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Posted: 6/7/2024 6:29:22 PM EDT
[#1]
My buddy has been retired for 5 years, hasn't touched his savings. He's living almost entirely on social security. His house is paid off, no car payment, no debt. He has a small pension but it only pays a few grand a year and he's adding to his savings.
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Posted: 6/7/2024 6:30:19 PM EDT
[#2]
Quoted: 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. I will take....that guy drank the koolaide but somehow made it for $1000 Alex. Yeah like the ones drawing SS and depend on it are doing great. Actual inflation over the past few years 25%+, SS increases less than 15%. Let me know how that works out in 2032ish if the congress critters continue sit on this problem like they have for pretty much 2 decades already. 
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Posted: 6/7/2024 6:36:09 PM EDT
[#3]
Quote HistoryQuoted: 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...... Depends on the situation. Find a gun at a pawn shop or new in box item that hasn't been sold for 87 years. Putting it on layaway is way better than CC debt. Would you consider putting money down on a gun for a shop to build a custom on also layaway if you didn't have the entire bill that second? If you have money for the parts and then they charge you for labor in 6 months when they are done and have the cash in hand I don't see the problem. Now if every week your putting another gun on layaway and can't afford the next tank of gas due to that layaway payment, that is a problem. |
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Posted: 6/7/2024 6:38:25 PM EDT
[#4]
Quote HistoryQuoted: LOL. That 50 will run out fast, especially for a homeowner. I just put a new roof on my cardboard box...damn price gougers around here.....   |
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Posted: 6/7/2024 6:40:35 PM EDT
[#5]
I’m in my mid 60’s, wife passed so single and my retirement streams are $100k take home yearly. I also pull about $40k yearly….so $140k/ year. I suppose $50k would work if I ate dog food.
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Posted: 6/7/2024 6:40:50 PM EDT
[#6]
Quote HistoryQuoted: 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. If people like this had more money would they live differently? When you are old you are old. No one gets out of here alive. A bad ending awaits us all. Even Charlie Munger with $2 Billion ended up being pushed around in a wheel chair before dying at 99. |
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Posted: 6/7/2024 6:41:05 PM EDT
[#7]
Quote HistoryQuoted: .....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. Democrats are the best gun salesmen ever...... 
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Posted: 6/7/2024 6:42:16 PM EDT
[#8]
Quote HistoryQuoted: Well I'm fucked. I only have $49,999.99. dubs on guns and ammo... (hopefully not beat but 87% chance I am) |
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Posted: 6/7/2024 6:44:07 PM EDT
[#9]
Quote HistoryQuoted: If you make 7% on that 50k thats $291 a month. I call that a good start but nowhere near adequate. Most current retirees worked in a time of pension plans. A retired couple with husband's pension + both SS is in the neighborhood of 65K or more. Downsize the house to live mortgage free. They don't need to touch savings. If your 401K is your pension, it's a different story. Plus in another 10 years, nobody is going to be drawing 25K in SS. Maybe 3/4 of that, and slowly reduced (not just no more COLAs) every year. |
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Posted: 6/7/2024 6:47:31 PM EDT
[#10]
Quote HistoryQuoted: 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. So someone making over 100k for the past 15+ years didn't put over 50k in total assets for retirement....(put a bad fake sneezing outbreak here) |
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Posted: 6/7/2024 6:51:42 PM EDT
[#11]
Quote HistoryQuoted: It isnt hard to max out SS credits. I maxed them out at like 25 years old.  you earn up to 4 credits per year and you need 40 credits.Aka you work 10 years and youve earned it.  Have you heard of bend points or how SS is calculated? |
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Posted: 6/7/2024 6:53:48 PM EDT
[#12]
I have more than that invested right now and that doesn't even include my retirement
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Posted: 6/7/2024 7:02:58 PM EDT
[#13]
I don't know that I'd want to retire with 50K in the bank. However, I know several retired folks that live very fine on SS only or SS + some saved cash.
