Posted on 08/08/2014 8:25:21 PM PDT by SeekAndFind
One in five people who are near retirement age have zero money saved.
Yes, you read that correctly.
The sobering statistic was one of many released by the Federal Reserve on Thursday as part of its report on the economic well-being of U.S. households, which surveyed more than 4,100 people online last year between mid-September and early October.
The study offered a stark reminder that as more Americans are made responsible for their own retirement, most are not saving nearly enough. Overall, 31 percent of people said they have zero money saved for retirement and do not have a pension. That included 19 percent of people between the ages of 55 and 64, or those closest to retirement age.
What's going on here? A lot of people said they rarely thought about retirement, at least not until it was too late. About 41 percent of people ages 18 to 29 said they never thought about retirement planning, a number that understandably declined to 20 percent for people above the age of 60.
But researchers said the dismal saving rates weren't fully explained by lack of caring. They also cited a combination of low resources and poor awareness
(Excerpt) Read more at washingtonpost.com ...
Not to worry, we’ll pay for them.
Saving is for suckers.
No problemo - Obama will see to it that those who lived a sober, careful life and saved for their retirement will be billed for the upkeep of those who didn’t.
Just one aspect of the dream that is socialism.
And for those of us already in retirement are watching our golden years funds slowly disappear via inflation. You can’t win.
Retirement, like the big annual family vacation and new car every 5 years, will soon be a thing of the past. The new normal will be the old normal: unless you’re rich, you work until you die or can’t work anymore.
“Saving is for suckers”
Actually... yes, yes it is. With the Fed’s zero interest rates, savings accounts are eaten by inflation. Financial speculation... stocks... and debt are more rewarded via policy.
I wouldn't tell some quasi-governmental conglomeration of big banks if I had any money either. Most likely they'll want it.
Better that they just give their money to the feral government so they can put it in a "lock box" for them, right Compost?
I’ve heard numerous people say that their S.S. check is, “not enough to live on”. I don’t even tell them that it was never intended to be.
Some of my in-laws were shocked to hear the size of my S.S. check and I did explain to them that it is based on how much and how long you paid in.
It’s why the young can’t find jobs... The old aren’t leaving them.
100% of the problems with the economy can be traced to the existence of easy credit and government facilitation of it. Destroy the Federal Reserve and Fannie & Freddie, privatize and cease subsidizing Socialist Security (and cut the taxes used to do so), and let the twattycakes who can’t do basic addition and subtraction destroy themselves. There, no more recessions.
Wasn’t there a children’s story that was written using this theme? I think it was The Little Red Hen. She saved food, she built a sturdy house in a safe place, and none of the other farm animals wanted to help her. Later on, when something big happened, I don’t recall, maybe the Farmer died, the animals are adrift, desperate and hungry. Now they knock, knock knock on the Little Red Hen’s door, hoping to move into her place, having done none of the work and sacrifice she did to make these events happen or be maintained.
My twice divorced 51 year old sister who has declared bankruptcy twice has always had a brand new car.
Number of brand new cars for us? 0
Retirement savings for my sister? 0
Retirement savings for us? More than 0
How will my sister vote if the opportunity arises to take retirement savings from those who have saved and give to those who have not saved? I’m betting the house that she would vote yes with no qualms whatsoever.
Deficit: ~-17,000,000,000,000
Retirement savings: ~+17,000,000,000,000
Confiscate savings. Now, don’t we all feel much much better?
My buddy, a retired Army Colonel, has briefed his cadet sons that they nmay have a time for choosing in their lifetime.
The Shelter (Twilight Zone)
https://www.youtube.com/watch?v=Zm6cMdePtMA
There’s an Aesop’s Fable here...
Ant and the Grasshopper?
I know. It’s already been floated. The gov takes your retirement and they promise you x in return.
All it will take is enough yes votes by the general population.
They are almost at that point and they know it. That’s why they need just a few more illegals to vote.
I know. It’s already been floated. The gov takes your retirement and they promise you x in return.
All it will take is enough yes votes by the general population.
They are almost at that point and they know it. That’s why they need just a few more illegals to vote.
except for all the govt workers....no matter what, they come out smelling like roses every time nobody if the rest of the country flounders...
Crikey. Who would have guessed.
You work all your life and have about 28-33% of everything you earn taken automatically out of every paycheck.
Then, with sales taxes on everything you purchase just to survive, along with life insurance, health insurance, dental insurance, motor vehicle insurance, and taxes on any bank account you may have acquired...
You try to subsist on a paycheck-to-paycheck existence, always knowing that you are constantly only 30 days from living on the streets.
Add in the depreciation due to the declining value of the US dollar -and this is a surprise?
That is not even counting any medical problems (and kids) that may come along.
Fifteen years on, and as of this moment an FRN is worth approximately 1/10 of what it was back then.
Food prices are skyrocketing. Gasoline and power bills are doubling. Taxes are increasing.
Only the illegals are getting a free pass on everything -for the sake of “the children”, of course.
Colour Me quite surprised. (/sarc)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.