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Jeff In Milwaukee

(13,992 posts)

5. Yikes! That's a really low number...

Tue Mar 5, 2013, 11:31 AM

Mar 2013

These are people who are no longer saving for retirement. Using the bankrate.com calculator, $170K would yield only about $750/month for thirty years (you're expected to die after that). And that's ASSUMING that the $170K is cash to be invested -- the article makes it clear that it is not. The authors don't estimate, but another website estimates that the average retirement savings of people in the year or two before retirement is only about $100,000. So back to our bankrate.com calculator, and that comes to $400/month ($4,800 per year).

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The Scary Truth About Seniors and Money [View all] xchrom Mar 2013 OP

That "wealth".... GTurck Mar 2013 #1

Two factors explain this: Medicare and wealth protection by our tax system which contributes to kelliekat44 Mar 2013 #2

I don't know about that, kellie. Medicare isn't single payer, it is 80/20 TheKentuckian Mar 2013 #3

I'm not there yet, kiva Mar 2013 #4

Yikes! That's a really low number... Jeff In Milwaukee Mar 2013 #5

The scary truth is that seniors DO have far more wealth than anyone else Demo_Chris Mar 2013 #6

Everybody I know is squeezed.. marions ghost Mar 2013 #7

Without a doubt. Demo_Chris Mar 2013 #9

As one of that age let me comment to add to what you've said. 1-Old-Man Mar 2013 #8

It certainly has. :) Demo_Chris Mar 2013 #10