GAO report (2015) on retirement savings

[TJFogelberg]

U.S. GAO - Retirement Security: Most Households Approaching Retirement Have Low Savings

I found this report helpful in comparing our readiness to others in the 55-65 group. The report is filled with good information regarding savings levels, pension access, and debt on home etc.

We're in good shape if you consider the top quarter ready for retirement. This is allowing me to phase out of work faster than I thought possible. I still enjoy working seasonally as long as my health allows, but I don't want to work more than a few hours a week after tax season.

We don't have kids or relatives in need. No reason to over accumulate and make this more complicated than it needs to be.

The report really helps put everything in perspective.

 

[Blue Collar Guy]

U.S. GAO - Retirement Security: Most Households Approaching Retirement Have Low Savings

I found this report helpful in comparing our readiness to others in the 55-65 group. The report is filled with good information regarding savings levels, pension access, and debt on home etc.

We're in good shape if you consider the top quarter ready for retirement. This is allowing me to phase out of work faster than I thought possible. I still enjoy working seasonally as long as my health allows, but I don't want to work more than a few hours a week after tax season.

We don't have kids or relatives in need. No reason to over accumulate and make this more complicated than it needs to be.

The report really helps put everything in perspective.

i just read the link, like i said before the other thread that said the average american needs 738k to retire was a sales pitch. i didnt need a Merrill lynch study , i live in the real world , i know what types of money most people have, and 738k isnt it.

 

[MissGina]

i just read the link, like i said before the other thread that said the average american needs 738k to retire was a sales pitch. i didnt need a Merrill lynch study , i live in the real world , i know what types of money most people have, and 738k isnt it.

Exactly, my father retired at 62 and is 75 now. He never had a mortgage, no luxury cars, spouse (my Mom) did not work or drive and he is doing just fine without even having $250k. He does have a pension and health insurance (was a state worker). But just living non fancy and you can retire on much less than you think!

That 738k must be for the people that buy the $300/400k homes, the luxury cars, and those that eat out and shop ( new Apple gadgets) all the time.

 

[Mdlerth]

Just the facts, please

I wish I could be more complimentary, but I didn't see much new here. There are a few worthwhile raisins in this bran, but on the whole I was irritated by the sensationalist format and the gratuitous commentary. It reads as if written by Bernie Sanders instead of to him, and it repeats vapid observations like this one:

Among households age 65-74, the prevalence of both retirement savings and DB plans generally increases with income (see table 6). As with the younger age group, not only do a larger proportion of higher-income households have some retirement savings, but the amount they have saved is also larger.

So people who make more money have more money saved. In other breaking news, water is wet.

If an employee of mine sent me this report, I'd make him go back and edit it for greater objectivity.

 

[NYEXPAT]

I wish I could be more complimentary, but I didn't see much new here. There are a few worthwhile raisins in this bran, but on the whole I was irritated by the sensationalist format and the gratuitous commentary. It reads as if written by Bernie Sanders instead of to him, and it repeats vapid observations like this one:

Among households age 65-74, the prevalence of both retirement savings and DB plans generally increases with income (see table 6). As with the younger age group, not only do a larger proportion of higher-income households have some retirement savings, but the amount they have saved is also larger.

So people who make more money have more money saved. In other breaking news, water is wet.

If an employee of mine sent me this report, I'd make him go back and edit it for greater objectivity.

If this was my employee, I would feel the same way. But, I thought it was good enough considering someone else's taxes paid for it.

 

[LOL!]

Yet somehow people around age 65 are still retiring, so how does one explain the disconnect from these "studies" and what happens in "real-life"?

I think perhaps it is because

a) Medicare pays for old folks health issues.

b) Social Security pays a minimal amount that folks can use to live with their offspring or roommates with.

c) Living expenses are not New York City style amounts for most retirees.

d) People can keep working. We see them often.

 

[Walt34]

d) People can keep working. We see them often.

I see this often at the grocery store but do not know if they're there because they want to be or they have to be.

 

[AginMS]

U.S. GAO - Retirement Security: Most Households Approaching Retirement Have Low Savings
I found this report helpful in comparing our readiness to others in the 55-65 group.

Seems to me most people on these forums either already are or will be so far beyond the majority of their peers in terms of savings and retirement readiness I can't see much of use in that report. Except to say I'm glad I'm not them.