50%. No way. 51% of congressmen vote to be thrown out of office???? HAHAHAHA!

PS I'm 43, technically a baby boomer (barely), but we have small kids and so have more in common with most genXer's.

Stuck in So Pa said...

1) Do you think you'll have enough money for a comfortable retirement?

Who knows. If I have 50 million and a big mac, fries, and a coke cost $500,000, I guess not

2) Do you plan on receiving the social security benefits that have been promised to you?

NO!

3) What % of your income do you save today for retirement?

50%

4) Where would you like to retire?

As it stands, anywhere but Taxsylvania, the state singled out by AARP as the worst state out of them all to retire in.

5) How old are you, and what age do you plan on retiring?

59, already semi-retired.

Ola Dunk said...

1) Do you think you'll have enough money for a comfortable retirement?
Yes

2) Do you plan on receiving the social security benefits that have been promised to you? Not really.

3) What % of your income do you save today for retirement?
20%

4) Where would you like to retire?
Where my family and friends are

5) How old are you, and what age do you plan on retiring?
30 - don't really want to retire, so I have to find something I can do from home.

Anonymous said...

Mark in San Diego:

You know that pretty much no private employers offer BOTH a 401K and a pension nowadays, right? Hey, and I bet that health care plan is pretty fu*king sweet too.

"don't build your life around doom and gloom"

Yeah, easy for you to say, you're all set up and you're whole life has been living off taxpayers.

Ed said...

1)I think so.

2) ha ha, good one

3) 20-25%

4) somewhere warm with low taxes

5) 33 / 55

K said...

1) I think I'll have enough money for a comfortable retirement

2) I plan on receiving the social security benefits that have been promised to me

3) I save 40% of my income

4) I don't care where I retire

5) I'm 46 and I plan to retire at 67 when my youngest child turns 21 and my Soc Sec kicks in

wc said...

1) No
2) I doubt SS will be around - but I hope it is in some format - at the very least we should help the truly destitute elderly and disabled - I would be happy to pay into a system that I knew would support me if I truly needed it.
3) ~10%
4) Don't know - don't anticipate being able to afford to ever retire
5) 43 - at this point I plan on having to work til I drop - I don't anticipate having enough money to support myself without working - possibly even with working

Anonymous said...

The Mexican...

1) Yes

2) No

3) 10%

4) San Diego

5) 26, 50

Anonymous said...

1) Hopefully. Working a professional job now, and hope to start my own business in the next 2-3 years.

2) Unlikely. What I've been promised wouldn't support the lifestyle I want anyways.

3) Probably 10% of current income saved each month, but that percentage rises as I earn more, since I'm not the type of person that expands my lifestyle to fill up my new higher earnings.

4) Tough call. Maybe stay in North America, or go to East/Southeast Asia.

5) 28. Don't plan on retiring until I can't work anymore. I just plan on scaling back my working hours/days when I get older. A little bit of honest work each week is good for me.

miley said...

Currently save 10 % into 401K, but have saved a lot over the years and I tend to live under my means.
To me abundance and success are good things, I will retire very rich financially, spiritually, emotionally and physically.

I would consider living or retiring just about anyplace on our beautiful planet
but Europe.

I believe that Europeans in general, are evil and rotten to the core

Shakster said...

Mark in SanDiego said-----Another advice - don't build your life around doom and gloom - things looked pretty bad in 1981, and again in 1992. . .the economy usually muddles through, and those who invest at low prices are rewarded.
---------------------------
Good advice

Lady Di said...

1. Yes (started saving really early.

2. That would be No. I view it as a charitable contribution to the elderly at this point.

3. 40% (1/3 to 529 plans for kids' education (3 kids to put through college - the costs are a total nightmare); 1/3 to retirement; 1/3 to future pre retirement purchases

4. 6 months in Europe (Greece) and 6 months in the U.S. - plan to leave California for good and live a nomad life in the U.S. once the kids are out of the house - renting/living in different cities in the U.S. with my primary home in Greece.

5. 41 - retirement TBD. Too many variables to know for sure right now.

farm boy said...

1) Yes
2) Nope
3) 30%
4) Middle of nowhere.
5) 27 plan on retiring when I hit 65. (As long as I still love my job)

Westparker said...

