[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%.
-snip-
Going forward, perhaps “retirement,” may be reserved for a far more select few–only time will tell.[/quote]
For CA boomers, I disagree with your 50% assumption, flyer. At least for those boomers who have worked here for decades. CA’s defined benefit (both public and industrial) pensions pay more and sometimes much more than most other states’ DB pensions. This is due to the proliferation of unions in CA over the last 50+ years (both public and trade) which fought tooth and nail for our pensions (yours and mine and everyone’s).
The boomers you may have seen try to attempt a life they couldn’t afford and went “bust” may not have been longtime workers here and either may have already left the state or will do so when they retire.
A 30 yr+ worker who has a DB pension is going to be fine. Ditto for the 25 yr+ worker with a DB pension and other investments or a 20 yr+ worker with a ~$500K net worth (exclusive of home equity) and/or spouse who also has a DB pension.
You might be SHOCKED at the sheer number of retirees or near-retirees in SD who fit into one or more of the above four categories.
All of these folks will be fine if they are financially prudent, take care of their health and keep themselves medically insured, IMO.
And there is nothing stopping ANY retiree from earning a little money with a part-time job, as well … if only to keep a little busier.
