Page 1 of 3 123 LastLast
Results 1 to 12 of 27

Thread: Many Americans over 55 have zero retirement savings

  1. #1

    Default Many Americans over 55 have zero retirement savings

    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.


  2.  
  3. #2

    Default Re: Many Americans over 55 have zero retirement savings

    Quote Originally Posted by tsptalk View Post
    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
    Dumbfounding. Are they counting on SS?
    Is today Saturday again?

  4.  
  5. #3

    Default Re: Many Americans over 55 have zero retirement savings

    Quote Originally Posted by jkenjohnson View Post
    Dumbfounding. Are they counting on SS?
    no, they are counting on you expiring before you can utilize all your loot and then taxing it back into the collective.
    100g

  6.  
  7. #4

    Join Date
    Jan 2014
    Posts
    7,885
    Blog Entries
    10

    Default Re: Many Americans over 55 have zero retirement savings

    Quote Originally Posted by jkenjohnson View Post
    Dumbfounding. Are they counting on SS?
    Maybe don't/didn't make 'enough' per paycheck to save.
    [COLOR=#0000ff][FONT=comic sans ms][I]"In the land of idiots, the moron is King."--Unknown[/I][/FONT][/COLOR]

  8.  
  9. #5

    Default Re: Many Americans over 55 have zero retirement savings

    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.

  10.  
  11. #6

    Join Date
    Jan 2014
    Posts
    7,885
    Blog Entries
    10

    Default Re: Many Americans over 55 have zero retirement savings

    Quote Originally Posted by tsptalk View Post
    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.
    40/50 is the new 20/30 year old.
    [COLOR=#0000ff][FONT=comic sans ms][I]"In the land of idiots, the moron is King."--Unknown[/I][/FONT][/COLOR]

  12.  
  13. #7

    Join Date
    Feb 2011
    Location
    Southeastern VA
    Posts
    236

    Default Re: Many Americans over 55 have zero retirement savings

    Quote Originally Posted by tsptalk View Post
    Retirement planning should be a mandatory class in high school.
    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!

  14.  
  15. #8

    Join Date
    Sep 2008
    Location
    Kentucky
    Posts
    5,260

    Default Re: Many Americans over 55 have zero retirement savings

    Quote Originally Posted by jkenjohnson View Post
    Dumbfounding. Are they counting on SS?
    You're Not?
    In Dog Beers I've only had two.

  16.  
  17. #9

    Join Date
    Sep 2008
    Location
    Kentucky
    Posts
    5,260

    Default Re: Many Americans over 55 have zero retirement savings

    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.


  18.  
  19. #10

    Join Date
    Jan 2014
    Posts
    7,885
    Blog Entries
    10

    Default Re: Many Americans over 55 have zero retirement savings

    Quote Originally Posted by WorkFE View Post
    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.
    Exactly. But those making a good salary are more likely to have only themselves to blame for a lack of savings than those making minimum wages.
    [COLOR=#0000ff][FONT=comic sans ms][I]"In the land of idiots, the moron is King."--Unknown[/I][/FONT][/COLOR]

  20.  
  21. #11

    Join Date
    Sep 2008
    Location
    Kentucky
    Posts
    5,260

    Default Re: Many Americans over 55 have zero retirement savings

    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.

  22.  
  23. #12

    Join Date
    Jan 2014
    Posts
    7,885
    Blog Entries
    10

    Default Re: Many Americans over 55 have zero retirement savings

    Quote Originally Posted by WorkFE View Post
    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.
    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]

  24.  
Page 1 of 3 123 LastLast

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
S&P500 (C Fund) (delayed)
Many Americans over 55 have zero retirement savings
(Stockcharts.com Real-time)
DWCPF (S Fund) (delayed)
Many Americans over 55 have zero retirement savings
(Stockcharts.com Real-time)
EFA (I Fund) (delayed)
Many Americans over 55 have zero retirement savings
(Stockcharts.com Real-time)
BND (F Fund) (delayed)
Many Americans over 55 have zero retirement savings
(Stockcharts.com Real-time)

Yahoo Finance Realtime TSP Fund Tracking Index Quotes