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re: One in four Americans has more debt than savings
Posted on 2/22/12 at 3:34 pm to Will Cover
Posted on 2/22/12 at 3:34 pm to Will Cover
Well thats a misleading title.
0
Posted on 2/22/12 at 3:40 pm to SG_Geaux
Over 90% of the US population retires with under $50K in personal savings. The problem only begins to rear its ugly head during the working years...
Posted on 2/22/12 at 3:49 pm to iknowmorethanyou
quote:
Over 90% of the US population retires with under $50K in personal savings
Posted on 2/22/12 at 3:49 pm to iknowmorethanyou
quote:
Over 90% of the US population retires with under $50K in personal savings. The problem only begins to rear its ugly head during the working years...
What scares me is what's going to happen to the few of us that properly prepare for retirement? Will it just be redistributed at some point?
Posted on 2/22/12 at 3:54 pm to CoolHand
quote:
What scares me is what's going to happen to the few of us that properly prepare for retirement? Will it just be redistributed at some point?
Why would it scare you if you do it right? It makes me feel safe knowing I'm doing what I need to do.
Posted on 2/22/12 at 4:05 pm to wegotdatwood
quote:
Why would it scare you if you do it right? It makes me feel safe knowing I'm doing what I need to do.
Because doing the right thing doesn't always mean you are rewarded for it. especially when dealing with the government.
Posted on 2/22/12 at 4:28 pm to Will Cover
OK, it's time for me to tell my Lucy story for the newer posters who haven't heard it.
Lucy and I were both divorced and single for 3 years when we met and we were dating back around 1995. I went to her house to clean up and saw bills on her dining room table. One was a Visa card bill for 28K.
Me: What did you buy for 28K?
Her: My new Eclipse. Isn't it a nice car?
Me: Yes, but at the rate you're paying it off you'll be spending 100K.
Her: What should I do?
I walked her to the bank and took out a conventional loan at 6 percent. She paid it off in two years. We've been married for 17 years. She lets me handle the money.
Lucy and I were both divorced and single for 3 years when we met and we were dating back around 1995. I went to her house to clean up and saw bills on her dining room table. One was a Visa card bill for 28K.
Me: What did you buy for 28K?
Her: My new Eclipse. Isn't it a nice car?
Me: Yes, but at the rate you're paying it off you'll be spending 100K.
Her: What should I do?
I walked her to the bank and took out a conventional loan at 6 percent. She paid it off in two years. We've been married for 17 years. She lets me handle the money.
Posted on 2/22/12 at 4:49 pm to Zach
quote:
She lets me handle the money.
And, apparently, clean the house:
quote:
I went to her house to clean up
Posted on 2/23/12 at 10:01 am to SlowFlowPro
Yeah the title wasn't shocking...considering mortgages or student loans.
Credit card debt is another story. That is pretty horrible. I wish good luck on people with that kind of trouble.
Credit card debt is another story. That is pretty horrible. I wish good luck on people with that kind of trouble.
Posted on 2/23/12 at 10:38 am to dewster
The problem with people today is they want everything, but can't afford it. I know people driving nice cars, always having new clothes, carrying I phones, etc., but are two months behind on the house note, water and electricity bill, and are still planning expensive vacations. Sooner or later, they need to wake up and realize you can't get everything you want without paying for it in the long run.
Posted on 2/23/12 at 10:52 am to TIGERSby10
quote:
"It's only when the tide goes out that you learn who's been swimming naked" -Buffett
I saw this a lot about 3-4 years ago. Made my wife appreciate my tightwad self. She didn't understand how our friends could afford so much until then.
Posted on 2/23/12 at 12:16 pm to CoolHand
Yes on redistribution. We'll likely see Social Security Retirement become means tested as well as certain private retirement income sources taxed to the hilt in order to narrow the gap at some point. It's frightening to seniors, yet preventable if the right folks are elected (hard to tell who's right these days).
Posted on 2/23/12 at 12:37 pm to iknowmorethanyou
quote:
Over 90% of the US population retires with under $50K in personal savings.
Does this count people with defined benefit pension plans? Because those people were basically encouraged to retire with zero savings, and assuming the pension doesn't go tits up it's not really a problem for them.
Posted on 2/23/12 at 1:04 pm to Cold Cous Cous
I'm not familiar with all of the data involved in the stat, so maybe they are included. However, alot of the pensions are getting squeezed and relying of PBGC for help. I wouldn't want all my eggs in that basket either.
Posted on 2/23/12 at 1:16 pm to wegotdatwood
quote:
I'm 23 with 5500 in a roth, have about 10k in checking and no real job yet
If you don't mind me asking, how do you have so much saved with no real job? I'm assuming you just put everything you get into the bank and have very little expenses?
Posted on 2/23/12 at 1:28 pm to iknowmorethanyou
quote:
However, alot of the pensions are getting squeezed and relying of PBGC for help.
Can you elaborate/link to something specific here?
Posted on 2/23/12 at 1:35 pm to kfizzle85
I'll research source articles as I have more time. I can't say that pension underfunding is running rampant, nor is it truly an isolated occurence either.
Posted on 2/23/12 at 1:59 pm to TIGERSby10
quote:
The problem with people today is they want everything, but can't afford it. I know people driving nice cars, always having new clothes, carrying I phones, etc., but are two months behind on the house note, water and electricity bill, and are still planning expensive vacations.
There is another factor. Some of these people are just confused by the concept of finance. I've known people who made good salaries who were always living in heavy debt. I've discussed financial issues with many of them. The best way I can describe their mindset is that talking to them about money is like talking Latin to me. They don't understand the language and have no desire to learn.
Posted on 2/23/12 at 2:47 pm to iknowmorethanyou
quote:
May 27, 2010, 8:16 p.m. EDT
When you said "relying on the PBGC for help" I took that to mean they were getting funding from them as I'm not sure how else to take that comment. The reason I asked further is that as far as I'm aware, unless they get wiped in a bk they don't get any money from being underfunded, they just get told to true it up when things get way out of whack (you know, to avoid precisely that). So if there's pensions getting bailed out by the PBGC pre-bk I'd like to know about it as I've not seen or heard of that happening.
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