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1 Out Of 3 Americans Has Zero Dollars In A Retirement Account (Hope & Change)
Zero Hedge & My Budget 360 ^ | 12-28-2010 | Tyler Durden

Posted on 12/28/2010 8:23:31 AM PST by Frantzie

Retirement account fantasy and middle class erosion – 1 out of 3 Americans has zero dollars in a retirement account.

From 1950 to 1989 top 1 percent earned roughly 7 to 8 percent of nationwide income. Today it is inching closer to 20 percent resembling pre-Great Depression levels.

Many Americans live precariously close to the edge of financial insolvency flirting with economic disaster daily.

(Excerpt) Read more at zerohedge.com ...


TOPICS: Business/Economy
KEYWORDS: ira; obama; retirement
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2011 to 2012 the middle class will probably be finsihed off. Very little sympathy from me. They could cancel sat and cable TV which would save $800 a year. Create a budget to put some money away. The middle class is being wiped out by The Muslim and he is totally propected by TV. Keep watching and keep paying that sat and cable TV bill. It keeps him in power. Serfdom is just down the road for the sheeple.
1 posted on 12/28/2010 8:23:39 AM PST by Frantzie
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To: Frantzie

How long before Obama or someone like him declares the essential unfairness of it all, siezes 401ks and IRSs and redistributes the cash, the underpriviliged and illegal aliens first in line.


2 posted on 12/28/2010 8:26:08 AM PST by skeeter
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To: Frantzie

Retirement account fantasy and middle class erosion – 1 out of 3 Americans has zero dollars in a retirement account.

And those that do will probably loose one thired of their pention to government theft(taxes).


3 posted on 12/28/2010 8:26:49 AM PST by puppypusher (The World is going to the dogs.)
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To: skeeter

Bingo. You see the plan.


4 posted on 12/28/2010 8:28:31 AM PST by ClearCase_guy
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To: Frantzie

Although I do not agree with all you stated in your posting, you are right on the mark about Obama destroying the American middle class. Obama is destroying the middle class and...is doing it quite successfully with the aid of the media and stupid Americans who cannot see the forest for the trees. This is not going to be a good or great country in ten years or for our children to live in. And....we have no one to blame but ourselves. America voted to destroy this great country!!! End of story!!!


5 posted on 12/28/2010 8:30:41 AM PST by JLAGRAYFOX
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To: Frantzie

My parents are both over 65 and show no signs of retirement. Ditto with my wife’s parents. They could retire if they wanted to. But the idea of playing golf every day or watching day time TV does not appeal to any of them. I feel exactly the same way. Retirement IMHO seems to be one of the most over-rated concepts in America. I want to work as long as I can.


6 posted on 12/28/2010 8:32:13 AM PST by Gen. Burkhalter
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To: ClearCase_guy

I still haven’t decided how I’ll respond when that day comes.


7 posted on 12/28/2010 8:32:35 AM PST by skeeter
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To: Frantzie

Why am I not surprised? Once upon a time, Saving was looked on as a good thing. No longer. Now the powers that be WANT us to be good little Consumer-Bots. To them, saving is a waste of resources that slow the Economy. Instead, they want us spend every $$ we have on stuff and to work till we drop. We are paid in borrowed $$ and then encouaged to send that $$ back overseas to those we borrowed it from.

BTW, don’t get the idea I’m anti-materialist. I have plenty of stuff and my house is paid off. But I am also careful about what I buy/do and save alot. Currently, if I had too, I could probably get away without working—that is, until the inevitable combination of hyperinflation and Government confiscation wipes it all out.


8 posted on 12/28/2010 8:33:22 AM PST by rbg81 (When you see Obama, shout: "DO YOUR JOB!!")
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To: Gen. Burkhalter

To me, you are retired the day you don’t *need* to work anymore.


9 posted on 12/28/2010 8:34:25 AM PST by mewykwistmas
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To: skeeter

my day will include means testing for SS or their won’t be any money.


