Posted on 03/28/2013 5:44:09 PM PDT by Lorianne
Teresa Ghilarducci, a professor of economics at the New School for Social Research, estimates that 75% of Americans nearing retirement in 2010 had less than $30,000 in their retirement accounts.
Corporate America and the financial wizards behind the past three decades of so-called retirement innovations, most notably titans of the pension benefits consulting and mutual fund 401(k) industries, are down-playing just how bad things are already and how much worse they are going to get.
Americans today are aware that corporate pensions have been virtually eliminated and that the few remaining private, as well as the nation’s public pensions, are in jeopardy. Even if you are among the lucky few that have a pension, you cannot rest assured that it will be there for all the years you’ll need it. Whether you know it or not, someone is busy trying to figure how to screw you out of your pension.
Americans also know the great 401k experiment of the past 30 years has been a disaster. It is now apparent that 401ks will not provide the retirement security promised to workers. As a former mutual fund legal counsel, when I recall some of the outrageous sales materials the industry came up with to peddle funds to workers, particularly in the 1980s, it’s almost laughable—if the results weren’t so tragic.
(Excerpt) Read more at forbes.com ...
If I remember correctly, in 2007 there was that same euphoria about the stock market and the increased wealth that it was going to bring to future retirees.
My house is paid off. Last year my taxes, insurance, utilities and maintenance took $12,4616.
Yep. Can't wait to have my 401k raided for those that didn't save. F$%^g thieves.
It's the majority of the people that I know too, young and old. It's scary. And these people don't give one rats rear end how you got there--with discipline. They will take it from all of us.
I went without a lot of things to put back money for retirement. I guess I should have been betting on slow horses, buying houses for ex-wives and driving vehicles I couldn’t afford like my buddies.
Same here! Everyone wanted me to buy a Harley but I did not.
Wish I had spent more on AR-15s and AK-47s though!
You and me both. And ammo. Don't forget the ammo. Those were the days ammo was cheap.
I’m in the process of doing without a lot of things myself.
Meanwhile my peers complain about rich people while they live beyond their means.
It’s disgusting and if they steal my savings and retirement I cannot help but want to shed blood in the streets.
not to sound too strict but... a lot of people spend every darned dime they ever earn (and then borrow to spend spend spend even more...)...what do they think they are, the Federal Government?
I have little sympathy for people who spend everything and then complain they don’t have retirement savings.
“Not my problem....”
and I don’t want to hear about it. Sorry.
(now then, if somebody suffers an unforeseeable, costly tragedy or has genuine serious disabilities ... I’m only too happy to lend them a hand. I’m NOT willing to listen to a bunch of wailing from wasteful people who had 40 years to save for their retirements and just spent or wasted every dime instead.)
Can you say, "Betrayed and sold out"?
Most will be lucky if Social Security doesn't run out before they drop dead, since those in government and those who manipulate the money and banks, looted that fund too.
Well how bad is that when buying a motorcycle will ruin your chances of having a retirement...yuk yuk..
Welcome to the new America!
Are you on SS? $900 a month for utilities, car insurance, medical insurance and food. Good luck with that.
If idiots like this guy think 401Ks are a disaster why don’t they convince congress to make them completely tax free?
What would happen to 401K savings accounts if you knew the money you saved would be forever tax free out of it?
people should be able to survive on 900 extra dollars a month.
Not that easy for lots of folks:
Family pet gets cancer, is part of the family. Vet bill can run into the thousands. You going to just let it die?
Car wears out. Even used cars are expensive
Roof wears out and leaks everywhere
Heating/air conditioning crash. Repair bill can be several hundred.
Co-pay for meds and doctor
phones, cable and computer hookup may be a plus to have but eat up some of that $900 every month. If you own a home that is part of an HOA you got HOA fees as well as taxes.
In my area HOA fees average more than $350 per month.
Gas, utilities, groceries, maybe AAA membership and NRA membership run up and eat up that $900 quickly. Most seniors can’t do it on $900 even if their homes are paid for in full.
The first emergency that comes up can wipe them out.
Impossible.
Everyone I know says they have 5 mil in the 401K
and that they will retire in Hawaii.
Little Susy wil be a corporate lawyer and Little Johnny is bound for a career in neuroscience.
Factor in health care and food.
I think the plan is for the SS money to pay your obama care.
Amen.
The first emergency that comes up can wipe them out.
Totally agree.
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