One couple in their 70s has been basically retired for more than 10 years - took SS at 62, only the husband had it, don't think wife had the credits, and basically lived off of that. He has VA benefits for healthcare, and medicare so he does well there. Their house was paid for as were older cars and they have always lived very frugally as even when he was working, he raised 5 kids and didn't make over 38K as far as I know. Another is a single lady - she gets around 1900 in SS, but her husband left her some property which was sold for about 100K. She has always lived frugally also, so living that way wasn't a big deal for her. The extra cash comes in handy, as when she needed a vehicle. She also has plenty of family that would help if needed so shes in a good spot. It would be very difficult to live off of SS and not have a fund to be able to dip into for some expenses. Point is that you do not NEED 1mil to retire - especially if you have a pension, VA benefits, medicare, etc - all these programs make it possible for folks to do on less. I don't know that I'd only want 50K in the bank but many folks are surprised as to what they really need vs what they would buy if they had extra cash. |
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Posted: 6/7/2024 7:03:27 PM EDT
[#14]
$50k saved for retirement with a 70% pension, sure.
$50k saved for retirement and Social Security, pretty sure your the asshole that votes Democrat. |
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Posted: 6/7/2024 7:40:39 PM EDT
[#15]
Quote HistoryQuoted: As of 2024, around 15% of U.S. private sector workers are covered by defined benefit pensions, commonly known as traditional pensions. The coverage for public sector workers is higher, with about 80% having access to such plans. Overall, including both private and public sectors, about 22% of American workers have a pension I have a private employer pension that will provide 40% of income after 35 years of service. That system has since been replaced with a defined contribution plan of 3% of annual base salary paid by employer. I'd say after 35 years those newer employees will be better off than I will be with a pension. |
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Posted: 6/7/2024 8:05:17 PM EDT
[#16]
Quote HistoryQuoted: Have you heard of bend points or how SS is calculated? Of course. Im simply stating if you worked at least 10 years youll get something other than zero. So people act like 50k is all you have forever. Hardly the case. Anybody can google the formula for your actual SS benefit calculation. Its not rocket science. Its not even difficult. And its rather easy to max out your benefits. So yeah, i dont think retirement is as big a deal as people make it out to be. Nearly nobody saves "sufficiently" for retirement yet people retire. I wonder how that works. Oh yeah, Medicare and Social Security. |
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Posted: 6/7/2024 8:09:19 PM EDT
[#17]
Quote HistoryQuoted: If you make 7% on that 50k thats $291 a month. I call that a good start but nowhere near adequate. Where are you getting 7% ? |
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Posted: 6/7/2024 8:11:48 PM EDT
[#18]
Quote HistoryQuoted: Of course. Im simply stating if you worked at least 10 years youll get something other than zero. So people act like 50k is all you have forever. Hardly the case. Anybody can google the formula for your actual SS benefit calculation. Its not rocket science. Its not even difficult. And its rather easy to max out your benefits. So yeah, i dont think retirement is as big a deal as people make it out to be. Nearly nobody saves "sufficiently" for retirement yet people retire. I wonder how that works. Oh yeah, Medicare and Social Security. You need to work 35 years at a minimum of the maximum SS taxable income to max out SS benefits. Last year that number was $168,800. Not sure I'd coin that as "easy " for the majority of the US population. |
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Posted: 6/7/2024 8:15:43 PM EDT
[#19]
Quote HistoryQuoted: You need to work 35 years at a minimum of the maximum SS taxable income to max out SS benefits. Last year that number was $168,800. Not sure I'd coin that as "easy " for the majority of the US population. You need to average that. Over 35 years. So credit over that can be used to offset any years below that. Most of corporate America can hit that. And the top bend tier is only credited at 15% so even if you make only 80k/yr you still get a VERY good payout. Plenty enough to live on if you only averaged 80k over the best 35 years of your life. |
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Posted: 6/7/2024 8:19:33 PM EDT
[#20]
That top economist is not accounting for the value of social security payments.
