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 Posted:   Sep 23, 2013 - 1:44 PM   
 By:   DavidinBerkeley   (Member)

http://finance.yahoo.com/news/77-prepares-burgers-earning-week-040100515.html

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.)





 
 Posted:   Sep 23, 2013 - 2:32 PM   
 By:   Grecchus   (Member)

Inspiring and downright terrifying in the same breath.

By the time I get to retirement (IF), I suspect they'll even begrudge handing out free bullets.

 
 
 Posted:   Sep 23, 2013 - 2:35 PM   
 By:   Octoberman   (Member)

Inspiring and downright terrifying in the same breath.
By the time I get to retirement (IF), I suspect they'll even begrudge handing out free bullets.



What he said. ^^

 
 
 Posted:   Sep 23, 2013 - 6:10 PM   
 By:   dan the man   (Member)

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.

 
 Posted:   Sep 23, 2013 - 6:29 PM   
 By:   solium   (Member)

One doesn't have to work for the "big guy" in order to keep their brain active. There's hobbies and volunteer work.

 
 
 Posted:   Sep 23, 2013 - 6:59 PM   
 By:   dan the man   (Member)

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.

 
 
 Posted:   Sep 24, 2013 - 2:21 AM   
 By:   Bob DiMucci   (Member)

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

http://money.usnews.com/money/personal-finance/mutual-funds/slideshows/12-surprising-facts-about-boomer-retirement

 
 Posted:   Sep 24, 2013 - 3:58 AM   
 By:   Justin Boggan   (Member)

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.

 
 Posted:   Sep 24, 2013 - 7:23 AM   
 By:   solium   (Member)

People in their 50's and 60's might be ok if they have been doing well for the last 35 years. But those below that not so much.


 
 Posted:   Sep 24, 2013 - 8:39 AM   
 By:   Mr Greg   (Member)

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...

 
 Posted:   Sep 24, 2013 - 9:40 AM   
 By:   mark ford   (Member)

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.

 
 
 Posted:   Sep 24, 2013 - 11:20 AM   
 By:   ChristianK├╝hn   (Member)

Hah. Good thing, then, that I won't make it to retirement age...

 
 Posted:   Sep 24, 2013 - 3:49 PM   
 By:   gone   (Member)

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. smile

 
 
 Posted:   Sep 24, 2013 - 8:40 PM   
 By:   dan the man   (Member)

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.

 
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