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View Diary: The Scandal of Our Retirement System (117 comments)

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  •  akeitz, you're right (11+ / 0-)

    Consider who is telling you to save $2-3 million, an impossible sum for most of us. Financial companies are advising this, of course!  I laugh every time one of my investment companies sends me its little quarterly magazine, which I read in the smallest room in the house. (I like to laugh a lot in that room.) One of the columnists consistently recommends waiting until age 70 to retire "so your Social Security benefits will be maximized."

    As if! Who, pray, is allowed to decide to work until that age?  Most people I know either get laid off or bought out. I retired thankfully at age 62, the minute I was eligible, and every day since has been a day in paradise.

    These "financial advisers," as akeitz says, leave out tons of factors:  a paid-off mortgage, paid-off credit cards, and not having to save for retirement because you're already retired.  To this add earnings from a part-time "fun job" and possible rental of a room in your house to someone one works but can't or doesn't want to pay for an apartment. We usually rent to flight attendants because they're hardly ever around--they just need a place to sleep, shower, and store their clothes.

    If I'd waited to retire until I had a million dollars I'd have died in the attempt. We are managing just fine so far.

    "Religion is what keeps the poor from murdering the rich."--Napoleon

    by Diana in NoVa on Sun Dec 01, 2013 at 04:20:48 PM PST

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    •  They are not talking to "most people" (1+ / 0-)
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      Since most of us don't even exist to financial companies.

      Wall Street has a market demographic they cater to, that's it - and if you can't reach those figures, your not in it.

      As for the rest of us, we're "living to long" anyway - we can work to the grave.

      “Those who can make you believe absurdities, can make you commit atrocities.” ... Voltaire

      by RUNDOWN on Mon Dec 02, 2013 at 11:40:08 AM PST

      [ Parent ]

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