And they will cash that in as soon as possible because “an emergency”.
Hah, because they know the rest of us will bail them out.
Who are the suckers, after all?
This is more of Rex “Nutter” Leftwing BS.
If $5,000 is the median, that means the majority have zero.
I read until I reached the comment about “perverse” federal policies that make it easy for the rich to save while penalizing the rest of us, blah, blah, blah.
My late father never made more than $40K a year, but he paid cash for a house and socked away enough to leave a $500K nest egg, even after raising two sons, spending 30 years in retirement (he lived to the age of 100) and living in a nursing home for the last year of his life—paid for out of his own pocket; as an “achiever” he received no help from government programs. Dad always put away 15% of his income, and it paid off. It’s a lesson my brother and I learned first hand, and we’re both on track for a secure retirement.
Compare that to my brother-in-law who passed away last week. High school grad, but never tried to get any additional education. Got fired from two jobs for theft and then bounced from one dead-end factory job to another until retirement, and lived off his social security check. When his health began to fail, he was placed in a nursing home, with Medicaid paying most of the bill. If my wife and her sister hadn’t taken out a burial policy, it would have been “pass the hat” time at his funeral.
Most of us don’t plan to fail at retirement, we fail to plan—and too many are more concerned about having it all now, with no concern for what lies ahead.
Little did we know that they would use their control over government education to make their own prophecy come true...
Thanks Democrats & Republicans for the wonderful economy you've created and all of those terrific taxes and fees and regulations you've imposed on Americans while you secretly become multi-millionaires while "serving" the public in Congress and the government.
So your saying that I am atypical?
That’s cash on hand. What about the Social Security they’ve paid into and might have saved, or the average value of their pensions?
The article doesn’t seem to factor in the value of houses for homeowners - I think a lot of people are counting on the appreciation of their house values for retirement.
I am lucky that I have some savings but it can disappear quickly.
If I keep my job and retire at 67 and get I think $1,691 for social security then the savings I have will add more to that and I will have close to what I bring home from my job. If I work to 70 then I get $2,242 but I gotta keep working till I am 70. Better make some youtube videos for extra income...........
BTW if you make $100,000 you get $2,339 at 67 and at 70 you get $3,043
(I do not....)
Quick calculator:
https://www.ssa.gov/oact/quickcalc/index.html
I would think these results are highly suspect due to retirements, people who gave up job hunting, etc. It seems to me that if you want to measure the success of the program, you would look at balances at retirement and provide a further subgroup detailing results by amount of contribution. Further, some allowance should also be made for emergency withdrawals.
My wife and I were both forced into early retirement some 8 years earlier than planned. Thankfully we had contributed the maximum amount into our 401 K plans and had resources to draw upon. For us the 401 has been a life saver. Being able to convert these plans into self directed IRAs has also been a benefit.
Google “Theresa Ghilarducci”. That’s what they’re gonna do.
CALLING UNCLE BERNIE! can you give us all the free money others pay taxes with to support us in the lifestyle we want to have. We are entitled people.
Heh — I’m not surprised; this economy sucks, and you’d better believe that unemployment is high.
(I’d wager it’s closer to 45% than the official rate 5%.)
Part of the reason is the lack of encouragement due to interest rates.
I had a money market account that was paying a moderate 8% in the mid-1990s. Now, similar money market accounts pay 0.75% or less.
In the mid-2000s I had 3 year, 18 month, and 1 year CDs paying around 4%. On renewal each had dropped to about 2%. Then 1%. Then 0.5%
It’s really nice if you can put the money away for retirement but when living gets so expensive, what choice is there? Yes, you can do with an older car, do with less cable, do with a cheaper phone, scrimp here and scrimp there.
But there’s also a chance Democrats will just seize your IRAs and 401Ks to fund their next spending splurge too so maybe it is just easier to max out your credit cards and not worry about it.
I buy my sneakers from Wally World for 20-30 bucks not the latest LaBrone or Air Jordan at 2-3 hundred.
My smart phone was so old it went senile. (4 plus years)before I upgraded. We cut out the eating out, vacations, even an occasional movie.
When the wages stagnated we cut back on our spending to keep our savings where we wanted and needed it to be. My take home wages are less than they were in 2008 due to added health Insurance costs.
Instead I chose to save my money.
That is how you save for retirement. You make choices with the money you earn. Some have chosen “poorly”.
This is all the beginning of taking from those that made sacrafices and saved to give to those that didntt.
If Hitlary gets elected expect the personal retirement accounts to be either taxed to death or confiscated for a nation wide socialist type pension fund.
It will be great... /s With all the benefits of Obamacare.
Well, look on the bright side. Thanks to Obamacare, their insurance premiums will be very affordable and so their little nest egg will see them through their golden years. /MAJOR SARCASM