CNN - How did you do it?

[Walt34]

Yes, some working folks will be able to save if life cooperates. But most working folks not so much.

Not a flame, but an example of how it can be done. We haven't seen much of him since that thread but if true it is an example of how it can be done. Difficult? Yes. Unusual? Very much so. A pizza delivery driver within a few years of being FIRE:

http://www.early-retirement.org/for...aiming-at-fire-in-a-few-more-years-72212.html

 

[steelyman]

I agree with most of Willers' comments.

I recall taking the bus home one night and realizing I only had enough coins to feed the pets or me. The pets won. I asked for help, and a friend made some really fine beans.

I didn't start saving, but paid down debt (college, car, credit card).

 

[growing_older]

I recognize the differences in lifestyle, but to say that savings are unattainable at anything but high salaries is just not factual. It's all about choices.

Among my relatives and acquaintances, I can find many examples of people with lower incomes who DID save for retirement and many examples of people with higher incomes who did not. It would be simple and convenient for the class warfare point of view to be able to say that all the retirement systems are biased against middle income people, but that just doesn't seem to be so. Everything financial has some bias toward people with more money - which is kind of unavoidable since having more money is part of the definition of "people who have more money" This should be irrelevant.

What we seem to be seeing is more like many retirement funding options have been suffering from "you can lead a horse to water but cannot make it drink" in that making sensible options available doesn't mean that people will take advantage of them. Society used to tolerate this with very dismal consequences for people who didn't have the means to take care of themselves. SS systems are addressing this (as are other social service programs) by providing minimal anti-poverty support. But now people are trying to drum up support for the idea that these programs need to do more - that people who do not take advantage of the existing options to save for themselves - or that people who FOR ANY REASON have less than comfortable retirement should be better provided for or made to participate in some new programs that will provide a cushier lifestyle. The debate here is much more about politics and much less about financial reality.

 

[LOL!]

Because everyday folks just don't have enough CONSISTENT income.

[…]
Yes, some working folks will be able to save if life cooperates. But most working folks not so much.

But those working folks will not need a million dollars in a 401(k) or retirement plan to live the retired lifestyle to which they are accustomed.