Posted on 08/18/2014 12:13:58 PM PDT by SeekAndFind
More than a third of American adults have no retirement savings, including 14% of those 65 years of age or older, according to a new study released Monday.
The low savings rate for people at or approaching retirement age is alarming, said Greg McBride, chief financial analyst for Bankrate.com, which conducted the survey.
About a quarter -- 26% -- of those age 50 to 64 haven't started saving for retirement, the survey said; the figure was 33% of people who are 30- to 49-years-old.
Overall, 36% of those 18 years or older have not started saving for retirement, according to the survey of 1,003 adults.
"They still have time to start, but they still have to save so much as a percentage of their income to make up for the years they werent saving that it puts them in a tough spot," McBride said.
Savers have been hurt in recent years by historically low interest rates caused by the Federal Reserves attempts to stimulate the economy after the Great Recession.
(Excerpt) Read more at latimes.com ...
You better report back, a lot of FReepers would probably love to hear about this. Get a few pics too.
:p
Costa Rica’s CIMA hospital is world Class.
The very reason I retired at 54, 15 years ago and have loved every minute of it.
Good to know about Costa Ricas CIMA. I’ll look more into it. Is healthcare and vacationing there still affordable? I heard that prices have gone up. With follow-ups, etc., we want to be able to stay for a while where it is affordable. The cost can’t be a wash. And the beach has to be close enough for day trips;).
I do have retirement savings - quite a bit actually, but I’ve also put myself in a position where I can very comfortably live off social security ...well, as long as it’s there. I’m not sure I understand how you can’t live off social security. Between myself and my husband we will receive almost around $38000 per month. Our house is paid for, as are our two newer vehicles. The only things we need to pay for are utilities, taxes, food, upkeep, and insurance - heck, even my clothes will probably outlast me.
That should read $3800 not 38000.
Gladly. (Blush) I will itemize everything for my fellow freepers. And I love having and taking pictures, especially in vacation mode. However...
I have had my picture with some notable conservative politicians, commentators and pundits, and lots of Tea Party gatherings and demonstrations, but I am afraid in BO’s Amerika, face recognition would do me in.
That's my goal. In two years, I'll be 62, and able to double-dip, which will pay the bills. If I still enjoy where I'm working, then I'll keep doing it.
However, my youngest son will be entering HS. He'll be taking a heavy load, i.e. nothing but AP courses to go with athletics, band, and scouts. During the day, I'll be working on my wine hobby, perhaps I can turn it into real money (website, marketing, who knows). When my son gets home, I can be there to watch him and my grandson, and help out on homework as need be.
I also look forward to going on road trips during good weather, such as visiting my sister in Reno, with a 2-3 day stop in Kanab, UT. I can then visit several wineries in the state at my leisure. Just having that flexibility gives me a real charge.
Plus how much would cost of living in Panama be if things required some of us to scoot?
“historically low interest rates caused by the Federal Reserves attempts to stimulate the economy after the Great Recession.”
Yeah, that’s really paid off/sarc. and out.
This is where I found cost of living for the whole country of Panama.
http://bestplacesintheworldtoretire.com/questions-and-answers/cost-of-living-in-panama
But then I took a quick quiz for what particulate area would be best for us. You click the topic that interest you and they recommend the towns:
http://bestplacesintheworldtoretire.com/location-advisor
And yes, a couple could live on 1100. a month, it seems.
But I am also interested in a bugout location, so I’ve read these answers:
It looks good to have affordable land that has water and is fertile and away from natural disasters. The only thing is, I would miss my country very much.
My husband wants us to leave before there is real danger, so we can sell what we have here and get settled. I am dreading that day, and pray to God it never happens. But we do have regular conversations of what we should do and where we should go.
Heaven be on your side, GeronL and keep us all secure!
Yup.
When Social Security takes over 12% of your income for most of your working life, it’s a lot harder to save for retirement.
That’s because many of them didn’t live much longer than sixty or sixty-five. People live longer now. But few seventy year olds can do the kind of physical work they could do just ten years earlier. Age will do that to you.
My father spent nearly 30 very happy years retired. He retired at 56 years old and moved to his boyhood home in northern Michigan and spent his time with my Mom hunting, fishing, cutting firewood, and puttering around fixing the house. They spent a goodly amount of time (about three or more months per year) traveling around the USA visiting their children and grandchildren every year.
They both had one of the best retirements I have ever seen and I intend to do the same within the next five years. My only problem is I do not know if I will receive my military retirement for much longer if the Country goes bankrupt and the savings I have was decimated when Obama came in.
I lost a ton in the stock market and now what I have left doesn't make much in interest, which is what I was going to use to supplement my military retirement. I never calculated Social Security as when I started the military in the 70s I was already convinced SS was going to collapse before I would get a single check. Now I don't even know if I'll get my military retirement for much longer. Maybe I'll have to become a Highwayman.
Discrimination against those whove been out of work too long is okay. Never mind that youve been applying continually and going to job interviews.
My business got tanked during the end of Bush 2 and Obama has not made it any better.
I am lucky as I got a job but am severely under-employed but at least it pays the bills and puts food on the table, although I can't save any more to make up for the stock decline in 2008/9.
Many of my friends found a way to hang on a couple more years but when they were let go they could not find any job and tried to get jobs working for me but I had no openings. I know six of them who lost their homes and have disappeared from the area. I have not heard from them in a few years.
Lots of people do.
I recently started putting money into a mutual fund (I’m 27), but I’m not exactly holding my breath on seeing it when the time comes.
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