42% of Americans are at risk of retiring broke

CNBC ^ | March 6, 2018 | Jessica Dicker

[C19fan]

At this rate, retirement is more of a fantasy than a reality for many people in this country.

About 42 percent of Americans have less than $10,000 saved for when they retire, according to a study by GoBankingRates released Tuesday.

[riverdawg]

“It’s so unfortunate that their children get deprived of inheritance from their parents ...”

The alternative may have been that the children had to pay for their parents’ nursing-home care (or watch them go to one of those grim facilities populated by Medicare/Medicaid patients).

[wild74]

I retired at 62 with good income plus my wife still works as she is 7 years younger. Insurance is very expensive and doesn’t cover much due to big deductible. My wife works as a nurse for the school but their insurance is terrible so I just bought health insurance from the company I retired from. Just hope health stays good until I turn 65.

[abb]

I believe it’s only a matter of time before the ever shrinking number of Responsible Citizens are forced at the point of the Federal Gun to support the idiots, freeloaders, and fools of society that vote for evil politicians.

I'm afraid it's been that way since 1913, and the adoption of the 16th amendment levying income taxes.

[robroys woman]

Look up cornbread mafia. I’m in the middle of that area. It’s beautiful.

[LostInBayport]

I believe it’s only a matter of time before the ever shrinking number of Responsible Citizens are forced at the point of the Federal Gun to support the idiots, freeloaders, and fools of society that vote for evil politicians. One cannot even control their own destiny anymore without their interference into our personal matters.

I think we are nearly there if not already. The most honest thing Romney said on the campaign trail was his remark about the 47% not paying taxes. The hellstorm that followed from the media and the politicians was so hot that it could only mean he had mistakenly pulled back the curtain for a moment.

[ActresponsiblyinVA]

The producers are like indentured servants to the non-producers.

[sparklite2]

Hard to save for retirement if you’re paying four to five figures in property taxes....

---

Then maybe you have too much property. Just sayin’.

[Jmouse007]

Totally agree with your assessment.

[Grampa Dave]

Thanks for the heads up.

[Grampa Dave]

Dave Ramsey was great for us.

[Grampa Dave]

We pay a lot more due to some shyster school and community college bonds.

When those costs showed up on/in our tax bills, we beat the next bond attempts down.

[Grampa Dave]

If you are 65, check out Kaiser for your health care.

Great doctors, nurses, and other staff members.

Last but not least we are saving a bundle by being members.

[taxcontrol]

I am of the opinion that if the US goes broke, then 100% of the citizens are at risk of going broke as well.

[AppyPappy]

Too many people make bad decisions and fail to take care of themselves. You must have a strategy.

My income will double when I “retire” because I have no plans to retire and I will get a pension. I like what I do and plan to do it until I die.

[Grampa Dave]

That is not a problem in most parts of California.

If you last 10 years after your reverse mortgage is in effect, there should be a fair size egg left over.

Also, our prop 13 keeps our property taxes at basically the same.

[DoodleDawg]

About 42 percent of Americans have less than $10,000 saved for when they retire, according to a study by GoBankingRates released Tuesday.

How many of those people are decades away from retirement? Or only a few years out of school?

[Albion Wilde]

Two FR threads with more than 150 replies each:

02/04/18: Many older Americans are living a desperate, nomadic life

11/20/17: Many older Americans are living a desperate, nomadic life

[itsahoot]

How does one retire if one is “broke”?

Involuntary. Disabled. Forced comes to mind.

[itsahoot]

insurance would cost about half of our monthly expenses...

When you are on Medicare it is a whole different ball game. My wife and I pay combined about $500.00 for supplemental and pay exactly nothing when we go to doc or hospital. We live in Oregon currently.

[itsahoot]

PLEASE try and take the money I worked hard for and sacrificed for my whole life so that I can retire comfortably.

They take it daily through inflation and most don't even recognize it as government theft.