Face It, You Won’t Have Enough Money to Retire
Let’s start the week off with a bang.
There is yet another big story in a major daily newspaper — the Boston Globe — that warns us that we are not saving enough for the “old age we would like to have.”
The story reminds us that future retirees should be saving enough to replace 80 percent of the annual income they made during their careers.
Excuse me while I laugh myself into a stupor. Anyone want to join me?
This poor slob used the Fidelity Retirement Calculator to find out that they needed to save $6 million. Check out the calculator. Sure, Fidelity is trying to sell you their financial services, but this calculator actually talks to you. It’s kinda fun and friendly.
December 4th, 2006 at 3:07 pm
Guess we need to get busy and work ourselves into an early grave – LOL!
December 4th, 2006 at 4:07 pm
I realized this a looonnnggg time ago.
The best we hard-working, lower-middle class people can hope for is to be able to cut back to part-time work….probably in our 70s.
December 4th, 2006 at 4:29 pm
80% huh? That’s not going to happen around here!
Thanks for dropping by my blog and leaving a comment
December 4th, 2006 at 4:32 pm
This is a good one. I have a Fidelity account and it tells me how much I will get when I retire. So far I’m not doing too bad on it. I just hope nothing really bad happens between now and when I retire though. It’s hard to save a lot of your money when things cost so much.
December 4th, 2006 at 5:13 pm
Bwahahahaha! ::hic:: Bwahahahaha!
I’ll be working until I am 163 years old. I don’t know why that dude sounded so cheerful about it. :p
December 4th, 2006 at 6:24 pm
It’s all depressing. Gah!
December 4th, 2006 at 6:54 pm
I’m not worried. I think I’ll be very comfortable at the shelter.
December 4th, 2006 at 7:15 pm
Ugh, this is a depressing blog!
December 4th, 2006 at 7:27 pm
Seamus: That’s the spirit!
Tshsmom: I’ll be right there with ya.
Skittles: I know. It’s unreal.
Mike: Let’s keep our fingers crossed that things (say, the stock market) stay in pretty good shape.
Carina: Me,too.
DeAnn: Count on me to bring you down once in a while.
Chris: I get it. You’re making a joke ’cause I was worried my blog was depressing, right? Haha, as in ‘haha’ sarcastic, not ‘haha’ that’s funny.
Mr. Fab: You always see the bright side of things, doncha?
December 4th, 2006 at 8:16 pm
No, I wasn’t being sarcastic… I was trying to be funny. You were worried about being depressing, your friend had complained about the identical money thing, and then you choose the same subject today. Suppose someone worried about ghosts on the T, you reassure them, then they worry again about the T… “it’s a ghost, I know it!”
December 5th, 2006 at 12:25 pm
The number Fidelity gave me was by far the most we are going to need for retirement and I don’t think we will ever make it. But it doesn’t mean we can’t retire and maintain a similar life style.
Carina: Nobody sounded “cheerful”.
December 8th, 2006 at 2:57 pm
Coming from a sllightly older and more cautious demographic than the boomers, my husband and I have been planning for our retirement for many years. This does not mean we have $6,000,000 in assets! However, we have managed to figure out diverse streams to tap which will provide us with income for many years, barring catastrophe.
February 26th, 2007 at 11:43 am
[...] Below, you will find proof of my love for you — all the times I’ve harassed you to save more. You’ll thank me later. Are You Saving Any Money? Face It, You Won’t Have Enough Money to Retire Baby Boomers: I Scared You, Didn’t I? You STILL Aren’t Saving Enough for Retirement The New Fear Factor: Running Out of Money During Retirement A Bunch of Useful Articles on How to Afford to Retire [...]