Page 1 of 2 12 LastLast
Results 1 to 10 of 14
Like Tree14Likes

Thread: Retirement and Money Statistics Needed To Sustain Living Standards

  1. #1
    Senior Member
    Member #
    26901
    Join Date
    May 2012
    Location
    USA/Arkansas
    Posts
    4,755
    Liked
    3696 times

    Retirement and Money Statistics Needed To Sustain Living Standards

    Financial principles and education should be taught in elementary school and high school. Since it has generally not been taught we should not be too surprised to realize that the majority of Americans are not prepared for old age or retirement. In the chart it shows that the average savings for a 50 year old is less than $45,000 and 36% don't have any savings for retirement! Scary stuff.

    Encourage your children to save and invest as soon as possible to take advantage of time and compounding of interest and growth (hopefully) of investments. If they don't learn about investing they will suffer the slings and arrows of outrageous fortune and be among those who don't have enough money to live on.

    To get an idea of how much money you need per month to live, estimate your social security payment then add to that the amount that makes up the difference. I believe, the average Social Security payment is $1,230 a month.

    For example, if you need $2000 a month and social security provides you a monthly check of $1,000 then you will need another $1,000 from your investments/savings. Look at the second column at the end of the chart...you will need $166,696 of savings to draw a $1,000 a month for the next 20 years, even more if you expect to life 30 years you would need to accumulate $212,150 to meet your needs.

    You can see that the more your monthly expenses are the more money you will need to accumulate to draw from.


    Retirement Statistics Data
    Average retirement age 62
    Average length of retirement 18 years
    Average savings of a 50 year old $43,797
    Total cost for a couple over 65 to pay for medical treatment over a 20 year span $215,000
    Percentage of people ages 30-54 who believe they will not have enough money put away for retirement 80%
    Percentage of Americans over 65 who rely completely on Social Security 35%
    Percentage of Americans who don’t save anything for retirement 36%
    Total Number of Americans who turn 65 per day 6,000
    Percentage of population that is 65 years of age or older 13%
    Out of 100 people who starts working at the age of 25, by the age 65:
    Will be considered wealthy 1%
    Have adequate capital stowed away for retirement 4%
    Will still be working 3%
    Are dependant on Social Security, friends, relatives or charity 63%
    Are dead 29%
    Americans older than 50 account for:
    Percent of all financial assets 77%
    Percent of total consumer demand 54%
    Prescription drug purchases 77%
    All over-the-counter drugs 61%
    Auto Sales 47%
    All luxury travel purchases 80%
    Amount Needed in Savings For Retirement
    Monthly income need Savings Needed for 20 Years Savings Needed for 30 Years
    $1,000 $166,696 $212,150
    $2,000 $333,392 $424,300
    $3,000 $500,087 $636,450
    $4,000 $666,783 $848,601
    $5,000 $833,479 $1,060,751
    $6,000 $1,000,175 $1,272,901
    $7,000 $1,166,871 $1,485,051
    $8,000 $1,333,567 $1,697,201
    $9,000 $1,500,262 $1,909,351
    $10,000 $1,666,958 $2,121,501
    The above sums assume your portfolio will earn a 6 percent annualized return during the course of your retirement and endure 2 percent annual inflation erosion.

    Source:
    Retirement Statistics | Statistic Brain
    Last edited by aphdmansoc; 08-08-2013 at 03:34 PM.
    You can get a lot with a smile but you can get a lot more with a smile and a gun...Al Capone

    Everyone has a plan till they get punched in the mouth...Mike Tyson

    On different calibers for self-defense: If you can hit what you aim at it doesn't matter...if you can't it doesn't matter. So, it doesn't matter...aphdmansoc




  2. #2
    Senior Member
    Member #
    19962
    Join Date
    May 2011
    Location
    Central Minnesota
    Posts
    13,218
    Liked
    7606 times
    I don't understand

  3. #3
    Senior Member
    Member #
    26901
    Join Date
    May 2012
    Location
    USA/Arkansas
    Posts
    4,755
    Liked
    3696 times
    Quote Originally Posted by kruizer@q.com View Post
    I don't understand
    Kruizer, re-read the post...I re-wrote some of this...hope this helps.

    Another site that makes the point that too many Americans are not prepared for retirement and old age
    17 Frightening Facts About Retirement Savings in America - DailyFinance
    Last edited by aphdmansoc; 08-08-2013 at 03:35 PM.
    You can get a lot with a smile but you can get a lot more with a smile and a gun...Al Capone

    Everyone has a plan till they get punched in the mouth...Mike Tyson

    On different calibers for self-defense: If you can hit what you aim at it doesn't matter...if you can't it doesn't matter. So, it doesn't matter...aphdmansoc




  4. #4
    Senior Member
    Member #
    23211
    Join Date
    Dec 2011
    Location
    Mo./Tx.
    Posts
    1,015
    Liked
    1337 times
    My wife did our financial planning. We have a higher income now than when we were working. Oh how I love that woman.
    "We've got a Muslim president who hates farming, hates the military, hates the U.S. and we hate him!". Hank Williams Jr.