1) I could stop saving now and should have enough to be able to get by in retirement. The "X" factor for me is inflation

2) Yes - The govenment plan is already being executed. Keep benefits flat (2.1% COL increase this year) while pushing up inflation. My "real" benefits will be worth next to nothing.

3) Varies - Being self employed, my income fluctuates, it's usually a minimum of 30% though.

4) Goal is to find either a place in Argentina or New Zealand (will depened on how the dollar does) and spend half of the year down there and the other in SoCal.

5) 30, plan to retire about 45. Probably will never stop working. To me retirement means being able to never work again and not have to worry about money.

bickerer said...

I plan to retire when I can no longer work... In other words, if it is God's will, then I would prefer to be working in some capacity to the very end (with adequate time for some vacation from time to time).


Like this comment a lot.

mikela said...

1) Enough money? Inflation is a big problem. At some point I will have to buy either land or house, but of course not now. I save roughly $4000 a month and it's not as much as you think it is (or, it is as little as it sounds, depending where you stand). I did have paid off RE but left it (willingly) to my ex-wife. Why? I just don't like to leave woman out in the cold. Fool, you'll say. Maybe, will not argue.

2) Benefits from the Gov? I will take anything, no questions asked. How much it's worth, is another question.

3) Savings? $4000, or about 55% (after tax)

4) Place to retire? SoCal (where I live now), or Buenos Aires. Some place with nice weather.

5) I am 39. Maybe 60? Despite people wishing their own business (I had one, made millions but then lost millions...), most people never make it big, get a lot of headache, never live their lives and get really ill... Watch out people, watch out your health, it's the only thing really worth something. I am happy to be strong and healthy. Everything else I will work out one way or the other. Don't stress out about inflation or stocks or RE. All you have is today and that sunshine outside. Yes, really that's all you have. And I have been bankrupt and lived homeless at somepoint in life, it's not just the good times. Believe me I know.

borkafatty said...

Hey keith look at this southern California tent city...

http://www.youtube.com/watch?v=jmeHiFZUWtE

Anonymous said...

1) Yes, I think I'll be comfortable for retirement

2) No. I know social security benefits and all other government entitlements only apply to illegal Mexicans

3) I put away roughly 50% of my income for retirement

4) I would like to retire at the Playboy mansion when Hefner leaves.

5) I am 26 years old. I plan to retire by the time I'm 27.

satan said...

I cannot help but notice that almost everyone here tries to save in their 20s, 30s and 40s.

Honestly people why are you not having fun at the best time of your life. It is hard to enjoy money when you are old and you cannot take it with you.

Would you prefer to live to an old age and be poor (inflation), rich (cannot really enjoy what money can buy), assisted care (technically alive) or prefer to end it yourself when things get bad when you are old and cannot go on.

Anonymous said...

to andy in nz...
---------------
Are you really from New Zealand?
Is New Zealand really the paradise they say it is?

Anonymous said...

1) Do you think you'll have enough money for a comfortable retirement?
Yes, in today's dollars, but inflation could make comfortable into miserable. Current retirees will be pinched by inflation which will greatly reduce the buying power of Social inSecurity and other pensions that will get a dismal cost of living adjustment.

2) Do you plan on receiving the social security benefits that have been promised to you?
Although I am 44, I am not yet vested in Social inSecurity. I plan to work a J.O.B., just over broke, to earn 9 more quarters so I qualify, even if SS is only enough to visit Starbucks monthly.

3) What % of your income do you save today for retirement? I save about 8% over my State of California pension, which will be 90% of my last salary when I turn 50. Yes it is a good pension, but I have worked in state prisons amidst filth, stress, tb, aids, hepatitis, and toxic attitudes for 20 years. The CDCR is accepting applications, if you want to join me. Not everyone wants to run a tier, or fight HIV+ prisoners, in a cloud of pepper spray.

4) Where would you like to retire?
Any place that does not have harsh winters, criminals, gang problems, etc. I hope to live in a good place to raise kids.

5) How old are you, and what age do you plan on retiring?
I am 44, and want to retire from the state at 50, but continue to work coaching, and making a difference to our youth. I will likely continue to work another job, for fun money, and travel cash, as well as for a hedge against inflation.

