Nearly one-third of Americans have no retirement savings

The Week ^ | 05/27/2015

[SeekAndFind]

Only 63 percent of Americans have saved any money for retirement within the past year, according to a Federal Reserve survey released Wednesday.

The survey of 5,800 Americans, conducted last fall, found that 31 percent of Americans have no retirement savings or pension plans. And among adults older than 45, almost 25 percent of respondents didn't have retirement savings. Thirty-eight percent of respondents, meanwhile, said they don't plan on retiring and will "keep working as long as possible," USA Today reports.

[clearcarbon]

"Nearly one-third of Americans have no retirement savings"

And for many that have retirement savings, the savings are worth substantially less now than eight years ago.

[Secret Agent Man]

Divorce. Divorce really crushes people’s retirement.

[PROCON]

That depends on the job. Some of us retired to survive.

Me too, between military and blue collar jobs over the last almost 50 years, I can't keep up with the young'uns anymore.

I'm semi-retired, (work 20 hours/week for the exercise), and am living quite comfortably, thank you.

[umgud]

I could retire now, but I like my job. I will probably work until I die.

[RushIsMyTeddyBear]

We do (a bit), but expect the feds to raid it.

[bobby.223]

Dittos to that! (It was long way down if ya slipped and ‘went for a walk’).

[Gay State Conservative]

My Dad,a child of the Depression,taught me frugality and "saving" for a rainy day.Thanks to his teachings I've got a nice nest egg.I fully expect at least part of it to be seized by successors of our Ambulance Chaser-In-Chief long before serious mental or physical sets in...that is,while I'm still young enough to enjoy it.

But I'll be thrilled to know that "it's for the children".(end sarcasm)

[Kozak]

Sure they do.
Yours and mine.

[TribalPrincess2U]

The ones that worked believed the government would give back the money they took when the time came, so they didn’t bother or didn’t have enough left to save. They had no choice.

[right way right]

“I expect to die in a re-education camp, so I’m not making long-term plans.”

Congratulations, you are quite possibly correct.

But, I think going out in a hail of gunfire preferable.

[TexasFreeper2009]

I disagree, I think Walmart shows a pretty good sample of the population at large. It has a smattering of well off people like myself mingling with the vast horde of lower middle class people barely able to waddle down the isle.

This article below for instance says that 73% of Americans are living pay check to pay check.

http://money.cnn.com/2013/06/24/pf/emergency-savings/

[miss marmelstein]

‘Cause they have no money? ‘Cause the Obama Economy is so very bad that all their money is going to buy expensive food and expensive health insurance? I’m tired of the trope that only lazy people have no retirement income.

[sparklite2]

“keep working as long as possible,”

I had hoped (not planned) to do that, also. But when the company goes out from under you and you have to deal with the ageism problem those who are over 50 face in hiring, basing your retirement finance on working until you croak is denial at its finest.

[dfwgator]

Yes, for many, retirement will come sooner than they want.

That’s why I tell everyone, prepare to work for yourself by the time you’re 40.

[Fred Hayek]

I will likely be following Solzhenitsyn’s advice on how the Party Organs should have been dealt with.

[bimboeruption]

Me too.

Sometimes things happen that people who worked all their lives have no control over.

For example, a horrible, long lasting illness or accident...losing a good job and not being able to find another one equally as good because no one will hire a 62 year old except minimum wage businesses.

[miss marmelstein]

My husband had a three figure income for 25 years. There was no pension involved - it was a theatrical position which he did for love. I was the one with the pension but am still to young to collect it. At 62, he was fired at will and now cannot find a job. It’s been a struggle for us but thanks to our own two hands - and some help from family - we’ve pulled through. We’ll probably work until we drop but, hey, they never promised us a rose garden. People shouldn’t judge until they’ve walked in another man’s shoes.

[PotatoHeadMick]

I don’t have a traditional pension for very good reason, almost every single one of my savings schemes invested with professional financial advisers over the past quarter century have tanked. We aren’t talking huge sums but enough to make me very leery of ever trusting traditional banks, pension funds or insurance companies to look after my money.

My “pension” is in my property and tangible assets that I own outright, I have no debt and a liveable income, I intend to make my assets sweat for me when I am too old to work and hopefully will be able to pass them on to my kids.

Anyone who has observed the shenanigans financial services industry over the past decade or more would need to be clinically insane to give them their life savings to look after. Quite apart from the fact that you are merely storing your cash in a convenient location for the government to confiscate when the time comes.

[GGpaX4DumpedTea]

I don’t disagree with the data cited in the link you posted. I do not believe WalMart shoppers are representative of the country as a whole. I do not shop at WalMart. Haven’t since they went primarily a distributor of Chinese goods. I also do not shop at Sam’s. Your identifying yourself as a WalMart shopper makes me wonder...WalMart pricing and quality can be bettered any number of ways to shop.

[right way right]

Now I have a google assignment. Thanks.
I will read on it.