36% Haven’t Saved Anything For Retirement

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tsptalk said:
36% Of Americans Haven’t Saved Anything For Retirement

"Over a third of all Americans (36%) have not saved any money for retirement, according to a new Bankrate.com (NYSE: RATE) report. Sixty-nine percent of 18-29 year-olds haven’t saved anything, along with 33% of 30-49 year-olds, 26% of 50-64 year-olds and 14% of people 65 and older."

more: 36% Of Americans Haven’t Saved Anything For Retirement « CBS Philly
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I been saving, it's just hopefully enough. I been aiming for those magical numbers put out by journalist 30k before 30 and so far I surpass that number, hopefully they're right.
 
Wow .... that's some scary data .... these folks need to focus on their future & ability to retire .... cheers
 
Some people were working on it, then worst possible divorce experience happened after 20 years and 2 kids. both parties ended up with basically nothing, thanks to one party being more interested in mutual-destruction than in trying to salvage something reasonable for both. Hard to recover at age 50+ when that happens, especially when the life accumulation wasn't all that much to talk about in the first place. many stories like that out there.
 
I have a sister-in-law in this boat. Divorce played a big roll in that. She was on the right track but the divorce left her broke and her job doesnt pay enough to save much. Plus she has a little girl to take care of too. She lost her job during the great recession and was on unemployment but still ate through her savings. She doesn't make good decisions either. So all she'll have is social security. Sad.

Brother in law has a little saved but divorce killed him too. Twice!
I think he learned his lesson but he's 51 now.

Also, if your on min wage like a lot of under 30 folks there is no way to save. It really is hard to get a decent job for them. I have my 2 kids as examples. One finally got a salary job at 26 but it doesn't pay great. He is able to save some though.
 
I am divorced (once) and my wife is divorced (twice). If people don't get that a union of the heart is a union of economics, then divorce needs to be considered as an outcome of the investment.

I'm not here to judge, but, I believe that no matter who decides to form such unions, needs to be prepared for the up/down swings of this investment approach.

I know there are churches who teach/prepare engaged couples to create strong unions with their heart/God/bank accounts. Not getting on a moral soap box, but why can't society teach these things as well?

Anyway, I refused to let finances infiltrate and corrupt my marriage. I'm open and honest in the way we deal with money.

I know I say "Happy Investing" often, but don't just do it with your pocketbook, Invest in all parts of your life.
 
clester said:
Also, if your on min wage like a lot of under 30 folks there is no way to save. It really is hard to get a decent job for them. I have my 2 kids as examples. One finally got a salary job at 26 but it doesn't pay great. He is able to save some though.
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Sorry to hear how divorce got the better of your family. As a 27-year old young professional, I can relate to your kid, and honestly I don't know how some of my peers can save for retirement. I went to modest public university and worked full-time through both undergrad and graduate school. Heck, I even graduated a whole year early from undergrad just to save myself money, and guess what I still have student loans. While I've been able to work my balance down significantly, it would come as no surprise to me if those under 30 aren't saving because they are being crippled by student loans. The worst part about it is, despite low interest rates now those of us with federal loans can't renegotiate interest rates on our loans, so I'm being charged 6.8% what new college students pay 3.4% today. Admittedly I could have saved more, but I wanted to take advantage of low interest rates on mortgages before I lost the opportunity!
 
Frixxxx said:
I am divorced (once) and my wife is divorced (twice). If people don't get that a union of the heart is a union of economics, then divorce needs to be considered as an outcome of the investment.

I'm not here to judge, but, I believe that no matter who decides to form such unions, needs to be prepared for the up/down swings of this investment approach.

I know there are churches who teach/prepare engaged couples to create strong unions with their heart/God/bank accounts. Not getting on a moral soap box, but why can't society teach these things as well?

Anyway, I refused to let finances infiltrate and corrupt my marriage. I'm open and honest in the way we deal with money.

I know I say "Happy Investing" often, but don't just do it with your pocketbook, Invest in all parts of your life.
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I believe money is one if the main reasons for divorce. It was a factor in both of the ones I mentioned.
 
Frixxxx......I am divorced (once) and my wife is divorced (twice). If people don't get that a union of the heart is a union of economics, then divorce needs to be considered as an outcome of the investment.

I'm not here to judge, but, I believe that no matter who decides to form such unions, needs to be prepared for the up/down swings of this investment approach.

I know there are churches who teach/prepare engaged couples to create strong unions with their heart/God/bank accounts. Not getting on a moral soap box, but why can't society teach these things as well?

Anyway, I refused to let finances infiltrate and corrupt my marriage. I'm open and honest in the way we deal with money.

I know I say "Happy Investing" often, but don't just do it with your pocketbook, Invest in all parts of your life.
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Very well said Frixxxx......

I say, your health is your most important investment, without that everything else pales in comparision..
You can Warren Buffett, but without good health and quality of life, you are still miserable.
Next is family and friends the basis for a fruitful life..
Ty Cobb was a Hall of Fame baseball player, a wealthy millionaire, but no one attended his funeral..
At the end of his life he regretted being a cranky SOB, who aliened all, including family,, very sad.
Show love and respect to your spouse and family be taking care of your health and finances so as not to become
a burden later in life, or leaving them prematurely and not financially secure..
 
