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What Happens When You Retire Without Enough Savings?

The following post is from FMF contributor Eric Olesen.

According to a survey done in 2012 by the EBRI (Employee Benefit Research Institute), most of the Americans approaching retirement age don’t have the savings that would allow them to do just that.

Only 22% of working people aged 55 or older reported having saved as much as $250,000, and this isn’t thought to be enough for a traditional retirement. Worse than that, 31% of people in the same age group have reported they have only saved $100,000 or less! (All statistics are from the same survey.)

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Star Money Articles for the Week of Aug 21

Welcome to this week's edition of Star Money Articles.

ESI Money interviews someone with $5 million.

High Income Parents does a money exam.

Centsibly Rich tells how to save money gardening.

Retirement Manifesto lists the three enemies of FIRE.

Physician on Fire discusses second generation fire.

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15 Habits of Self-Made Millionaires

Business Insider lists 15 habits of self-made millionaires. The ones that I identify with the most are:

  • They read consistently.
  • They exercise.
  • They pursue their own goals.
  • They get up early.
  • They have multiple sources of income.

A few details on each of these:

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Saving Money When You Move Out of State for More Affordable Housing

The following post is from FMF contributor Eric Olesen.

With more people leaving the traditional 9 to 5 job and opting to perform services from their computer full-time online, it opens the door for families to live just about anywhere. With this growing trend, people can move their families to another state and enjoy the benefits of cheaper living while earning the same amount of money. If you are planning a move out of state to reduce the cost of your living expenses you can save money on the move too.

Professional Movers

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Difference Between What Social Security is Supposed to Cover and What People Use It For

Here's an interesting piece from USA Today which compares the percentage of retirement income the government says Social Security should provide to how much it's actually used for. The details:

Data from the Social Security Administration (SSA) shows that 61% of retired workers count on their benefits to provide at least half of their monthly income. For unmarried elderly individuals this figure jumps to 71%.

Yet according to the SSA, Social Security benefits are only truly designed to replace about 40% of the average worker's wages during retirement.

It's not surprising that people are over-relying on Social Security for retirement income. I think we've all suspected that for quite some time.

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Star Money Articles for the Week of Aug 7

Welcome to this week's edition of Star Money Articles.

The White Coat Investor says executives are worse than doctors.

ESI Money tells why wealth creation begins with frugality.

Physician on Fire asks if a bear can take away your financial independence.

Chief Mom Officer loves her 15-year mortgage.

The Retirement Manifesto had a home sale explode.

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Eight Steps to Be Financially Healthy

Nerdwallet lists three steps to be financially healthy as follows:

  • You can manage your day-to-day financial life
  • You can absorb a financial shock
  • You’re on track to meet your financial goals

They then list eight behaviors that help as:

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How To Protect Your Credit Score From Medical Collections

The following post is from FMF contributor Josh Erickson.

It is painful to discover yet another medical bill when you check you mail, but it's even more painful when you discover how much all those unpaid medical bills are hurting your credit score. Your formerly good credit score could drop by as much as 100 points, all because of medical collections that show up on your report. Here's some information about how medical debt can negatively impact your credit score.

It Causes Lasting Damage

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