Anonymous said...

Shakster said...
Mark in SanDiego said-----Another advice - don't build your life around doom and gloom - things looked pretty bad in 1981, and again in 1992. . .the economy usually muddles through, and those who invest at low prices are rewarded.
---------------------------
Good advice
------------------

Yes, boys, good advice. The economy does always muddle through. Even the great depression of 1929 rebounded around 1945 (some 16 years later)- when the war ended.

Telemachus said...

lady di said:

4. 6 months in Europe (Greece) and 6 months in the U.S. - plan to leave California for good and live a nomad life in the U.S. once the kids are out of the house - renting/living in different cities in the U.S. with my primary home in Greece.
---------------------------------

spent a month in Greece this past summer,(know the country very well well & have inherited a home there). Upon returning to USA spent a couple of weeks in NYC area and realized how everything was so much cheaper that in Greece! ..and I'm talking NY metro area prices too!...the further west I traveled, the US seemed like a bargain.
Point: Greece has been savaged by the euro and is more expensive than Northern EU countries in many categories, if not all, if you figure in the value proposition in goods and services. Another major shortcoming is the horrendous health care system that an older retiree might be dependent on.
From a purely financial angle in today's world, USA is one of top retirement choices.

ZZwcck said...

As someone recently said to me being a young person, "You think about retirement too much for someone your age. You'll live just fine if you save some money and don't think about it."

1) Yes, but only because I don't require alot. Waste alot on restaurants today...

2) They had better. Maybe it won't keep up with inflation, but there are just too many old people stimulating the economy with their government checks today. What would happen to our economy if that stopped? How much does social security stimulate currently. I bet the retirees spend just about everything the get. :)

3) Have three kids so we are saving for their education and can't put as much away for retirement. Total is 6% for retirement, but the wife goes back to work next fall so it should get way better. Of course, we'll get phased out of the wonderful world of government give me's. No plan to change lifestyle so we're good.

4) Here in MN. Plan to go to 81 baseball games a year and spend spring training down with the team. Hopefully the children will stay in Minnesota so we don't have to fly around to see them.

5) We're in our mid thirties. The wife plans to retire at 52. I hope I always having something going for other income. I'm just a tech right now, and don't do side work. As I get older I hope to spend more time figuring out ways to give big gifts to friends and family without impacting our retirement accounts.

at-play-now said...

1)Do you think you'll have enough money for a comfortable retirement?

Does not apply. I love my career as an artist and hope to die with the tools of the trade in my hands.

2) Do you plan on receiving the social security benefits that have been promised to you?

Sure, I'm a boomer. I plan to tap in at 62. But my intent is to pass it along every month to someone in one of the following generations. There's some delicious irony there.

3) What % of your income do you save today for retirement?

When I work my savings rate is usually around 40-50%. But let me say that life so far has been like a long summer vacation. I have taken as much as a year to enjoy myself and recharge my batteries several times in my adult life. I rarely reject an offer to go river rafting or fishing (which are very low cost and high enjoyment activities). On the financial side, I sold my suburban home four years ago and rent a small farm now. The cash is well invested (I hope) since it has more than doubled in that time. To buy in my locale would cost me at least triple what I now pay in rent.

4) Where would you like to retire?

I'm an avid, no, really I'm a compulsive food gardener and tree grower. Soil, water, four real seasons and open spaces blow my skirt up. I'll stay in the USA and take my chances with the coming times since my tribe is here.

5) How old are you, and what age do you plan on retiring?

The answer to part one is that I'm just about to turn 61. For part B see the above.

A little rambling: The real goal is to have a good life. Keep it simple and full of heart. Be joyful doing vigorous work. Eat healthy food not poisonous crap. My key to having enough money has been to tighten down the outflow spigot rather than exert myself in the mind numbing quest for big bucks. Oh yeah, exchange goods and services with others because the return is much greater (though a bit difficult to quantify). You have all seen pictures of some ancient and very wrinkled peasant in bib overalls holding a bunch of grapes with a twinkle in his eye and a wise smile on his face. This is not a bad goal. Finally, it is better to die deservedly well loved than rich.

