Retirement

 

For many people in the USA, retirement is a nightmare and many of these people have made the claim that they cannot live just on Social Security and therefore must continue working.

What's wrong with that statement or claim?

• Well, for one, maybe they also have a lot of debt that needs to be serviced each month.
• Well, for two, maybe they did not have a plan to saving money to supplement Social Security.
• Well, for three, maybe they are living in an area of the USA that has a high cost of living.
• Well, for four, maybe these individuals/couples want to continue living high on the hog lifestyle.

The average SS claim is about $1,500/month.  If it is a couple that is retired and both drawing SS, then that would be $3,000/month.

My wife and I retired together in 2015 and our monthly expenses were only $3.500/month which has gone up to $4,500/month in 2024...  mainly because of the Biden-Harris administration whose policies have cause extraordinary INFLATION.

So, if you retired with SS of $3,000 and your expenses are $5,000 then you need to withdraw $2,000/month from savings...  that is to say if you put money into savings.

If you retired at 67 and you live for 20 years, that would be 87 and you would need $480,000 in savings to cover those two decades.

If you have little to no savings, then you are SOL and will need to continue working.

Also, it is going to be more expensive to live in Chicago or NYC than it is to live in Atlanta or Knoxville.

My wife and I live just as comfortably retired as we did when we were both working...  and it is because we:

• have no debt
• saved money
• live simply
• live in a low-cost area

What is also interesting her is that my wife and I have given up NOTHING to live as we do retired.