Comments on: Average Retirement Savings–All Measurements Lead to the Same Conclusion

By: Case

Case — Sun, 22 Aug 2010 12:04:20 +0000

In today’s financial climate I think it is dangerous to state that retirees spend less in their ‘golden years’. More and more governments will be offloading benefits to senior citizens and therefore the financial burden associated with health care, utility bills etc will fall to the individual.

It is in the latter years that people need a financial security blanket for when things turn for the worse. Don’t assume that you will spend less when you retire. It is always better to save for your latter years. Just in case. IMHO.

By: Martin Preisler

Martin Preisler — Sun, 08 Aug 2010 12:33:03 +0000

I felt quite comfortable in that I had both created a low risk pension invested in mutual funds. Have a house where I am dutifully paid of my mortgage over the years, and am yearly investing in a tax free ISA. However, with the recession it appears I am in negative equity on the house and the pension has lost a lot of its value. I guess it is touch and go from here on in.

By: nicole@kingsize-electricblanket

nicole@kingsize-electricblanket — Fri, 06 Aug 2010 11:33:57 +0000

Actually if you want to retire younger you have to choose the right career for you where you can earn money to spend for about years. Your retirement savings will only be your earnings.

By: Jay Woo

Jay Woo — Thu, 05 Aug 2010 05:57:39 +0000

Do you have the statistics on the median savings instead of the average? The median might be a lot lower actually. I don’t believe that people save much these days really…

By: HPMICR

HPMICR — Thu, 29 Jul 2010 10:13:29 +0000

In todays market it is hard to save anything for retirement. It will be even harder to save what retirement funds we have collected. With investment firms losing your money annually I'm starting to think the only thing in the long run might be real-estate.

By: John

John — Tue, 20 Jul 2010 15:17:28 +0000

when i was younger, i was dreaming of retiring at the age of 30 and have a lot of money by then. it was just a dream as it really is hard to reach. retirees these days have a little retirement rate or income. i guess the cost of living these days make the income appear like just a little bucks, so small amount. how much more the younger generation on their future.. they will surely feel an increase cost of living and increase of expenses and lesser income. the expenses nowadays are greater than the income which is really difficult.

for retirees, i guess investments are good way to save up the income and grow it a little more.

By: Todd

Todd — Wed, 23 Jun 2010 02:03:06 +0000

I have to agree with Dowdee about actually needing less money in retirement than we do when we are younger and working. But that is really a minor point…we have to do a better job of planning for those golden years.

By: Jun

Jun — Sat, 23 Jan 2010 13:42:16 +0000

This Retirement Income Calculator surely help me overlook my income sooner when I retire. I will save it, I hate spending which led us to crisis.

By: Savings

Savings — Mon, 14 Dec 2009 10:29:29 +0000

I agree people have a very low net worth these days the emphasis seems to be to much on spending. The economic climate is not helping this with many people refinancing their mortgage, this is going to push the retirement age higher and could result in a crisis.

By: Jill

Jill — Mon, 09 Nov 2009 02:26:12 +0000

I didn’t even begin to start to save for retirement until about 3 years ago when ING offered to put $40.00 in an account if I opened one. I was 48 and now almost 51. I have managed with bascially scrimping to put away close to $20,000.00. I have gotten some refunds be it taxes, stimulus checks, on insurances etc that were larger chunks of money but most of it is a litlte by little. I opened up two other bank accounts and received $250.00 for that. I save $5,00 everyday and a $100.00 every month. I estimate my utilities bills and whatever I over estimate goes in the pot. I got $15.00 for doing a survey. Any extra unplanned money goes in the pot. Any work I do on a Saturday goes into retirement. A little at a time seems almost silly but I think it will matter when I retire. Of course I plan to work until 70, have my house close to being paid off as well as student loan etc. I’m suppose to get almost 1,600 on SSI which I could probably live off of if house and student loan paid. Any extra I save will supplement. So basically get creative on whereever you can save. It seems hopeless to start late with nothing but any amount helps. I would like to share ideas from others on how they may be saving for retirement.