I already have almost $3,000 since then and these people don't even have $5K? How can that possibly be if you've worked for 20-30 years?
Something isn't right.
YIKES...
It equals not saving for retirement. Random cash on hand.
That’s why I see people much older than me waiting on tables and working at convenience stores. And I’m 64 and I’ve been retired for over four years. But, I knew retirement would come one day, and I planned for it. Now I live a life of leisure, without any financial worries whatsoever.
And more than 1 in 3 Americans are 30 or younger...
Ergo, a vote for Bernie Sanders.
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Im going to become a ward of the state
Are these the same Americans who can’t name any rights in the Bill of Rights and who think Capitalism is Fascism?
Color me shocked.
50% of American workers make $30,000 a year or less in the richest country that has ever existed.
In related news... my local Starbucks looks very packed everyday and did you hear about the latest yearly version of Iphone? Got to have it, even though mine is only a year old!
It depends on who was asked. If it is 1 in 3, they probably are looking at people 18 and up and those dependent on the government handouts to get through the day.
I would bet that the numbers are a bit off.
If you live modestly, about 25% of that amount is enough especially if you flee expensive places like California and Connecticut.
Too many people look at these pompus experts and say "I'll never get there, so why should I save anything?"
The "experts" love skimming your retirement accounts to ensure they get paid first.
Few of them actually earn it.
A lot of reasons:
- huge debts incurred from previous medical procedures.
- put multiple kids through college.
- living in an area where real estate costs are shy high.
- wage increases each year from 1-3%
The biggie for me was medical - 200k in bills.
I'd be more concerned about how much debt people have. What I'm seeing among my peers is that those who have no debt find ways to make do with the money they receive.
The real concern is those under age 40 (or so) who have college, auto and credit card debt, plus high mortgage payments. How will they ever pay all of that off in time to prepare for retirement? I know a lot of these "youngsters" who are smart about living within their present and future means, but a lot more who don't seem to be doing that.
The headline should read “Americans Could Only Save $5,000 From the Taxman.” Government has looted the people through taxation.
I’m 65, my wife is 63. She’s retired for health issues and I have a part-time hobby that pays
Out monthly after tax income is over $5,000 and we have no debt. Add in what I make with my hobby and we are netting over $6,000/month. We have over $350,000 in IRA/401K that we never touch. I can’t imagine either of us not having at least $10,000 each in our regular checking/savings account at all times.
We aren’t rich, but we know how to not spend money on a bunch of “stuff”.
I’m in my 6th year in my full time job.
During the time of the wun, I was almost wiped out but I persevered.
My 401k has a little over 60k in it now.
Going into next year, I hope to bump my contribution up a few more percent.
My first thought as well - but then I look at my mom and dad. He worked HARD for years doing construction and maintenance stuff. Then he was diagnosed with MS in his late 40s, 2 years later he couldn’t drive due to related vertigo, and had a quad bypass at 54.
Why didn’t they have savings? 5 kids spaced across 22 years on an income of under 60k/year. Now in the 80s - 50k was living like kings to us, but wage growth didn’t keep with inflation so by the time he couldn’t work there was nothing saved. They live now on SS and some odd jobs my mom does....plus what us kids can spare.
Well, it seems like everyone has been touting for the past few decades that most jobs are created by small businesses.
That seems to explain it. Most jobs are with small businesses. Most small businesses do not automatically have 401K’s (much less company matches) or other generous benefits.
I believe these are the forgotten men and women that DJT has been talking about for many years.
Just like everything else. I’ve been responsible, worked my ass off, saved for retirement, done everything I’m supposed to do...but....I’ll end up paying for those who haven’t been responsible. Somehow. I have a pension, therefore I won’t get Social Security. I’ve got a home, therefore I need to pay an occupancy retirement tax to supplement those “less” fortunate. It’s always the same.