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> That’s not enough, I don’t think any sane retirement plans say it’s enough in the USA Not for Seattle or Los Angeles. But for most of the US, you will have a
by bachmeier 2y ago
> That’s not enough, I don’t think any sane retirement plans say it’s enough in the USA
Not for Seattle or Los Angeles. But for most of the US, you will have a retirement income way above what you need. And that's a good thing, because according to the Federal Reserve, the average retirement savings of people 65-74 is about $600,000.
Of course retirement plans are going to tell you it's not enough. That's like ranchers telling you you're not eating enough beef.
> People underestimate the costs of life in the USA and use median incomes as evidence, but that really just means it’s harder for those making median to get by, it’s tough out there these days.
Clearly you're not thinking about all of the US. There are families of four leading happy, healthy lives on $80K out here. They don't use DoorDash three times a week, and they don't buy $8 cups of coffee, but they're doing just fine.
- johnisgood 2y agoBuying anything from Starbucks, or buying a $8 worth of cup of coffee is just insane to me. Buy an espresso machine for 150 USD, jeez. I live in Eastern Europe and the majority of people who drink coffee have a coffee maker.
- seanmcdirmid 2y agoI've lived in really cheap places in the US (think Mississippi, but at least not the Delta), and I still don't see it. Yes, you could get a trailer in the middle of the boonies and burn your trash in a barrel, I had friends living like that, BUT is that really living? Let's forget about Doordash and $8 cups of coffee when even going to the grocery store is going to set you back one or two hundred a week. And that's not even counting future inflation, that has to be offset on gains in the $2 million nest egg, and if you are retiring at 40 and have kids...uhm, you won't be able to pay for their college.