43% of Americans have saved less than $10K for retirement

[James48843]

Most Americans still unprepared for retirement - survey

The percentage of American workers with virtually no retirement savings grew for the third straight year, according to a survey released Tuesday.

The percentage of workers who said they have less than $10,000 in savings grew to 43% in 2010, from 39% in 2009, according to the Employee Benefit Research Institute's annual Retirement Confidence Survey. That excludes the value of primary homes and defined-benefit pension plans.

Workers who said they had less than $1,000 jumped to 27%, from 20% in 2009.

54% of Americans have less than $25K stored away.

http://finance.yahoo.com/news/Most-...25.html?x=0&sec=topStories&pos=6&asset=&ccode=

 

[Frixxxx]

Wow, It's like deja-vu!:toung:
http://www.tsptalk.com/mb/showpost.php?p=260553&postcount=11

 

[Birchtree]

If you vote for BHO next time around you'll be promised an easy retirement so not to worry.

 

[Scrappy]

If you vote for BHO next time around you'll be promised an easy retirement so not to worry.

Is that when we go to the "single payer" system where each person who has an income contributes the entire amount to the government who in turn equally disseminates it out to everybody in the country? :embarrest:

http://www.youtube.com/watch?v=P36x8rTb3jI

 

[Viva_La_Migra]

Most Americans still unprepared for retirement - survey

The percentage of American workers with virtually no retirement savings grew for the third straight year, according to a survey released Tuesday.

The percentage of workers who said they have less than $10,000 in savings grew to 43% in 2010, from 39% in 2009, according to the Employee Benefit Research Institute's annual Retirement Confidence Survey. That excludes the value of primary homes and defined-benefit pension plans.

Workers who said they had less than $1,000 jumped to 27%, from 20% in 2009.

54% of Americans have less than $25K stored away.

http://finance.yahoo.com/news/Most-...25.html?x=0&sec=topStories&pos=6&asset=&ccode=

Why should they save when the government has promised to fix social security? You can try to tell people that social security is not enough, but they will not listen until it's too late and they are at the grocery store buying cat food for themselves!

 

[mayday]

What ever happened to self discipline, or common sense.

 

[CountryBoy]

What ever happened to self discipline, or common sense.

It died as Socialism and entitlements became stronger. Why work when Uncle Sugar will just give ya money stolen from the productive Americans in this country.

 

[WorkFE]

Lets not forget that these savings rates falling are also the affect of being out of a job for an extended period of time but it is not news that alot of Americans do not save enough.

 

[mayday]

It died as Socialism and entitlements became stronger. Why work when Uncle Sugar will just give ya money stolen from the productive Americans in this country.

There are some people who think $10K is a lot of money. They will be working until they drop dead.

This statistic just tells me that the majority of Americans are living in la-la land.

It's nice to be retired at 52.

 

[peterson82]

Shocking stuff... I got out of school 2 years ago, got my first real job 1.5 years ago, and have just under 10k in my TSP....

 

[Frixxxx]

Shocking stuff... I got out of school 2 years ago, got my first real job 1.5 years ago, and have just under 10k in my TSP....

You are in the minority......go to your designated Xtra tax center and donate to the healthcare bill....do not pass go, do not collect $200.

 

[Silverbird]

Actually, before the illusion lifted in 2008, there was no reason for most people to save because it was more advantageous to borrow. This was especially true in the 80's and 90's, inflation ate all of your interest away and then some.

You could play the stock market with your retirement dollars, but some people got their shirts handed to them in 2000 and weren't looking for a repeat.

There was no safe place to store your money. And don't say government bonds, they really don't get you much of anywhere when inflation hits.

We get matching. We are the elite, the few, who get this privledge.

 

[tsptalk]

Shocking stuff... I got out of school 2 years ago, got my first real job 1.5 years ago, and have just under 10k in my TSP....

Good for you peterson. I see you started here 1.5 years ago too, so you were on top of it from day 1. Way to go!

 

[WorkFE]

They will be working until they drop dead.

Contrary to what some may believe there are those that enjoy working. If I happen to drop dead while I am working, oh well.

One of my Grandfathers retired at 65 and died at 82 the other died building homes at 73. Other than a shorter life, which may not have had anything to do with working, neither was happier than the other.

 

[CountryBoy]

Shocking stuff... I got out of school 2 years ago, got my first real job 1.5 years ago, and have just under 10k in my TSP....

The first 10 years of your career are the most important when it comes to saving and increasing the size of your next egg. Keep at it. I wished I knew or had been exposed to people such as we have here. Being around people who believe in saving rubs off on ya.

Luckily I was able to pass it on to my daughter.

CB

 

[Birchtree]

I'm currently encouraging my daughter to put her Army Reserve pay into her TSP account.

 

[WorkFE]

Hopefully because of Peterson82, 20 years from now they won't be able to reprint this story.

Good job P82