13 Comments

  1. How much you will need for retirement will depend on the lifestyle you plan to lead once retired. Will you travel? take up expensive hobbies? downsize? live frugally? relocate? I read several pages and great guest posts on the site Retirement And Good Living about this topic. Many recent retirees provided posts about their lives after retiring. they are sailing full time, started businesses based on hobbies, RVing across the US and New Zealand, backpacking across the globe, volunteering with the Peace Corps, retired overseas and more. It gives you a good perspective of the possibilities

  2. How much you will need for retirement will depend on the lifestyle you plan to lead once retired. Will you travel? take up expensive hobbies? downsize? live frugally? relocate? I read several pages and great guest posts on the site Retirement And Good Living about this topic. Many recent retirees provided posts about their lives after retiring. they are sailing full time, started businesses based on hobbies, RVing across the US and New Zealand, backpacking across the globe, volunteering with the Peace Corps, retired overseas and more. It gives you a good perspective of the possibilities

  3. For those of you failed to adequately prepare for retirement —> As of June 2016 , human euthanasia is legal in the Netherlands, Belgium, Ireland, Colombia, and Luxembourg. Assisted suicide is legal in Switzerland, Germany, Japan, Albania, Canada, and in the US states of Washington, Oregon, Vermont, Montana, and California.

  4. Great article; I like your humor. $2.2 million for retirement seems a bit excessive, but I guess it depends on what your income was while you were working. Assuming retirement at age 67 and living until 90, that’s 23 years, so $2.2 million will get you around $95,000 a year. If your house is paid off then most people would probably only need about half that, or $1.1 million in retirement savings. Keeping mind that expensive hobbies such as RVing, backpacking, volunteering with the Peace Corps, etc as the previous commenter said, are not going to be able to be done for the entire 23 years between 67 and 90. If you’re lucky, you can do those things until 80. So a paid off house, long-term care insurance, and enough money for a good Medi-care Supplement plan would eliminate the need for $95,000 a year in the later years. Or you could just live in low income senior housing and use the bus. Better yet, live with your children and drive them crazy! hahaha

  5. Great article; I like your humor. $2.2 million for retirement seems a bit excessive, but I guess it depends on what your income was while you were working. Assuming retirement at age 67 and living until 90, that’s 23 years, so $2.2 million will get you around $95,000 a year. If your house is paid off then most people would probably only need about half that, or $1.1 million in retirement savings. Keeping mind that expensive hobbies such as RVing, backpacking, volunteering with the Peace Corps, etc as the previous commenter said, are not going to be able to be done for the entire 23 years between 67 and 90. If you’re lucky, you can do those things until 80. So a paid off house, long-term care insurance, and enough money for a good Medi-care Supplement plan would eliminate the need for $95,000 a year in the later years. Or you could just live in low income senior housing and use the bus. Better yet, live with your children and drive them crazy! hahaha

  6. It is true that you need to plan for retirement. Start saving with your first job – hopefully in a 401k. Even if its $50 a month. Compound interest is the key to reaching your retirement goals and living within your means, and paying off credit cards every month. No one ever says I wish I hadnt saved for retirement. Pick up and read one if Suzy Ormans great finance books. It will motivate you. If you wait to think about retirement until your 40s and 50s it will be scary. Start early its less painful. Buy your cars, dont lease and drive them for 20 years. Enjoy life but prepare for the future. Teach your children how to delay gratification and save. You wont regret it. Those HR people are trying to help you.

  7. It is true that you need to plan for retirement. Start saving with your first job – hopefully in a 401k. Even if its $50 a month. Compound interest is the key to reaching your retirement goals and living within your means, and paying off credit cards every month. No one ever says I wish I hadnt saved for retirement. Pick up and read one if Suzy Ormans great finance books. It will motivate you. If you wait to think about retirement until your 40s and 50s it will be scary. Start early its less painful. Buy your cars, dont lease and drive them for 20 years. Enjoy life but prepare for the future. Teach your children how to delay gratification and save. You wont regret it. Those HR people are trying to help you.

  8. Nice article – spot on! I have been an adviser to middle class people for going on 25 years. I have had it, as well, with the absurd scare tactics of many commentators and financial service industry practitioners. I have many, many clients getting by on little more than their Social Security in retirement. Yes, they will not be cruising the Mediterranean in retirement – but they don’t want to anyway! Many just want to enjoy their Families and have modest expectations beyond that. It would be great if everyone has $2 or $3 Million dollars, but some are lucky to get $100K. However, the good news for them is that their expenses are very, very low. And they are not eating Alpo. There are clearly people that will struggle and I don’t mean to diminish their situation, but in my view it does not represent a crisis. But since so many people seem to have a “solution” to a problem, they have to promote this idea of a crisis. And many financial advisers and financial service firms have products to sell so they need to imply how doomed people will be without their help.

  9. Nice article – spot on! I have been an adviser to middle class people for going on 25 years. I have had it, as well, with the absurd scare tactics of many commentators and financial service industry practitioners. I have many, many clients getting by on little more than their Social Security in retirement. Yes, they will not be cruising the Mediterranean in retirement – but they don’t want to anyway! Many just want to enjoy their Families and have modest expectations beyond that. It would be great if everyone has $2 or $3 Million dollars, but some are lucky to get $100K. However, the good news for them is that their expenses are very, very low. And they are not eating Alpo. There are clearly people that will struggle and I don’t mean to diminish their situation, but in my view it does not represent a crisis. But since so many people seem to have a “solution” to a problem, they have to promote this idea of a crisis. And many financial advisers and financial service firms have products to sell so they need to imply how doomed people will be without their help.


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