Supposedly we need to have saved 10-20 times our annual salary to be able to retire.
A spooky outlook, huh? Brr!
(The man above didn't and is working at a minimum wage job to supplement. He's making it work, albeit at a lesser quality of life than what most expect of someone retiring from a corporate job.)
It's nice after one retires from his major job to work at a small part time job to keep one's brain active. I think unless one is too ill, one should never really retire.
Yes that is true but it is nicer to always work for people. charity sure. Hobbies, well in my situation nearly everything I ever did in life was work of sought. Not a hobby.But to each one's own.
That article paints a somewhat bleak picture--at least as far as that fellow goes. But here's another article that says that things are not all bad for current retirees, at least in general. This is because:
- Inflation is low - Work is available if you want it, and self-employment is an increasingly popular option - Social Security is still good for another 20 years - Upcoming retirees hold 54% of all mutual funds, which have boomed in the last few years - Medicare presciption coverage and Obamacare provide better healh care affordability than ever before - Personal debt levels are dropping, and one-third of new retirees have paid off their mortgages - The current generation of retirees will inherit more money than prior generations
I remember hearing in the news about ten years ago you need a million dollars to retire comfortably. With inflation right now and the serious prospect of hyper inflation, you may need a secret underground bunker deep within a mountain and a stock pile of canned goods.
Also, you'll need some canes to whack young whipper snappers that walk on your rocks.
Yes that is true but it is nicer to always work for people
...but, after contributing taxes/NI for 30-40 years, it would certainly be nice to have the option! My father hasn't stopped since retiring - he needs to be busy - but at the same time it should be a choice for those who want to put their feet up...providing they have made the contribution of course...
There are some scary reports out there about retirement and I have a feeling that even if some are overly alarming many people still just wont' be able to retire. I have an uncle and a couple of other family memebers who are of retirement age and can't possibly retire.
I guess I'm very fortuntate. I'll retire in 6 years at age 62 with a monthy payout of nearly 60% of my final few years salary average for the rest of my life, and it's pretty much guaranteed because it comes from a thriving state teacher's retirement program. Also free medical insurance for life to supplement what medicare doesn't cover. Then there's social security, although I'll have to wait 4 or 5 years to start using that in order to not lose on the early retirement lower rates. My house will be paid off in 5 1/2 years so my largest financial liability will be gone.
Of course it could all go to hell, but right now it looks good for me.
I retired last year, moved overseas, came back 1 year later, and went back to work for awhile... with the biggest reason by far being health insurance costs for my wife and I... which were $1,800/month (+ yearly co-pays & deductibles).
Everything else was a piece of cake, but wasn't quite sure I could go the distance paying $20,000+ per year (and rising by 10% annually) on those insurance bills.
Generally, that's the modern day 'boomer' dilemma. I will re-retire in 2014 or 2015, so still good.
TO JUSTIN BOGGAN-Something tells me you might be right, I am basically an optimist but to be honest I see a very bleak future if we don't turn things around.
