Posted on 06/22/2018 4:14:38 PM PDT by simpson96
Americans are reaching retirement age in worse financial shape than the prior generation, for the first time since Harry Truman was president.
This cohort should be on the cusp of their golden years. Instead, their median incomes including Social Security and retirement-fund receipts haven’t risen in years, after having increased steadily from the 1950s.
They have high average debt, are often paying off children’s educations and are dipping into savings to care for aging parents. Their paltry 401(k) retirement funds will bring in a median income of under $8,000 a year for a household of two.
In total, more than 40% of households headed by people aged 55 through 70 lack sufficient resources to maintain their living standard in retirement, a Wall Street Journal analysis concluded. That is around 15 million American households.
Things are likely to get worse for a broader swath of America. New census data released this week shows the surge of aging boomers is leaving the country with fewer young workers to support the elderly.
Individuals will find themselves staying on the job past 70 or taking menial jobs as senior citizens. They’ll have to rely more on children for funding, pressuring younger generations, too.
(Excerpt) Read more at wsj.com ...
It would have helped if the Social Security “Trust Fund” had been invested in real investments instead of in IOUs written by the government to itself - a meaningless “transaction” which is actually nothing more than a record of money which was taken in “payroll taxes” under the pretense of being invested to fund future retirement benefits but actually was spent on current expenses. In order to use the bonds in the trust “fund,” a demand would have to be made on the US Treasury to redeem those “safe government bonds.”But, no problem, right? The Treasury has a huge surplus to easily cover that expense. </sarcasm>
Some patriots advocate declining to collect Social Security if you can afford to do that - but considering the alternatives, anyone who can should pass that money down to their children to finance their retirement, since they are the ones from whom the money is taken to pay your benefits.
Bingo.
The Marxists will come for you. Let your and yours eat peanut butter sandwiches as long as those on the Left are coddled.
Whatever happened to the Tale of the Ant and the Grasshopper?
“The time to start planning for retirement is when you get your first job. Yeah, I know, not much income. But you plan for retirement by creating good financial habits (such as a budget, and savings)and paying off credit cards each month.”
You are absolutely correct!
Except you missed one thing, don’t marry a scheming B-och who after 18 years of marriage secretly drains your life savings; demands a divorce; wants half your 401K; wants half of the your houses value; and threatens you with a restraining order if you don’t give in to her demands and/or tell the court she took all the savings money during the financial filing for divorce.
Yeah ... don’t forget that part.
When SS trust fund runs out, I fear a European-style “bail in” where the government seizes our 401K, pension, and bank savings to help continue to pay out to others’ monthly Social Security checks. I think that’s why they are so hell-bent on getting rid of guns. Remember, all these immigrants are going to get SS and SSDI whether they ever put a dime into it or not. We’re adding 2 million+ LEGAL immigrants a year, many of them chain-migration old people, all of whom will also be drawing off of SS. The system is about ready to break. Think this culture and government WON’T want elderly white people who paid into the system their whole lives get reduced payments in order to pay for everyone else? Heh. They blame us for everything NOW, just wait until the SHTF.
There is no trust fund just like there is no welfare trust fund. So the money will never run out. They would just keep quantitative easing until that generation dies off.
I’m 59, self employed and if I’m not working at 70 then I’m dead. I was never expecting Social Security and I doubt my Teamsters money will still be there.
I wonder if the 15 million number includes those who expect an Illinois pension?
We know that.
“...I think that’s why they are so hell-bent on getting rid of guns. “
Not only guns they want to get rid of ... the push for a cashless “society” is also on. That way you can only buy what they let you buy.
And don’t forget what FDR did for gold. They will also want to make it illegal for anyone to own gold/silver ... another source of money.
All wealth will be in gov’t controlled banks which the gov’t can take ant any time they wish.
They’d make him a king if it were possible.
Of course the extremely low rates of return on CDs, bonds, and similar less volatile investments have radically changed the amount of money needed for a comfortable retirement. For that we can thank the Federal Reserve.
“The suckers are the ones who saved”
Are you a sucker?
Bookmark
my older brother and sister...bro served in Nam and sister was in college protesting...both hit the jackpot..sister retiring early in life from teaching and brother worked is way up to a regional sales job that made him a millionaire...
they entered the work force at just the right time...
slightly younger people like us, not quite so good..husband "had" a pension already for him but after 27 yrs a corporate raider killed the industry and he lost it all...and I work for a non profit...they do not have defined pensions and there is no medical at retirement...
the people that were 18-20 during WW2 probably had it the best...didn't have to serve...got into union jobs or govt service easily and all got their big fat defined pensions...
Is that a realistic goal? The older I get the less materialistic I am getting. All I want is a decent car, golf clubs, a PC and a iphone.
I figure they will steal or confiscate our 401ks, but what will the govt workers have to give up?....afterall, we without defined pensions had to save like crazy to have anything at retirement and the govt workers basically had it given to them....
I live on around $800/month now so should have no real problem maintaining my standard of living.
“if you’re talking about close to 70 and above, yes, you were the lucky bunch...”
—
Yes,I was ——and most of us realize it.
I had 5 kids,only one will be eligible for a pension.
I was born in the Great Depression and there was a book written about us called,”The Lucky Few”. We didn’t need union jobs to get a pension either——neither my husband,myself,or any of our friends were in a union——yet we all got pensions,some were in management,some weren’t.
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Social security is and has always been a generational welfare scam. Pay to thos taking by those paying. It’s been that way for years. I’m not sure why people keep deluding themselves on this topic. It’s dishonest and should be dismantled before I retire. I’m 50 and it’s generational theft. Let my kids and grandkids out of the trap. There is no lock box or money in “my account”. Lat my family use those funds for real investing and I will gladly relinquish my ot any claim.
Feel fortunate. 8 years of the Obama economy and my 401K was wiped out entirely and I racked up debts on top of that.
1 and a half years of the Trump economy and I’ve seen my income rise 20% already.
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