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33% Of Americans Have No Money Saved For Retirement

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jamesbond
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33% Of Americans Have No Money Saved For Retirement

Post by jamesbond » April 15th, 2018, 7:20 am

33 percent of the US population have no money saved for retirement and an additional 23% of Americans have less than $10,000 saved for retirement.

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Yohan
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Re: 33% Of Americans Have No Money Saved For Retirement

Post by Yohan » April 15th, 2018, 6:41 pm

USD 10.000,- savings for retirement is a joke.

I am from Europe, my retirement allowance is really good, every month paid on time up to the end of my life, including medical care for life. But don't ask me how long it took me to finally reach for what I was working since decades. I am retired since a few months as I am now 65, but I was working full time since my 17th birthday.

If you have no retirement allowance, you might calculate retirement with 65 and for at least 20 years to be financially secure, you need about USD 2000,- per month and this will require around USD 500.000,- in your savings account. AT LEAST! Otherwise you might end up as an old person who is suffering a miserable life in deep poverty.

According to this video, it seems maybe only 10 percent of the US population can afford to retire, when they are around 60 to 65 years old.

CannedHam
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Re: 33% Of Americans Have No Money Saved For Retirement

Post by CannedHam » April 15th, 2018, 11:43 pm

Couple of things I've seen over the years:
  • Most Americans couldn't explain how 401k, Roth/traditional IRA, HSA etc. accounts work. Yet the know all the latest Hollywood gossip, sports statistics, etc.
  • Many public sector employees are going to be in for a rude awakening when the pension crisis hits.
  • I've seen a ridiculous amount of co-workers over the years not put anything into their 401k, not even enough to get the company match!! Literally forgoing free money, on top of numerous tax benefits. Yet they have enough money to buy homes way out of their price range, expensive cars, take multiple lavish trips to Vegas (incl first-class airfare) etc. Then they complain they are flat-out broke, and cannot afford to ever retire.
  • A paid of house + no debt + social security + medicare @ age 65 could makes for a pretty decent living for a married couple. An extra $1-2000/month makes it quite comfortable. It's not that hard to retire if you avoid debt and save at least a small % of your earnings.
I'm a big promoter of working hard, saving money (while obviously enjoying life to an extent) and paying off debt so that by the time you hit your late 40s/early 50s, you have enough saved to live on half your salary indefinitely.

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Natalen
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Re: 33% Of Americans Have No Money Saved For Retirement

Post by Natalen » April 24th, 2018, 12:41 pm

why? because Americans are most interested in career

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