I'm so glad I went to college. I'm retired now 1.5 years and loving every minute of it. I followed the Dave Ramsey plan the last 25 years and it worked.
Pay off your home and car first. No credit card debt. Be frugal. You'll be ok. Stay healthy. Do not be afraid. Move to low property tax State to retire. We live in Northern Alabama. On just my husband's SS and private pension. We are doing just fine. God bless fellow Boomers. We will be ok.
20K/year or ~ $2K per month + ~$1,800 from social security. That's $3,800 a month. They can get by well if they own their home outright. Easily if they are married to another Social Security recipient. If they are renting and single, however - they will be scraping by and begin to go beyond the 4% rule just to survive. Bad situation there for sure!
600k invested well can provide 35 to 40k per year. I am 65 and I’ve been retired for 4 years. I am spending down my traditional IRAs while waiting to collect Social Security until I turn 70.
@@johnscott2746 your withdrawal rate is 6.7%. There is a high risk of depleted your portfolio if you run into a bad return sequence. Are you time segmenting your portfolio and then switching to SS? I.e. not counting on the portfolio after SS starts.
@@NateDohDoubleGee I think this could work if your expenses are low enough. We are in the Seattle area where cost of living is high. If you assume both are receiving SS at $1800/month that is a total of $5600/month. This wouldn’t work for us in our situation, but everyone’s situation is unique. Good luck to all!
Correction- boomers are screwing future generations. They have pensions, 401ks, and social security. And are still bellyaching they need more….time for the boomers to sell their plasma.
I'm so glad I went to college. I'm retired now 1.5 years and loving every minute of it. I followed the Dave Ramsey plan the last 25 years and it worked.
they should of thought about it 40 years ago.
Pay off your home and car first. No credit card debt. Be frugal. You'll be ok. Stay healthy. Do not be afraid. Move to low property tax State to retire. We live in Northern Alabama. On just my husband's SS and private pension. We are doing just fine. God bless fellow Boomers. We will be ok.
Even the college graduate median savings of ~$600 k will only generate ~$20/year. Frightening.
Save early, save often, and invest.
20K/year or ~ $2K per month + ~$1,800 from social security. That's $3,800 a month. They can get by well if they own their home outright. Easily if they are married to another Social Security recipient. If they are renting and single, however - they will be scraping by and begin to go beyond the 4% rule just to survive. Bad situation there for sure!
600k invested well can provide 35 to 40k per year. I am 65 and I’ve been retired for 4 years. I am spending down my traditional IRAs while waiting to collect Social Security until I turn 70.
@@johnscott2746 Good plan!
@@johnscott2746 your withdrawal rate is 6.7%. There is a high risk of depleted your portfolio if you run into a bad return sequence. Are you time segmenting your portfolio and then switching to SS? I.e. not counting on the portfolio after SS starts.
@@NateDohDoubleGee I think this could work if your expenses are low enough. We are in the Seattle area where cost of living is high. If you assume both are receiving SS at $1800/month that is a total of $5600/month. This wouldn’t work for us in our situation, but everyone’s situation is unique. Good luck to all!
Boomers are so screwed!!!
Correction- boomers are screwing future generations. They have pensions, 401ks, and social security. And are still bellyaching they need more….time for the boomers to sell their plasma.
Homelessness and stealing or suicide?