» Politics and other things

  1. Vitalogy

    Nearly a third, or 31% of U.S. adults said they had no savings or pension to help them afford retirement, according to the Federal Reserve Board.

    Even more alarming: 19% of those very close to retirement age, between the ages of 55 and 64, said they had no savings.

    There's going to be a huge chunk of the population that is in for a rude awakening come retirement. The non-pension, non-401K generation (age 50-65) are cruising towards retirment and will have nothing but Social Security to live off of.

    Posted on August 8, 2014 - 11:33 AM #
  2. oldsalt

    I had no idea there were that many former broadcasters in the general population. :)

    Posted on August 8, 2014 - 12:25 PM #
  3. NoParty

    I believe that if you actually polled every adult in the US it would be way higher than 31%.

    Posted on August 8, 2014 - 10:19 PM #
  4. skeptical

    Damn unions -- if I don't want to save money for retirement, they'll force it down my throat! In my case, twice!

    Posted on August 8, 2014 - 10:59 PM #
  5. Master of Disaster

    From the article: As a result, more than half of these respondents said they planned to either work full-time or part-time during their retirement years.

    Another thread mentioned that unemployment and college debt for younger generations is much higher than before; here's one answer. The jobs they would be taking to gain the experience they need to get better jobs are instead going to those who should be retired because they weren't responsible enough to have retirement savings.

    Posted on August 8, 2014 - 11:46 PM #
  6. Amus

    "...instead going to those who should be retired because they weren't responsible enough to have retirement savings"

    Or, they had a job with a pension with a company that was raided by a Romneyesque Corporate raider that sent their job offshore and pocketed the cash reserves.

    Posted on August 9, 2014 - 05:55 AM #
  7. missing_kskd

    Or, that 401K risk came to pass at just the wrong time.

    Or, perhaps they were unable to save much, due to wages being flat for so many years while their cost and risk exposure increased dramatically.

    Or business went bad. Risk is real. I know somebody working into retirement, and they were responsible people. Corrupt business partners killed their retirement. Working through no fault of their own. And that's shitty.

    Hell, I myself got wiped out recently. My retirement may look very different than it would have been, due to health care policy in effect at the time. I've got time, and am busting ass hoping to get it in place. But stuff could happen!

    To me, another aspect of this is cost. Those people will be a burden on their families, or they will just die quickly. Or, will we put something in place to make it cheaper to live?

    Posted on August 9, 2014 - 08:55 AM #
  8. Andy_brown

    A lot of money and investment value was lost due to two recessions under Dubya (the second of which was the worst since the Great Depression) along with the aforementioned good paying jobs. Many businesses collapsed which has a ripple effect on suppliers of goods and services to those businesses. MOD's comment about "irresponsible" is what is really irresponsible.

    U.S. houselhold wealth lost $16.4 trillion and less than half of that is back on household's balance sheets as of May 2013.

    Posted on August 9, 2014 - 10:56 AM #
  9. NoParty

    And the CONs say that Obummer is bad for America.... CONs hate facts.

    Posted on August 9, 2014 - 01:52 PM #
  10. Broadway

    Many MILLIONS of Americans feel the economy is still sluggish along with the inability to get full time work having multiple part time jobs to make ends meet...big increase.

    Posted on August 9, 2014 - 02:23 PM #