Same old story. Get ready to spread the wealth...
Most older Americans fall short on retirement savings
"A new GAO analysis finds that among households with members aged 55 or older, nearly 29 percent have neither retirement savings nor a traditional pension plan."
http://www.cnbc.com/id/102729377
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
Yeah, wages have been down, but you'd be surprised how many people I talk to or get introduced to - outside the gov't - who find out what I do (with this site) and say, yeah I should really start doing something. I'm talking 40 and 50 years olds who spend the weekend snowmobiling and playing golf. They are just ignorant. They say they are going to contact me and ask about it, but they never (rarely) do.
Retirement planning should be a mandatory class in high school.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
I couldn't agree more! I can't stand watching my daughter and her husband "struggle" while throwing money away stupidly! I constantly tell them. "you need to save for their retirement, even if it is only 1%, you can keep building on that." But WTH to I know, I'm only 54, and couldn't possibly have a clue!
Life choices. Obviously earning a low wage makes retirement savings growth a slow process, especially if you wait until later in life. However making a good salary does not guarantee anything.
I know lots of folks who make a better than average living and at around my age have nothing but good times to show for it.
In Dog Beers I've only had two.
[COLOR=#0000ff][FONT=comic sans ms][I]"In the land of idiots, the moron is King."--Unknown[/I][/FONT][/COLOR]
It takes discipline to save regardless of your financial make-up.
We are talking over 55 and ZERO savings. Of course there are variables that are not described in the article. Numerous job losses, poor extended family counting on you for support, tragedy etc.
In Dog Beers I've only had two.
Right...and one of the main ones probably being health issues. But we can only speculate.
Even so, I agree with you in speculating that the majority of these cases are due to ignorance. Like Tom mentioned, it should be taught in High School.
(I just wanted to be fair and note for the record that there are possibly 'legitimate' reasons a 55 year old can be in this scenario--however unlikely.)
[COLOR=#0000ff][FONT=comic sans ms][I]"In the land of idiots, the moron is King."--Unknown[/I][/FONT][/COLOR]
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