Comments on: Working Americans Have Almost No Retirement Savings

By: Bob

Bob — Fri, 18 Nov 2011 04:08:16 +0000

You can survive if you have $100.000 ,a pension, social security and no major bills. Just the two of you of course.

Go to McDonalds , steak and shake , Hardees most of the time. Stay away from expensive resturaunts for fashionable meals.

By: Oman

Oman — Wed, 14 Sep 2011 02:23:47 +0000

One thing perhaps I missed here in the discussion? I suspect if we could look at the actual total assets of the sample group here we would be even more concerned. Despite even having a healthy retirement savings, debt needs to be part of the equation when considering preparation for what’s next. I believe I heard on NPR a couple of years ago that 60% of baby boomers who are facing the end of their 45 year working career have less than $500 in total assets. It would seem to me that American society must recognize this. It will become self evident.We need to understand that it matters not why we are where we are, but what do we do about it. There is enough blame to share in every direction.

By: taughttosave

taughttosave — Fri, 12 Aug 2011 15:09:04 +0000

30/30/30/10
30% to live living expenses
30% to save for retirement
30% for the big unexpected stuff
10% rewards for doing the above

Have done this since my first job. If our stupid politicians don’t destroy our financial markets in the next few years, I’m set to retire.

By: John

John — Thu, 28 Jul 2011 03:14:29 +0000

There is a new reality of retirement that is not being discussed in the public domain with two tenants: 1.retirement as we know it no longer exists for most Americans. 2. If we are not going to retire, we need to be doing something we better damn well enjoy. The new retirement age will be 70 and the average lifespan of an American male is 76, we need to start doing those things now that we were waiting until retirement. This is much too much work for 6 years of watching AFV and gardening. The-R-Word.Net – John

By: pantoum

pantoum — Thu, 09 Jun 2011 11:05:59 +0000

This is all helpful if one is making the assumption that no major political/social changes happen within the next 10,20,30 years. Given the relative instability of the last decade, it is not unreasonable to wonder if the american dollar could indeed collapse. If something like that were to occur, savings/401k would be reduced to a fraction of previous value. . . just like during the “crisis” of 2008. Just think of the historical timeline throughout american history, there hasn’t been many long stretches of time that would allow a person to save over a liftime without the impact of major political/financial upheaval. For the most part, it has been intense social programs that helped people as they trasitioned through stages of financial development.

By: Alma

Alma — Wed, 25 May 2011 15:52:03 +0000

I’m 57, and up to 4 years ago had almost $200,000.00 in my retirement fund. Then I lost my job and my health insurance, had 2 stays in the hospital for completely unforeseen isues, was out of work for 14 months, found a part-time job and am being laid off again in 30 days. Now I have $20,000.00 which is going to be used to make modest mortage payments. I have always lived frugually; character flaws ARE NOT part of this picture! Get a clue people! There is no such thing as job security and has not been for some time.

By: thomas

thomas — Tue, 12 Apr 2011 14:55:59 +0000

Well, I am middle aged and I cannot retire. I do have some money saved from a 401k, over 100,000. But if anyone thinks 100,000 dollars is enough money to retire on, you had better do your math, because it is not enough. To have a good retirement and if it is your only means for retirement not including a pension, you would need at least 750,000.00 or more depending on lifestyle. Insurance, rent, car payments, food cost of living increases will eat you alive. I have just started saving a few years back, and it has taken a while to get what I have now, but I don’t have enough and I feel sad for those who have worked so long and have very little if any retirement savings. My heart goes out to you and shame on companies who are outsourcing there workers jobs overseas only to make those poor Americans lose there lively hood. You should be ashamed of yourself and consider yourself un American.

By: Rockyboy

Rockyboy — Mon, 11 Apr 2011 04:20:15 +0000

Retirement never crossed my mind before(Im 28).I began thinking about retirement barely 5 years ago when my father ran into financial troubles. He decided to build a house from scratch by demolishing the old one he previously aquired for 65 k. He took a line of credit and a loan of aprox 147 k and when he ran out of money he turned to credit cards: another 30k something plus. Then he lost it all and went bankrupt. Now hes 60 years old with no savings, no retirement, no house and nothing to his name exept for an old 1998 dodge 1500.

Prior to that, he would buy expensive furniture, tvs and of course the cars. At that time my world was school and nothing else. I managed to get credit, and spent all my savings (about 5000) in a saltwater aquarium hobby that was a total waste of money. The aquarium got demolished along with the house and right then and there I understood how important is to be wise about spending. Most of the things we buy loose value over time and we dont even care about them later. Started to save money again which I used to pay for my bachelors. Then, started saving for retirement and for emergencies which I am using now becauase I have not been aboe to find a job. Thanks to the fact that I saved seriosly now I can survive.

