explanade
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- May 10, 2008
- Messages
- 7,478
According to this opinion writer,, a Harvard-trained economist.
https://www.cnbc.com/2022/02/01/why...akes-youll-regret-says-harvard-economist.html
Obviously he's talking most about people who haven't planned to be FI before FIRE-ing.
He does cite some reasons people are driven to ER, such as running out of physical or psychological steam.
Also cites some interesting stats:
Would be interesting to see the average and median age that people here take SS.
He is doing what he preaches, says he's 71 and plans to "die in the saddle."
Still, almost two-thirds of people — between ages 57 and 66 — choose to retire early out their own volition, despite having saved next to nothing. And most of them are able-bodied, without disabilities that would prevent them from staying on the job.
The baby boomer's retirement debacle
Take the baby boomer generation, the 76 million-strong population of those born between 1946 and 1964, who are retiring droves. Almost half of them have little if any savings.
Indeed, their median wealth is just $144,000 — less than three years of median household spending. If they had significant private, state or local pensions on which to rely, things would look better. They don't.
Less than 1 in 3 have a pension apart from Social Security. As for those with pensions, many had state- and local-government jobs that weren't covered by Social Security.
https://www.cnbc.com/2022/02/01/why...akes-youll-regret-says-harvard-economist.html
Obviously he's talking most about people who haven't planned to be FI before FIRE-ing.
He does cite some reasons people are driven to ER, such as running out of physical or psychological steam.
Also cites some interesting stats:
Social Security's average benefit — $18,000 per year — could be far higher, but 94% of retirees take Social Security retirement benefits well before its benefit peaks, at age 70.
In fact, roughly 85% should be waiting until 70 to collect. The age-70 retirement benefit is 76% higher, adjusted for inflation, than, for example, the age-62 benefit.
Would be interesting to see the average and median age that people here take SS.
He is doing what he preaches, says he's 71 and plans to "die in the saddle."