If you're single, how much do you need saved for retirement? - Social Anxiety Forum
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post #1 of 30 (permalink) Old 06-08-2019, 03:36 PM Thread Starter
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If you're single, how much do you need saved for retirement?


I have 100k saved up,but I'm using all of that for a big down payment on a townhouse. So I'll be 38 in a few months with nothing saved for retirement. I'll probably have to work until I have a massive stroke and get put in a real ****ty home that the government pays for.
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post #2 of 30 (permalink) Old 06-08-2019, 07:22 PM
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post #3 of 30 (permalink) Old 06-08-2019, 07:58 PM
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If you own your house in a location with low heating/cooling needs and are okay with living within your means, you won't need much at all. If your country has something like social security, then you've already saved it. Otherwise, rent out a room for your retirement income. Or sell the house and rent a cheap 55+ apartment and buy an annuity when the time comes.

If you want to live whatever lifestyle you're currently living, then only you can calculate that.

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post #4 of 30 (permalink) Old 06-08-2019, 08:26 PM
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Better open an IRA and start contributing money biweekly or monthly through your checking account automatically; that assuming you don't have a 401k through your employer. The thought process is you first want to pay your future self before you do anything, than learn to live the lifestyle on the remainder of the money. You now have alot of catching up to do but it is still not to late if you start right now.

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post #5 of 30 (permalink) Old 06-08-2019, 08:28 PM
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Well, don't forget that the 100K will become equity in your townhome, so assuming it continues to appreciate, you still have it "saved" for future plans unless the townhome is your retirement home.

From my perspective, while I have a substantial net worth, it still never feels like enough.

There are numerous online retirement planners that all do basically the same thing, though all fail to really guide the key questions..."What will my expenses be like in retirement?"

So...other financial planners will cop out and say that you need to assume that your current lifestyle will likely have the same if not greater expenses for entertainment, travel, healthcare, so you need a retirement income from savings that is equal to or greater than your current lifestyle.

So...plug in those kinds of numbers to see what you'll need.

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post #6 of 30 (permalink) Old 06-09-2019, 12:43 AM
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I have two 401Ks.....the first one doubled since I last put money into it (17 years ago). I need to roll it over into my current 401K.


I have my IRA, but I haven't put money in it in 15 years. It really gets interest! I think there is a maximum you can put into an IRA. 401Ks take the percentage you request (up to 25%, I think).

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post #7 of 30 (permalink) Old 06-09-2019, 12:46 AM
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Enough for a bullet : /
yeah this.

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post #8 of 30 (permalink) Old 06-09-2019, 05:48 AM
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I'm almost 40 and I can't even pay rent. My money drains slowly till it's all gone and what comes after that is anyone's guess...
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post #9 of 30 (permalink) Old 06-09-2019, 06:14 AM
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This has been weighing on me so heavily recently.

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Know your ACE (adverse childhood experiences) score?
Sometimes, SA is a symptom of significant developmental, attachment or interpersonal trauma (emotional neglect counts). If you're still stuck after you've tried SA treatments such as CBT and exposure, research C-PTSD and see if it resonates. Here's an awesome resource. Complex PTSD: From Surviving to Thriving
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post #10 of 30 (permalink) Old 06-11-2019, 12:06 AM
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Well hopefully not very much because I keep spending it all.
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post #11 of 30 (permalink) Old 06-11-2019, 12:56 AM
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Long before you reach retirement age you'll be discriminated against and not be able to find a job, which will eat up all your savings very quickly. Welcome to the new normal. So yeah, having your own income stream from renting property is a great idea and a great way to build wealth.

And I always thought this would be
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post #12 of 30 (permalink) Old 06-11-2019, 06:16 AM
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To be honest this is something I don't think about, I don't have no savings or never put anything in a pension, I'll probably be working until I'm 70 if I make it that far.
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post #13 of 30 (permalink) Old 06-11-2019, 06:35 AM
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The idea of something like a 401k account vs just putting cash into some savings account is that your money will grow at an average 7% interest. Now when you just start contributing it feels like it hardly matters, you are just taking money out of your paycheck that is just sitting there hardly doing anything but that changes when you start stacking up $100,000 $200,000 and an increase in the S&P means all your shares you bought at that point just made you 9,000 in a week just on interest. You can think of it as a snow ball on top of a hill that start off small but as soon as you get some traction the size will increase faster and faster. So instead of buying a new or newish car that is costing you $500 a month you should be putting that into a retirement account. The money you put in at your 20’s would have increased something like 20x by the time you retire the money you put in at your 40’s will only increase something like 7x by the time you retire.
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post #14 of 30 (permalink) Old 06-14-2019, 06:25 AM
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How much anxiety has this thread created?

But seriously, it depends on where you live and what you need. 100k is an impossibility for a lot of people, and, like @SofaKing said, your house is a major asset.

@Paul depends on the type of social security scheme too. In the U.K. you save for two pensions (one funded by you / gov and one by you / employer) and the second one only became mandatory recently. Guess why? Because if you want to live off the government's pension, you're going to starve. It would just about cover the rent on a 1 bed where I live, and I don't even live in the most expensive part of the country.

