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Started By
Message
re: A quarter of Americans have no retirement savings. Zero.
Posted on 5/28/26 at 8:12 am to NC_Tigah
Posted on 5/28/26 at 8:12 am to NC_Tigah
quote:
insists nearly 20% of US households are worth at least $1 Million.
Yeah, this is a lot of old boomers with scads of home equity pulling this one up.
Which would you rather have? A $800k paid for house and $200k in investable assets a $200k paid for house and $800k in investable assets?
Both of those are $1m net worth. The latter is going to be doing a lot better, day-to-day, week-to-week than the former (but other things like SS and pensions, annuities, etc, might even them out).
0
Posted on 5/28/26 at 8:13 am to OlGrandad
quote:
I think of this every time I go to a store and see an elderly white haired widow working
Be generous in your assumptions. For some people, continuing to work isn’t purely financial—it’s routine, purpose, social interaction, and a reason to get out each day. Not everyone wants retirement to mean sitting at home.
Posted on 5/28/26 at 8:33 am to Slippy
My mom is 70 and a widow(my dad passed last year). My dad had enough life insurance just to bury him. She gets $900/month social security and a retirement check from the school board of about $600. Thankfully, no mortgage and no bills besides the usual insurance, electric. No other savings.
Posted on 5/28/26 at 9:03 am to sledgehammer
quote:
It sounds like everyone posting in this thread is financially prudent and saving for later in life. Would anyone financially support a friend or family member who doesn’t save but lives their best life now? I’m talking taking trips, cruising, eating out, driving expensive vehicles and living a life they can’t afford. What happens when they call you up in 25 years around retirement knowing you have money and they don’t?
Did they help you when they were living their best life while you were scrimping and saving?
Posted on 5/28/26 at 9:28 am to Jenious
quote:
My mom is 70 and a widow(my dad passed last year). My dad had enough life insurance just to bury him. She gets $900/month social security and a retirement check from the school board of about $600. Thankfully, no mortgage and no bills besides the usual insurance, electric. No other savings.
Sounds like your dad didn’t prepare to take care of his wife in her elder years. I’ve taken care of mine.
Posted on 5/28/26 at 9:30 am to BOSCEAUX
Same here. Been with the same company for 21 years. Up to 16% per check with a 7% match. Increase contribution by 1% annually. Not planning on working until I'm 65.
Posted on 5/28/26 at 9:30 am to UptownJoeBrown
quote:
I’ve taken care of mine.
always joke to my wife that I'm worth a lot more dead to her than I am alive, she has no idea of how much we have stashed away for "retirement," whatever tf that means, but she'll be just fine, I just hope she doesn't give it all to Jody
Posted on 5/28/26 at 9:56 am to UptownJoeBrown
quote:
Sounds like your dad didn’t prepare to take care of his wife in her elder years
We were one of those families that barely got by. We survived on $400/month until 1992 when he decided to stop working for cash. He made good money at that job but only worked the for about 8 years and used those savings to start his small business and it was something he loved doing but he made just enough to pay the bills with very little extra. No retirement, no 401k, no savings.
Posted on 5/28/26 at 10:08 am to Jenious
quote:
We were one of those families that barely got by. We survived on $400/month until 1992 when he decided to stop working for cash. He made good money at that job but only worked the for about 8 years and used those savings to start his small business and it was something he loved doing but he made just enough to pay the bills with very little extra. No retirement, no 401k, no savings.
Like I said, he didn’t prepare for his wife. Thanks for proving my point.
Posted on 5/28/26 at 10:09 am to Grinder
quote:
Being forced to participate in Social Security is actually the best way forward. If people were allowed to opt-out, then they will not participate in anything and save zero dollars
I agree, I don’t think people should be able to opt out. The money YOU put into social security SHOULD come back to yourself.
Much like a government backed bond at a 5ish percent return. 45 years of contributions at nearly any contribution level would be enough to maintain your current lifestyle.
Posted on 5/28/26 at 10:11 am to UptownJoeBrown
quote:
Sounds like your dad didn’t prepare to take care of his wife in her elder years.
My BIL died 4 years ago. He was a programmer for Toyota the last 20 years he worked, and he made good money, they had nice cars, he had a woodworking and metalworking hobby with a shed full of materials.
After he died, I found out that he basically spent every penny they made on this type of stuff, and he died with no savings. Luckily their house was paid for and my sister is collecting his SS and it's enough for her to live, but I'm still bitter towards him for not considering her and what would happen to her after he died.
Posted on 5/28/26 at 10:13 am to kywildcatfanone
quote:
I'm still bitter towards him for not considering her and what would happen to her after he died.
she was sort of a willing participant in that
Posted on 5/28/26 at 10:14 am to kywildcatfanone
quote:
I'm still bitter towards him for not considering her and what would happen to her after he died.
Similar experience here. A close friend of mine died Recently. Soon after a gofundme link was sent my way. My first thought: WTF? You didn’t have life insurance? He was married with a child. He didn’t think about what can happened tomorrow?
Posted on 5/28/26 at 10:16 am to UptownJoeBrown
quote:
Like I said, he didn’t prepare for his wife. Thanks for proving my point.
Gold star for you!
Posted on 5/28/26 at 10:47 am to BayouNation
No, this one doesn’t apply to me. Purely hypothetical.
Posted on 5/28/26 at 11:13 am to NC_Tigah
quote:
E.g., Juxtapose the 4.7% contention with that which, according to the Federal Reserve's 2022 survey, insists nearly 20% of US households are worth at least $1 Million.
Many of those millionaires are due to house equity. If we're talking "liquid millionaires" (stocks/bonds/cash) then there is only 1-2% of individuals who meet that criteria in the US.
Posted on 5/28/26 at 11:22 am to 777Tiger
quote:
I'm worth a lot more dead to her than I am alive,
This was me before retirement
Since retirement, showed her the widow tax.
All is right again.
Posted on 5/28/26 at 11:30 am to soccerfüt
quote:
63 years old.
Sounds like his plan worked a charm. He didn’t save and he didn’t need to retire.
I’m saving a crap ton of money and it would suck to die 20+ years before I’d expect to.
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