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by Anonymous on December 1st, 2006

Anonymous

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Do you think from what you know now that you will have enough money saved by retirement to live comfortably, or will you have to cut back on your lifestyle drastically or even go onto some sort of public assistance?

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Answers. 5 helpful answers below.

  • by Tantric on December 22nd, 2006

    Tantric

    I will more than likely be relying on Public assistance several years after I retire.

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  • by postmuffin on December 22nd, 2006

    postmuffin

    I have educated myself quite a bit in the last 10 years on saving for retirement. I am fortunate to work in a place with a retirement plan and a 401K which I deposit as much as the law allows. I also have an IRA. My home is an asset I can tap into also. I have used some retirement estimate programs and hopefully I will make almost as much in retirement as I do working. I'm sure I'll have to cut back some, but when I'm not working, I won't be spending as much money on transportation, lunch and clothing. My only regret is that I didn't start much earlier saving for retirement. I'm trying to help my 20 year old son understand this so he will be rich in retirement.

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  • by Valparaiso on December 4th, 2006

    Valparaiso

    I have a degree in Finance, if I don't know enough then God help all of us.

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  • by muguet on December 1st, 2006

    muguet

    Interesting that you should ask, since lately I have been worried about just this. I do my best to save and will continue to save more aggressively, but I am afraid that it may not be enough. Everything is SO expensive, including and especially prescription medications. Long-term care costs a fortune. I have seen instances where someone has millions and it is used up. So I don't know, but I fear the worst and hope that I'm wrong - I am certainly trying to make this not the case.

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  • by Mirage V2.0 AWOL on December 1st, 2006

    Mirage V2.0 AWOL

    I strongly suggest saving while you are young for the future.

    The government took 2% in earnings in the early fifties. I'd estimate that now, with income tax and all the hidden taxes (gas, property, purchases, motels,etc.) that the figure may be as high as 50% for the average earner.

    My point is that the government will continue to raise its taxes as YOU grow older and you will get to keep less than you need. That already seems to be the situation, since the U.S. saves very little per capita relative to other rich economies and is carrying more credit card debt than ever.

    So hold onto what you can now.

    Addendum: I doubt that the money I saved will be nearly as much as I had hoped. The cost of living has escalated drastically. Remember when $100,000 was big money? Macro-economics suggests that the Baby Boomer generation will overload the Social Security system and medicare, thus imposing a heavy burden on the coming generation or that benefits will be cut. I suspect both will be necessary.

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