I'll probably just become a career criminal in my old age. You're less suspicious as a pensioner (woman pensioner, no less!) and the alternatives are just too gruesome to contemplate.

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post #15 of 30 (permalink) Old 06-14-2019, 01:19 PM
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HBecause if you want to live off the government's pension, you're going to starve. It would just about cover the rent on a 1 bed where I live, and I don't even live in the most expensive part of the country.
What reason is there to retire to an expensive part of the country? I can understand going there for a job opportunity but not in retirement unless you're fabulously wealthy enough to not care.

Around here, there are a lot of age 55+ only apartment complexes which are way cheaper rents than younger people can get. Perhaps you have similar opportunities. Anyway there are no excuses for crime / domain squatting / bitcoin.

At any rate, these concerns don't apply to anyone who's saved $100K.

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post #16 of 30 (permalink) Old 06-15-2019, 02:39 AM
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What reason is there to retire to an expensive part of the country? I can understand going there for a job opportunity but not in retirement unless you're fabulously wealthy enough to not care.

Around here, there are a lot of age 55+ only apartment complexes which are way cheaper rents than younger people can get. Perhaps you have similar opportunities. Anyway there are no excuses for crime / domain squatting / bitcoin.

At any rate, these concerns don't apply to anyone who's saved $100K.
Ouch, that's a bit personal. Hands off my stolen cryptocurrencies that will surely be invested in domains. This cat is gonna eat, with your approval or not.

The reason to retire in an expensive part of the country can be familiarity. For some older people (especially those who always lived in one place), moving elsewhere is a daunting prospect. It means moving away from family, friends, and the only support network they have. Financial hardship should never displace people. And housing is not the only cost. Plus, older people want the same stuff as us - access to nature and fresh air, but also to an urban environment with shops, cafes and a library. The proximity of a hospital is also usually quite important. Low crime, strong communities and things to do. That just happens to be what everyone wants, the demand outstrips the supply and now this is an expensive part of the country. So tell the oldies to move somewhere cheap and undesirable, because they are no longer economically active profitable?

There are retirement flats here. Dodgy new builds assembled from poor quality materials, with inadequate fire prevention measures, 3/4 sized furniture and ridiculously low ceilings. Just the sort of thing to make one want to die faster.

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post #17 of 30 (permalink) Old 06-15-2019, 05:01 AM
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@rabidfoxes Yes, homeless beggars would love to live in million dollar Manhattan penthouses. No, I don't have any sympathy for people who say they're "going to starve" if they're not afforded every luxury on their wish list. If anybody starves by refusing to take their retirement income out of central London, or if anybody starves because they refuse to live in a building they think is too new and mediocrely constructed, then it's self-inflicted and they deserve it. Having the sense to to live within your means is basic to being an adult.

I do have respect for those who actually acknowledge all their options as valid but make a conscious decision to work more hours/years for luxuries they think would be nice.

And no, we don't all secretly want to be urbanites. It's normal for people to spend their careers dreaming of escaping the city to a rural location in retirement.

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post #18 of 30 (permalink) Old 06-15-2019, 06:01 AM
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post #19 of 30 (permalink) Old 06-15-2019, 06:57 AM
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@rabidfoxes Yes, homeless beggars would love to live in million dollar Manhattan penthouses. No, I don't have any sympathy for people who say they're "going to starve" if they're not afforded every luxury on their wish list. If anybody starves by refusing to take their retirement income out of central London, or if anybody starves because they refuse to live in a building they think is too new and mediocrely constructed, then it's self-inflicted and they deserve it. Having the sense to to live within your means is basic to being an adult.

I do have respect for those who actually acknowledge all their options as valid but make a conscious decision to work more hours/years for luxuries they think would be nice.

And no, we don't all secretly want to be urbanites. It's normal for people to spend their careers dreaming of escaping the city to a rural location in retirement.
Generally, homeless beggars would love to live anywhere with a roof and no violence. And I knew a few.

I think you are conflating two topics here: older people retiring on a small pension vs. my own financial matters.

On my own financial matters: no, I'm not going to "starve" in a literal sense. But I also don't buy into the "eat, shut up and be grateful" modesty that, surprisingly, only some poor or religious people ever seem to adopt. Living within your means is sensible indeed, but it does not mean that you have to accept the "your means" as being what you "deserve". There is plenty to talk about and fight for in terms of urban planning, housing policy, the distribution of wealth and so on. The simplistic work hard > earn what you want idea is just what people who most definitely don't earn in proportion to the work they put in, tell people on low incomes so they can be economically exploited ad infinitum.

On retirement: again, living in a specific area is important to some older people for the reasons I already outlined, whether it's London or elsewhere. It is true that not everyone wants to live in the city (I think we can generally agree that people are diverse in their preferences). Most people I've met desired access to both town and country, but it's irrelevant to the argument what exactly is the most desirable location. What matters is that some areas are more desirable than others, on the whole, and it sucks that someone on a state pension has to relocate due to financial hardship. And, as I said earlier, it's not just the matter of housing: there's also fuel poverty, and actual starvation among some pensioners here, believe it or not.

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post #20 of 30 (permalink) Old 06-15-2019, 03:44 PM Thread Starter
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Lets put all our money in a community bank account and buy a social anxiety themed apartment building in 30-40 years .
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