10 posted on 12/28/2010 8:34:34 AM PST by scooby321
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To: skeeter
Oh there is more. Kill off seniors and baby boomers under ObamaCare. Jack up the death tax and redistribute the old white folks money. Hilarious how dumb white kids and dumb white baby boomers disinherited themselves. The morons keep watching TV, paying for that cable and sat TV to run the pro-Obama propaganda 24x7x365 to keep his positives up and Prince Al Waleed's Fox is no better. A nation of bankrupt idiots watching state run propaganda on their plasma TVs. Fools. The dollar will get destroyed more in 2011.
11 posted on 12/28/2010 8:34:58 AM PST by Frantzie (American TV = owned by the Saudis and elites - keep watching & losing your freedom)
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To: All

By taking away the assets of those who saved and did without and redistributing to those who didn’t sort of equalizes lifes unfairness. I mean some people are budget challenged. It’s not their fault. And they have to have that carton of cigarettes and case of vodka to forget lifes unfairness. And it would be totally unfair to limit their cell phones (actually they get free ones with usage free from the gubmint) and everyone has to have cable tv to relieve the boredom from lifes unfairness. Plus not having a job, they have to have something to do. And if some people worked and saved . . . well that’s unfair too.
/heavy sarc


12 posted on 12/28/2010 8:37:27 AM PST by BipolarBob (Even the earth is bipolar.)
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To: Frantzie
I can guarantee that 1/3 of Americans want a piece of what 2/3’s of American have. HANDS OFF!!!!
13 posted on 12/28/2010 8:38:41 AM PST by Niteranger68 (I am in the party of "HELL NO"!)
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Comment #14 Removed by Moderator

To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


15 posted on 12/28/2010 8:40:09 AM PST by Nachum (The complete Obama list at www.nachumlist.com)
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To: Frantzie
1 Out Of 3 Americans Has Zero Dollars In A Retirement Account

I have confidence President Obama will rectify this situation.

He will soon have it at 2 out of 3 with nothing saved for retirement.

16 posted on 12/28/2010 8:40:52 AM PST by gitmo ( The democRats drew first blood. It's our turn now.)
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To: Frantzie

Still believe that 1/3 of Americans are brain dead fools. The middle class will be marched into slavery and just accept it. Too damn dumb to fight back.


17 posted on 12/28/2010 8:41:38 AM PST by Logical me
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To: Frantzie
Kill off seniors and baby boomers under ObamaCare. Jack up the death tax and redistribute the old white folks money.

Skeptics shouldn't be so quick to dismiss suggestion that this is what the progressives' are thinking.

Snarling references to 'old white men' seem to be a popular among the ethnic tribalists in government and on campuses. Its clear they are a fat target for these people.

18 posted on 12/28/2010 8:43:24 AM PST by skeeter
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To: JLAGRAYFOX

He had $700 million from his proxies which included the Saudis. The Saudis NET $1 trillion a year in oil profits. Net not gross. They bought the USA in 2008. They have major investments and deals with ALL 6 TV networks including Fox. Americans have no clue what is going on.

He controls the judiciary, the Senate, the military, the Fed, you name it. Americans did this to themselves. I dumped TV over a year ago because TV is 100% pro Obama propganda.


19 posted on 12/28/2010 8:43:27 AM PST by Frantzie (American TV = owned by the Saudis and elites - keep watching & losing your freedom)
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To: Nachum

From what I hear retirement accounts 401K’s are all being cashed in to survive after losing jobs.


20 posted on 12/28/2010 8:43:45 AM PST by Dubya-M-DeesWent2SyriaStupid!
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To: Frantzie

Still believe that 1/3 of Americans are brain dead fools. The middle class will be marched into slavery and just accept it. Too damn dumb to fight back.


21 posted on 12/28/2010 8:45:50 AM PST by Logical me
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To: skeeter

***siezes 401ks and IRSs and redistributes the cash***

The Government controls, regulates, monitors and dictates how one makes withdrawals from IRAs - after retirement.

You might think this is ‘your money’ but it has strings attached.


