Posted on 03/04/2016 8:35:23 PM PST by MtnClimber
Nearly half of American families have no retirement account savings at all.
That's what the Economic Policy Institute (EPI) found in a new report, "The State of American Retirement," which dives into the retirement preparedness of American workers.
The EPI broke down the percentage of families with retirement savings by age. Those between 56 and 61 are more likely to have an account (61%), while those between 32 and 37 are least likely to have one (51%). Scroll over the chart to see how the percentages have changed for different age groups over time: (chart at link)
The average retirement savings of all American families is $95,776, but there is more to that number than meets the eye. Since so many families have no savings, the median - 50th percentile - family has just $5,000 saved.
(Excerpt) Read more at businessinsider.com ...
Depressing. No wonder so many people are voting for Sanders. Hope for rescue from themselves.
Why would people who live off welfare save for tetirement?
Probably a significant number are going backwards on retirement savings as well. Inability to completely replace income when a job is lost, while still having a mortgage, etc. means savings of all kinds are depleted.
“Average” takes in ALL families that aren’t making an attempt to save for their retirement.
The Gimme families.
since the advent of Onambla most have had to dip into their savings to pay current expenses. With gasoline at above $3.00 per gallon for most of that time, it was a significant drain on most. Throw in long term unemployment, and a return to half their previous salary, and it comes as no surprise that most folks don’t have two nickles to rub together.
Well those that saved will be contributing to those who don’t. Our country is in big trouble. I am 46 and can’t imagine what 70 will look like around the United States. Kinda scary. Although my grandmother used to say life was much harder 50 years ago and scary to so who knows maybe it will be better for all of us.
[Probably a significant number are going backwards on retirement savings as well.]
Medical costs can run a retirement account dry as well.
Which is why the government needs to take from the rich and keep it. < /Bernie & Hillary>
I agree. With most new jobs being part time how can those people save?
For the amount the government takes from every family, people would have been able to finance their own retirements.
Insurance premiums are what is killing me.
From $385/ mo to $1300/mo for the same policy since Obamacare was enacted.
Granted, my health has declined in those years, but 20% hikes every year are about pricing me out, and I can’t afford to be without insurance.
In many cases “saving for retirement” consists of creating a pool of wealth for your beneficiaries. That bumper sticker “I’m spending my children’s inheritance” is untrue.
I always knew that I was above average!
I wonder how close to 100% these people are to democRAT voters? And the government lives off the 50-75% they skim off the top.
There are many seniors living only on social security. It’s always a good debate about money—whether to save or spend. Personally, I’d rather enjoy myself during my peak years then have a pool of money to splurge in one’s 70’s and 80’s.
We bought some commercial rental properties in my productive years and are doing fine but I see inflation eating away my friends retirement funds. I paid $4 bucks far a 4 pack of light bulbs for our bath room night lights today that was a buck not that long ago.
Well those that saved will be contributing to those who don’t.
I usually stock up on those little bulbs at Christmas time——much cheaper.
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