By: Siculari

Siculari — Sun, 27 Mar 2011 21:33:29 +0000

I think credit card is to blame in most situation here. It encourages people to spend beyond their means

By: rock

rock — Sun, 20 Feb 2011 01:25:30 +0000

Nobody ever taught me about a retirement account. My grandfather worked for the government, so he got an amazing pension! He got more money than most because he was the Chief of Defense, at one time. Obviously, his wife, who was my grandmother, got a generous pension as well even after he passed away. Not once did they ever tell me to save for retirement. Well, I had no idea until one day I started to read about it online, so I started a Roth IRA. I’m so glad I did. I’m going to take the money they left me and invest it in no-load mutual funds. I’m really glad that I took the time to research information about how others are planning for their retirements. I don’t know many people who actually have enough money in a retirement account, except for a few older family members who are either ready to retire in a few years, or a few old-timers on my husband’s side who knew about this. Funny, he never talked bout it, either. A lot of people are going to be in for a rude awakening when they get older if they don’t save. I can’t understand why nobody I know of is really doing this. I will take other people’s stuff and sell it on eBay, take a percentage and put it in my retirement account. I’m planning on buying a new home, and we’re going to get a guest home and rent it out and use the money for our Roth IRA. I think even if times are tight, you can still come up with creative ways to save. If you can rent out a room in your house, take other people’s stuff and sell it on ebay, what have you got to lose. I even babysit other people’s pets at home to make extra money. I know I have a long way to go before retirement, but I really would rather start now, than wait until it’s ultimately too late to reach any long-term retirement goals. I think that’s the key: “goals.” How many people have a long-term retirement goal? Goals somehow differentiate between that haves and the have-nots! Who actually sets goals and sets out to achieve their goals?

By: helena

helena — Sun, 30 Jan 2011 12:24:24 +0000

It definitely takes frugality to buy a house, pay off loans, send kids to college and have enough left over to retire. However, if everyone led the life of frugality our whole economy would tank, since it’s foundation depends on people demanding products they really can’t afford. Now that people in the US are saving a bit more, corporations are praying that Chinese citizens (who were pretty good savers by necessity) will loosen their purse strings and buy products they cannot really afford. At some point when consumers are tapped out, the whole system will collapse. Multi-generational living may be the wave of the future (or a repeat of the past).

By: tzayas

tzayas — Mon, 17 Jan 2011 22:51:17 +0000

Someone comeneted “opportunities here are endless”, Ya, FOR WHITES ONLY! A sign which only came off of the water fountains. Not the minds of too many!

By: Shannon

Shannon — Thu, 04 Nov 2010 05:09:49 +0000

Wow! I’m so inspired! I am 21 and have been saving 10% of my income since i was 15 and don’t even have close to 10k, let alone 100K. You much be really doing something right! I’m about to finish college and want to know if you have any advice for me as far as what else i can to increase savings. A priority for me is definitely saving and i really don’t spend a lot as it is. Any advice for me?

By: Kasia

Kasia — Wed, 08 Sep 2010 16:06:28 +0000

I am 27 and just hit roughly $110K in my retirement accounts. It’s possible, but it takes some sacrifice. I am divorced (luckily, this didn’t hurt me too badly, we didn’t have any serious assets accumulated during marriage), no kids, no house (never bought one), never bought a new car, no CC debt. I got a good job working for the feds (been promoted every year, had two employer-funded moves though) and have been setting aside 15% from right when I graduated college. (Now maxing out the Roth & TSP (401K equivalent for feds) and trying to save $$ for a down payment…I have never bought new furniture unless it came from IKEA. Half of my stuff came from Goodwill or Craigslist. I drive a 1991 S10 Blazer. Don’t get me wrong, being married to someone somewhat financially irresponsible didn’t help me, and I do spend money on things sometimes (I have 2 cats, travel a lot, every couple weeks buy some new shoes or something) so I don’t see myself as very extreme, but I do have very clear priorities and savings is a big one. I’d rather save $5000 then spend $5000 in car payments and depreciation, but drive something newer. It hasn’t broken down yet in 2 yrs! (But I have had to dump some money into it for repairs…. and it’s inconvenient… half the time they don’t even make the parts for the thing anymore)

Like I said…. doable… but you have to choose it.

By: Anonymous

Anonymous — Sun, 15 Aug 2010 23:30:54 +0000

Pfft whats 401k