Just 4% of current retirees say they are 'living the dream,' survey finds \ stacker news ~econ

Just 4% of current retirees say they are 'living the dream,' survey finds www.cnbc.com/2024/05/09/4percent-of-current-retirees-say-they-are-living-the-dream-survey-finds.html

518 sats \ 7 comments \ @Cje95 10 May econ

Future just seems so bright for traditional finance 🙄 BTC here we come baby!!!

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25 sats \ 0 replies \ @grayruby 10 May

Was just about to say the other 96% must not own Bitcoin.

I think this has also more to do with lifestyle than finances in some cases. A lot of people make grand plans when they retire (travel the world, take up a hobby, buy a boat etc) that never come to fruition and they find their daily lives aren't that much different other than the fact they don't work so they are bored.

I have seen this first hand in my parents. They had planned to go to Florida every winter to visit my aunt, niece and her kids but only went once in the past 10 years after my dad retired. My dad said he wanted to go to Hawaii, he wanted to go visit the rock and roll hall of fame in Cleveland but put all these things off for years (we will do it next year) and then my mom's health took a downturn around 5 years ago and now she has limited mobility and they say they can't do these thing because she can't get around. Then my dad's health started to fail him last year so now major trips are out of the question for both of them. Don't get me wrong, they don't have bad lives- they have a great house with a wonderful backyard that they like to sit in and work on, they have lots of friends in the neighbourhood and get to see their grandkids a lot since we moved close by 2.5 years ago. They have good, comfortable lives but I don't they would say they are living the dream of what they thought they would do upon retirement. Probably many such cases.

0 sats \ 0 replies \ @chaoticalHeavy 10 May

Seems to be a perception issue:

Americans think they need $1.46 million on average to retire comfortably, recent research from Northwestern Mutual found.

Likewise, one-third of workers who calculated how much money they will need in retirement estimated $1.5 million or more, the Employee Benefit Research Institute recently found. Yet a third of workers have less than $50,000 in savings and investments, and 14% of workers have less than $1,000, EBRI found.

Compared to:

In the Fed’s survey, of seniors with $50,000 to $99,999 in savings, 86% said they were either living comfortably or doing okay. Of seniors with more than $10,000 in retirement savings, 93% said they were doing okay or living comfortably.

“If we’re going to have a retirement crisis, why don’t we have one already?” Biggs said in an interview.

0 sats \ 4 replies \ @Satosora 10 May

4%..... so low, after working so hard for all those years.

10 sats \ 3 replies \ @Cje95 OP 10 May

Yeah… really really excited to keep working for this “future” 🙃

0 sats \ 2 replies \ @Satosora 10 May

Dont worry, you will have social security like everyone else.

10 sats \ 1 reply \ @nerd2ninja 10 May

And that social security should be able to buy you at least one can of beans each week (The size of the can of beans may vary)

50 sats \ 0 replies \ @Satosora 10 May

no no no It should buy so much more! Imagine giving 40 years of your life to it and only getting one can of beans. ouch