If SS is paying you $2k a month that’s equal to $500,000 in the bank. |
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Posted: 6/7/2024 8:26:55 PM EDT
[#21]
Quote HistoryQuoted: As of 2024, around 15% of U.S. private sector workers are covered by defined benefit pensions, commonly known as traditional pensions. The coverage for public sector workers is higher, with about 80% having access to such plans. Overall, including both private and public sectors, about 22% of American workers have a pension Quote HistoryQuoted: Quoted: Avocado toast and Starbucks! It's definitely clickbait. It mentions current retirees and has no mention of pensions or other income streams. Many retirees now have pretty generous pensions before pension reform kicked in among private industry. Medicaid is the largest payor for long term service and support. Lots of folks are going to state funded homes. And among retirees, pensions are much more common. From a federal reserve work paper that aligns with your 22% figure for non-retirees aka workers. The retiree rate for pensions is 51%.  Attached File |
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Posted: 6/7/2024 8:30:59 PM EDT
[#22]
Mobile home is always an option. Go see this man, Bill Lee at Cullman Enterprises in Cullman, Alabama.
 Cullman Liquidation Center commercial |
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Posted: 6/7/2024 8:41:34 PM EDT
[#23]
Quote HistoryQuoted: You need to average that. Over 35 years. So credit over that can be used to offset any years below that. Most of corporate America can hit that. And the top bend tier is only credited at 15% so even if you make only 80k/yr you still get a VERY good payout. Plenty enough to live on if you only averaged 80k over the best 35 years of your life. Quote HistoryQuoted: Quoted: You need to work 35 years at a minimum of the maximum SS taxable income to max out SS benefits. Last year that number was $168,800. Not sure I'd coin that as "easy " for the majority of the US population. You need to average that. Over 35 years. So credit over that can be used to offset any years below that. Most of corporate America can hit that. And the top bend tier is only credited at 15% so even if you make only 80k/yr you still get a VERY good payout. Plenty enough to live on if you only averaged 80k over the best 35 years of your life. I wouldn’t consider $27k a year a VERY good payout. And then $2k is needed to pay for Medicare Part B right off the bat. |
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Posted: 6/7/2024 8:44:07 PM EDT
[#24]
Quote HistoryQuoted: Where are you getting 7% ? Quote HistoryQuoted: Quoted: If you make 7% on that 50k thats $291 a month. I call that a good start but nowhere near adequate. Where are you getting 7% ? Jepq mixed with tbills |
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Posted: 6/7/2024 8:46:19 PM EDT
[#25]
Quote HistoryQuoted: If people like this had more money would they live differently? When you are old you are old. No one gets out of here alive. A bad ending awaits us all. Even Charlie Munger with $2 Billion ended up being pushed around in a wheel chair before dying at 99. It's an older demographic here in this county. Most relied on old style pensions from companies long gone and saved nothing. But people here stay in their homes long term. Many still have green shag carpet. It's like a time machine here. They rely solely on SS as taxes and costs rise. And I'm not talking 80+ year old people either. Where that $$$ went? I don't know. But people here drink and gamble a lot. I see a lot of stupid shit. People have no money, but each one has a stock certificate for one share of the GB Packers framed in their living rooms. Dumbasses. I also do 2 small apartment buildings, 55 and over with subsidies. Been doing them monthly for 11 years. You get to know the people. I can say this. Not one of these people even tried for a different outcome. It's almost amazing the level of failure they have achieved. |
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Posted: 6/7/2024 8:50:14 PM EDT
[#26]
Quote HistoryQuoted: I wouldn’t consider $27k a year a VERY good payout. And then $2k is needed to pay for Medicare Part B right off the bat. The idea in retirement is that you don't really have lavish vacations (not on SS) and you shouldn't have a house payment. 27k tax free without having to pay into retirement, or pay significant out of pocket medical expenses, no mortgage, not impossible to do for a couple (so really it's about $3,500/mo income net of medicare for two people). Yeah, I don't think that's bad in retirement, assuming you did NOTHING for yourself to set yourself up to live a better life. You won't live like a king. But you won't starve and be homeless, despite you being a carefree and apparently irresponsible member of the workforce most of your life. I'll get the max benefit, which I'll pull out at 62. My wife won't get the max (she'll get probably half the max based on the fact she now stays home to raise the kids) but even so, 5k for the two of us, adjusted for inflation for when I retire, PLUS my actual retirement accounts...I'll be fine, and that's why I'm not super worried about my retirement accounts either...it doesn't need to support me 100% (though It probably will), it really only needs to fund the delta between what I truly want and how much SS gives me. Everyone says pretend like SS isn't there, but that's just a safety factor. Neither side is dumb enough to tank SS. FAR too many people have it as their only source of income, which I suppose is the topic of this thread. 
