Is 2015 the year of collapse? | Page 12 | Emergency Preparedness | Forums

So...'The Collapse'...

I have been talking with a few close friends...they are considered to be financially 'middle class'...we are all pretty much the same in terms of a college education/married/couple of kids/house/no credit card debt/couple of cars/and such...None of this group lives beyond their means, they are savers not big spenders, and they are practical when it comes to finances and purchases...The thing is, the more we talk and the older we are getting; well, the more unsure we are about the future in terms of Finances and be able to afford some type of retirement.  As we age, we all expect to work at least part time outside of our homes, but we don't see us having the kind of retirement our parents had, less alone their financial stability.  Pretty concerning.  I don't see a lot of prospects of prosperity coming back to America any time soon.

Makes us wonder, if we are in 'decent' shape financially (according to so called national standards) what the hell is reality going to be for people with a ton of student debt/big mortgages/credit card debt/didn't plan well?  I know people 'choose' to take on more debt than they need...and they get what they get out of life...but, my wife and I are trying our best (along with our close friends) and we don't see the future as being very bright.

Some scary stuff.

We are really thinking of cutting our contributions to our 401k's to the bone.  I think having the 'cash' now to pay for things and to have them actually paid for may be more valuable than saving for a rainy day/retirement. 

We are looking at our diversification for income as we age. 

Social Security...pretty sure the 'estimate' they provide me with annually is not going to be what I actually get when I do retire...great.

...that would be $1,650...if married and both got that... it would be $3,300 a month.  Cost of living and inflation will be the wild cards.

Good point...you have to have so many credits too...I need to re-educate myself on the system...Is it based on your lifetime average annual income or your best 3 years?