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37% of GenX Can’t Retire

Discussion in 'The Okie Corral' started by HalfHazzard, Jan 10, 2018.

  1. HalfHazzard

    HalfHazzard Señor Member

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  2. BBMW

    BBMW

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    What percentage of the boomers will be able to? I'm guessing a lot less than think they'll be able to. But the flip side is, even if they need to keep working, will anyone hire them?
     
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  3. JBnTX

    JBnTX Bible Believer

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    What makes the GenX group any different from any other group?
    Are they special?

    Lots of people can't afford to retire and some must work until the day they die.
    That's their fault for not properly planning and managing their money.

    Retiring is not a "right" and someone else shouldn't have to pay for it.
    Stop relying on government programs like IRA's and 401K's and start saving for your retirement on your own.
     
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  4. Wake_jumper

    Wake_jumper

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    My wife and I were just talking about who among our friends and acquaintances will be able to retire. Most are late boomer's in their late 50's to early 60's. I think not many, maybe two out of ten and I worry that some could well end up homeless.
     
  5. sciolist

    sciolist

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    Of course we're special. We're Gen X. That's the whole point.
     
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  6. gwalchmai

    gwalchmai Lucky Member

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    How much do you think one needs to retire?
     
  7. Christian Wolff

    Christian Wolff

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    Retire? Screw that I enjoy my career and being active. I can retire when I die.
     
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  8. Detectorist

    Detectorist

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    I’m 66 and not able to retire ever. That’s why the good lord made me so smart and good looking.
     
    Last edited: Jan 11, 2018 at 11:15 AM
  9. powernoodle

    powernoodle

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    My view is that $1,000,000 in bonds and low fee mutual funds (Vanguard) is the bare minimum to retire with dignity. And you will not be a rich person at that. This also assumes that you are retiring debt free, with no mortgage. But $1M may produce a sustainable 5% or $50,000/year in income - in perpetuity. Of course even $1M may not be sufficient, as there could be extended down markets where you were tapping into the corpus.

    $1M sounds like a lot, but any person with an average income can do it if they start early and have a plan. But most people would rather have a 55" flat screen and a new truck today, than retire with dignity tomorrow.

    I don't count on social security. I'm 55 years old, and am holding out until 67 to tap the maximum SS benefit, but I am not really anticipating that it will still be around then in its current form.

    Mrs. Powernoodle and I have been diligent over the past 30 years in our retirement savings, and fortunately I have a modest state govt retirement available to supplement our retirement savings (I'm still employed). And despite our diligence, I have had many, many sleepless nights worrying about how Mrs. Powernoodle will eat after I croak - and we are way better off than most folks. We know plenty of people, mostly older single women, who are treading water on nothing but meager social security benefits. I really don't know how most retirees survive.

    For those able, I urge you to hook up with a Vanguard adviser whatever your age and situation, who can tell you where you are and where you need to go. When you get that report back from Vanguard and they tell you to retire in five years, its a blessing beyond compare.
     
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  10. PBCounty

    PBCounty

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    I don't think it's a matter of if they can retire or not. I'm pretty sure anyone can retire anytime they want. I know people who have never worked in their life and they are retired right now with a full refrigerator, cell phone, internet, and a big screen TV. I think it's just a matter of where you want to live, and how well you want to live there.
     
  11. JohnnyReb

    JohnnyReb Lifetime Member

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    Huh? IRAs and 401ks are government programs?
     
  12. powernoodle

    powernoodle

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    I could tell by the way you stroked the keyboard that you were a man of distinction.
     
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  13. powernoodle

    powernoodle

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    By definition, someone cannot "retire" when they have never worked.

    Respectfully, there has to be an income coming from somewhere. You cannot fill up your fridge with unicorn giggles and angel farts. Its this kind of GenX attitude that hits people in the face like a freight train when they approach their mid-50's and figure out that they have to be a Wal-mart greeter until they drop dead.
     
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  14. dx_caliber

    dx_caliber

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    Your post reminded me of this exchange between Peter and his construction friend Lawrence in Office Space:

    Peter Gibbons: What would you do if you had a million dollars?
    Lawrence: I'll tell you what I'd do, man, two chicks at the same time, man.
    Peter Gibbons: That's it? If you had a million dollars, you'd do two chicks at the same time?
    Lawrence: D*mn straight. I always wanted to do that, man. And I think if I had a million dollars I could hook that up, cause chicks dig a dude with money.
    Peter Gibbons: Well, not all chicks.
    Lawrence: Well the kind of chicks that'd double up on a dude like me do.
    Peter Gibbons: Good point.
    Lawrence: Well what about you now? what would you do?
    Peter Gibbons: Besides two chicks at the same time?
    Lawrence: Well yeah.
    Peter Gibbons: Nothing.
    Lawrence: Nothing, huh?
    Peter Gibbons: I'd relax, I would sit on my a** all day, I would do nothing.
    Lawrence: Well you don't need a million dollars to do nothing, man. Just take a look at my cousin, he's broke, don't do sh*t.

     
  15. surf n turf

    surf n turf

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    Sure they will. They'll just need to get used to the idea that they'll be working well into their 70's and plan on living on a tight, fixed income budget. There was a guy I worked with who was educated and a decently intelligent guy who insisted that you'd need 4 millions dollars to retire comfortably. He said he'd never be able to retire. I think I remember some "financial experts" saying something similar to this about 10 years ago. Apparently he never ran any numbers himself. I'm planning on leaving full time work with no more than 1.2 mil and a paid off house before I'm 55. And really, if I didn't want to travel a lot, eat good, and drink good wine I could easily do it on considerably less. Although, I'm at the point in my life where going out and blowing money on more $hit I don't need doesn't have the effect it did back when I was in my 20's and 30's so living a relatively simple life comes easy for me now(which equates to less savings needed).
     
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  16. PBCounty

    PBCounty

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    Really? You have apparently not come across too many government assistance experts.
     
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  17. surf n turf

    surf n turf

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    You're a damned fool if you are offered a 401k through your employer and aren't taking advantage of it. Same with any IRA or pre-tax/post tax retirement plan. Unless you want to purposely pay more taxes to the government...
     
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  18. ChuteTheMall

    ChuteTheMall Wallbuilder and Weapon Bearer

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    I was warned in my early twenties that pensions and social security weren't going to exist much longer. Four decades later and I'm retired with both, plus my IRA which used to be a 401K. Life is good. I'm glad I heeded the warnings and saved aggressively.

    The majority of voters under the age of forty voted for democrats while the majority of voters over forty voted for republicans. These younger voters deserve to be punished.

    I intend to stretch out this retirement as long as I can, hopefully another twenty years or more. I earned it.
     
  19. janice6

    janice6 Silver Member

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    From the article:
    "........
    • 43% say "they are behind" in their savings.
    • Half (49%) are "worried about running out of money" once they leave the workforce.
    • Nearly two out of 10 (17%) say they "aren't saving or investing for anything."
    • Only a third expect to be "very secure" in retirement — vs. nearly half of Baby Boomers.
      .........."

    • We found the problem and it is us!

    • Save for you. No one else will care about you, they're too worried about themselves.

    • Most financial planners expect you to save enough money that you can spend it and still keep your money growing, so you have a lot when you die........ For who?
     
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  20. sciolist

    sciolist

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    But if they can continue to do the things they want to do, what's the problem?