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banddag:
Met with my CFP this morning and he passed along some info.   He was on a webinar this week with one of the largest investment firms in the world.

The webinar subject was current retirees and their money. In a nutshell, current retirees either retired too early (many from covid buyouts) or they retired with not enough money or both. He said there is going to be an apocalypse in a few years of seniors running out of money.  A huge amount of boomer retires are going to be affected. Generational wealth which brought many families out of lower classes to upper or middle class lifestyles is really going to be strained. Retirees cannot fathom a large percentage of them will live to 90 or older and many will be retired for a longer period than when they worked. Some will be ok, ones with a generous Federal or state pension or ones with large wealth accumulation.

I am not talking about the 27% of seniors with no savings at 65 or the other 20% of 62-65 year olds with median savings of $89k (These two groups are shite out of luck anyway) but the people who think they have enough or had enough 5 years ago and retired.

Many will be forced to sell their homes to survive which will help the housing market since boomers own the majority of the homes in the country. Many will have to go back to work or move in with family or friends.

The last segment of the webinar was CFP's need to start covering their butts legally and tell their clients the truth that a significant number of their clients are going to outlive their money and they need to make arrangements now while they still can.

The industry is going to start a campaign warning retirees and future retires they need to be aware of the money trap coming due mainly to rising cost of living and people living to very old ages. It has been discussed some but not near enough.

I did see an article the other day, many baby boomers are going back to work either f/t or p/t.

DefiantMassRINO:
When it comes to saving money, there is no such thing as "enough".

Spending 20+ years not working, living on a fixed income, is fraught with disaster from health issues, taxes, and cost of living inflation.

I hope to work, in some part-time capacity, as long as my health allows or as long as I can stand having a boss.

I expect to be screwed over by The Man during my retirement - Social Security, Medicare, and kleptocrats who will redefine "rich" to include anyone with a modicum of private savings - including primary residence equity, savings, 401K's, IRA's, pensions, etc.

I've seen my parents and in-laws, pre-Boomers, enjoy retirement for 20 years into their late 70's and early 80's when their health started to rapidly decline.

The System is built upon a false promise of The Big Payback to trick you into giving The Man the best years of your life and good health.

I've seen too many Black Swans in my life to believe any future plans will fully allign with future reality.

How many retirement/financial plans included 9/11, 2008 Financial Crisis, Covid, and Biden-flation?

Like the squirrels, I'm gathering as many acorns as I can, stashing them in many different spots, and hoping it will be enough for me to comfortable during the Winter of my life.

Other than becoming a billionaire, that's the best this working stiff can do.

Mod2:
Moving this thread to Exclusive Content, as it does not cite a published article.

libertybele:

--- Quote from: DefiantMassRINO on April 10, 2024, 06:43:25 pm ---When it comes to saving money, there is no such thing as "enough".

Spending 20+ years not working, living on a fixed income, is fraught with disaster from health issues, taxes, and cost of living inflation.

I hope to work, in some part-time capacity, as long as my health allows or as long as I can stand having a boss.

I expect to be screwed over by The Man during my retirement - Social Security, Medicare, and kleptocrats who will redefine "rich" to include anyone with a modicum of private savings - including primary residence equity, savings, 401K's, IRA's, pensions, etc.

I've seen my parents and in-laws, pre-Boomers, enjoy retirement for 20 years into their late 70's and early 80's when their health started to rapidly decline.

The System is built upon a false promise of The Big Payback to trick you into giving The Man the best years of your life and good health.

I've seen too many Black Swans in my life to believe any future plans will fully allign with future reality.

How many retirement/financial plans included 9/11, 2008 Financial Crisis, Covid, and Biden-flation?

Like the squirrels, I'm gathering as many acorns as I can, stashing them in many different spots, and hoping it will be enough for me to comfortable during the Winter of my life.

Other than becoming a billionaire, that's the best this working stiff can do.

--- End quote ---

Certainly we didn't plan on Biden-flation when we retired or the hyperinflation that I believe will  soon follow.  We are not wealthy by any means and the rapid rise of goods, insurance, taxes, etc. is stinging us.  Many others are in the same boat.  The push for green energy, AI and illegal immigration will be the downfall of this Republic; not just seniors but the majority.  You can't stay afloat if there's no longer a boat to even hold on to.

I've talked to a couple who had planned to retire in a couple of years and they are having trouble staying afloat; their CFP certainly did not plan for the very sudden uptick in inflation.  They are moving to an area where the cost of living is cheaper when they retire; but even that right now is a gamble. They both make darn good money, yet they are struggling!

One thing that I do know is that our country cannot sustain it's current spending, printing of money, woke mindset, influx of ILLEGALS and continued inflation.

The DEMS and RINO's have a stranglehold on this country -- I unfortunately don't see that changing.

What they truly don't understand is eventually they (DEMS and RINO's) are going to be affected along with most of us.

HikerGuy83:

--- Quote from: banddag on April 10, 2024, 06:12:06 pm ---
I am not talking about the 27% of seniors with no savings at 65 or the other 20% of 62-65 year olds with median savings of $89k (These two groups are shite out of luck anyway) but the people who think they have enough or had enough 5 years ago and retired.



--- End quote ---

How much is "enough".  I've seen people make it with less than 100K in the bank.  They don't do a lot of traveling.  Their call.

Maybe boomers are getting entitled too. 

BTW: boomers going back to work isn't new.  For decades, you walk into Home Depot and everyone working there (in AZ) is retired.

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