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Posted: 6/7/2024 8:50:24 PM EDT
[#27]
"They can do it because their house is paid off".
Well, sure, the mortgage might be paid off, but what about: - property taxes ($500+ per month. More than 1k for many GDers) - homeowner's insurance ($50-100) - utilities - maintenance (which all homes need, to some extent) Add that all up, and it's gotta be eating most of your social security payment, right? And that still doesn't leave any $$ for food, hookers & blow, ammo, etc.... |
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Posted: 6/7/2024 8:55:05 PM EDT
[#28]
Quote HistoryQuoted: "They can do it because their house is paid off". Well, sure, the mortgage might be paid off, but what about: - property taxes ($500+ per month. More than 1k for many GDers) - homeowner's insurance ($50-100) - utilities - maintenance (which all homes need, to some extent) Add that all up, and it's gotta be eating most of your social security payment, right? And that still doesn't leave any $$ for food, hookers & blow, ammo, etc.... Gotta keep workin' for the hookers and blow.
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Posted: 6/7/2024 8:55:11 PM EDT
[#29]
Quote HistoryQuoted: "They can do it because their house is paid off". Well, sure, the mortgage might be paid off, but what about: - property taxes ($500+ per month. More than 1k for many GDers) - homeowner's insurance ($50-100) - utilities - maintenance (which all homes need, to some extent) Add that all up, and it's gotta be eating most of your social security payment, right? And that still doesn't leave any $$ for food, hookers & blow, ammo, etc.... Sure, but the idiots that didn't save retirement for themselves on their own accord probably don't have houses where property taxes are that high. They also likely don't have a hooker or blow hobby either. They also probably don't shoot their guns since 99% of GD doesn't either, and if we don't, nobody does. |
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Posted: 6/7/2024 9:08:54 PM EDT
[#30]
I worked for a non-profit for 7 years that did home repairs for folks. I was on the board and helped evaluate applications. You would be shocked at the low amount of cash money people get by on ($600/month.) But there was an article not that long ago pointing out that the value of benefits a family of 4 can get is around $75,000...tax-free.
Still, I live a low-key retired life where the only entertainment expense I have is my paid-for property (no travel or trips or anything like that), and I'd get a job if my accounts got down to $50k. |
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Posted: 6/7/2024 9:10:03 PM EDT
[#31]
My plan besides maxing out my retirement and having no bills is to seep off all the shot I have been accumulating over the years.
Hughes might get repealed though and spoil some of those plans but I doubt it. Plus not like they’re making more North Korean PPSHs or XM16s and stuff so hopefully they would still hold some value just from a collectible stand point? |
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Posted: 6/7/2024 9:17:32 PM EDT
[#32]
Quote HistoryQuoted: Biggs disagrees. To prove his point, the economist looked at responses to the federal Survey of Household Economics and Decisionmaking between 2019 and 2022. The survey asked retirement-age Americans, 65 to 74, how well they were managing financially. A majority, roughly 85%, said they were just fine: They were living comfortably, or at least “doing OK.” The finding matters, Biggs says, because most retirees have much less than $1 million in the bank. In the federal survey, the typical senior who reported a satisfactory retirement had $50,000 to $100,000 in savings. Not sure what those seniors idea was for a "satisfactory" retirement. I'd like to see what those retirees have to say makes their retirement satisfactory. I'd be curious on how they phrased the questions. I consider "in the bank" and "invested" two different things. I don't plan to have 50k "in the bank" when I retire, but I'll have a nice chunk of change invested. |
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Posted: 6/7/2024 9:23:16 PM EDT
[#33]
Quote HistoryQuoted: You can afford to save $50k in this economy? Must be nice. we're gonna be rich.gif |
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Posted: 6/7/2024 9:25:34 PM EDT
[#34]
 maybe if you get a full boat SS draw and move to Costa Rica Actually, I know a guy that did that. Bought a little place in a fishing village down there. Seemed to be doing pretty well last time I heard. |
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Posted: 6/7/2024 9:25:41 PM EDT
[#35]
I'll have to work till I'm dead so I've got that going for me.
