Quote:
Originally Posted by CoachKandSportsguy
There is a constant battle by financial companies for your money from two angles:
The short term spending credit companies
The long term investment management companies
The short term spending ads look to satisfy your immediate needs and desires
The long term saving ads play on the fear of uncertainty of the future and your financial safety and dreams of unlimited retirement options
One of the unrealistic long term planning assumptions is that you will keep your current lifestyle into retirement.
Hence you need an excessive amount of savings to fund this scenario.
Most people will downsize housing and slow down in activities just from aging.
The $200K lifestyle in New York City requires a lot more savings than in TV. and those people probably will have a different retirement than the average person across the country.
IMO, TV represents the average middle class working retirement to an active community. TV offers a lower cost of retirement with its structure than most working lifestyles, and therefore requires a specific financial analysis than one's working income and cost of living scenario. That's where long term advertisements fail when trying to instill fear into your preconceived notions of retirement. They just assume the same location, and the same lifestyle, or dreams of doing everything you didn't do while working, but that is also unrealistic just due to aging and family issues. . . I just watched one on TV on Bloomberg.
So there are several people on here who have retired without touching savings, or have relatively small savings and had made their retirement comfortable with social security. One will probably do better, have more options with a larger savings and income, but comfortable here in the Villages is very doable with social security and a moderate savings from employment of $300K to $1,000K
just keep it in perspective and realize that retirement will not be the same as your working lifestyle if you choose wisely for health and longevity, even golf becomes more difficult as you age. .
good luck in our retirements.
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Good post Sportsguy
With the exception of several posts, not mentioned enough is health. Pretty obvious something life altering or catastrophic will upend the best managed retirement plan. So in addition to luck in retirement is best wishes for good health and daily practices