Posted on 08/18/2014 12:13:58 PM PDT by SeekAndFind
More than a third of American adults have no retirement savings, including 14% of those 65 years of age or older, according to a new study released Monday.
The low savings rate for people at or approaching retirement age is alarming, said Greg McBride, chief financial analyst for Bankrate.com, which conducted the survey.
About a quarter -- 26% -- of those age 50 to 64 haven't started saving for retirement, the survey said; the figure was 33% of people who are 30- to 49-years-old.
Overall, 36% of those 18 years or older have not started saving for retirement, according to the survey of 1,003 adults.
"They still have time to start, but they still have to save so much as a percentage of their income to make up for the years they weren’t saving that it puts them in a tough spot," McBride said.
Savers have been hurt in recent years by historically low interest rates caused by the Federal Reserve’s attempts to stimulate the economy after the Great Recession.
(Excerpt) Read more at latimes.com ...
That is what social security is for.
None of my brothers or sister have any retirement savings. Their plan is to retire on SS and food stamps, I guess.
People used to keep working until the end of their lives....
I was ready to retire in 2008... We all know what happened then. I also lost my job, my company screwed up my COBRA and two days later my daughter came down with an illness which required a year in a hospital
Needless to say, I have little for retirement and will have to work another 20 years.
I don’t mind.
HOWEVER, most will try and lay claim to my savings. More welfare, more foodstamps, more condoms, more housing, more cable TV, more 0bamaphones, more whatever.
They didn’t save, and now I’ll have to pay.
Yes, they did. I believe that it gave them a sense of purpose. I’ve heard of many men who retire at 65 and die within a few months.
Personally I can’t see retiring after watching my father do it. I’d go stark raving nuts.
That being said, I’m afraid this proves future Democrat proposals for the Teresa Ghilarducci giant centrally nationalized pension plan and a Super-Duper Social Security program are gonna get ‘em a lot of votes.
The Fed is a big fan of roulette.
This is a very dangerous, potentially explosive, situation.
We are teetering with race riots, a lawless pres-ent and DOunJ sycophant, scandals in every nook and cranny, and now federal and other (NBP/AmnestyIntl) fomenters on the scene... with potentially bad news for ‘Rats in November.
This pres-ent, a follower of Zelaya, Chavez, Hamas, MB, and Odinga, is looking for opportunities, and this one looks promising to him.
Thanks to the Obamaconomy, mine are now depleated and I still don’t have a job.
Discrimination against those who’ve “been out of work too long” is okay. Never mind that you’ve been applying continually and going to job interviews.
FUBO
We outsourced the jobs and stagnated wages. It’s hard to save these days.
It’s also very easy to have your savings wiped out by medical bills.
Why save when the other suckers who did save are going to pay for them anyway?
Retirement doesn’t have to mean sitting around doing nothing.
My dad was a small businessman, owned his own company. when he retired, he volunteered with SCORE. Kept him in the game, as it were.
“They didn’t save, and now I’ll have to pay.”
This thought always crosses my mind.
For the past couple of years, I couldn’t save/invest as much as I’m accustomed to for a whole slew of reasons. It stressed me out. I’m back on track now though.
Then I look at a whole bunch of liberals I grew up with ... one, in particular, brags about the entitlements he collects and lives a relatively stress free life that, well, we are all funding.
There are also those that make a comfortable living and live paycheck to paycheck blowing their cash on nonsense.
When we retire, I’m sure I’ll be funding them at gunpoint while they get to maintain their lavish lifestyle on the taxpayer’s dime. It sickens me.
And your taxes.
That is what social security is for.
<><><<
If you can live on 1100 a month, all the more power to you.
BWAHAHAHAHAHAHAHA! That's a good one.
My dream of retirement at 55-60 partially died with the market downturns. The other setback was medical bills for a daughter with a TBI. I figured I was screwed anyway so we jumped the shark and took our last two remaining children out of public school for private. Between cost of living and taxes I will not be retiring soon. I saw a pretty significant increase in wages a couple years ago then watch as it was off set in tax bracket increase so I netted basically 25% of my increase.
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