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MT, USA
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Posted: 6/7/2024 1:20:23 PM EDT
Do we really need $1M in retirement savings? Not even close, one top economist says
If you want to retire in comfort, investment firms and news headlines tell us, you may need a million dollars in the bank. Or maybe not. One prominent economist says you can retire for a lot less: $50,000 to $100,000 in total savings. He points to the experiences of actual retirees as evidence. The economy is great! Put your money into expensive car payments and luxury vacations! You don't need to worry about that IRA, because all you need is $50k!  .. I think that "top economist" must be a crack buddy of Hunter's. |
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Posted: 6/7/2024 1:23:13 PM EDT
[#1]
If you make 7% on that 50k thats $291 a month. I call that a good start but nowhere near adequate.
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Posted: 6/7/2024 1:24:22 PM EDT
[#2]
You can afford to save $50k in this economy? Must be nice.
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AL, USA
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Posted: 6/7/2024 1:24:48 PM EDT
[#3]
Quote HistoryOriginally Posted By tveddy: If you make 7% on that 50k thats $291 a month. I call that a good start but nowhere near adequate. 
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USA
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Posted: 6/7/2024 1:25:14 PM EDT
[#4]
If you don't want to leave any generational wealth and have a terminal disease that will end you in six months, but that's not a plan I want.
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FL, USA
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Posted: 6/7/2024 1:25:57 PM EDT
[#5]
As soon as I saw that I told my boss I was done. Looking forward to travelling the world on my 50grand savings.
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NC, USA
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Posted: 6/7/2024 1:27:59 PM EDT
[#6]
if you're fine living in a van....
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MO, USA
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Posted: 6/7/2024 1:29:25 PM EDT
[Last Edit: imq707s]
[#7]
I bet you would be shocked at the amount of people who retire with much less than $50K in the bank....and they seem to get by. I'm assuming SS and government benefits keep them afloat somehow.
I've seen plenty of grown adults here on ARFCOM talking about putting guns on layaway until they can afford them. Let that sink in...... |
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Posted: 6/7/2024 1:32:09 PM EDT
[#8]
God damn. I've got that much in one of my bank accounts. I'm going to tell my boss I'm retired when I get back home tomorrow, and I ain't even 50 years old.
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Posted: 6/7/2024 1:34:15 PM EDT
[#9]
Yikes
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Posted: 6/7/2024 1:34:37 PM EDT
[#10]
Quote HistoryOriginally Posted By imq707s: I bet you would be shocked at the amount of people who retire with much less than $50K in the bank....and they seem to get by. I'm assuming SS and government benefits keep them afloat somehow. .. Well, $50k total savings, is different than $50k in the bank, and pension/ss/retirements. |
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Posted: 6/7/2024 1:38:10 PM EDT
[#11]
Article seems big on subjective "doing fine," but really light on objective number crunching.
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Posted: 6/7/2024 1:39:14 PM EDT
[#12]
Cat food salesman?
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Posted: 6/7/2024 1:41:47 PM EDT
[#13]
I don't see how that's possible. Maybe if you were using that small of an amount to augment pensions, inheritances, continued part time employment in your retirement years, etc
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Posted: 6/7/2024 1:43:47 PM EDT
[#14]
LOL. That 50 will run out fast, especially for a homeowner.
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OR, USA
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Posted: 6/7/2024 1:45:16 PM EDT
[#15]
Nice! 8 years into my career and I'm almost there in the main savings account! I'll be able to retire before 35!
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USA
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Posted: 6/7/2024 1:45:18 PM EDT
[#16]
Article relies on transfer payments and dodges important questions.
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Posted: 6/7/2024 1:46:08 PM EDT
[#17]
Shit, I have over $300k in my TSP. That with my VA Disability and Army Retiremnt, I'm part of the 0.1%. Bunch of poors in here.
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Posted: 6/7/2024 1:46:35 PM EDT
[#18]
All you guys already know there’s a lot of retired people who live on nothing but social security, and MAYBE have a paid off house to help that money stretch. Maybe. That’s probably what this author is referencing.
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Posted: 6/7/2024 1:47:53 PM EDT
[#19]
Quote HistoryOriginally Posted By SideCarGT: LOL. That 50 will run out fast, especially for a homeowner. |
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Posted: 6/7/2024 1:49:44 PM EDT
[#20]
See, it’s not that bad.
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Posted: 6/7/2024 1:55:02 PM EDT
[Last Edit: Butternut]
[#21]
IMHO, when one works, and especially in a very high stress job, there can often be a lot of "anger shopping" or "merit shopping" as a personal reward of sorts or documentation of sorts of one's financial power. A reward for putting up with shit, so to speak. Some call it "golden handcuffs". Not say'n that's bad at all - God knows it makes the financial world go round, all commerce is good for our great country, and hell yeah, buying and collecting cool shit can almost be orgasmic - but it's something I noticed and often saw in my industry. It can be knives, guns, cars, boats, guitars, or houses. When (if) that impulse or behavior goes away, it can be shocking how much one finds themselves with to live comfortably on.
