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Started By
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42% of Americans are at risk of retiring broke
Posted on 3/6/18 at 2:02 pm
Posted on 3/6/18 at 2:02 pm
quote:
About 42 percent of Americans have less than $10,000 saved for when they retire, according to a study by GoBankingRates released Tuesday.
The No. 1 reason most people cited for not stashing more away was because they didn't earn enough to save, followed by the fact that they were already struggling to pay bills, GoBankRates said.
LINK
They really need that F250 though...
This post was edited on 3/6/18 at 2:04 pm
22
Posted on 3/6/18 at 2:04 pm to OleWarSkuleAlum
People care about appearances too much and they'll do whatever it takes to gain that image they want.
Posted on 3/6/18 at 2:10 pm to OleWarSkuleAlum
quote:
The No. 1 reason most people cited for not stashing more away was because they didn't earn enough to save
If you ever read “The Millionaire Next Door” you will know that is absolutely a false statement.
Posted on 3/6/18 at 2:12 pm to OleWarSkuleAlum
quote:
The No. 1 reason most people cited for not stashing more away was because they didn't earn enough to save
Posted on 3/6/18 at 2:29 pm to OleWarSkuleAlum
Not me. I'll be a crypto millionaire
Hopefully
Hopefully
Posted on 3/6/18 at 2:32 pm to dawg4lyfe
quote:
Not me. I'll be a crypto millionaire
Stack that VET!
Posted on 3/6/18 at 2:37 pm to OleWarSkuleAlum
I have some. Also have NEBL, LINK, ICX, and EVX. Looking to add some NAV and OMG with my next paycheck
Posted on 3/6/18 at 2:38 pm to tiggerthetooth
quote:
People care about appearances too much and they'll do whatever it takes to gain that image they want.
I once worked a summer in a small town bank in the 70s. Most people then invested in bank CDs, and financed their houses and cars through the local bank so it was easy to get a pretty clear picture of someone's finances. I learned that a lot of the people in the town that were assumed to be well off because of where they lived and the cars they drove didn't really have any money. .
Posted on 3/6/18 at 2:50 pm to EA6B
People need to invest in their 401k or start a Roth IRA and keep up with that. Even putting away $100.00 a paycheck can add up
Posted on 3/6/18 at 3:05 pm to OleWarSkuleAlum
People don’t want to hurt their heads and take an hour to come up with a budget and money/life goals.
Posted on 3/6/18 at 3:17 pm to OleWarSkuleAlum
The American Dream..... Spend it as fast (and some faster) then they make it.....
I constantly ask myself how other people around me are always taking vacations, getting new vehicles, and have a bigger house, and always the newest tech device.
Then i wonder if they are saving anything for retirement...
This article is just more proof that most must not be...
I constantly ask myself how other people around me are always taking vacations, getting new vehicles, and have a bigger house, and always the newest tech device.
Then i wonder if they are saving anything for retirement...
This article is just more proof that most must not be...
Posted on 3/6/18 at 3:39 pm to tigeraddict
quote:
I constantly ask myself how other people around me are always taking vacations, getting new vehicles, and have a bigger house, and always the newest tech device.
Then i wonder if they are saving anything for retirement
Same, and social media makes it worse, putting all those new shiny things out there for all to see and spurring the need for people to keep up with the Joneses.
What bothers me is that with the retirement crisis looming and the government's past history of bailing out people/corporations from their poor decisions, am I going to look back and think that I was the sucker for saving responsibly and not opting for instant gratification?
Posted on 3/6/18 at 3:59 pm to OleWarSkuleAlum
These articles are getting more frequent. One thing I never understand is why would they retire if they are broke? Wouldn’t they just keep working?
If the alternative is you lose your home, you need to keep working, right? You don’t just still retire because you are at retirement age.
If the alternative is you lose your home, you need to keep working, right? You don’t just still retire because you are at retirement age.
This post was edited on 3/6/18 at 4:10 pm
Posted on 3/6/18 at 4:14 pm to PhiTiger1764
quote:
These articles are getting more frequent. One thing I never understand is why would they retire if they are broke? Wouldn’t they just keep working?
Often it is not your choice, a lot of the people I know that are retired from corporations would have preferred to keep working, but they were shown the door due to downsizing. Some had valuable skills that enable them to do consulting, but most did not, and it is very hard to find a job similar in pay when in your 60s. Also, your health can fail you leave you unable to do the job you have been doing for most of your life.
Posted on 3/6/18 at 8:03 pm to tigeraddict
quote:
I constantly ask myself how other people around me are always taking vacations, getting new vehicles, and have a bigger house, and always the newest tech device.
A friend of mine that confided in me that he had to put Christmas on credit cards told me last week he was taking off spring break and taking his family to Breckenridge.
I have no idea how they are doing it.
Posted on 3/6/18 at 8:03 pm to EA6B
quote:
Often it is not your choice, a lot of the people I know that are retired from corporations would have preferred to keep working, but they were shown the door due to downsizing. Some had valuable skills that enable them to do consulting, but most did not, and it is very hard to find a job similar in pay when in your 60s. Also, your health can fail you leave you unable to do the job you have been doing for most of your life.
Having to work into your 60's to cover basics due to necessity is the payment required for a lifetime of bad choices, nothing in life is free.
Posted on 3/6/18 at 8:05 pm to OleWarSkuleAlum
quote:
42% of Americans are at risk of retiring broke
by OleWarSkuleAlum
Not me. I have 10,000 VEN
Posted on 3/6/18 at 8:07 pm to PhiTiger1764
quote:
These articles are getting more frequent. One thing I never understand is why would they retire if they are broke? Wouldn’t they just keep working?
If the alternative is you lose your home, you need to keep working, right? You don’t just still retire because you are at retirement age.
A professor colleague of mine - him and I make up 2/3 of the conservatives at my school - opined that the crisis of the Baby Boomers not having the resources to retire + the Millennials not having the skillset needed due to extended adolescence will be what brings about socialism in the USA.
Pointed to Bernie and said Bernie is just the beginning. It won't be him. It will be much worse.
Posted on 3/6/18 at 9:02 pm to anc
quote:
A professor colleague of mine - him and I make up 2/3 of the conservatives at my school - opined that the crisis of the Baby Boomers not having the resources to retire + the Millennials not having the skillset needed due to extended adolescence will be what brings about socialism in the USA.
Us Gen Xers will keep it going for a couple of more decades, but after we are done?
Posted on 3/6/18 at 9:59 pm to leoj
quote:
take an hour to come up with a budget and money/life goals.
yeah that usually takes a bit more than an hour
But I get what you're saying
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