VIDEO ON MSN MONEY
No one I know has a $250k nest egg just sitting around for retirement use. That is a reality for the wealthy only, not middle class people, especially not the poor. Most folks lost any nest egg when the equity in their homes was lost.
Gone are the jobs like my parents had where a good pension was just a normal benefit, just like health insurance. My wife and I both have decent jobs, we make ends meet, but neither of us has a pension plan. Sure, my wife's employer offers a 401k, but for us to ever think of contributing the max amount to that plan to benefit us when we retire is absurd, since we need any extra money for normal living expenses like food, gas, etc. And no, we have no kids or pets to support. When she was making a little more money a few years ago, she did put some money into her 401k, but recently just found out it only has about $5k in it. What will that get us in 35 years???
Plus, the way things are going, who knows if social sec benefits will even exist when we retire in 35 years. Prob. not. Then, what will all of us do who thought we could rely on that? It is going to be disastrous. I for one, don't really want to move out of the USA, but we may not have a choice but to move to Central America, Mexico, someplace where our meager savings acct will get us the most bang for our buck. Its a real shame that working for over 50 years and paying into SS gets you no "security" at all. Sad really!
If you got 40,000 dollars a month coming every month you certainly don't need anybody to tell you where to retire.
You could go anywhere you want in my book. The trick for most people in this country is to find a way to retire on 1,200
a month. Now that's a little tricky. I'd say find a partner to split cost of living. The other part is find a state where they don't tax you on your SS or anything else that you earn. The last part is finding a cheap place to either pay rent or if you saved your money up to this point in life buy a condo. Sometimes the rent and mortgage will be very close so if you can swing it by buying it do so. It will pay later on when you sell it for a profit.
I also got a solution for over priced gas in this country. Make it a law that all gas stations have to close on a certain day of the week. Just by doing that gas prices will drop to the 1980's prices. Opec will have a fit. There would be millions of gallons losses for them. I would love that. How's about working only 4 days a week too??!!.
I think we can solve any problem in this country if we really wanted to.
Any younger people reading this should take note. The younger you start to save for retirement the easier it will be for you later in life. Start putting away in an target retirement account at 20. It doesn't have to be much. Have the bank or credit union you are at take it out automatically every month. $250 a month will turn into nearly 500K+ in 45 years if you earn 5%.
-Buy a cheap starter home and rent one of the extra rooms out for extra cash.
-Always buy used cars.
-Invest $250+ in a target retirement account
-Enjoy life with whatever you have left
Do it now.
Who do they hire to write these articles? The children of the very wealthy? This is as far from the real world as the ABC article on "copycat fashions for skinny wallets" that cost $395 to $795 each!
Yes Detroit...if your a thug you don't even need 12K
You can get by on someone's else's 12K
The plan is..or..should be...have your home paid off @ retirement.
Than living on $40K should be a breeze.
Unfortunately many Americans can't seem to do that these days.
Half of them have ruined their credit & can't afford a pot to piss in.
Why does one state have to be different than anther. Ans: Shows who is running their state correctly an who are not. 1st. start with all their give away programs Q.: Could one live in the US all theirwhole life without working just on the free thing. Medical conditions exclude, but not all. Land of the Free home of Brave. We have more laws and regulations than New Your city has listing in the yellow pages.Department of Take Away and Waste, if not enough take some more, study why peoplewalk and not rune everywear. Hey make it a health issue adults,kids, dog and cats. Really can' put laws on fish. Spend till its gone, spend some more. Retirement will be availabe to you at 75 years but you won't make it.More money to waste as we call it helping. Have a GOOD DAY if you can, it only cost one life time.
It is interesting to note that almost all of these cities are in the South. It is also kind of interesting to me that somehow $40,000.00 is considered a "modest retirement income." I would have had that if my plans had worked out but the trashed economy and a very ugly disease which took my wife pretty much wiped out my carefully laid plans. As a result I am looking for a place where I can retire for less than $25,000.00 and it isn't found within the contiguous United States. Sadly I must become an expatriate in order to survive long term.
The good news is I think that I have found that place or places so now I am just waiting for my remaining aged parent to pass and I will then be free to follow my dream. Honestly I am very disappointed in my birth country simply because of the way it has turned its back on so many of its people and spent so much time, money, effort, and lives in foreign nations. So it is ironic that I to must consider going to a foreign nation to survive in my later years.
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