This won't go over well but I was on the throne the other day reading an old "Firearms News" and I kinda asked myself outta the blue, what possessed me to get a gazillion ARs and AKs. I mean, I sure don't regret it, and thank God we had the opportunity to do it, and it was fun as hell chasing and collecting, but as I get older, I kinda think how many can I actually shoot at one time. In all fairness, back when I was in prepper mode I was also thinking about family and neighbor needs if, heaven forbid, we had an end of world event. |
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WV, USA
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Posted: 6/7/2024 1:58:38 PM EDT
[#22]
Quote HistoryOriginally Posted By tc556guy: I don't see how that's possible. Maybe if you were using that small of an amount to augment pensions, inheritances, continued part time employment in your retirement years, etc and food stamps, energy assistance, EBT, govt phone, beg money from family etc. This was going to be my father but he died just as the little he had in the bank was running out. |
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Posted: 6/7/2024 2:00:32 PM EDT
[#23]
Lmao I still cant retire
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Posted: 6/7/2024 2:01:38 PM EDT
[#24]
Quote HistoryOriginally Posted By ChuckcJax: As soon as I saw that I told my boss I was done. Looking forward to travelling the world on my 50grand savings. Traveling gets old like just about anything else. |
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Posted: 6/7/2024 2:02:26 PM EDT
[#25]
Quote HistoryOriginally Posted By MikeMilligan: All you guys already know there’s a lot of retired people who live on nothing but social security, and MAYBE have a paid off house to help that money stretch. Maybe. That’s probably what this author is referencing. yup |
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Posted: 6/7/2024 2:03:09 PM EDT
[#26]
I'd rather get financial advise from GD long before I got it from MSN.
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Posted: 6/7/2024 2:03:52 PM EDT
[#27]
Well I'm fucked. I only have $49,999.99.
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Posted: 6/7/2024 2:06:03 PM EDT
[#28]
Quote HistoryOriginally Posted By MikeMilligan: All you guys already know there’s a lot of retired people who live on nothing but social security, and MAYBE have a paid off house to help that money stretch. Maybe. That’s probably what this author is referencing. It's the clickbaity nature of the assertion that you can retire on $50k...conveniently leaving out all of those other things. Yes, I'm sure there are tons of people who retire on less than $50k in savings but have other assets and sources of income to sustain themselves. Take a 65 year old with absolutely nothing but $50k and see if he can retire on it. He can't. |
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Posted: 6/7/2024 2:08:40 PM EDT
[#29]
Quote HistoryOriginally Posted By Scalped: You can afford to save $50k in this economy? Must be nice. |
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Posted: 6/7/2024 2:10:12 PM EDT
[#30]
I see lots of old folks with under the table side hustles.
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Posted: 6/7/2024 2:11:37 PM EDT
[Last Edit: MisterPX]
[#31]
Quote HistoryOriginally Posted By MikeMilligan: All you guys already know there’s a lot of retired people who live on nothing but social security, and MAYBE have a paid off house to help that money stretch. Maybe. That’s probably what this author is referencing. Author probably "forgot to mention" the subsidies like housing assistance, medicaid, and ebt.... Those retirees who only get SS probably have more than $50k in iras. I think the article is misleading. I have $7200 in Savings until Monday...... A lot more in investments/retirement funds. |
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Posted: 6/7/2024 2:11:43 PM EDT
[#32]
Looks like I’m retiring on Monday then.
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Posted: 6/7/2024 2:18:04 PM EDT
[#33]
Shiiit Im rich! Selling my house and my land, just gonna travel around
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Posted: 6/7/2024 2:21:10 PM EDT
[Last Edit: piperpa24]
[#34]
I'm going to leave the country.
Going to throw away any and all documentation and then come back in through the southern border as an illegal immigrant. My name will be Julio Ocasio-Florez. I will be a migrant engineer/pilot looking for work. I will fly whatever cargo you want me to fly to anywhere you want. Just don't pay me in US dollars, I want gold - like senator menendez of nj. 
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Posted: 6/7/2024 2:24:08 PM EDT
[Last Edit: -Obsessed-]
[#35]
The vast majority of retired folks live on SS. In that regard you need zero savings.
Max SS benefits are deece all things considered. $7,600/mo for two adults. Thats pretty damn good. You get 7600/mo plus 50k in the bank? Youll be fine. |
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Posted: 6/7/2024 2:28:38 PM EDT
[#36]
Everyone agrees that you can retire with very little in investments. The question is should you?
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Posted: 6/7/2024 2:28:57 PM EDT
[#37]
Quote HistoryOriginally Posted By -Obsessed-: Max SS benefits are deece all things considered. $7,600/mo for two adults. Highly unlikely for people making that kind of money - it would be hard to imagine someone who made that much and has zero in a 401K and/or a nice pension. |
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Posted: 6/7/2024 2:39:23 PM EDT
[#38]
“We’re goldfish, Daniel.”
