Posted on 10/03/2025 11:30:19 PM PDT by Cronos
Roughly 42% of younger working Americans — spanning Gen Z, millennials and Gen X — report having no spare savings after covering their basic living expenses, according to the analysis, which surveyed about 3,600 workers and 1,500 retirees. Among those just getting by, about three-quarters said they are struggling to save for retirement, the survey found.
The share of U.S. workers in this precarious financial position has grown significantly since 1997, when 31% lived paycheck to paycheck, according to Goldman. The investment bank projects that figure could climb to well over half of Americans by 2033 as essentials like housing and health care continue to rise in cost.
...Skipping a latte or avocado toast isn't likely to make much of a dent in the financial dynamics facing workers today, with Goldman finding that basic expenses are consuming an ever growing share of people's after-tax income.
For instance, homeownership now eats up 51% of income, up from 33% in 2000, while health care costs account for 16% of after-tax earnings, up from 10% a quarter century ago, the analysis found.
.. Financial professionals say it's no coincidence that members of Generation X, which entered the workforce just as the shift to 401(k)s became mainstream, is feeling unprepared as they get closer to retirement. Now 45 to 60 years old, almost half said they believed it would take a "miracle" for them to be able to retire, a Natixis study found last year.
As a savings vehicle, 401(k) shifts the burden onto workers, who must decide how much to save, how to invest and how to draw down their money in retirement
(Excerpt) Read more at cbsnews.com ...
Wait, wait i have been told Trump fixed it all....
>> I don’t find this a problem as I was raised to live within my means
smart and well disciplined
retirement is not on my horizon — God willing, I’ll have the means to provide until my heavenly departure
It is fixed for people who make a budget, pay off debts, and invest. There is no govt fix for being stupid with money.
frankly, if you’re a millennial or younger and you’ve got a job at all, you’re fortunate. the gen z and millennial American working class is competing against a foreign labor pool of 100’s of millions due to our corrupt and gamed legal immigration system. i just watched a video by E. Farah on wnd.com where she cites our gov’t giving out 7.5M work permits last year alone. both parties have been doing this for decades. she estimates (conservatively) that we have upwards of 20M American citizens who want to work and have given up or work part time because that’s all they can find. our American workforce is literally being dumped on with a corrupt us gov’t and crony capitalist corporations importing cheap workers from a massive foreign labor pool. it’s just as illegal and just as immoral as dumping cheap foreign steel on our home based steel industry.
i hope President Trump wakes up to it soon, and stops issuing these damn work permits/visas to foreigners. so far, he doesn’t seem to care.
Socialism has always been a scam
Based on some future promise of provision, the government keeps creeping up what is taken until there is nothing left to take. Then it gives you an empty bag full of promise.
Trump is President.
Expect nothing but glass half empty stories on everything for the next three years.
BTW, you could have peace in Ukraine Israel and they would minimize that accomplishment, maybe even try to pretend like it’s Biden’s doing somehow...
If Biden were still in, we’d read about how he’s sharp as a tack, as he mumbles, stumbles and gets lost on stage. He can poop his pants or let one rip before a British Royal, forget the names of his own cabinet members, and we would read about what a sharp mind he has.
The MSM... Junk.
the $850/mon health insurance bill doesn’t help
My buddy was on kidney dialysis and told me the best thing that ever happened to him was me (sort of) tricking him into going into the Army with me during the Vietnam War.
Having the VA sures helps things.
I had to give up mine when Ken-YanCare got my premium up to $1650/mo
And that was in 2020
I won't cite sources this time around, but German and French press are both noting that what we Americans call "early" retirement schemes are stressed there as well, with many working into later years.
It seems the state-run social welfare models -- now financed by state debt increases -- are running into trouble in many nations. CBS might want to fault President Trump's administration now, but they and their associates would have had a different narrative, had Harris-Walz won the last election.
Brits,Germans, French and Swedes we know all tell that quite similar stresses are affecting their communities as well. The debt-financed social welfare model is teetering.
You’re a fu—ing hero. I just hope you didn’t breed.
Global capitalism is a form of Marxism.
Interesting comment. A simple word search shows the ONLY use of the phrase is your comment in this thread. Not even the CBS article uses it.
So do you agree with me?
Also being a tax donkey in a blue state doesn’t help..
“ Wait, wait i have been told Trump fixed it all....”
You’re quite a buffoon.
I was going to make a joke about lefties would say Trump caused it all in the last eight months.
And here you are seriously saying something equally inane.
“ For instance, homeownership now eats up 51% of income”
This article is all over the place.
Typical scare into socialism hack work.
If they own a house, sure they may not have much left after paying mortgage, but they have the greatest retirement investment there is and the mortgage burden decreases with time as time goes on.
These are typical articles meant to cause emotional reactions, not thought or analysis.
So, I take notice that you were the only one to use the phrase, "global capitalism."
I don't take the phrase seriously, as it is 1) relatively new while various talking heads mention "fourth and current epoch of capitalism" and the like, 2) is used by economic theorists and political science types to make fussy simple concepts, and 3) it's just more noise in a noisy world.
If you want to discuss "global capitalism," cite a source(s), and we could continue.
It is debilitatingly difficult to survive right now. This guy sums it up pretty well, he’s a libertarian that voted for President Trump. His entire department was replaced by AI this week. Now he’s unemployed.
***Extreme language warning*** he swears a lot.
https://youtu.be/Z0MJxqKpExs
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