4 ms·
> A lot of people in their 50's don't need to work. I must travel in lowly circles.
by nhebb 9y ago
> A lot of people in their 50's don't need to work.
I must travel in lowly circles.
- user5994461 9y agoI suppose the distribution is extreme on both sides. Either you accumulated assets from early on and you're golden, or you're still struggling with rent and no pension in sight.
- Balgair 9y agoUm, what? Like, cashflow at 50 with 3 kids is important. Yeah, you've saved for retirement at ~65ish, but you have 2 kids in college with one on the way up, plus a mortgage, plus just regular life stuff. That's not an unreasonable scenario at all. Like, do you live in a first world nation? Honestly, the paradigm changes a lot in the 3rd world and your confusion would be more appropriate in Chad or something. (In Chad, average age of first birth is 18, so you'd reasonably be a grand parent by 50, plus cost of living is very low)
- user5994461 9y agoI live in a first world nation. College education is free, allegedly. If you have kids before your thirties, they will all be +25 when you are 55. They most likely finished college, they probably left the family home.
- Balgair 9y agoIn the US college is NOT free, and that's 330 million people living here.
- talmand 9y agoDon't worry, it's just someone that has no idea of what they speak of pretending they know how to tell other people in a completely different context on how their lives should have turned out.
- user5994461 9y agoJust because your life turned to having no home and no pension doesn't mean it's the same for everyone else.
- talmand 9y agoI believe that was exactly my point.
- Hannan 9y agoIt seems like there's way more on the low side than the high side, at least looking at Table 1 (below) from this PDF from the GAO: https://www.gao.gov/assets/680/670153.pdf https://www.gao.gov/assets/680/670153.pdf Edit: below, the table contents Households age 55-64 with Households age 55-64 no retirement savings with retirement savings Percent of house- 41% 59% holds age 55-64 Median net worth $21,000 $337,000 Median non-retirement $1,000 $25,000 financial resources Median income $26,000 $86,000 Home ownership rates 56% 87% Percent who own a home 22% 27% that is paid off Percent with a 32% 45% defined benefit plan
- user5994461 9y agoSo, that's 25% of people having no rent to pay. Then an additional 50% who have a home but still a mortgage to pay. The statistics don't say when mortgages will end, so we can't do any meaningful analysis on the majority. There are more people on the low side, not WAY MORE contrary to your statement.
- talmand 9y agoSo, um, where you live once you pay off your house everything else is free and you no longer require an income?
- bluGill 9y agoToo bad we don't know when they will pay off. A friend of mine just bought a house for $250k from someone who bought it in 1998 for $70k - 6 months before selling they refinanced for $225k. (this is all public information if you go to the right courthouse - he knows this because it is in the title). Which is to say there are some people who don't have their house paid off yet, but will have it paid off before they retire, and then live rent free (but with other bills and taxes). There are other people who will not have anything paid off.