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Posted: 6/7/2024 2:40:33 PM EDT
[Last Edit: Lorax]
[#39]
Quote HistoryOriginally Posted By MikeMilligan: All you guys already know there’s a lot of retired people who live on nothing but social security, and MAYBE have a paid off house to help that money stretch. Maybe. That’s probably what this author is referencing. Yes. I have done work for them in their homes. I know a few people like this also. They sit there and watch reruns on antenna TV, have lap blankets near their 35 year old furniture because every year that goes by with the costs of everything, they crank it down one more degree. They don't travel and once a month, have enough $ for one Friday Night fish fry, 2 old fashioneds each and a dollar tip. I'm not living like that. |
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AS, USA
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Posted: 6/7/2024 2:46:57 PM EDT
[#40]
You could probably make it work in Sri Lanka or Turkey
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Posted: 6/7/2024 2:47:48 PM EDT
[#41]
Count me in as one of those rich thousandaires.
I'll see y'all on the French Riveria. |
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Posted: 6/7/2024 2:49:41 PM EDT
[#42]
My wifes grandparents are burning $11k, each, a month in a nursing home right now. Fortunately they bought this kind of cadillac long term care insurance in the 80's that nobody sells anymore that pays like 95% of it.
I guess you could live on $50k, in a box, with dementia and coated in your own shit while ultimately being stabbed to death by a hobo for your shoes. |
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Posted: 6/7/2024 2:53:30 PM EDT
[#43]
Quote HistoryOriginally Posted By IceChimp: My wifes grandparents are burning $11k, each, a month in a nursing home right now. Fortunately they bought this kind of cadillac long term care insurance in the 80's that nobody sells anymore that pays like 95% of it. I guess you could live on $50k, in a box, with dementia and coated in your own shit while ultimately being stabbed to death by a hobo for your shoes. Well........when you say it like that, it doesn't sound much like a sweet deal...... |
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Posted: 6/7/2024 2:53:51 PM EDT
[#44]
Quote HistoryOriginally Posted By imq707s: I bet you would be shocked at the amount of people who retire with much less than $50K in the bank....and they seem to get by. I'm assuming SS and government benefits keep them afloat somehow. I've seen plenty of grown adults here on ARFCOM talking about putting guns on layaway until they can afford them. Let that sink in...... That's a widely approved and recommended financial decision here. |
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AZ, USA
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Posted: 6/7/2024 2:53:56 PM EDT
[#45]
$50K will definitely support retirement.
Just plan on being dead about 6 months after you retire and the numbers pencil out fine. |
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Posted: 6/7/2024 2:55:19 PM EDT
[#46]
Quote HistoryOriginally Posted By Lorax: Yes. I have done work for them in their homes. I know a few people like this also. They sit there and watch reruns on antenna TV, have lap blankets near their 35 year old furniture because every year that goes by with the costs of everything, they crank it down one more degree. They don't travel and once a month, have enough $ for one Friday Night fish fry, 2 old fashioneds each and a dollar tip. I'm not living like that. Quote HistoryOriginally Posted By Lorax: Originally Posted By MikeMilligan: All you guys already know there's a lot of retired people who live on nothing but social security, and MAYBE have a paid off house to help that money stretch. Maybe. That's probably what this author is referencing. Yes. I have done work for them in their homes. I know a few people like this also. They sit there and watch reruns on antenna TV, have lap blankets near their 35 year old furniture because every year that goes by with the costs of everything, they crank it down one more degree. They don't travel and once a month, have enough $ for one Friday Night fish fry, 2 old fashioneds each and a dollar tip. I'm not living like that.  Then I realized that no matter how shitty that existence seems to me, those poor geezers still have it better than almost anyone else for all of human history, at least from a material comforts standpoint. Weird. |
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Posted: 6/7/2024 2:57:46 PM EDT
[#47]
My MIL has done that. Well under $50k in the bank, small school teacher pension and SS. That's it. She manages her money very well. Her car is paid off, she does have a small mortgage on a small home.
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USA
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Posted: 6/7/2024 3:01:38 PM EDT
[Last Edit: miseses]
[#48]
I think I spent about $300/mo in the phillippines and even less in Paraguay. I think you could narrowly live off the interest of 50k like that while drawing it down a little.
You could live quite well in either if you shack up with a local who can fix you up in a hut so you're not paying gringo rent. |
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Posted: 6/7/2024 3:07:04 PM EDT
[#49]
My wife just said she wants me to hang it up Dec. 2026, kick off the New Year in '27 being retired. Thanks to the house getting paid off in Feb, (15 years early
 ) We have bumped up our monthly savings deposit to $6K per month, it is adding up quick. I have a 401K that is in the lower 6 figures that I don't even count, I try to forget it is there.After some number crunching, my monthly take home with retirement, VA and that sweet, sweet SS, I will be at $9K a month. Once my wife's SS kicks in, it will put us over $10K a month. I know that is far below ARF standards but we have no bills and pay no taxes so I think we will be good to go. If we cant survive on that, might as well throw the towel in. |
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Posted: 6/7/2024 3:09:24 PM EDT
[#50]
This man has great advice for those beginning an austere retirement...
 My Shelter - 1st Winter in the Woods |
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