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 ...
1 In 2 Working Americans Make Less Than $30,000 A Year
https://dailycaller.com/2015/10/25/1-in-2-working-americans-make-less-than-30000-a-year/
More Than Half of U.S. Wage Earners Make Under $30,000 a Year, According to a Shocking New Report
https://www.truthdig.com/articles/more-than-half-of-u-s-wage-earners-make-under-30000-a-year-according-to-a-shocking-new-report/
You watch and see.
Seriously!
I believe it.
Many people live for the moment and don’t want to deny themselves to save for later.
Plus there’s the mentality that Medicare will pay for health care and SS will give them some income.
I think the entitlement mentality and normalacy bias contribute to those figures.
A garden? Turn off the television? We’re both amputees in wheelchairs. Our gardening days are way behind us and two people conversing only goes so far. My outlet is here, my wife’s is medical and crime dramas.
The first article seems to be speaking about per capita income for the employed not median household income.
I believe that number wrt per capita income per worker.
It’s comments about HH incomes are misleading.
“The biggie for me was medical - 200k in bills”
I know friends that were quite wealthy. She owned a real estate company. He was the president of another company that made hand tools. Their grand daughter came down with childhood leukemia. Her mom had no health insurance.
Then the EPA came down on the former site of the tool company. It is now a superfund clean up site. They had to financially start over again in their 50’s.
If taxes were not so high, just perhaps more people would have more money put away. Instead, the fed government has the attitude that any money you make is theirs, and they just take what they want.
Come, come man! Stop your whining. This is FreeRepublic. You really must try harder!
/s
This is why the bank bailout of ‘08 will go down as a watershed moment in American history.
The overwhelming majority of Americans, both Left and Right, did NOT want the banks to be bailed out with tax dollars.
The right doomsday scenario was constructed and Congress did it anyway.
That caused a critical turn in the mentality of a lot of people. I’m afraid the prevailing opinion is now “Well, if THEY could be bailed out when they got into trouble, then dammit, I can be bailed out too!”
Very, very bad moment from a deconstruction of society standpoint.
Beg your pardon. Thank you for your service.
If they did not bail out the banks, and let the ax fall, it would have fallen on their necks once the people figured out what was going on.
They just kicked the can down the road.
I’ve been saying it for years- the government should just loan itself $30 Trillion dollars, payable in the year 3000.
It would achieve the same effect
Ever hear the parable of the grasshopper and the ants? As I recall, when winter came the grasshopper starved and died.
So it should always be. You plan, you work, you save and you live. Otherwise you die.
Life is tough. It is a lot tougher is you are stupid and lazy.
No real surprise in these stats. Almost a third are already wards of the state / on the permanent dole.
Aren't about 1 in 3 Americans under the age of 21?
True - but he and other commies can get their votes based on promises that won't come true...
Not everyone works where there is a defined contribution retirement plan.
Not everyone can afford to max out retirement accounts, and some people find themselves in situations where they can’t afford anything at all.
Not everyone thinks it’s very important (not everyone is particularly bright).
Some people still have pensions, and with Social Security, they’ll be okay, if not great.
A lot of folks are young, and just starting out, and are trying to form independent households, and struggling to get there. I wonder what percentage of the population cited is under 30.
Some people have a different strategy for retirement. I have a rather brilliant employee who has regularly cleaned out my employer contribution to her 401(k) account. But her parents died, leaving her with an inheritance which, when combined with Social Security, will leave her fairly comfortable.
Solution: Allow 13 year-olds to put in 100% of their fast food wages into a ROTH IRA. That’s 5 years to save while their parents are paying the bills. At age 18 that’s 40+ years to compound the interest/investments. When it hits $500K eliminate all deductions and let the IRA grow to a million. A nation of millionaires. They can even join the military for 3-4 years and get a few $k’s bonus for their IRA. Being young is their best friend. Young women can then walk out on abusive spouses.
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