22 posted on 12/28/2010 8:46:22 AM PST by sodpoodle (Despair; man's surrender. Laughter; God 's redemption.)
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To: scooby321
my day will include means testing for SS or their won’t be any money.

There already is "means testing" of a sort. I have to pay income tax on part of my SS retirement benefits because the gubmint thinks my non-gov't pension, which is 100% taxable, is too high. The fact that this tax on my SS benefits is double taxation gets lost in the rhetoric.

23 posted on 12/28/2010 8:47:34 AM PST by Roccus
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To: Gen. Burkhalter

Yeah - Obama’s arbeit macht frei - right general? You are working to transfer your wealth under Obama. You missed the point. People working and keeping busy is good but now you are working for the state and Obama.

Pretty sad when people here on FR are as clueless as the masses. I hear that from fools defending Tv and Prince Al Waleed’s Fox which is the same as his ABC and his CNN. It is a big game and the fools do not get it. Our Founders would laugh then cry at how pathetic Americans are now.


24 posted on 12/28/2010 8:49:55 AM PST by Frantzie (American TV = owned by the Saudis and elites - keep watching & losing your freedom)
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To: puppypusher

One third of Americans have zero dollars in their retirement fund.

It’s hard to save any money if you don’t work and you’re on welfare. You know the number of non-productive, non-saving Americans will continue to increase. We reward them through the hard work of productive Americans.


25 posted on 12/28/2010 8:50:32 AM PST by ladyjane
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To: Frantzie
2011 to 2012 the middle class will probably be finsihed off. Very little sympathy from me. They could cancel sat and cable TV which would save $800 a year.

Gee, another $800/year could be saved by not having high speed internet, too, but then we wouldn't be subjected to your inane blatherings about TV.

26 posted on 12/28/2010 8:53:57 AM PST by IYAS9YAS (Liberalism can be summed up thusly: someone craps their pants and we all have to wear diapers)
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To: sodpoodle
Yeah, the only advantage the government offers for retirement saving is deferring the taxes until you you ARE retired & can't afford to pay them.

I fully understand that merely giving of my life to actually earn the money doesn't make it mine in their eyes.

27 posted on 12/28/2010 8:54:37 AM PST by skeeter
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To: sodpoodle
You might think this is ‘your money’ but it has strings attached.

There was a time that physical gold was thought to be proof against seizure, but that fiction ended in 1933.

http://en.wikipedia.org/wiki/Executive_Order_6102

Executive Order 6102

28 posted on 12/28/2010 8:55:35 AM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: Frantzie
Retirement is a fantasy created during the great depression to artificially lower the unemployment rate.
29 posted on 12/28/2010 8:58:31 AM PST by TexasFreeper2009 (Obama = Epic Fail)
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Comment #30 Removed by Moderator

To: Frantzie
I dumped TV over a year ago because TV is 100% pro Obama propganda.

With all that money you saved by dumping TV, I'm sure you made a nice donation to FR...........or did you even bother?

31 posted on 12/28/2010 9:00:34 AM PST by Roccus
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To: skeeter
How long before Obama or someone like him declares the essential unfairness of it all, siezes 401ks and IRSs and redistributes the cash, the underpriviliged and illegal aliens first in line.

Sooner than you think :

Senate Hearing

32 posted on 12/28/2010 9:03:38 AM PST by TheCipher
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To: abb

****In 1933 approximately 500 tonnes of gold were turned in to the Treasury “voluntarily” at the exchange rate of $20.67 per troy ounce.****

HOLY S**T!!! Someone do the math!
32,150 troy ounces = 1 metric ton (1,000 kilos)

Read more: http://wiki.answers.com/Q/How_many_troy_ounces_in_a_tonne_of_gold#ixzz19QT78Z1m

Was all that loot spent on WWII??


33 posted on 12/28/2010 9:06:19 AM PST by sodpoodle (Despair; man's surrender. Laughter; God 's redemption.)
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To: skeeter

How long before Obama or someone like him declares the essential unfairness of it all, siezes 401ks and IRSs and redistributes the cash, the underpriviliged and illegal aliens first in line.

