7 ways retirement is different now

retire with the washington buzzards trying to pick my money to the bone, i think not

If our old folks used their head & had their mortgage paid off when retirement time comes, they wouldn't be in a bind. Today many of them take out a second mortgage to put kids thru college or buy expensive toys.

Don't get me wrong, putting your kids thru college or buying luxury items is A OK, but don't hock up your home for it.

There's nothing more important in our lives that that home. It must always be the first bill you pay & when you pay it off your retirement years will be great.

EF Hutton  :)

How much do you need in retirement?  To answer this, you must answer:

1)  What will the inflation rate be over my retirement (no one can answer, but likely much higher than now)

2)  What will my health be like? (no one can answer, but some are healthier than others.  If you are unhealthy, assume that $260K they indicate will be $1M with health care cost inflation)

3)  What will the return on my savings be?  (no one can answer, but likely not as good as in the 80s and 90s)

4)  How many years will I live? (no one can answer)

5)  What will the tax rate be on my 401K distribution? (no one knows what tax rates will be, but likely higher)

6)  How much will SS and Medicare provide? (no one can answer, but likely less than now.  And if you have managed to save a 401K, that money WILL be counted against you when they implement means testing)

So, if you are about to retire, I think $27.8M is about right.

the government is trying every way in the world to get money in there,

retire in the face of knowing the infaltion is on the way and every way of taxation in the world is also

on the way, I dont think so

old timer  I suggest you learn your history.  Baby bomers that paid social security all these years know that only 7 percent actually went for social security' the rest went to fund other programs. The money was never put in a fund to draw interest. S'S'is the only program that paid for iyself.

Pensions used to be the way Americans saved for retirements, by pledging allegiance to the companies they helped build. Those, coupled with social security, gave a respectible end of life to our seniors. Now that greed in corporations has taken guaranteed pensions away, unless we work for the House of Representatives, we have the 401k replacements, that bob and sway every time the Stock Market hiccups, and hasn't really been a good replacement for a pension fund.

Now, the GOP wants to attack our other lifeline, Social Security. I think we should vote them out!