BichonFreeze said:
Sorry to hear how divorce got the better of your family. As a 27-year old young professional, I can relate to your kid, and honestly I don't know how some of my peers can save for retirement. I went to modest public university and worked full-time through both undergrad and graduate school. Heck, I even graduated a whole year early from undergrad just to save myself money, and guess what I still have student loans. While I've been able to work my balance down significantly, it would come as no surprise to me if those under 30 aren't saving because they are being crippled by student loans. The worst part about it is, despite low interest rates now those of us with federal loans can't renegotiate interest rates on our loans, so I'm being charged 6.8% what new college students pay 3.4% today. Admittedly I could have saved more, but I wanted to take advantage of low interest rates on mortgages before I lost the opportunity!
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you9u have a huge advantage being a federal employee. Especially in these last few years. Most employers don't provide any retirement funds or a little matching on a 401k or sick leave etc.

I was focused on keeping my kids from student loans. They went to in state public universities and were able to get academic scholarships. I help as needed but not that much. Neither has any debt. But even then...its hard for them to even get a full time job.
 
I'm just so glad my son joined the military and taking advantage of Tuition Assistance and GI Bill. :cool:
 
clester said:
you9u have a huge advantage being a federal employee. Especially in these last few years. Most employers don't provide any retirement funds or a little matching on a 401k or sick leave etc.

I was focused on keeping my kids from student loans. They went to in state public universities and were able to get academic scholarships. I help as needed but not that much. Neither has any debt. But even then...its hard for them to even get a full time job.
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That's great you were able to do that for your kids. Not only did you have the foresight to save for them, but also the selflessness and commitment to getting that goal seen through. You did your best to put them in a prime position to start their lives. Unfortunately, no one could have predicted this market.

Simply put, the market is horrible to enter into right now. I put in at least 1,000 applications before I was fortunate enough to obtain employment with the federal government. I'm very grateful to have this career with outstanding benefits; which is why it's puzzling to me to hear colleagues gripe about how bad it is with pay freezes, no bonuses, etc.
 
BichonFreeze said:
That's great you were able to do that for your kids. Not only did you have the foresight to save for them, but also the selflessness and commitment to getting that goal seen through. You did your best to put them in a prime position to start their lives. Unfortunately, no one could have predicted this market.

Simply put, the market is horrible to enter into right now. I put in at least 1,000 applications before I was fortunate enough to obtain employment with the federal government. I'm very grateful to have this career with outstanding benefits; which is why it's puzzling to me to hear colleagues gripe about how bad it is with pay freezes, no bonuses, etc.
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My story starting out is very similar. No permanent jobs to be had in the late 70s through mid-late 80s. Fortunately my dad saved to help me through the undergrad years so I came out with no debt, and I refused to go back to grad school until I rounded up a funded assistantship. worked from short-term profession-related job to short-term profession-related job until I had multiple reasons to go back to school including a vision of what I wanted to study to grow myself in the direction I wanted my career to go. and go picked up as a fed while in grad school.

first couple years of grad school experience were so frustrating, I was about ready to quit and go flip burgers for a living. the outside job market in mid-80s was so bad that was the only private employment possibilities I could see at that point but I was about ready to throw up my hands and leave school-then the feds picked me up as a trainee and I stayed and finished. Here I be 25+ years later. Economics of divorce was always something I considered down the years, mutually agreed-upon strategy for marital finance is always a factor in every successful marriage I've observed over the years, and marital disagreement on management of income a very big factor in a number of the divorces I've observed, including ones in my own family.
 
100% of kindergarten kids have saved nothing for retirement. Find this whole statistics completely misleading. the last piece where 14% have not save anything is the truth. and that is not bad. Later years people are selling their houses, and balooning their retirement from zero to $200k in a month. at retirement with social security they will have $15,000 a year annuity. So you have a combined $10k plus $15k for a total of $35k per year. thats okay, but dont expect enough money for expensive drugs from chemotherapy on that income.
 
offroad said:
100% of kindergarten kids have saved nothing for retirement. Find this whole statistics completely misleading. the last piece where 14% have not save anything is the truth. and that is not bad. Later years people are selling their houses, and balooning their retirement from zero to $200k in a month. at retirement with social security they will have $15,000 a year annuity. So you have a combined $10k plus $15k for a total of $35k per year. thats okay, but dont expect enough money for expensive drugs from chemotherapy on that income.
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I am skeptical of these kind of stats. I have though for the last few years when these statements come out they are just trying to get people to work longer. Also, those that say work til you die. Kind of a conspiracy theory I guess but the rich want us to keep working for them and they don't want to pay for retirement.

Those artilcles that say you need x dollars etc are a problem too. It's always too high IMO so that you will never feel like you will have enough. Wall street wants your money! Load up!!

You really do need to play the game though. Especially if you don't have a pension. that's another conspiracy theory I guess. Taking away pensions forces everyone into the markets so wall street wins again. That could be good for worker s or bad but it forces everyone to play.
 
Sometimes I want to tell kids to move to Denmark where you pay 50% tax up front. Instead if hidden taxes like we have. But you get free education. Free medical. Free retirement.


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