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 8 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.

[–] Addfwyn@lemmygrad.ml 11 points 1 month ago (2 children)

If I had 700k in savings I could probably retire right now, nevermind when I was 67.
Says he still has an outstanding mortgage, but how much could he possibly have left to pay off??

[–] DisabledAceSocialist@lemmygrad.ml 13 points 1 month ago

It's probably a huge house, much bigger than he needs. Even the advice columnist says he should downsize.

[–] freagle@lemmygrad.ml 8 points 1 month ago

He's 67, that means he was born in '58. That generation got totally fleeced by the banks via hard selling of home equity loans. The man probably only has 10% equity in his home after all these years because he kept taking out loans to renovate or go on vacation or buy a new car or a boat. Huge problem.