People today have more than they ever had.

Every generation, starting with those born in the '30's have had more than the one before.

So very true!!!! This is why I can’t buy into the “woe is me, we’re doomed” rhetoric.

200,000 is enough to rely on for a retirement savings?

I thought we were having a serious conversation.

I don't care how cheap one is you can't run from taxes, insurance and compounding inflation.

I guess if your relying 100% on that $200,000 then things could get tight.

But I assumed you meant folks with additional sources of income like almost all do. I mean who doesn't collect SS benefits? Every retiree I know does. Granted it isn't always that much, I think the national average is around $2,000.00 a month. Even that small amount will buy you groceries and pay most of your bills assuming you no longer have a mortgage.

Most of the folks I know have earned a bigger monthly benefit, some collecting near the max which is currently around $4,000.00 a month.

Then there's pensions.

Then there's dividends from investments.

Who lives entirely on just their savings? Nobody that I know.

I too thought we were having a "serious" discussion.

Kinda shows ya people live high on the hog today.

I guess so.

The 200k figure isn't only savings it's what they have put towards retirement That includes savings. 401ks pensions etc

High on the hog!

I guess you guys don't have to pay for car and home owners insurance and real estate taxes in PA or have a power bill.Power and garbage bill. Sewer and water. Heat your house? Medicare has a premium and one needs a supplemental plan. Cell phone? Maybe a home phone Groceries. Income taxes?

Dividends? The wealthiest 10% of the country owns 88% of the value of the stock markets. I don't think the majority of retirees are getting much for dividends.

What's a pension?

The current threshold to retire is 1.5 million. Maybe sneak by with only $1 million. At least that's what my gen is shooting for.

Like hippie said....LOL

A million isn’t very much nowadays,,,,,

Not because people are high on the hog

It’s because the governments have increased money supply with the click of a mouse

I still use the old 4% rule when planning for retirement. 4% of $200K is $8K per year--what one can reasonably withdraw and not run out of money.

That plus social security isn't much these days--especially when folks have lived beyond their means.

I'm sure they wouldn't believe me if I told them what the wife and I live on, so I won't bother.

If I didn't have some bad habits, it would be alot less!!!!

A million dollars? I wish!

I'll take your mil then.

Try us along with a general expense break down.

Fuel, utilities, taxes/fees and maintenance.

A person needs to add up their expenses and then figure if he lives 25 years into retirement, it will take 60 percent more the last year than it did the first. Minimum?

For Gen Yand later generations a million won't be enough.

Why do you have to blame someone else why not be a man look in the mirror and say I have made my life what it is

Who is blaming anybody

Under 20k easily to keep a roof over my head and cars on the road.

Wife and my SSI 34K A year.

Property taxes under 5k
Electric 200/month...2500
Oil heat 2k
Insurance, home and vehicles.....2k
Sewage, 100/ month...1200
Internet and tv, although not necessary, 2500

From reading this it sounds like one generation is blaming another.
.

49'er. My outlaws live on social security only. They have a cottage, a house and 40 acres. They had 75,000 put away for something, but that's it.