Anonymous said...

I plan on returning to Italy. Nice socialized medicine and climate, and great place to diversify out of dollars to euros.
Geographic arbitrage. I hade the large salary and portfolio in the states and i will unwind it in a nice low cost sea side town where the the biggest industry is wine and cheese.

Anonymous said...

Only way to retire is to control spending as this article say. It's a matter of our nations survival.



http://tinyurl.com/25w6v7

Daniel (the other one) said...

1) Yes

2) No

3) Gross household income last year was nearly $300k. Total expenses < $60k. We buy pretty much whatever we really want, which does not all include all the typical American consumerist crap. If I lived in a cheap area and didn't have to work so much we could easily cut our expenses down to $50k, including health insurance for the whole family.

4) West or Northwest US, but also considering cheaper places outside the US

5) Late 30's, expect to be "semi-retired" by 45. That means I'll still do some work but only stuff I find interesting and fun, not worrying about the pay. Like maybe half time consulting or teaching some college classes.

Anonymous said...

You mean if the USA continues to exist as we have known it?

Anonymous said...

I am planning to do it the old fashioned way. I am putting two kids through medical school. They will graduate with no debt. By the time I am 55-in 10 years-I am hoping to stop working.

I expect a modest social security and a small corporate pension. The kids should be able to kick-in a few hundred bucks a month each, if i need the money.


I am not thinking of a nursing home, when i am old and sick, I don't want anyone to keep me alive. It is better to let nature run its course.

Does anyone know as to what is the maximum social security benefit? Assuming that it does get paid?

In addition, no one has mentioned family here;do you expect anything from your kids? You did ater all look out for them for over 20 years/

Anonymous said...

Everyone should see this movie! Please do!

ZEITGEIST, The Movie - Official Release ...


http://tinyurl.com/24qhz7

It starts slow, just wait.

andy in nz said...

Anon 2.52Am: "to andy in nz...
---------------
Are you really from New Zealand?
Is New Zealand really the paradise they say it is?"

Dude yes it is paradise, but so is the USA. It all boils down to how you want to live your life.

We have poverty and all that goes with it, and we are blessed with a beautiful climate. If you are middle class life is ok, if your rich life is good. But like everywhere if your poor, it just sucks.

I just had a BBQ and some beers with friends so life is good. Come down for a holiday and check it out, plenty like it and plenty don't. Make of it what you want...

But if you come down for a holiday, I will put some meat on the grill and have some cold ones ready for you!

Anonymous said...

"Gross household income last year was nearly $300k. "

I just love how people lie about their income on the internet. However, the questions is, why do they? Does it somehow make them feel more important to pretend that they have an elevated status?

theloknesmonster said...

1) Do you think you'll have enough money for a comfortable retirement?

Probably but you never know. Training yourself to live below your means is pretty good preparation for the unknown.

2) Do you plan on receiving the social security benefits that have been promised to you?

There should be some available.

3) What % of your income do you save today for retirement?

Right now 70%. After a house purchase in a year or two probably 35%.

4) Where would you like to retire?

Right here in Minnesota.

5) How old are you, and what age do you plan on retiring?

44. Will take SS at 62 and start pulling from IRA about that time. Will continue to work just enough to stay out of trouble.

Anonymous said...

1) Do you think you'll have enough money for a comfortable retirement?

Yes. At the very least, I'm busting my butt in a high paying job when I'd be happier making less money to do something I enjoy more, so I'd better hope so?

2) Do you plan on receiving the social security benefits that have been promised to you?

Canadian public servant. I have a guaranteed pension. If social security comes through, it'll be an added bonus.

3) What % of your income do you save today for retirement?

See above. My pension will be between 64 and 70% of the average income in my five highest earning years. I forecast this to be approximately 100,000K in today's dollars CAD.

4) Where would you like to retire?

Southwestern Ontario, in the rural areas around Niagara. Housing worth slightly less than where I'm living now.

5) How old are you, and what age do you plan on retiring?

31 years old currently. Looking to retire between 55 and 58.

Big Cheese said...

