this post was submitted on 15 May 2025

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Poor old man can't afford to retire because he only has 700K saved up. (www.msn.com)

submitted 1 month ago* (last edited 1 month ago) by DisabledAceSocialist@lemmygrad.ml to c/worldnews@lemmygrad.ml

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He only gets $28K a year in interest, how will he manage? 😩

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[–] NikkiB@lemmygrad.ml 23 points 1 month ago (2 children)

Retirement doesn’t have to be an all-or-nothing decision.

Translation: You don’t have to retire. Faster, serf!

But also, he can retire. Maybe I’m naive, but how is that not enough money to stop working at 67?

[–] knfrmity@lemmygrad.ml 22 points 1 month ago

Between medical bills and potentially needing a care home or home assistance later on, that amount can disappear quick. If you own your home, which many in the retiring generation still do, you also have taxes, upkeep, and maybe even the rest of a mortgage to pay off as well.

Some US based financial advisors recommend having $1.5M or more saved to retire.

Retirement is for the propertied class.

[–] Eat_Your_Paisley@lemm.ee 9 points 1 month ago

To be fair I'm 20 years younger than him have close to his savings in my retirement accounts, I'll have a pension as well as SS and will probably do what they recommend, just work a part time job.