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USA
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Posted: 6/7/2024 3:09:28 PM EDT
[#1]
I always knew I was "Rich" !!
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Posted: 6/7/2024 3:17:34 PM EDT
[#2]
Quote HistoryOriginally Posted By seek2: $50K will definitely support retirement. Just plan on being dead about 6 months after you retire and the numbers pencil out fine. Yep 
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Posted: 6/7/2024 3:26:05 PM EDT
[#3]
As soon as I finish up the self termination paperwork and punch my boss in the face I'm going to read up on the deets. This is exciting.
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NC, USA
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Posted: 6/7/2024 3:36:43 PM EDT
[#4]
It’s doable if the house and vehicles are paid off, and you live in a relatively affordable area. Not an exotic retirement but could be done.
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Posted: 6/7/2024 3:39:07 PM EDT
[#5]
Originally Posted By Scalped: You can afford to save $50k in this economy? Must be nice. Mindset - "must be nice"= it's not possible for me to do that, but I'd like to. "How can I save $50k?"= setting up your mind to figure out ways to do it instead of thinking it's impossible. |
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Posted: 6/7/2024 3:42:09 PM EDT
[#6]
I've got a baller 1.2% pension, so I'm basically loaded if I remain a corporate slave for 35 years.
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Posted: 6/7/2024 3:44:52 PM EDT
[Last Edit: -Obsessed-]
[#7]
Quote HistoryOriginally Posted By piperpa24: That is assuming both spouses worked their entire life (ie like 50 years) having the maximum amount of SS tax extracted from their paychecks during that time. 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. 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. |
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Posted: 6/7/2024 3:49:44 PM EDT
[#8]
Quote HistoryOriginally Posted By steve_n_houston: Article seems big on subjective "doing fine," but really light on objective number crunching. Yack, yack, yack.....  It's MSN. They don't do objective number crunching. One wonders if they're doing an opinion piece to help assuage their leftist followers about their lack of savings. |
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Posted: 6/7/2024 3:49:48 PM EDT
[Last Edit: callgood]
[#9]
 50k? by the time you retire the Federal (hint: they aren't "Federal", just a bunch of banksters) Reserve will have destroyed the purchasing power of the US dollar.
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Posted: 6/7/2024 3:53:24 PM EDT
[#10]
Quote HistoryOriginally Posted By piperpa24: That is assuming both spouses worked their entire life (ie like 50 years) having the maximum amount of SS tax extracted from their paychecks during that time. 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. Yet the average retirement savings for 55-64 year olds is around $75k. Of course, they could have multiple RIAs or 401ks, that information is never clear in the stats. My mother lived on her $28k social security until last year...by that I mean that's all the money she spent. She had a half mil in her IRA, and took her RMDs, but just reinvested that chunk of money every year. She owned her condo, paid over $300/ mo in POA fees, had car & all her insurances that she paid for, paid her medicare supplement premiums (i.e., she was not on welfare, food stamps, medicaid, etc). She had no trouble replacing her water heater one year, a/c system another year. She wasn't traveling the world, and was mostly stuck at home the last few years due to a bad case of COPD. But the point remains, she lived a lifestyle she was happy with for most of her 12 years of retirement, and didn't want/need anything she couldn't buy...except better health. Plenty of people live out their retirement with just their SS check and medicare, with little to nothing invested. And it's likely more than those that spend tons of money just to spend it. |
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IA, USA
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Posted: 6/7/2024 3:56:44 PM EDT
[#11]
If you have a conventional defined benefit pension plan, sure. Just SS, might be tight but not impossible. Have everything paid off, live a low cost of living area, it's a maybe. Not living the high life but probably not starving and homeless. People do it, especially in rural areas.
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PA, USA
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Posted: 6/7/2024 3:57:09 PM EDT
[#12]
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Posted: 6/7/2024 3:57:46 PM EDT
[#13]
We will probably have a little over a million in retirement accounts depending on market/job and my MS.
It won't be enough. I hope I teach my kids better financial responsibility and retirement planning/saving than my parents did for me. |
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Posted: 6/7/2024 4:01:49 PM EDT
[#14]
I'm taking my $50K and investing in a taco truck!
Should be able to clear $3Mil/year 
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USA
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Posted: 6/7/2024 4:05:24 PM EDT
[Last Edit: Bubbatheredneck]
[#15]
Dude is right.
