How much is little or no savings? South of $500K?

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Jun 23, 2021
12:46:44pm

bad84cougar Playmaker

How much is little or no savings? South of $500K?

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bad84cougar

Previous username: bad24_84604
Bio page: bad84cougar
Joined: Sep 28, 2008
Last login: Jun 10, 2024
Total posts: 2,414 (26 FO)

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Messages

Author

Time

What do you do as a financial planner when people in their 50s-60s come into

shoganai

6/22/21 2:25pm

Following this. I've wondered the same thing. I had a good friend who mentioned

macdizzle

6/22/21 2:27pm

Help them be realistic about what “retirement” is going to look like for them.

6/22/21 2:32pm

Tell them to start looking at houses in other countries because that's the only way they'll be able to retire

molodyets

6/22/21 2:33pm

I've met people abroad who are only there because that's what they can afford.

ReyOso

6/22/21 2:57pm

What's their healthcare situation like?

shoganai

6/22/21 3:05pm

They usually pay small stuff out of pocket & have supplemental.

ReyOso

6/22/21 3:11pm

It's that last part that gets me

Gustav

6/22/21 3:30pm

A bunch of other risks I see, too.

ReyOso

6/22/21 3:42pm

Good advice would be to get in a job they can do into their 70s

TomPetty

6/22/21 2:34pm

Sobering video

rad dawg

6/22/21 2:34pm

Yea and lots of problems for a very big voting block. The Great Recession hurt!

Nat Gas Man

6/22/21 2:37pm

That guy is smart. I like his takes.

shammy

6/22/21 3:33pm

You have to get creative

KingDave

6/22/21 2:38pm

Seems super weird that people in that situation would even bother to approach a financial adviser at that point. Like,

Slim

6/22/21 2:39pm

Same miracle you might see patients expect of their Dr when they're basically killing themselves, I imagine.

Soupie

6/22/21 4:07pm

Good point

Slim

6/22/21 4:14pm

Millennials are in their 50s and 60s now? Wow. Time flies.

6/22/21 2:42pm

I believe the oldest millenials are turning 41 this year. Plenty of Gen Xers

shoganai

6/22/21 2:43pm

Yeah most of the studies show millennials save more than previous generations

6/22/21 2:52pm

Tell them to plan to work into their 70s I guess.

OPINIONS

6/22/21 2:45pm

I'm guessing they have a really nice truck though and probably some toys

Mayor of Cougartown

6/22/21 2:59pm

Tell the wife to slim down, take care of herself and look around for someone

RC Vikings

6/22/21 2:59pm

Work until 70, both spouses then take max SS. That is enough to live comfortably

valleus

6/22/21 9:11pm

Comfortable like a bean bag chair is comfortable

TomPetty

6/23/21 1:01pm

Not at all. Plenty of communities in the US one can live independently and

valleus

6/23/21 7:10pm

And I like bean bag chairs.4k or 40k?

TomPetty

6/24/21 8:36am

How much is little or no savings? South of $500K?

bad84cougar

6/23/21 12:46pm

Median net worth for 55-64 is around 200k.

rad dawg

6/23/21 12:56pm

wow, that is not a lot of money. Now I'm sad

Mayor of Cougartown

6/23/21 2:26pm

Just use your house as a cash register I guess - ReFi, ReFi, ReFi

bad84cougar

6/23/21 5:01pm

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