1. I should have enough to retire but who knows- too far away at this point.

2. For me like others who have saved- no. Just like the stimulus being distributed now.

3. Save about 65% of my gross or $16-17k per month depending on exchange rates.

4. Right now live in SE Asia but it's a bit too hot. I like mountains and mediterrain weather so maybe CA or South America.

5. 34, again maybe retire at 60 and just sit on a few corporate boards part time. Good life, decent income and company paid travel around the world.
. Depends, have no kids at this point so if that changes will have to re-think.

BC

truthwatch said...

big cheese said said:

3. Save about 65% of my gross or $16-17k per month depending on exchange rates.

4. Right now live in SE Asia but it's a bit too hot. I like mountains and mediterrain weather so maybe CA or South America.

5. 34, again maybe retire at 60 and just sit on a few corporate boards part time. Good life, decent income and company paid travel around the world.
. Depends, have no kids at this point so if that changes will have to re-think.

BC

------------------------------------

big cheese is full of BIG BULLS**T!

Somebody who can't even come close to spelling Mediterranean doesn't make 25k per month and travel around the world on company funds/time.
Also Mediterranean weather is found only in countries bordering the MEDITERRANEAN, like Spain, Italy, Greece not CA or South America. Some parts of those regions may have temperate weather.
big cheese sounds like a little man full of Velveeta in his momma's basement with one-hand on the keyboard and the other hand between his legs on something very small.

Lady Di said...

telemachus said:
"Greece has been savaged by the euro and is more expensive than Northern EU countries in many categories."

----------------------------------
Totally agree. Greece is a very expensive proposition these days. The citizens have paid a heavy price for joining the EU.
But, we have family business and obligations there, so that is where we plan to live (part time)

Big Cheese said...

To Truthwatcher,

Sorry I typed too fast for you there you f*cking spaz-hole.

For the record, several parts of the world have mediterrean weather: South Africa, California, South America and of course some countries near the Mediterrean sea. All you need is a cold ocean and a sunny climate. That's also why you get similar crops growing in all these areas.

My income situation is totally accurate. Sorry if that makes you jealous. Keep renting there buddy.

-BC

Big Cheese said...

Truthfinder,

My mistake- I meant to say Mediterrean climate per the following definition (google it if you are curious):

Subtropical dry summer climates feature warm to hot, dry summers and mild, rainy winters. These climates, sometimes called Mediterranean climates, occur on the west side of continents roughly between 30 degrees and 45 degrees latitude. The closer to the coast the area is, the more moderate the temperatures and the less the contrast between summer and winter temperatures.

Now bugger off.

-BC

Anonymous said...

1) Who knows if I'll have enough. It all depends on what I need.

2) Yes. I'm just about ready to collect now (taking it at 62). Do I think it will not be reduced? Of course it will be.

3) Saving max in 401K.

4) Right here where I am. House is just about paid off, why move?

5) I'm 60, retiring at 62.

xflipper said...

I make about 100k in an average year. Last year I made 1 million on a fluke deal. I paid off my two kids education and am saving the rest.

My wife wanted a new house but she now understands that the world is a different place.

I still chase crazy deals and use other peoples money. I should be able to retire in ten years. I will be 53

Paul E. Math said...

Has anyone read 'The Great 401k Hoax'? Written by a former chief editor of Businessweek mag, William Wolman, the central premise of the book is that public companies simply will not have enough profits to support investors' retirements.

Stocks are ultimately a claim on the earnings and assets of companies which do not justify current price levels. Also, retiring boomers will face falling equity prices due to falling demand for equities due to slower population growth.

Consider this - the whole 401k program is designed to boost demand for stocks and thereby boost stock prices while having no effect on the corporate earnings. So you pay more for the same amount of earnings.

Anonymous said...

HP at it again.

You freaks go and on how fucked up the country is. Yet most of you are planning on retiring in your 40s and 50s.

Yep we're in a depression.

Idiots.

minimum wage said...

1) Not at all; it is extremely unlikely I'll have enough money to retire at all. I fully expect to continue working as long as I am able.

2) Actually, I do plan on receiving the Social Security benefits that have been promised to me, because I am close to retirement age and think the system won't crash that soon.

3) I save zero percent of my income for retirement (or for anything else). I earn minimum wage and still have student loan debt.