Most Americans aren't worth 50-100k at 65. And never will be. My grandparents never had 50k in the bank. At best, a few thousand. But they lived simply and had wonderful, long lives. Wants and needs and dreams are all different things, with different price tags. No matter your net worth, I firmly believe you find true joy only when you can finally appreciate and be truly thankful that your basic needs are being met. And an old couple can pull that off in America with SS and a bit of planning. Everything else is just gravy. |
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Posted: 6/7/2024 4:06:01 PM EDT
[#16]
Originally Posted By crownvic96: I think i spend more than that a week on tacos and alcohol. Originally Posted By woodsie: 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. Originally 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. |
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Posted: 6/7/2024 4:10:54 PM EDT
[#17]
Quote HistoryOriginally Posted By -Obsessed-: 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. Quote HistoryOriginally Posted By -Obsessed-: Originally Posted By piperpa24: That is assuming both spouses worked their entire life (ie like 50 years) having the maximum amount of SS tax extracted from their paychecks during that time. 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. 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. |
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Posted: 6/7/2024 4:17:45 PM EDT
[#18]
Originally Posted By MtnMusic: Put your money into expensive car payments and luxury vacations! That’s exactly what your heirs are going to do with “your” money when they get their hands on it. You may even get a nice casket if they feel generous. |
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TX, USA
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Posted: 6/7/2024 4:25:41 PM EDT
[#19]
That sounds like a shitty existence to me.
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CA, USA
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Posted: 6/7/2024 4:29:26 PM EDT
[#20]
The artiicle's author used a click-bait title.
The author says an average couple receives $46k in Social Security. And also people have other savings, such as pensions. So the $50k claimed in the clickbait title is really only emergency money, because it's assumed the person has monthly income. But if you have no other monthly income, retiring on $50k in total savings won't be comfortable...you'll be living under a bridge and eating Meow Mix. |
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WA, USA
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Posted: 6/7/2024 4:32:26 PM EDT
[#21]
$50k in nvidia shares maybe.
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Posted: 6/7/2024 4:37:18 PM EDT
[#22]
$50,000 in T-bills at 5% plus Social Security gets you a home on wheels on BLM land.
 From Homeless to Happy: $300 a Month Frugal Van Life! Turning a High Top Van into a Cozy Home!  Living in a Car on $800 a Month |
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WA, USA
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Posted: 6/7/2024 4:39:43 PM EDT
[#23]
Quote HistoryOriginally Posted By TGE: Hey, that new a/c will run ya... Let's do the math here... 31% of your total savings. Congrats on having almost $30k left over for other stuff! Quote HistoryOriginally Posted By TGE: Originally Posted By SideCarGT: LOL. That 50 will run out fast, especially for a homeowner. Because you live in a desert! 
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Posted: 6/7/2024 4:41:01 PM EDT
[#24]
That is perfectly adequate savings. Just walk out the door of your subsidized 300 sq ft flat, walk to the grocery kiosk 6 blocks away and pick up your government ration of zee bugs.
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Posted: 6/7/2024 4:49:51 PM EDT
[#25]
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. $291/mo wouldn't even cover ramen and vienna sausages for your average arfcommer. |
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NY, USA
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Posted: 6/7/2024 4:51:43 PM EDT
[#26]
Not sure if anyone has said it yet, but here it goes.
LOL. |
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MT, USA
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Posted: 6/7/2024 4:54:10 PM EDT
[#27]
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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MT, USA
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Posted: 6/7/2024 4:57:33 PM EDT
[#28]
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...... And they are on the internet, let that sink in. |
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FL, USA
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Posted: 6/7/2024 4:57:57 PM EDT
[#29]
Things are changing abut there's a lot of shitty 55 and over trailer parks down here. Before things went nuts you could get into one of the shittier houses for free, just take over the lot payment.
Lots of people living on just SS in those parks. But if anything goes wrong on the house or car they're stressing big time. |
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Posted: 6/7/2024 4:59:47 PM EDT
[#30]
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...... @imq707s As a doc, I meet a lot of elderly patients who have zero savings and live on Social Security + a small pension. Some actually rent an apartment with roommates. I met a patient in the ER once who lived in a tiny shack in the woods. He was around 60 and heated the shack with twigs and branches he broke off trees. He had Social Security Disability. He wore running shoes and one shoe had a hole in it. It was crazy. |
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TX, USA
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Posted: 6/7/2024 5:00:32 PM EDT
[#31]
Quote HistoryOriginally Posted By steve_n_houston: Article seems big on subjective "doing fine," but really light on objective number crunching. I'm guessing expat things. A la MADMAXXX 's sojourn to Thailand for a few months. Or Fred Reed writing about living in the Lake District of Mexico. Don't get really sick, I guess. Should be easy for the elderly... |
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Posted: 6/7/2024 5:01:08 PM EDT
[#32]
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 5:04:43 PM EDT
[#33]
I could have retired with $50K in the bank and just live within my pensions.