  5. #5
    Senior Member
    Member #
    22430
    Join Date
    Nov 2011
    Location
    Houston, TX
    Posts
    774
    Liked
    439 times
    All of this would be valuable information if the M2 money supply could be expected to remain more or less constant. If a large increase in M2 raises the cost of a loaf of bread to $1000, the amount you'll need to save is off the chart. Based on past performance, I expect the M2 money supply to continue increasing. It might begin to increase at a very rapid rate, when the people now buying government bonds figure out that they're actually losing purchasing power. (The interest rate on the bonds is less than the rate of increase of M2.) I'm too lazy to calculate the assumed interest rate used in the tables above, but the Fed sets the interest rates one way or another, and there's no telling what the Fed will do, aside from doing its best to make Goldman Sachs' numbers look good and to screw you. If you want to have the equivalent of $1000 of today's currency per month for 20 years, you ought to have $240,000 in gold, ammunition, or something that will hold value as Uncle Sugar prints scads of new currency and spends it like a drunken sailor in a Tijuana brothel.
    Last edited by mwj999; 08-08-2013 at 04:20 PM.
    aphdmansoc likes this.
    "Freedom is not free. Free men are not equal. Equal men are not free. But we all know that, donít we?" -- Jerry Pournelle

  6. #6
    Supporting Member

    Member #
    38514
    Join Date
    Jun 2013
    Location
    Southern New Jersey
    Posts
    9,403
    Liked
    7106 times
    Thanks for the information. It is true that the younger generations are not prepared or preparing for retirement, but then again, many of my peers are not up to snuff either. All one can do is do what is right for themselves.
    aphdmansoc likes this.


    Taurus PT1911 SS .45 Beretta 92 FS type M9A1
    Taurus 66 SS 4" .357 Smith and Wesson M&P 9c
    Taurus Tracker 990 SS 6" .22 Mossberg 500 12 gauge
    The government can't make poor people richer, but it can make rich people poorer


  7. #7
    Senior Member
    Member #
    6312
    Join Date
    Jan 2009
    Location
    NW OHIO
    Posts
    7,242
    Liked
    2038 times
    Quote Originally Posted by DDDWho View Post
    My wife did our financial planning. We have a higher income now than when we were working. Oh how I love that woman.
    My retirement income is higher now then when I worked too. I just became eligible for social security and may wait until I'm at the max age (66) to start collecting.
    Old age isn't for sissy's!!
    Don't give up the ship!! Commodore Oliver Hazard Perry!!
    Due to the rising cost of ammo. A warning shot will NOT be fired!!



    Ohio CHL holder
    NRA Member

  8. #8
    Senior Member
    Member #
    26901
    Join Date
    May 2012
    Location
    USA/Arkansas
    Posts
    4,755
    Liked
    3696 times
    Quote Originally Posted by Laker View Post
    My retirement income is higher now then when I worked too. I just became eligible for social security and may wait until I'm at the max age (66) to start collecting.
    I started a month before I hit 65. Three thoughts crossed my mind. I didn't know how much longer I would live - had a few health issues. Second, the possibility of being able to use the Social Security money to make money. Thirdly, not eating into my retirement nest egg as much because of the income flow of the SS checks.

    Generally, most retirement advice I've seen suggest if you are in good health...wait to you can max out the income flow...but it is a little more complicated than that.

    Good luck.
    Wino likes this.
    You can get a lot with a smile but you can get a lot more with a smile and a gun...Al Capone

    Everyone has a plan till they get punched in the mouth...Mike Tyson

    On different calibers for self-defense: If you can hit what you aim at it doesn't matter...if you can't it doesn't matter. So, it doesn't matter...aphdmansoc




  9. #9
    Senior Member
    Member #
    33023
    Join Date
    Jan 2013
    Location
    Burleson, Tx
    Posts
    649
    Liked
    624 times
    We're in pretty good shape and should make at least the same amount at retirement as while working. Good thing is my job has a pension so in 18-20 years (depending on which age I choose) we should be able to enjoy our time.

    Hopefully I'll be able to get my daughter to understand finances as well as my wife and I do, if not better.
    Scott


  10. #10
    Senior Member
    Member #
    26125
    Join Date
    Apr 2012
    Location
    Kansas
    Posts
    5,880
    Liked
    3926 times
    Quote Originally Posted by DDDWho View Post
    My wife did our financial planning. We have a higher income now than when we were working. Oh how I love that woman.
    When I told my boss that this would be my last year and was planning on retiring he came up with multiple reasons that I should not retire, most of which centered around his business and an uncertain financial future. He stuttered when I told him I was already drawing a military retirement. If I add his retirement plan I should be good until SS kicks in, if it still exists. I don't yet have as many bullets as dollars in the bank, but I'm working on it.
    aphdmansoc and btleslie like this.


    PUT THIS COUNTRY BACK ON TRACK, vote a Christian ticket!

    Until HE comes, or calls me home, here by the power of Christ, I'll stand.
    "Pray for Obama. Psalm 109:8".

 

 
Page 1 of 2 12 LastLast

Home | Forum | Active Topics | What's New | Subscribed Threads | My Threads | My Posts

Links

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Similar Threads

  1. Golly gee, if ya needed money, just ask
    By gwk1951 in forum Website Development
    Replies: 13
    Last Post: 02-04-2013, 09:23 PM
  2. At Least Someone Still Has Standards
    By BCM_87 in forum The Funny Farm
    Replies: 0
    Last Post: 01-24-2013, 07:36 AM
  3. Florida statistics
    By Florida651738 in forum Concealed & Open Carry
    Replies: 5
    Last Post: 01-05-2013, 05:01 PM
  4. Interesting statistics
    By dbeardslee in forum The Firing Line
    Replies: 18
    Last Post: 10-16-2011, 09:35 AM
  5. gun control statistics
    By Franklin in forum The Firing Line
    Replies: 9
    Last Post: 03-27-2009, 01:32 PM

Search tags for this page

average retirement income needed
,
average retirement savings for a 50 year old
,
average retirement savings statistics
,

have not saved enough for retirement, statistics

,
how to retire at 62 and sustain standard of living
,
living standards and money needed
,
retirement savings statistics
,
retirement savings statistics by age
,
statistic believe they will not have enough money put away for retirement
Click on a term to search for related topics.