[quote=earlyretirement][quote=flyer]
Looking at some of the stats, I’m just guessing that around 50% of BB’s will be in a position to retire comfortably–and the upper 20%, very well. I think most of us here, regardless of age, have planned to be in that top 20%.
As far as selling off assets–specifically properties–in the future as needed. I think a lot of that success or failure will depend on where those assets are. If one selected wisely, and as global demand continues to increase in certain geographic areas, I don’t think that will pose a problem for those who hold assets in those areas.
Going forward, perhaps “retirement,” may be reserved for a far more select few–only time will tell.[/quote]
I totally agree with you flyer. The key word being “comfortably”. My definition of comfortable isn’t even anything luxurious or doing exciting things or seeing exciting places. My definition of “comfortable” in retirement would be simple things like having a comfortable roof over your head without any worries in the city that you actually want to live in, getting adequate medical care in your home country without having to worry about getting excellent medical care, being able to not have to worry about eating a diet that is nutritious and not having to think about putting something back on the grocery shelf because you can’t afford it or it’s too expensive. Not having to worry about turning off the heat in the winter (not everyone lives in SD..lol), not having to worry about turning the AC on in the summer. The occasional meal out in favorite restaurants, being able to enjoy a hobby or take an occasional trip/vacation.[/quote]
ER, we are in agreement here about what “retirement” means. But I have a $64M dollar question for you. “Do you, personally, have any `worry’ about living in this home in `retirement?'”
What if I told you that you paid ~$35K for it in 1980 (before the SD Co recorder began their “online records archival”) and raised your kids in it and you current taxes for it were ~$1800 annually?
[quote=earlyretirement][quote=flyer]Unfortunately I truly believe that many people won’t even be able to do these things above. I’m not so much worried about the boomers compared to other later generations however.[/quote]And yes, on selling off assets. I agree with you flyer… that it all comes down to location, location, location. I don’t think it matters which city/country you are in. The most desirable neighborhoods will always have people that are interested and have $$$$ to either buy or rent. Even in economic down cycles.[/quote]
Agree to this, but depending on what was actually paid for the RE in question, this concept applies to MANY micro areas of SD, not just CarmelV (where flyer has posted he owned rental homes).
IOW, while flyer paid ~275K in 1992 for a smallish rental home in Carmel V, Joe Q. Retiree (from Rohr Industries) paid $112K for the same size rental home in 1992 in Chula V. It’s ALL RELATIVE, ER!
[quote=earlyretirement][quote=livinincali]I honestly think going forward many boomers and even current retirees aren’t going to be retiring comfortably.[/quote]Yep. I totally agree with you there livinincali. The numbers and statistics don’t look too good to me.
BG, to play the devil’s advocate…what do you think about today’s retirees or future retirees that do NOT have pensions of any kind. Do you think they will be comfortable as well as a whole group nationwide? Are you optimistic for tomorrow’s future retirees that can’t count on a pension?[/quote]
ER, let’s focus on “near-future retirees” (Gen X). Some of these workers DID and DO have a defined benefit plan. And a VERY LARGE PORTION of them had MORE education than “boomers” did. If Gen X is not able to save (via retirement plans, either sponsored by an employer, or not), then if they are “college educated” and “working in their field of major,” they are wasting money on:
-new vehicles every few years;
-utilities on a larger house than their family actually needs;
-*newer* construction with MR/HOA when they could have purchased in an older community;
-all *new* furniture when they could have EASILY purchased used (a LOT of it on “consignment,” in pristine condition); and
-chose to commute to work 25+ miles one way when they could have lived ~10 miles or less from work.
It’s as simple as that.
All of these “choices,” collectively, add up to over $1000 in “expenses” every month and maybe close to $2000.
Gen X, and to a greater extent, most of Gen Y, are “hell bent” on having the newest and latest of everything.
That is Gen X/Y’s “downfall” in reaching their retirement goals, IMO. If they are not able to reach these goals with their “expensive, lofty educations,” then the problem must lie with their choices in life.
I seriously doubt the “Gen X/Y’s of the world” (is ER on the “cusp” of Gen X/Y, perhaps??) would be “willing to retire” in the above-linked “boomer-retiree” property.
And there, you have it. Everyone makes their choices and then has to sleep in the beds they made. It is what it is.
