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Started By
Message
re: A quarter of Americans have no retirement savings. Zero.
Posted on 5/29/26 at 7:04 pm to Swamp Frog x
Posted on 5/29/26 at 7:04 pm to Swamp Frog x
quote:
SS going away is nothing more than lies and scare tactics used by politicians to get votes.
I always say this. Why do people accept this statement as truth? Would be a a National revolt.
1
Posted on 5/29/26 at 8:29 pm to Dixie2023
quote:
I’d have rather deposited the theft of my wages into my own retirement account.
Said by every red blooded American that understands the most simplistic principles of finance!
Posted on 5/29/26 at 8:29 pm to Slippy
Sad
Posted on 5/29/26 at 8:31 pm to Everyday Is Saturday
quote:
Net worth includes tradable assets (stocks, bonds, cash/CDs/money mkt, etc) only. Not PV of pension.
Yeah kind of what I figured which is why those articles are basically click bait.
Posted on 5/29/26 at 8:51 pm to Fun Bunch
quote:
Every time I think maybe I'm not doing enough I look at stuff like this and it puts it into perspective that I am doing fine
Just because you’re doing better than most doesn’t mean you’re doing well enough. That’s how I interpret these numbers because I have the same exact thoughts as you
Posted on 5/29/26 at 8:54 pm to Dixie2023
quote:
Nobody should receive SS who didn’t pay in. I learned recently that a spouse who stayed home or didn’t work much is entitled to extra benefits.
A dependent spouse should get back at least all money put into SS by their deceased partner and his/her employer on their behalf.
Posted on 5/30/26 at 6:31 am to Dawgfanman
Agree. Those are funds paid within the marriage.
Posted on 5/30/26 at 6:52 am to HailHailtoMichigan!
quote:
This board loves to blame the system, but at some point you have to acknowledge that individuals are at least partly at fault
I’m old Gen X and it was almost boilerplate language in the 90’s that we should assume no Social Security by the time we retired.
Posted on 5/30/26 at 6:59 am to Slippy
quote:
The median amount of retirement savings across all age groups is $87,000.
I guess all these hundred thousand dollar student loans and healthcare costs are killing retirement savings.
quote:
So I guess the question is.... What are these millions upon millions of people going to do to support themselves when they get old? What happens if social security goes belly up?
They will just get less Social Security benefits or stay working longer to supplement their lower social security earnings.
Posted on 5/30/26 at 7:12 am to dandan
quote:
I can’t imagine the stress levels if you are older and haven’t saved anything. I would guess at some point they say oh well it’s too late.
A lot of the old farts have a disadvantage because many of them are still supporting their kids and having them live in their basement into their 40’s. From a thread on here, I also found out that a lot of old farts are buying their kids a house or at least paying for the down payment on it.
It’s not like the old farts have been irresponsible and not saved because they were spending all of their money for decades on hookers and blow like Charlie Sheen. They have had to pay to support little Johnny and Mary Sue. Now that they are old farts, even though they don’t have much saved, little Johnny and Mary Sue can step up and support them in retirement. This may be why their stress levels aren’t as high as you are suggesting.
Posted on 5/30/26 at 7:37 am to Slippy
quote:
What are these millions upon millions of people going to do to support themselves when they get old?
Inheritance bruh
Posted on 5/30/26 at 7:48 am to Slippy
The US is one of the richest nations on the globe but our education system is sucks! We should be teaching the importance of finance, education, work ethic to children starting at an early age.
When my kids were young I hammered the idea of investing starting early in life. They are appreciative of that education now.
The other day I started in on my grandchildren using smaller numbers they could relate to.
Investing $25 a week starting at age 18 through age 65(47 yrs) at 8% interests/growth = $557,000.
When my kids were young I hammered the idea of investing starting early in life. They are appreciative of that education now.
The other day I started in on my grandchildren using smaller numbers they could relate to.
Investing $25 a week starting at age 18 through age 65(47 yrs) at 8% interests/growth = $557,000.
This post was edited on 5/30/26 at 8:02 am
Posted on 5/30/26 at 8:21 am to Tarps99
quote:
I guess all these hundred thousand dollar student loans and healthcare costs are killing retirement savings.
I think it will have more to do with the luxury lifestyle that many have become accustomed to. $1MM homes, multiple vacations a year, private school tuition, eating out at nice restaurants all the time, extremely nice clothing, etc.
It is my belief and purely antidotal that most of the people living the keeping up with the Jones's lifestyle are not "paying themselves first" and are way behind in retirement savings.
I predict that a significant portion of younger Gen X and older Millennials will work through their golden years and when they can no longer work they will be dependent on their kids.
This post was edited on 5/30/26 at 8:23 am
Posted on 5/30/26 at 8:41 am to Rabt
quote:
We should be teaching the importance of finance, education, work ethic to children starting at an early age.
In my opinion this is the job of the parents not the government and it sounds like you did this as a parent. I believe I have as well; only time will tell.
LA now requires a financial literacy classes but of course its a very basic class that was a combination of common sense and an application of our elementary school education back in the day. There are no time value money principles or dollar cost average strategies presented in this class.
In some ways I do agree with you in that an introductory to finance/accounting class should be part of the core curriculum at the college if not HS level.
Posted on 5/30/26 at 8:43 am to Rabt
quote:
The US is one of the richest nations on the globe but our education system is sucks! We should be teaching the importance of finance, education, work ethic to children starting at an early age.
+1000
Posted on 5/30/26 at 8:46 am to armytiger96
quote:
most of the people living the keeping up with the Jones's lifestyle are not "paying themselves first" and are way behind in retirement savings.
This!
They make 6 and 7 figure wealth destruction decisions in doing so.
The early years are THE most powerful in time value of money. May future generations NOT miss taking advantage of them.
Posted on 5/30/26 at 8:49 am to Everyday Is Saturday
quote:
The early years are THE most powerful in time value of money. May future generations NOT miss taking advantage of them.
Yep and it pisses me off that in my early years I was only allowed to put a max of $2,000 a year in an IRA.
Today those lucky bastards get to put $7,500 into an IRA or $24,500 plus employer match into their 401(K).
This post was edited on 5/30/26 at 9:14 am
Posted on 5/30/26 at 8:50 am to Slippy
quote:
The median for folks aged 65 to 74 is $200,000. Those are your boomers.
To be fair, most of today's 65–74-year-olds spent much of their careers before 401(k)s became common. Many expected to retire with pensions, so comparing their 401(k) balances to younger workers can be a little misleading
Posted on 5/30/26 at 9:11 am to TexasTiger89
quote:
I always say this. Why do people accept this statement as truth? Would be a a National revolt.
There won't be a national revolt if they instead means test it. Which they will.
Your SS contributions will be given to someone else if you have been responsible in any way with your finances in life.
You have a 401k, 403b, IRA, home equity, etc? You will never see a penny of your SS contributions. Your vote really doesn't matter.
This post was edited on 5/30/26 at 9:12 am
Posted on 5/30/26 at 9:16 am to Centinel
quote:
There won't be a national revolt if they instead means test it. Which they will. Your SS contributions will be given to someone else if you have been responsible in any way with your finances in life.
This is my biggest fear and where I think the revolt should happen! Reward dead beats and those that didn't save because they were living the lifestyle while punishing the responsible ones!
Unfortunately, we'll be too old a decrepit to revolt at that point!
This post was edited on 5/30/26 at 9:18 am
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