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’s why this country is so great. People used to have control over their own destinies and were able to create enough wealth to grow it so they could support themselves without having to work till they dropped dead.
A fairly large percentage of us did have enough retirement in our 401k and then 2008 came and we lost a significant amount which required some of us to work longer than we wanted to try and catch back up.
Based on the ~signs.. it may happen again in the next year or so.
Basically you $%^#@~ no matter what you do.
So...who’s fault is that? It sucks to live with the consequences of your actions (or inaction).
They didn’t used to live so long.
And SS became an excuse for people to “Party Hearty” and not save, after all, somebody else is gonna take care of me in my retirement.
ObamaCare is going to take care of that little problem.
At least my money won’t be going to strangers. LOL.
Should be more than $1,100 a month. Unless you didn’t pay in that much.
Mine is somewhere around $2,500 to $3,000 but I’ll work longer to make it higher.
Going into the office gives me no sense of purpose. I'm retired after 50 years of working and loving it.
You funny.
Read somewhere that 60% of workers have less than $25K saved for retirement. Of course, that is ALL workers, not those nearing retirement. These days, I would consider $500K the absolute minimum one could retire on at 65.
My husband and I were looking for a place to go when we thought we could not afford healthcare prices if ours go up next year, so we checked out medical cost around the world and found it was cheaper in Central America with the American standards we wanted.
Our insurance went up from $274 per month to $980.
Here is where I have been evaluating prices:
Even though we are not at retirement age, we are worried about how we will pay for healthcare with our retirement budget.
I tease him that now we have to take a vacation every year for our medical work-ups.
does Central America have hospitals and medical quality of “American standards”?
I am not expert, but what I have read John Hopkins is affiliated with a big hospital in Panama City and in Managua there is a first world hospital.
I read this site regularly because it has opinions by expats on the ground.
I am currently pricing dental and elective surgery and the prices are great and out of pocket. Hospitals in Panama have these discount programs.
Take and look and tell me your impression. We haven’t bought the tickets yet, but it does look good. And of course, if we go, I’ll report back.
So sorry to hear that. I know you’re not alone...as so many others faced that exact situation. Hang in there....are you at least doing work that you like?
I’m doing work that I love. But it will take years to get back to 10% of what I had.
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