Can incoming seniors afford retirment in The Villages?
 

Although times have changed many of those now approaching as well as in their seniors years lived for the moment, like the grasshopper and not the ant. They are now paying the price. Of course misfortune such as serious health issues play a part for some.

The baby boomers worry about today and hope mom and dad will leave them enough money for tomorrow

How will this impact The Villages in the coming years?
 

I read the article . . . not good news. 18.6% of those over 65 still work. And the median value of retirement accounts for those between the ages of 55 and 64 is just over $120,000, according to the Federal Reserve. This is the prime age group that would be considering moving to The Villages in the next 10 years.

Fortunately I was in my former employer's 401(k) plan for 26 of the 27 years I worked for the company. The company I started working for last year automatically enrolls all new employees in the 401(k) plan at 6% of their salary on their first day of employment. If the employee doesn't want to participate in the 401(k) or wants to contribute something other than 6%, the employee has to go to payroll and indicate their wishes. And every January 1, my employer increases all employees' 401(k) contributions by 1% unless the employee goes to payroll to stop this increase. Paternalistic? Maybe, but the earlier a person starts saving for retirement, the better off one will be. But I'm sure I'm preaching to the choir on this one.

I suspect there will be a sufficient supply of seniors that will be in a position to move here.

The saddest event for many was the move corporations made to eliminate defined benefit plans and replace them with defined contribution. secondly many corporations abandoned retiree medical benefits. add to that the number of corporations that cut their workforce during the 1990's and you have a recipe for retiree disasters.

Of course like our congressional representatives upper corporate management ensured their retirements were well funded and well secured.

The price range in TV is very wide from about $100,000.00 to $2,000,000.00 This will enable many to buy here

Actually that is incorrect....
 

as a baby boomer(born from the late 40's to the mid 60's)we were taught to get a job, work hard, be on time, give it your best and save money for the future. There were still plenty of jobs to be had were you had money taken out by the company for that retirement(above and beyond SS).

I brought my x-generation and millennial kids up the same way...although there are plenty enough from every generation to go around.

Your former employer did it the right way. Years from now those people will realize how lucky they were.

The biggest hurdle to early retirement is the health coverage. I was able to retire before 65 because I qualified as a Veteran. It's a shame that some of these big corporations do not have a plan to people for their long time employees. The older you get the slower you get. What they always end up doing is they think of ways to get rid of these people once their north of 60.

Couple thoughts............most people don't work for large corporations. Also, it's kind of a net-zero game......additional benefits means less pay. Otherwise, profits are down or prices go up. Pensions are pretty much gone because it's almost impossible to promise to pay in the future.

I don't think it's a big corporation problem.

IMO

A statement without fact.

(hopefully this won't get deleted)

Yeah, love the generalizations from the entitled generation around here. My kids show more respect for others than the boomers around here.

Great . . . that gives me 3 years until my head is on the corporate chopping block again. :22yikes:

I know just the type you mean. I am acquainted with a few blown out old hippies myself.

A woman I know in her late eighties still supports her two born bright but wasted loser sons who are in their 60's. An 86 year old neighbor pays the mortgages on both of his sons' houses. One son is 65 years old and has a masters degree from Stanford!

Wake up each day and do your best son. Be kind and give your boss a good day's work for the wages he pays you. Words from my parents. Unforeseen things happen in people's lives that bring financial ruins to the best lifelong plans. I played by the rules, did all the correct things with the dough and my Mother and Mother In Law were never factored into the math of our retirement plan. What are you gonna do, stress about it so you drop dead, not us. Acceptance and adaptation are the keys to proceeding comfortably when the plan changes. Having no regrets is important also. We have been out looking at houses since the Irma Hurricane and have seen so many beautiful homes from the top Of The Villages all the way to Fenney. The jury is still out. I just love it where we are. Time will tell the story.

Our actual reality has nothing to do with the way the plan was set. It is still fine. It was supposed to be way better. We don't have one bit of complaint in our heart or minds. What we have is faith. We'll do just fine.