National Retirement Risk Index

[mickeyd]

http://www.bc.edu/centers/crr/nrri.shtml

Key findings in the National Retirement Risk Index show that:

• The retirement landscape is shifting dramatically, making the outlook for retiring Baby Boomers and Generation Xers far less sanguine.

• Over 40% of households are "at risk" of not having enough to maintain their living standard in retirement.

• Saving more and working longer may substantially improve the outlook.

[cute fuzzy bunny]

Last time I read one of these I checked into the authors and they were former government folks, I think with heavy ties to social security.

This time its Nationwide Insurance, who I'm sure would like to sell you an annuity or an investment portfolio to help you "solve this problem".

But it doesnt take an article or a crystal ball to see that many people spend too much, owe too much, and save too little to be able to afford to retire. Maybe since they'll never spend that much time out of work they wont even know what they're missing. Maybe, depending on the person, they're happier at work every day and spending their butts off. No "about schmidt" moments for them at least....

[Scrooge]

Quote:

Originally Posted by mickeyd Key findings in the National Retirement Risk Index show that: • Saving more and working longer may substantially improve the outlook.

Boy oh boy, you learn new things all the time!

[sgeeeee]

Quote:

Key findings in the National Retirement Risk Index show that: • Saving more and working longer may substantially improve the outlook.

I'll bet that dying young could help too. I wonder why they don't mention that?

[LEX]

The real risk is failing to understand the need to have the maturity and disipline to be self reliant. Many of us earned this status by choosing to live on a fixed budget after saving and investing wisely. There will always be those who can not abide by the self control to take responsibility for their lives, and will be forever slaves to getting and spending. Thats what makes the art of a self directed life in early retirement so worthy a pursuit. It is truly an affirmation of the value of life and the liberating virtue found in simplicity.

Quote:

Originally Posted by sgeeeee I'll bet that dying young could help too. I wonder why they don't mention that?

Another genius tip is that we all will have enough money, if we don't buy anything.

[Alex]

Quote:

The best way to become financially independent is to have alot of money.

[rs0460a]

Quote:

Originally Posted by LEX The real risk is failing to understand the need to have the maturity and disipline to be self reliant.* Many of us earned this status by choosing to live on a fixed budget after saving and investing wisely.* There will always be those who can not abide by the self control to take responsibility for their lives, and will be forever slaves to getting and spending.* Thats what makes the art of a self directed life in early retirement so worthy a pursuit.* It is truly an affirmation of the value of life and the liberating virtue found in simplicity.

Well said!

- Ron

[kcowan]

How many of us had parents who failed to enjoy their retirement because of insufficient money?

I think there is too much hype about money these days.

[setab]

Quote:

Originally Posted by mickeyd http://www.bc.edu/centers/crr/nrri.shtml • Over 40% of households are "at risk" of not having enough to maintain their living standard in retirement.

Is this a bad thing? Most of our standards of living are so bloated they shouldn't be maintained. One of my most significant discoveries is that excessive consumption is neither necessary or edifying. My simple response to this astonishing finding is, "Great. Don't try to maintain it."

setab

[d]

Quote:

Most of our standards of living are so bloated they shouldn't be maintained

even with earned income, many have unsustainable standards of living ... so it shouldn't be a surprise that without earned income, their standards of living are "at risk"

[jondoh]

Quote:

Originally Posted by LEX There will always be those who can not abide by the self control to take responsibility for their lives, and will be forever slaves to getting and spending.

Or, alternatively, they've plotted points on their own individual indifference curves and concluded that greater utility is derived from "getting and spending" than from saving and investing.

They probably regard us as "materially deprived slaves to retirement."

Fine with me. I don't consider myself morally superior to the profligate, though I do find octogenarian Walmart employees to be unusually polite and helpful.

[laurence]

Most of those I work with who are young enough to not be able to collect full benefits until they are 67 are planning on working until then. *They'll probably average a decade out of the work force, do things like reverse mortgages, clip coupons for 4:30 dinners, keep that car running, etc. *I just don't see a big crisis, I'm not convinced. *Now will there be individual tragedies? *Absolutely. *But society ain't collapsing anytime soon.

Sorry if this comes off cold, it's Monday. *

[cute fuzzy bunny]

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Originally Posted by Laurence Sorry if this comes off cold, it's Monday.

Oh yeah! Look...it IS monday...

[astromeria]

Quote:

Originally Posted by setab Most of our standards of living are so bloated they shouldn't be maintained.

Excellent point, setab. While I do enjoy many of the "finer things in life" as well as conveniences, my grandparents lived in a small apartment in a low-income housing project (not one of the horrific ones crawling with rats & needles and puncuated with gunshots)--and I know I could live like that, ultra-simply in a small space. WElll, as long as I had high-speed Internet...a relaible computer...good produce...fresh shrimp...sunshine :

I forgot it was Monday, too

[cute fuzzy bunny]

I have to confess, I knew it was monday. Fat newspaper yesterday and skinny one today when I finally waddled out at 9:30 to get it.

All the signs were there.

[laurence]

I knew it was Monday when I went to join my wife and daughter at play in the family room and DW said, "Isn't there someplace you need to be? See you tonight.". Now that's cold.

[cute fuzzy bunny]

[justin]

Best thing about Monday is it's only 4 days away from Friday.