Posted on 03/28/2013 5:44:09 PM PDT by Lorianne
Teresa Ghilarducci, a professor of economics at the New School for Social Research, estimates that 75% of Americans nearing retirement in 2010 had less than $30,000 in their retirement accounts.
Corporate America and the financial wizards behind the past three decades of so-called retirement innovations, most notably titans of the pension benefits consulting and mutual fund 401(k) industries, are down-playing just how bad things are already and how much worse they are going to get.
Americans today are aware that corporate pensions have been virtually eliminated and that the few remaining private, as well as the nation’s public pensions, are in jeopardy. Even if you are among the lucky few that have a pension, you cannot rest assured that it will be there for all the years you’ll need it. Whether you know it or not, someone is busy trying to figure how to screw you out of your pension.
Americans also know the great 401k experiment of the past 30 years has been a disaster. It is now apparent that 401ks will not provide the retirement security promised to workers. As a former mutual fund legal counsel, when I recall some of the outrageous sales materials the industry came up with to peddle funds to workers, particularly in the 1980s, it’s almost laughable—if the results weren’t so tragic.
(Excerpt) Read more at forbes.com ...
Here it comes, folks.
So what is 75% of Americans have less than 30K in savings. Most have their house paid for and are doing just fine. Nanny state lovers are at it again.
“Teresa Ghilarducci”. Anyone else here remember her?
The name does ring a bell.
Your house paid off is little comfort when they raise property taxes beyond what you can afford.
Goggle her up and read her plan to “rescue” all the poor victims of 401k plans.
Then get angry.
I remember now. I googled her. Little wonder her school came up with the 75% number.
Well think about it. I would imagine the average property tax is 5000. Six hundred a month which is less than rent. Even with just 1400 dollars Social Security, people should be able to survive on 900 extra dollars a month.
In the News/Activism forum, on a thread titled The Greatest Retirement Crisis In American History, napscoordinator wrote:
So what is 75% of Americans have less than 30K in savings. Most have their house paid for and are doing just fine. Nanny state lovers are at it again.
Not todays 40/50’s somethings..They went with the flip and tip.. over... concept with 2000 sq ft 4 bathroom 5 bedroom 2 people need a maid to help clean stuctures. 3 familys use to make do with. They’re 4X that ammount (30Gs note I didn’t say Ks) in the hole.
I googled and found “the most dangerous woman in Amerika”. I watched the highlights of her confiscation plan and got angry. I went without and saved so this high paid socialist b*tch can steal it and give to somebody else and take credit for it?
thanks
Come and take nothing, if you can find me.
“New School” was all you really had to read !
“Whether you know it or not, someone is busy trying to figure how to screw you out of your pension.”
Theresa Ghilarducci, methinks?
Long and short.
This is the price of Socialism.
Socialism (Progressivism, Socialism, Marxism, Fascism, Communism) Destroys.
It builds nothing but illusions.
Total Failure.
It’s okay now.. Stock market is reaching all-time highs under 0bama and everyone will be rich soon. :)
I seriously doubt that 75% of people nearing retirement have their houses paid off. People give me a strange look when I tell them that the house, car, credit cards, etc. are all paid off. Most of them tell me about their debts which include student loans, mortgages, car loans, children’s student loans, second mortgages for the around the world cruise or the daughters once in a lifetime wedding that lasted two years, etc. and absolutely no savings. They all expect that the government will bail them out.
That’s what she’s got planned for you. And people in high places are listening to her very, very carefully.
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