Depressing. No wonder so many people are voting for Sanders. Hope for rescue from themselves.
Why would people who live off welfare save for tetirement?
Probably a significant number are going backwards on retirement savings as well. Inability to completely replace income when a job is lost, while still having a mortgage, etc. means savings of all kinds are depleted.
“Average” takes in ALL families that aren’t making an attempt to save for their retirement.
The Gimme families.
Which is why the government needs to take from the rich and keep it. < /Bernie & Hillary>
In many cases “saving for retirement” consists of creating a pool of wealth for your beneficiaries. That bumper sticker “I’m spending my children’s inheritance” is untrue.
I always knew that I was above average!
There are many seniors living only on social security. It’s always a good debate about money—whether to save or spend. Personally, I’d rather enjoy myself during my peak years then have a pool of money to splurge in one’s 70’s and 80’s.
We bought some commercial rental properties in my productive years and are doing fine but I see inflation eating away my friends retirement funds. I paid $4 bucks far a 4 pack of light bulbs for our bath room night lights today that was a buck not that long ago.
The chart doesn’t take into account the monies that I accumulated only to lode to x-wives, dot-com busts, and dhimmicrat tax schemes.
My understanding of these reports is that they don’t take social security into account, nor pensions. And that under-reports what a lot of older people take into account for retirement.
I’m 64, single, my daughter, her hubby and my 2 grandkids live with me. I put my son in law thru college. They will likely be with me a couple more years. The house is big and they’re all pretty good.
I have a great job, plenty in savings, a good 401K plan, but the way I feel, I may not retire until past 70.
I have never been able to put back what I should for retirement - need it to live on.
Open borders cause low wages which causes poverty, bankruptcy and despair.
Support open borders amd free trade because... economics!
FUMR!
I have saved in my 401K, my wife has saved in her 401 K, we have paid into retirement accounts, we are retired and very comfortable. We have also saved in cash assets and hard assets. We are successful. We worked long and hard. We earned multiple degrees by hard work and desire.
To the Socialist Democrat Party we are not to be admired for our diligence. We are now a target for asset stripping.
My wife nor I came from wealth. I was lower middle class and she upper middle class. My first job was as a deckhand and then roughnecking on a drilling rig. Her first job was working in her fathers shoe store. However, we did have an abundance of wealth given to us by our parents. That wealth was the desire to work and succeed. You can not buy that gift.
I’m friends with a couple who are the penultimate savers and wise money managers. They are also among the most generous people I’ve ever met. They hate it when I call them my rich friends, lol. I eat like a king at their house and am a welcomed adopted family member.
I, on the other hand, fairly suck with money. I work hard and do have a pension and 401k eventually, but I just have no affinity for investing. I have faith that God knows my limitations here and will see that I survive (or am dispatched at just the right time!).
My retirement plan will probably have to involve selling my plasma and a kidney. Or I could commit a crime and it is 3 hots a cot full medical and housing. Plus I’d get personal security higher than the secret service could offer.