4) I don't plan to retire, as I won't be able to afford to retire. Maybe I could move a few miles into Mexico and commute to a US job.

5) I am mid-50s, don't expect to retire.

minimum wage said...

Anonymous said:

1. Not sure. I am afraid government will eventually confiscate/tax all IRA/Roth/401(k) accounts to "share" with the people that haven't been saving.


Okay, I earn minimum wage and make student loan payments. How much should I be saving?

Anonymous said...

Big Cheese said:

"My income situation is totally accurate."

I seriously doubt that you make any more than 25k a year. The new mental illness in America is trying to convince others that you are more wealthy than you are. What's really sick about you is that this is an anonymous forum.

Anon126 said...

I'm 32 and I have about $985k saved up so far. I have never thought social security would be there for me. I'm self employed so what I save depends on what I make, but I put as much of it away as I can. In reality I'm semi retired right now...

Happy Homedebtor said...

1) Do you think you'll have enough money for a comfortable retirement?

Of course.

2) Do you plan on receiving the social security benefits that have been promised to you?

Lawl, that's a good one.

3) What % of your income do you save today for retirement?

Today, we're pushing:

10% into 401Ks
7% into Roth IRAs
5% into savings for land purchases in the midwest/north

Given we both just started our careers, got new cars, new house, and furnished it, that's damn good. The % will continue to increase.

4) Where would you like to retire?

The midwest, or another country - not sure yet.

5) How old are you, and what age do you plan on retiring?

31, plan on retiring about 50ish, but being /able/ to retire by 45.

Anonymous said...

"I'm 32 and I have about $985k saved up so far."

More anonymous posting BS!

Anonymous said...

1) Do you think you'll have enough money for a comfortable retirement?

Yes - I've been saving for a while now. My biggest motivator: watching my parents live on a tiny fixed income (and having to bail them out financially whenever something comes up).

2) Do you plan on receiving the social security benefits that have been promised to you?

No.

3) What % of your income do you save today for retirement?

20% on a regular basis, but 50% of any bonus and stock option money.

4) Where would you like to retire?

Time split between San Diego and San Francisco.

5) How old are you, and what age do you plan on retiring?

39 now and planning for retirement at 45. (However, if I got laid off tomorrow, that would be okay. It would force me to find some hobbies other than work.)

Andrew Hac said...

1. I should have enough Amero's and Snapper Turtles to keep me happy for a while.

2. Yes but the payments will be in pesos.

3. Saving 35% of my income. I earn $40K per month gross so that is $14k per month.

4. Anywhere but the Americano

5. I'm 28 plan on retiring at 40 with billions of pesos & Ameros.

Big Cheese said...

"I seriously doubt that you make any more than 25k a year. The new mental illness in America is trying to convince others that you are more wealthy than you are. What's really sick about you is that this is an anonymous forum."

Hey Anon,

I posted with a handle and will continue to do so, I've been posting on this name for nearly 2 years on this forum. Meanwhile you hide behind your anonymous tag, isn't that interesting?

BC

Anonymous said...

1. no - but have expenses which could be elimiated and then i think i could make it (e.g. club dues, several gas guzzler cars, house where lot worth over $1m., etc.
2. yes - because of my age - 63 - i am quite sure i will be getting ss - altho won't be bonnaza it was for earlier generation.
3. have trust income which all goes to DRIP plans. do people who put money into gov't plans (i.e. iras 401ks etc) know how those things are taxed at end???? the gov't is such a crook.
4. i am trying to find a place. my younger wife will not seriously consider the question of where to go. i think i'll probably end up right here - which is not so bad - but expensive - large southern urban area.
5. 63 - for several years now i have said i'll go ten more years. now i say 73 - last year it was 72. self employed so probably keep on going til health or mind goes. just take longer hollidays.

BananaRepublicrat said...

1) I plan on dying with my boots on.
2) Yeah. Right.
3) 11%
4) In the Midwest, close to friends/family.
5) 30, see #1, but if my generation doesn't learn to save I might be swinging around like king kong with my big fat wad of Ameros while everyone else is salvaging scrap metal from abandoned McMansions. And if that ends up being the case I wouldn't mind fishing all day instead of working I guess.