Quote:
Originally Posted by Blueblaze
Yes, and my $130K house in the 80's was just as incomprehensible to my grandfather.
I agree that a thing that can't go on forever, won't. But inflation has no bearing on my point. If you want a comfortable retirement, all you have to do is save for it. Whether or not there will be a functional America for our kids to retire in, is a different subject.
But if I was a 30-something faced with a million-dollar mortgage to live in a dungheap like NY, Boston or DC, I hope I'd have sense enough to move to someplace where they don't confiscate half your income before you get a chance to pay your $5,000 mortgage payment, and then try to save $500 for your retirement after you feed your kids. Choosing where to live has just as much to do with common sense as saving 10% of your income.
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With all due respect, inflation has a great impact on your retirement, sponsored defined benefit retirement plans have become scarce except for ones funded by a government entity and most of them don't look to healthy, SS alone makes for a not very opulent retirement, cost of living adjustments ether from SS or pension plans always seem to fall short of real inflation. Inflation destroys the value of most retirement assets . The stats I have seen look rather dim for a large section of would be retirees, for most it's a failure to plan rather than a failure of plan, but if you plan with a good cushion perhaps at least you hiers will have something to hold on to, and avoid a diet of rice, beans and dog food