About one hour before the riots start. This issure was addressed by the founding fathers and we fought a war over it.

ILLEGAL SEARCH AND SEIZURE.


34 posted on 12/28/2010 9:06:51 AM PST by cpdiii (Deckhand, Roughneck, Geologist, Pilot, Pharmacist, Iconoclast: THE CONSTITUTION IS WORTH DYING FOR.)
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To: Frantzie
Pretty sad when people here on FR are as clueless as the masses.

Yet still you hang around here mooching, berating FReepers who pay the freight.

35 posted on 12/28/2010 9:09:08 AM PST by Roccus
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To: IYAS9YAS

LOL, I see Al Waleed has snuck into your home and blown the magic sheeple dust in your ears too...


36 posted on 12/28/2010 9:15:48 AM PST by Tijeras_Slim (Pablo lives jubtabulously!)
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To: mewykwistmas; rbg81

To me, you are retired the day you don’t *need* to work anymore.

—that is, until the inevitable combination of hyperinflation and Government confiscation wipes it all out. From post 8.

and that is the unknown that keeps those who understand, still working llllooooonnnnggggg after they could have retired.


37 posted on 12/28/2010 9:16:00 AM PST by wita
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To: Frantzie
Serfdom is just down the road for the sheeple.

You may be right, but this article dances way too close to the class envy line for my tastes. First, it continues with the "income equality gap" that is a favorite bugaboo of the Left. Taken from a stationary, individual perspective, I'm sure that fear is compelling. But it's nonsensical to think it's a concern vs. the real concern of "income equality" relegating all of us to poverty status.

Second, it is not clear how they define "retirement account". I recognize savings rates are low, but there are many people who choose to save for retirement without utilizing the financial vehicles reserved for it. It is not always the prudent course to tie up funds and sacrifice liquidity.

38 posted on 12/28/2010 9:18:20 AM PST by Mr. Bird
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To: Roccus
The fact that this tax on my SS benefits is double taxation gets lost in the rhetoric

Actually it is triple taxation.

1. It is withheld from your salary = tax one.
2. It is considered part of your gross salary so it also is taxed again as part of your income tax= tax 2
3. When it is returned to you when you retire it is again considered gross income and taxed one last time = tax 3

When it come to theft, government is the biggest thief of all.

39 posted on 12/28/2010 9:23:49 AM PST by cpdiii (Deckhand, Roughneck, Geologist, Pilot, Pharmacist, Iconoclast: THE CONSTITUTION IS WORTH DYING FOR.)
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To: Frantzie

Hi Frantzie. I submit that the 1 in 3 statistic by itself does not have much meaning. This is an example of static model fallacy. About 1 in 5 Americans, while in the work force, are too young to have established a retirement account as of yet.

Analyzing household wealth is much more complicated than grabbing one statistic and making a judgement about the relative wealth of all Americans.

The American middle class wasn’t ‘finished off’ by 25% unemployment during the Great Depression. Yes, we have huge problems. We will spend the next 10-12 years working through these problems. This will be the toughest period in our lives. BUT, we will work through it and better times are ahead. I’m betting on America in the long run. This too shall pass.

Obama is a bit player and will be gone soon. He didn’t cause our problem as it is demographic in nature. He has made things worse, but that is temporary.

Also, the official savings rate is not accurate. It leaves out many assets we would call savings.


40 posted on 12/28/2010 9:31:38 AM PST by SaxxonWoods (Gone Galt and loving it)
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To: wita

“and that is the unknown that keeps those who understand, still working llllooooonnnnggggg after they could have retired.”

The government is always making things exciting :)

So far the best bet seems to buy at 10-100 acres somewhere, build a small house and load up with guns. At least you will not starve, or starve a little later than most.


41 posted on 12/28/2010 9:32:17 AM PST by mewykwistmas
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To: Frantzie

Personally, I think everyone should stop contributing to their 401Ks and see what happens to the stock market without your contributions.


