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World Traveler
Joined: 29 May 2009
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 Posted: Mon Mar 04, 2013 12:55 am Post subject: |
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| Really? I though most people (in first world countries) had forced savings (such as social security) taken from their paychecks which allows for a good (or at least decent) life once they hit 65 or sooner. My mother retired at age 55 (she was a teacher) and now gets $40,000 a year in pension. Once she hits 62, she will get social security money too. |
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edwardcatflap
Joined: 22 Mar 2009
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| Posted: Mon Mar 04, 2013 6:02 am Post subject: |
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| Quote: |
Really? I though most people (in first world countries) had forced savings (such as social security) taken from their paychecks which allows for a good (or at least decent) life once they hit 65 or sooner. My mother retired at age 55 (she was a teacher) and now gets $40,000 a year in pension. Once she hits 62, she will get social security money too.
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Your mother is one of the lucky ones. She worked for the state sector which has always guaranteed decent pensions, though that is changing, and she's one of the baby boomers, whose pensions we now can't afford to pay but kind of have to. It doesn't look too bad in the States judging from this article but this quote is about the wordlwide situation and the UK, (published this week)
Worldwide, the study found that people will on average run out of retirement savings just over half way into their retirement. According to the study, more than half of the UK working population is not preparing adequately for retirement, with one in five saving nothing at all.
These are people who won't be properly prepared when they retire at the normal age so I don't think many of them will be thinking about putting their feet up when they hit 50. The state pension in the UK is basically JSA for old people which just about keeps them alive as long as the cold weather doesn't last too long.
http://www.telegraph.co.uk/finance/personalfinance/pensions/9882001/Brits-worst-in-world-at-saving-for-retirement.html |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Mon Mar 04, 2013 6:17 am Post subject: |
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| World Traveler wrote: |
| Really? I though most people (in first world countries) had forced savings (such as social security) taken from their paychecks which allows for a good (or at least decent) life once they hit 65 or sooner. My mother retired at age 55 (she was a teacher) and now gets $40,000 a year in pension. Once she hits 62, she will get social security money too. |
Most people these days don't get a pension. Your mom (and other public school teachers) is one of the lucky ones.
Social security is definitely not enough to (comfortably) live off on, especially if you're in an area with a higher cost of living. |
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joelove
Joined: 12 May 2011
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| Posted: Mon Mar 04, 2013 10:03 am Post subject: |
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| KimchiNinja wrote: |
Yeah but if you have to work after 50, you should have planned better, so you didn't have to. |
Not a lot of thought went into that statement. |
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No_hite_pls
Joined: 05 Mar 2007
Location: Don't hate me because I'm right
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| Posted: Mon Mar 04, 2013 4:32 pm Post subject: |
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Factually, old people in the west have it very good money wise but not in the east.
http://www.pewsocialtrends.org/2011/11/07/the-rising-age-gap-in-economic-well-being/2/
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| For households with heads ages 35 to 44, wealth was 44% less in 2009 than it had been for same-age households in 1984.[/b] For households headed by 45- to 54-year-olds in 2009, net worth was 10% lower than for comparable households in 1984. This pattern reversed for households headed by adults ages 55 and older. Among households with heads ages 55 to 64, wealth was 10% higher in 2009 than it was for comparable households in 1984. [b]Among households headed by adults ages 65 and older, those in 2009 had 42% more wealth than their counterparts in 1984 |
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young peoples net worth down 44% since 1984 in the USA.
old peoples net worth up 42% since 1984 in the USA.
This not true in Korea. In Korea most old people are poor and the younger generation has great pay and benefits (richer). But in America the opposite is true. The old people have seen their net worth dramatically go up since 1984 while the younger generation have seen their drastically go down. I know this goes against the perception is of the east "They take care of their old people" but the facts say other wise!
http://www.globalaging.org/elderrights/world/2008/oecd.htm
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| Korea Highest in Elderly Poverty: OECD |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Mon Mar 04, 2013 8:28 pm Post subject: |
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| joelove wrote: |
| KimchiNinja wrote: |
Yeah but if you have to work after 50, you should have planned better, so you didn't have to. |
Not a lot of thought went into that statement. |
Well the point is to do it, not think about it. |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Mon Mar 04, 2013 8:33 pm Post subject: |
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| edwardcatflap wrote: |
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| It just requires thought and planning. Most people spend everything they make, even if they make $300K USD. Better to save it all, then just work for the fun of it, if you feel like working |
Back in the real world most people live from pay check to pay check providing the minimum (food, clothes and accommodation etc..)for them and their families and are lucky if they can afford to save enough for their retirement at 65. |
Meh, I don't know. The "real world" is whatever people do. If they did things differently they would have different results. But yes, many people end up working until 65+.
Not sure why anyone would want to do that. |
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12ax7
Joined: 07 Nov 2009
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| Posted: Fri Mar 08, 2013 4:54 pm Post subject: |
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| World Traveler wrote: |
| Really? I though most people (in first world countries) had forced savings (such as social security) taken from their paychecks which allows for a good (or at least decent) life once they hit 65 or sooner. My mother retired at age 55 (she was a teacher) and now gets $40,000 a year in pension. Once she hits 62, she will get social security money too. |
Tell her to enjoy it because once she needs to move into assisted living, she will be a private payer, which means all of that pension will go towards paying her rent. No help from the government for her. |
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World Traveler
Joined: 29 May 2009
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| Posted: Fri Mar 08, 2013 6:38 pm Post subject: |
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That was rather obnoxious, apologistman12ax7.
I read a stat that said the majority of people die in their own homes.
That's the most probable outcome.
(My mother is 56 now, btw.) |
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12ax7
Joined: 07 Nov 2009
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| Posted: Sat Mar 09, 2013 3:50 am Post subject: |
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| World Traveler wrote: |
That was rather obnoxious, apologistman12ax7.
I read a stat that said the majority of people die in their own homes.
That's the most probable outcome.
(My mother is 56 now, btw.) |
I would have said the same thing before one of my parents started suffering from dementia. |
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