Posted on 08/27/2018 12:25:53 PM PDT by TangledUpInBlue
The vast majority of Americans, 78 percent, say they're "extremely" or "somewhat" concerned about not having enough money for retirement, according to Northwestern Mutual's 2018 Planning & Progress Study.
And for good reason: A shocking 21 percent of Americans have nothing at all saved for the future, and another 10 percent have less than $5,000 tucked away, the study finds.
That means about a third of Americans have only a few thousand dollars, or less, put away for their golden years.
(Excerpt) Read more at cnbc.com ...
They’re smart, they know the suckers who saved will pay for them.
So they are going to vote themselves a share of yours.
Bank on it.
More true than we realize.
Just like everything else. I’ve been responsible, worked my ass off, saved for retirement, done everything I’m supposed to do...but....I’ll end up paying for those who haven’t been responsible. Somehow. I have a pension, therefore I won’t get Social Security. I’ve got a home, therefore I need to pay an occupancy retirement tax to supplement those “less” fortunate. It’s always the same.
What you ought to do is self direct...
I know that that 6% has a stop/max too....per year.
Good luck...!!
Same here.
Stock video and photos bring in a few bucks every so often. Enough to buy a few extra jeep parts.
All of that is true, but a lot of those people do not make enough money to do so. Small businesses also do not have the highest salaries. Plenty of families have two working adults, sometimes one or both have more than one job to rear a family.
Some people don’t tick the box to contribute.
Some keep getting divorced and having the fund raided.
Some raid it on their own and pay the penalties to cash-out to pay their debts.
All four of my kids are under 30. Three have 401k’s. I suspect they are all over $5K. The fourth starts his first career type job next week and will be saving too.
We tell them frequently about a $1,100 investment account my wife had. 30 years later it’s around $15,000. That gets their attention
We're not done with you, you also need to pay off the outstanding student loan debt that the Dems want to forgive.
My 21 yr. old son has very similar circumstances to you, except he has this as a result of his working through through high school and now college to get this.
Two things, first as I manage his account it is stunning to me that he earned about an overall return of 30%, in large measure thanks to the Trump economy.
Second, in “the old days” it was pretty rare to have 401(k) plans. Some employers had them, most didn’t. So it’s not quite fair to draw that comparison. As they are now ubiquitous — even for part-timers — and they have access to Roth accounts, there is little excuse not to have, especially when the employer is kicking in.
All my young kids have 401 (k) plans although my youngest is a stand alone plan and not through her small employer. But good for you being smart!
I’ve bought my last new one for hopefully the last time a couple of years ago.
Eventually I will have my jalopy collection roadworthy someday. They’re all paid for.
My family has got in the habit of eating food, having shelter from the weather, air conditioning during the hot months and entertainment & information from the Internet and television.
“I have a pension, therefore I won’t get Social Security”
Huh???
Why do you think that?
Wow!!
I’ve seen both sides of the issues. The largest problem? The young are not taught to put anything away from the very start. I tell young folks that aside from tithing (if they do choose that that), they need to save 5% from EVERY SINGLE PAYCHECK, no matter how tight it is. Skip everything except what they must have to exist safely (food basics are not expensive even at the lower end of the earnings ratio). Why safely? You cannot experience life later on if you’re not alive to spend it. No partying, no smoking, no snazzy gold chains, nada. Sleep safely, eat wisely, save rationally. And as you increase in wages/salary be sure to keep increasing the amount saved. This would also include no credit cards...a gas card for starting the credit rating would be the exception.
“How can that possibly be if you’ve worked for 20-30 years”
Fancy cars, fancy clothes, private schools, colleges, credit card debt, bad investments, poor life decisions, and health problems not covered by insurance.
There are many reasons. However, many people just spend too much. I work in an office where traders make six figure incomes. Many of them spend it all.
Kids, divorce, business failures, illness... Its not as hard as it seems... sadly.
I have had to start over twice because of things beyond my control...
I’ll be fine, but I also have a very big shovel to help dig me out compared to most...
As the saying go, men plan, God laughs.
I watched my parents struggle to provide for us kids, they are now closing in on retirement.... They are okay, but I doubt highly they had 2 nickels in retirement savings back when all 4 of us were at home.
Apparently, many people - 1 in 3 - have no IRAs or 401Ks or options for one. Seems right when numerous articles over the last year have indicated that roughly 19-20%+ do not have $1000 for an emergency fund or 65%+ do not save money or 60%+/- of Americans do not have $500 in savings or 42%+ of Americans will retire broke, etc., etc., etc.
Something is right...in what this article is indicating.....
And NOT in a good way.........
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