Can retirement be done at 62 with no money?

[braalian]

That was the focus of what I've said.

$250,000 or $50,000/yr....you get just under $2,000/mo. (Truly around $1,800)

So....yes, if the SAME money contributed to SS (employer and employee) was put into an IRA us retirees would be drawing huge paychecks at 55 instead of the dismal amounts we get from the government each month.

Also the number of calendar quarters doesn't seem to be much different either. A minimum of 10 years is required but....those who have worked 40+ do not get any extra. Wages earned and paid on make no difference towards the upper limit.

I can understand why the upper limit is low.

People who made $250k a year really ought to have saved if they wanted to continue to live a life of luxury into retirement

 

[Captain Caveman]

Quote me.
You know how to do it, so find my "gullible" quote.

Russian Collusion, you say it didn't happen.

Jul 10, 2021 #9

Go further back to your Moscow thread, the link no longer works.

Are you trying to claim that you didn't believe in the Russian collision conspiracy Mr. Un-edu-macated. You had to be thick to believe in that claptrap.

 

[debbiedowner]

Real world....not some gubbermint BS.
Everyone gets the same exact check every month. $1,800 is it....except for the taxes sucked out of it. And if you give the government a reason (like earning an income) they will dock your check.

Everyone gets the same check EXCEPT for a few states that have exorbitantly higher cost of living.

And with life expectancy being what it is....62 is a much better age to get a check than 72. You will receive more $$ by far.

Are you still on drugs? $1800 per month for everyone? I make way more than that a month.

 

[JohnDB]

I can understand why the upper limit is low.

People who made $250k a year really ought to have saved if they wanted to continue to live a life of luxury into retirement

Well, if in your 20's you saved 20,000 and never again put money into your retirement....you would end up the same shape as someone who started at 40 putting 20,000+ per year until retirement.

Nobody starts out earning $250k/year in their teens or early 20's increasing until retirement. It's just not the way life works.

Meaning that incomes increase over the years as we approach retirement.

But....those in their teens and early 20's are earning minimum wages and can't afford to put more in other than SS.

Think it through carefully and then explain to me again how this is equitable. Because it hardly is.

 

[JohnDB]

Are you still on drugs? $1800 per month for everyone? I make way more than that a month.

No drugs except a cholesterol statin and a baby aspirin....

Those who have things like government pensions (military retirement or RR retirement or other) make more.

But the vast majority of people get the $1800/month check and nothing else. Most 50-something people's retirement savings are only in 5 digits....not 6 and definitely not 7 which is where they truly need to be to retire comfortably. Many have houses that they have some equity in. But insufficient amounts to retire comfortably if they downsized.

This is a nationwide crisis that has a slow burn to it.

 

[Care4all]

Social security retirement was part of a three legged stool for retirement.

1/3rd from SS, 1/3 from work pensions, 1/3 from your own savings.

Of course other than govt jobs... pensions ended and were replaced with 401k s.

But basically SS Retirement is only suppose to be about 1/3 of what is needed to retire, comfortably.

 

[Fort Fun Indiana]

No drugs except a cholesterol statin and a baby aspirin....

Those who have things like government pensions (military retirement or RR retirement or other) make more.

But the vast majority of people get the $1800/month check and nothing else. Most 50-something people's retirement savings are only in 5 digits....not 6 and definitely not 7 which is where they truly need to be to retire comfortably. Many have houses that they have some equity in. But insufficient amounts to retire comfortably if they downsized.

This is a nationwide crisis that has a slow burn to it.

And so easily solved by making richer peope contribute more.

Truly a testament to how brainwashed Americans are.

 

[WorldWatcher]

Social security retirement was part of a three legged stool for retirement.

1/3rd from SS, 1/3 from work pensions, 1/3 from your own savings.

Of course other than govt jobs... pensions ended and were replaced with 401k s.

But basically SS Retirement is only suppose to be about 1/3 of what is needed to retire, comfortably.

Actually 1/3 of the equation (pensions) was eliminated. 401K's are savings.

WW

 

[Care4all]

Actually 1/3 of the equation (pensions) was eliminated. 401K's are savings.

WW

401ks replaced pensions.

Savings is outside of retirement accounts with tax benefits and varying company matches....

 

[JohnDB]

401K's are now 403B's...
No real distinction except in an obscure manner. Everyone still knows what you are talking about. But just get used to the subtle difference and people not understanding the difference is in name only (millennial and Gen z will be lost as last year's Easter egg....as always)

So....

In the meantime,

The promises our government has made to its own citizens who HAVE CONTRIBUTED THE MOST are being absolutely ignored and considered unimportant.

And that's the real issue we should be greatly upset over. This is no different from beginning to tax all the ROTH IRAs out there. Our government can do that too....and those who care the most are "too old to matter anymore". We are being given the ultimate bait and switch. Lied to.

This situation is not resolved by more taxes....it's resolved by less government spending and give aways to people who will do nothing in return....(illegal aliens)

China never has an illegal alien problem....because all those caught are enslaved. Literally chain gang slavery.
Let's do like China.....