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Posted: 6/7/2024 9:28:09 PM EDT
[#36]
Quote HistoryQuoted: Well I'm fucked. I only have $49,999.99. Gotta lay off the avocado toast and you'll get there someday. |
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Posted: 6/7/2024 9:34:14 PM EDT
[#37]
Can we just buy the island and the harem already?
I though we were leet and I'm tired of working. |
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Posted: 6/7/2024 9:50:17 PM EDT
[#38]
Quote HistoryQuoted: If you make 7% on that 50k thats $291 a month. I call that a good start but nowhere near adequate. That does seem a little lean even for “van down by the river” type living. |
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Posted: 6/7/2024 9:57:30 PM EDT
[#39]
50K
humble brag thread
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Posted: 6/7/2024 10:42:11 PM EDT
[#40]
I'm gonna sell weiner pics to survive
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Posted: 6/7/2024 10:52:18 PM EDT
[#41]
I could disappear for 10 years with 100k, but it would be hard for me to make it much further than that without income of some sort. It’s amazing how small you can live with no debt and some cooking skill.
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Posted: 6/7/2024 10:57:38 PM EDT
[#42]
Quote HistoryQuoted: 50K humble brag thread 
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Posted: 6/7/2024 11:02:01 PM EDT
[#43]
Quote HistoryQuoted: Mobile home is always an option. Go see this man, Bill Lee at Cullman Enterprises in Cullman, Alabama.  https://www.youtube.com/watch?v=x22VK3eNY0o
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Posted: 6/8/2024 1:44:35 AM EDT
[#44]
Quote HistoryQuoted: How many of them, or Americans in general are on disability? Forget retired, they stopped working before they ever started. I say it to myself as a joke, but maybe it isn't: Work is for suckers. Quote HistoryQuoted: Quoted: Quoted: 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...... And they are on the internet, let that sink in. How many of them, or Americans in general are on disability? Forget retired, they stopped working before they ever started. I say it to myself as a joke, but maybe it isn't: Work is for suckers. That is why its spelled “work” and not spelled “fun” ?? although, some work can be fun, |
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Posted: 6/8/2024 1:50:51 AM EDT
[#45]
Quote HistoryQuoted: i wish i could afford a trailer. You make good money 
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Posted: 6/8/2024 1:56:09 AM EDT
[#46]
Quote HistoryQuoted: You make good money ain't no shame in bein' poor, yo.  Whiskey Myers - Trailer We Call Home (Acoustic) |
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Posted: 6/8/2024 2:12:58 AM EDT
[#47]
There's a lot of talent right there .
You have me going to youtube now
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Posted: 6/8/2024 3:12:25 AM EDT
[#48]
Quote HistoryQuoted: i wish i could afford a trailer. Don't worry Bro I found you a new tent.... Skip to 3:00 minutes  KAMP IÇIN 2000 KM YOL GITTIK Only $7,900 |
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Posted: 6/8/2024 6:06:06 AM EDT
[#49]
Quote HistoryQuoted: 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...... The truth is that people end up adjusting to their new circumstances and get on with life. For most people, they don’t need to travel in retirement, just maintaining their lifestyle is enough. Paying down your debt, saving a little money, that’s not hard to do before retirement… |
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Posted: 6/8/2024 6:21:05 AM EDT
[#50]
Quote HistoryQuoted: "They can do it because their house is paid off". Well, sure, the mortgage might be paid off, but what about: - property taxes ($500+ per month. More than 1k for many GDers) - homeowner's insurance ($50-100) - utilities - maintenance (which all homes need, to some extent) Add that all up, and it's gotta be eating most of your social security payment, right? And that still doesn't leave any $$ for food, hookers & blow, ammo, etc.... Some of those senior living places are really nice and take whatever gov program pays for people when they are old and have nothing except SS. Not nursing homes, apartment complexes with restaurants and pools etc. |
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