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 ...
Thank the Liberals who ruined the economy via their Muslim God.
Could be because 28+ years of dem/RINO rule have left them flat, from high taxes, low-paying jobs, unemployment, and regulations.
Sounds right to me. But pretty soon we’ll have our fellow freepers attacking us for something...
What they are saying is that many more Americans totally depended on government handouts to survive, that have nothing but government handouts going into the future. Some of us actually supported ourselves and saved for the future. My wife and I will be fine.
Bingo.
America has a $375,000,000,000 / year trade deficit with China.
A massive amount. The largest in recorded history. Ever. Between any two countries.
We have been sold out. To the biggest communist country in the history of the world.
It is even growing again, this year.
An ALL TIME RECORD AMOUNT.
“-——— and are dipping into savings to care for aging parents.”
I don’t believe this.
Of course it happens,but most elderly parents are doing just fine.
We were a lucky generation,and most of us have pensions——and accrued great equity in our homes.
I am a senior,and know many seniors,and we are all doing very well-——not rich but able to care for ourselves.
We were a very fortunate generation.
.
I certainly hope you’re not considering Social Security which the feds funded by confiscating a percentage of every dime I earned for 50 years a “handout “.
Don’t forget massive illegal immigration.
Actuarially and operationally, Social Security has been a Ponzi scheme that entire time. I paid for a similar period, and don’t have any of that in my retirement planning. Any that shows up is gravy.
8 years of an Obama economy and my 401k only maintained its value because I contributed to it.
I’d be more than on my way under any normal economy.
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.
It is not always possible (especially when you first start out in life but with good habits it will get easier).
Sure govt can be blamed with reason but many just failed to plan or were not disciplined to stay out of debt and save regularly for retirement.
“8 years of an Obama economy and my 401k only maintained its value because I contributed to it.”
You REALLY need a better advisor! The Dow more than doubled during that period.
As a friend once said, the only thing
golden about my golden years is my urine.
>>>8 years of an Obama economy and my 401k only maintained its value because I contributed to it.
During period in which the Dow went from 8500 to 19000 you lost money on your 401K investments? Time to find a new 401K plan.
High average debt, and are paying off their children’s educations..
Well.. we’ve sort of ID’d the problem, haven’t we? Pay off your debts and let Junior handle his own damned college costs.
The biggest drag on me is ObamaCare at $1000 a month.
And I think I will file for the Ponzi scheme when I reach 62, although I understand the arguments to wait until 70.
No matter - Uncle Sugar will pay the bills.
The suckers are the ones who saved and will be taxed to the gills to pay for those who didn’t.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.