Fifty percent of Americans die with almost no money

[jeffrey]

Almost half of U.S. retirees die with savings of $10,000 or less, but that grim finding doesn’t fully describe the variability and uncertainty that characterize retirement in America, according to a recent study.

While some retirees struggle profoundly, living at or below the poverty line, others enjoy wealth and health—in fact, the two are strongly linked—while still others have little in savings but enjoy a decent income, according to the report, based on a survey that tracked retirees from 1993 through 2008.

While 46% of retirees have just $10,000 in savings when they die, “That doesn’t mean their standard of living is very low—they might have a relatively generous pension plan, most of them will have Social Security,” said James Poterba, professor of economics at M.I.T., president of the National Bureau of Economic Research, and a co-author of the study...


Half of Americans die with almost no money - Andrea Coombes' Ways and Means - MarketWatch

[Joan.of.the.Arch]

Some consider that a goal.

[disneysteve]

That really doesn't surprise me. A significant percentage of retirees live on SS and pension income. They don't have any personal savings.

[kork13]

Some consider that a goal.

Joan, you beat me to the punch...

That said, if you read the article, it mentions that in many cases, having so little in savings is not always a major problem... Between pension & social security payments and owned home value, many seniors have sufficient assets/income to support their needs (albeit not necessarily alot of the "wants"). I guess just one of the ways that statistics can lie (okay, "mislead").

[SMSF101]

[QUOTE=jeffrey;333845]Almost half of U.S. retirees die with savings of $10,000 or less, but that grim finding doesn’t fully describe the variability and uncertainty that characterize retirement in America, according to a recent study.

While some retirees struggle profoundly, living at or below the poverty line, others enjoy wealth and health—in fact, the two are strongly linked—while still others have little in savings but enjoy a decent income, according to the report, based on a survey that tracked retirees from 1993 through 2008.

While 46% of retirees have just $10,000 in savings when they die, “That doesn’t mean their standard of living is very low—they might have a relatively generous pension plan, most of them will have Social Security,” said James Poterba, professor of economics at M.I.T., president of the National Bureau of Economic Research, and a co-author of the study...


Half of Americans die with almost no money - Andrea Coombes' Ways and Means - MarketWatch[/QUOTE


It could be a goal for some who wants to have a hassle free retirement

[Tonyall]

You have to take the medical system into account. Some people who are good at keeping a good nest egg lose it all in the last year or so to medical expenses.

[dontgopoor]

Here's the original white paper - http://www.nber.org/papers/w17824.pdf?new_window=1.

This is one of those "sound bite" items that's meant to attract attention and perhaps sensationalize. Read the last section - Summary - or even just the last paragraph. You'll leave with a different perspective than the sound bite gives.

On the other hand, this research is truly scary:

[annskilo]

You cant take with you into your grave...