42 posted on 12/28/2010 9:32:31 AM PST by ▀udda▀udd (7 days - 7 ways Guero >>> with a floating, shifting, ever changing persona.....)
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To: Tijeras_Slim
LOL, I see Al Waleed has snuck into your home and blown the magic sheeple dust in your ears too...

Ayup. I'm just a dim-witted Dhimmi.

You get any snow today? Someone mentioned it was coming down in the east-mountain area.

43 posted on 12/28/2010 9:35:18 AM PST by IYAS9YAS (Liberalism can be summed up thusly: someone craps their pants and we all have to wear diapers)
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To: TexasFreeper2009

“Retirement is a fantasy created during the great depression to artificially lower the unemployment rate.”

Agreed. Most people will continue to work after the magic age of retirement.

The biggest obstacle to even coming close to retirement is debt. If you have no debt you can maintain a comfortable standard of living with much less than someone carrying the chains of the debtor.

Debt is another form of servitude for the average person. Unless we start teaching ourselves from a very young age that debt should be avoided at all costs and why our American experiment will certainly fail.


44 posted on 12/28/2010 9:36:47 AM PST by cougar_mccxxi
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To: IYAS9YAS

Half inch or so, the road was just wet.


45 posted on 12/28/2010 9:37:59 AM PST by Tijeras_Slim (Pablo lives jubtabulously!)
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To: Frantzie
With 17 percent of Americans unemployed or underemployed many are simply looking for that next paycheck let alone planning for a retirement

Thank goodness we're "free tradin'" them nothing, buggy-whip jobs that no one wants.. we got maybe ten or twenty high-paid jobs to replace each one of those awful factory jobs.

Wot?

. . . fully 21 months into the 2001 recovery

21 months into "the past [recession recovery] upturns, real wage income has been up, on average, by about 9%. The gap between the current cycle and the norm of earlier cycles works out to a shortfall of about $320 billion in real terms, or 4.4% of the current level of real disposable personal income...Sourcing demand through low-cost, offshore labor input has become an increasingly important tactic to enhance the operating efficiency of US businesses. . . While this has resulted in a significant improvement in corporate earnings, the American workforce is not sharing the benefits. . .Imported productivity, together with the jobless recovery and income leakage it implies, is the stuff of heightened trade frictions, mounting protectionist risks, and a populist assault on Corporate America."

Jobless recovery and income leakage. A shortfall of about $320 billion in real terms.. that's a lot of money that Americans did not recover during the last (and maybe literally the last) recession recovery no matter how feeble it was compared to historic recoveries.

Wot? Yes, we saved $1,000 each on the 320,000,000 Red China-made I-pads sold here so, yes, I guess you could say that it's a wash.

46 posted on 12/28/2010 9:40:55 AM PST by WilliamofCarmichael (If modern America's Man on Horseback is out there, Get on the damn horse already!)
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To: cpdiii

You probably didn’t forget that after three comes four, five and six, etc.

With what remains of your SS, you then must spend it on fuel for example, where the federal and state taxes you are paying, alone nearly doubles the price of your fuel.


47 posted on 12/28/2010 9:43:43 AM PST by wita
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To: wita

Exactly. Also, working tends to keep one sharp. I have seen too many retirees who just are a shadow of their previous selves even after just 2 years of retirement. When the time is right, I will probably drop down to a part-time job, but will likely keep working into my 70s.


48 posted on 12/28/2010 9:43:55 AM PST by rbg81 (When you see Obama, shout: "DO YOUR JOB!!")
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To: ├čudda├čudd
Personally, I think everyone should stop contributing to their 401Ks and see what happens to the stock market without your contributions.

Good insight. 401K contributions are one of the few things keeping the stock market afloat. Honestly, given the state of the economy, I don't understand why the markets are as high as they are. The markets have been eagerly embracing tiny bits of good news and ignoring the ample bad news.

49 posted on 12/28/2010 9:44:47 AM PST by Senator_Blutarski
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To: mewykwistmas

Amen!


50 posted on 12/28/2010 9:45:57 AM PST by wita
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