tangomonster
Full time employment: Posting here.
- Joined
- Mar 20, 2006
- Messages
- 757
According to a new study (commissioned by an organization that lobbies "for policies to help Americans retire'), three of five retirees will outlive their savings if they don't cut their spending and live more modestly. People retiring today may face a 24% cut in their living standard; in seven years, 37 percent.
"Baby boomers" may still outlive assets - Yahoo! News
Personally I don't know that I could cut my spending since it's always been so low.
I'm trying not to worry about this too much since they are talking about "typical" people who haven't saved very much; the study cites:
so-called near retirees, at age 58, have an average nest egg of $105,000 if their yearly income is $50,000. Their savings rise to an average of $280,000 if they earn $100,000 a year. New retirees, with an average age of 65, have $175,000 in savings if they earned $50,000, and $585,000 if they earned $100,000 a year
But when I read "The very real possibility of living to age 90 or 100 combined with the volatility of inflation and investment returns means that the risk of outliving one's assets is quite high," I can't help worrying. Words of wisdom from those of you who don't get concerned reading this stuff?
"Baby boomers" may still outlive assets - Yahoo! News
Personally I don't know that I could cut my spending since it's always been so low.
I'm trying not to worry about this too much since they are talking about "typical" people who haven't saved very much; the study cites:
so-called near retirees, at age 58, have an average nest egg of $105,000 if their yearly income is $50,000. Their savings rise to an average of $280,000 if they earn $100,000 a year. New retirees, with an average age of 65, have $175,000 in savings if they earned $50,000, and $585,000 if they earned $100,000 a year
But when I read "The very real possibility of living to age 90 or 100 combined with the volatility of inflation and investment returns means that the risk of outliving one's assets is quite high," I can't help worrying. Words of wisdom from those of you who don't get concerned reading this stuff?