Or I could have retired and lived off my 401K and brokerage accounts. Or I could have retired and lived off my Social Security. But in true ARF.com fashion get both/all. I prepared for a failure of any two of the three and still survive. |
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Posted: 6/7/2024 5:07:15 PM EDT
[#34]
Quote HistoryOriginally Posted By Butternut: 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.@Butternut +1 Need vs want. Although the line can get blurry. Or at least we can justify it. |
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Posted: 6/7/2024 5:07:58 PM EDT
[#35]
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 is exactly what it is. Plenty of people retire with nothing. They won't be living it up though. |
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Posted: 6/7/2024 5:08:22 PM EDT
[#36]
Paul Krugman says what?
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Posted: 6/7/2024 5:08:52 PM EDT
[#37]
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...... This! You can get by on SSN and other government programs, but do you want to? |
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Posted: 6/7/2024 5:09:33 PM EDT
[#38]
Quote HistoryOriginally Posted By woodsie: 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. Quote HistoryOriginally Posted By woodsie: 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. 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. If he spent his life working then he'll get SS. So he can if his expenses are low enough. |
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PA, USA
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Posted: 6/7/2024 5:09:39 PM EDT
[Last Edit: Smith-16]
[#39]
I have a plan to make $35K and be basically retired. I just need some quick cash to buy what I need, so we have to go down to the mall and steal some stereos.
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Posted: 6/7/2024 5:21:40 PM EDT
[#40]
Quote HistoryOriginally Posted By C-4: @Butternut +1 Need vs want. Although the line can get blurry. Or at least we can justify it. 
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Posted: 6/7/2024 5:25:39 PM EDT
[#41]
Quote HistoryOriginally Posted By exponentialpi: 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. |
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NV, USA
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Posted: 6/7/2024 5:41:37 PM EDT
[#42]
Quote HistoryOriginally Posted By piperpa24: 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.  This sounds like a solid, well thought out plan or a really bad B movie. |
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Posted: 6/7/2024 5:45:47 PM EDT
[#43]
Quote HistoryOriginally Posted By Butternut: 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.This makes sense. There have been weeks where I look at the calendar and there are so many candidate interviews, oncall days, meeting days, that it feels like when I order something a week in the future might as well be a year or two. Its cool to blow off steam posting comments online though. I am trying to seriously wind down gun purchases and trim the fat. Just have to get a form 4 suppressor and will be set on gun collecting |
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NV, USA
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Posted: 6/7/2024 5:49:08 PM EDT
[#44]
Quote HistoryOriginally Posted By Paul: I could have retired with $50K in the bank and just live within my pensions. Or I could have retired and lived off my 401K and brokerage accounts. Or I could have retired and lived off my Social Security. But in true ARF.com fashion get both/all. I prepared for a failure of any two of the three and still survive. Pretty much how I am set up. My main concern is my pensions are both Military and Federal so if the Governement fails I'm screwed. But at the same time if that happens my retirement will probably be the least of my concerns. |
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Posted: 6/7/2024 5:59:16 PM EDT
[#45]
Quote HistoryOriginally Posted By wjoutlaw: 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. 0.1%? The average worth of the one percentile is $11 Million. You have $110 Million? Nice! |
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Posted: 6/7/2024 6:05:50 PM EDT
[#46]
Quote HistoryOriginally Posted By Mars87: Looks like I’m retiring on Monday then. But Market crash 3.0 is Monday! |
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Posted: 6/7/2024 6:16:49 PM EDT
[#47]
Quote HistoryOriginally Posted By hugh1: "IF" is a very uncertain word on that it is not wise to depend on. Quote HistoryOriginally Posted By hugh1: Originally Posted By tveddy: If you make 7% on that 50k thats $291 a month. I call that a good start but nowhere near adequate. Agreed. |
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MI, USA
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Posted: 6/7/2024 6:21:20 PM EDT
[#48]
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. |
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Posted: 6/7/2024 6:24:54 PM EDT
[#49]
Quote HistoryOriginally Posted By hugh1: And they are on the internet, let that sink in. Quote HistoryOriginally Posted By hugh1: Originally 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...... 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. |
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MI, USA
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Posted: 6/7/2024 6:28:34 PM EDT
[#50]
Quote HistoryOriginally Posted By planemaker: Yack, yack, yack..... It's MSN. They don't do objective number crunching. One wonders if they're doing an opinion piece to help assuage their leftist followers about their lack of savings. It's actually USA Today, msn just put it on their site. msn seems like an aggregate site, articles from all sorts of sites. Always look above the title for where they found the story. |
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