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Almost a Third of Those with Savings Have Less Than $1,000 for Retirement
"Study after study shows that Americans are not saving for retirement like they should, and a new survey finds that nearly one third of people who have some sort of savings plan have amassed less than $1,000 for retirement."
Almost a Third of Savers Have Banked Less Than $1,000 for Retirement
Looks like Social Security may become their main source of retirement. Hope they still have it after the baby boomer effect.:worried:Quote:
Originally Posted by tsptalk
Just find this amazing. And many also have no pension system.
Consider a mid30-something couple, one spouse's second marriage, 2 children from first marriage. Remarried, third child with new spouse, preschool still.
New spouse didn't land halfway decent paying job, full time, til mid20s, no benefits, just hours, hours began getting consistently cut back and cut back and cut back (pre-marriage), had to change jobs 2-3 times including stints at bigbox store, and Walmart, for a handful of years to try to regain hours and some semblance of benefits. He gets sick, lands in hospital, no insurance, tells them he has no money to cover a bunch of tests they want to run, they run the tests anyway, he gets the bill, can't pay, has to declare bankruptcy.
A little later, met future spouse, love of his life, got married, he's now covered under her health insurance, so is any child they have together. She works fulltime at exhausting lower-paying job but with benefits and pension, he just works full time decent job, no benefits. Within a year or 2 of marriage, they have child together. Stable marriage, 3 kids, no welfare, still apartment living, saving for first house, barely making ends meet while trying to save for bigger living space. Hers is a state pension, living in state capitol, they need the benefits her job provides. They worry about money every month for bills, still trying to save, have set goals and timelines. Still a ways away, meanwhile home prices going back up again, but pay is not. will they ever get to move out of an apartment? maybe. retire? Her pension, fortunately she just landed a higher paying job in her same office. still mid30s. And that's one of the better lower middle-class scenarios in this day and age for a young married couple.
I would love to repost this scenario on my FB page, it is a wake up call for many young people today...Quote:
Originally Posted by alevin
Since when is a $1000 dollars considered saving?
I'd draw the line at 50% of current salary.....
That doesn't even cover the emergency fund of one year's salary......
Scary.
Did you guys watch the video? Whoever made it doesn't even know the difference between a Less than (<) and Greater than (>) sign.
The video didn't pop up the first time I read the article.......Nice catch KK! I had a giggle this morning!Quote:
Originally Posted by k0nkuzh0n