NOT ENOUGH!

[James48843]

Retirement: A third have less than $1,000 put away

Source: USA Today

Retirement: A third have less than $1,000 put away

Nanci Hellmich, USA TODAY 1 p.m. EDT March 18, 2014
Most people aren't trying to figure out how much they'll need in their golden years.


Most people have very little tucked away for retirement, and many aren't even trying to figure out how much they'll need later in life, a new national survey reveals.

About 36% of workers have less than $1,000 in savings and investments that could be used for retirement, not counting their primary residence or defined benefits plans such as traditional pensions, and 60% of workers have less than $25,000, according to a telephone survey of 1,000 workers and 501 retirees from the non-profit Employee Benefit Research Institute and Greenwald and Associates.

Only 44% say they or their spouses have tried to calculate how much money they'll need to save by the time they retire so that they can live comfortably in their golden years, the survey shows. Workers who have done calculations on what they need to save tend to have higher levels of savings than those who haven't crunched the numbers.

"There's an incredible difference between those lucky enough to have a retirement plan and those who don't," says Jack VanDerhei, the institute's research director and co-author of the 2014 Retirement Confidence Survey. "What's really striking is that 73% of those without a retirement plan, such as an IRA, 401(k) or 403(b), have less than $1,000 in savings and investments."


Read more: http://www.usatoday.com/story/money/personalfinance/2014/03/18/retirement-confidence-survey- (http://www.usatoday.com/story/money/personalfinance/2014/03/18/retirement-confidence-survey-savings/6432241/)

[nnuut]

It will be OK, NANNY will take care of them, and you too!27655

[BichonFreeze]

It'd be interesting to see the age breakouts for those respondents, as well as asking if individuals think they will ever retire. At 26, I'm saving for retirement, but really don't think I'll ever be able to.

[Cactus]

Yes, these kind of stats really need to be broken out by age group but rarely are. :(

I did see a stat in last months AARP magazine that claimed 36% of those aged 55+ have less than $10,000 in savings & investments. They didn't quote their source so I was rather suspect of the number but it appears in line with the figures quoted here.

[PLANO]

Too many sheep, daydreaming, planning their lives around watching American Idol and Walking Dead and assuming somebody (government via our tax dollars) will be there to pay their bills later in life. They'll vote it in to be sure they are taken care of.



A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves money from the Public Treasury. From that moment on, the majority always votes for the candidate promising the most benefits from the Public Treasury with the result that a democracy always collapses over loose fiscal policy always followed by dictatorship.

- Alexander Fraser Tyler,'The Decline and Fall of the Athenian Republic'.

[Frixxxx]

Too many sheep, daydreaming, planning their lives around watching American Idol and Walking Dead and assuming somebody (government via our tax dollars) will be there to pay their bills later in life. They'll vote it in to be sure they are taken care of.



A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves money from the Public Treasury. From that moment on, the majority always votes for the candidate promising the most benefits from the Public Treasury with the result that a democracy always collapses over loose fiscal policy always followed by dictatorship.

- Alexander Fraser Tyler,'The Decline and Fall of the Athenian Republic'.

You need to add the rest of that quote:

The average age of the world's greatest civilizations has been 200 years. These nations have progressed through this sequence: From bondage to spiritual faith; From spiritual faith to great courage; From courage to liberty; From liberty to abundance; From abundance to selfishness; From selfishness to apathy; From apathy to dependence; From dependence back into bondage.”
― Alexander Fraser Tytler (http://www.tsptalk.com/author/show/5451872.Alexander_Fraser_Tytler)

[Cactus]

Wow, isn't that a cheery thought. :sick: Maybe those folks think they only need to save enough for a 9mm round in retirement because who wants to live in a world like that. :blink:

[James48843]

You need to add the rest of that quote:

The average age of the world's greatest civilizations has been 200 years. These nations have progressed through this sequence: From bondage to spiritual faith; From spiritual faith to great courage; From courage to liberty; From liberty to abundance; From abundance to selfishness; From selfishness to apathy; From apathy to dependence; From dependence back into bondage.”
― Alexander Fraser Tytler (http://www.tsptalk.com/author/show/5451872.Alexander_Fraser_Tytler)

You guys can believe ANYTHING YOU WANT. It's a free country.

Besides- it must be true- 'cause I read it on the internets.

The Truth About Tytler (http://www.lorencollins.net/tytler.html)

[tsptalk]

Besides- it must be true- 'cause I read it on the internets.

The Truth About Tytler (http://www.lorencollins.net/tytler.html)

And where does your USA Today story fall in that theory?

("Internets." Was that a typo or part of the joke, because that is funny.) :laugh:

[Minnow]

http://24.media.tumblr.com/tumblr_lzf83hub6V1qczjobo1_400.jpg

[nnuut]

I really don't care who wrote it or why, look back through history and it is an old story and has happened many times over.

[JTH]

None of this is important, nothing to see here, move along, wait! We need to save Ukraine!!!

Ukraine Got Talent

NWPF www.youtube.com/watch?v=c9FS1bxaGTg (http://www.youtube.com/watch?v=c9FS1bxaGTg)

[Frixxxx]

You guys can believe ANYTHING YOU WANT. It's a free country.

Besides- it must be true- 'cause I read it on the internets.

The Truth About Tytler (http://www.lorencollins.net/tytler.html)

Cool, then you can quote me as the author :P

[Buster]

Too many sheep, daydreaming, planning their lives around watching American Idol and Walking Dead.
Hey Mr watch it!..I watch those two shows along with Breaking Bad reruns...that's a pretty stereotypical assumption...Nobody pays my way..I'm still working after my retirement, to pay taxes so you can get a paycheck....works both ways...what do youi watch..the Drudge Report?...LOL

[Sensei]

I'll make a true confession: I never thought about how much I'd saved for retirement until I was about 35. And it wasn't because I was wasting time watching fluffy TV shows or drinking with my buddies at the bar. It's because I was too focused on the here and now, working my azz off in whatever job I was doing, plus going to school most nights to get a degree that would land me a better job. It didn't help that for several of those years I was teaching in California, where the CalSTRS pension alone is supposedly enough to retire on. (Who knows if that will continue to be true 25-30 years from now?) It wasn't until I came to federal service, and the lousy FERS pension, that I had to start thinking about what would become of me when I wanted to call it quits. Turns out, I think learning to manage my own money is a very valuable life lesson, and I hope to do better than the CalSTRS pension when all is said and done. I just don't think everyone should be too quick to judge all those who are unprepared. Like life, it's all a process.