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Started By
Message
re: A quarter of Americans have no retirement savings. Zero.
Posted on 5/30/26 at 12:35 pm to N2cars
Posted on 5/30/26 at 12:35 pm to N2cars
quote:
I do know a lot of folks with military retirements and I assume that counts as a pension.
Correct. The vast majority of pensions today are government base.
However, it looks like in 2018 they have switched to a blended system which is similar to a 401K plus a slightly reduced pension if you fulfill 20 years of service.
The blended system is nice because it used to be all or nothing from the gov't.
In my opinion we should look at the blended system and its transition as case study for privatizing SS benefits.
This post was edited on 5/30/26 at 12:45 pm
1
Posted on 5/30/26 at 12:53 pm to armytiger96
And, let people totally opt out, while still paying a small amount to cover disability claims (which is an extremely small % now).
Posted on 5/30/26 at 12:58 pm to SouthPlains
quote:
Jimmy Buffett
Been dead for 3 years
Posted on 5/30/26 at 1:01 pm to Slippy
Feel bad for them I’m 42 and already have 170k in retirement
Posted on 5/30/26 at 2:14 pm to soccerfüt
quote:
You work for 45 years and have enough money to coast the rest of your life and someone (who, as a potential heir, has a vested interest in you dying with the most possible assets) tells you that you “should” keep on working.
Hmmm…
If you mean that they retired and went home and sat on the couch for 14 hours a day watching TV, then you should state that they made poor lifestyle choices in their retirement.
That’s understandable
My mom said she quit to take care of her elderly mother (how lived until age 96), thing is she could have kept on working and taken care of her mother at the same time. Her mother lived alone and was on good health until the last couple of weeks of her life. My mom still loves to work in her yard, unfortunately, that doesn't make a person any money.
I tell people all the time that retirement has nothing to do with age, years a person has worked, burnout, etc., it has everything to do with finances.
Posted on 5/30/26 at 2:14 pm to DownshiftAndFloorIt
Yup
But it is mind boggling that I will be paying 13-15% more in taxes for nothing in return. And will still be shite on for not paying enough
But it is mind boggling that I will be paying 13-15% more in taxes for nothing in return. And will still be shite on for not paying enough
Posted on 5/30/26 at 2:20 pm to tigerfoot
quote:
miracle of compounding.
Sniffle, sniffle. Truly a beautiful thing.
Get those youngins taking advantage of it!
My daughter graduated college in 3 yrs (carried 1 yr of credits from HS). She had full time job in would-be Sr year. Puts 10% aside into her 401K starting that year.
Super proud of her! Miracle of compounding indeed.
Let them $ fight like soldiers along side you.
Posted on 5/30/26 at 3:10 pm to Slippy
quote:
A quarter of Americans have no retirement savings. Zero.by SlippyThe
27% of all Americans are under 22 years old, I don’t really expect teenagers to have retirement accounts.
Posted on 5/30/26 at 3:31 pm to Saintsisit
quote:
Sometimes I feel like I'm not doing enough, but I passed 1mill about 2 weeks ago in my 401k. I'm 48 and wish I had more but didn't start my good job until I was 33. I didn't max it out the first 8 or so years but have been since then. I guess looking at this I'm doing ok, then I also will have a decent pension
Congrats! Even if it doesn’t mean as much as it used to, crossing $1million is a great accomplishment.
Your next accomplishment will hopefully come soon, being able to say the word “point” when describing an account balance, as in “One point one million dollars….”
Posted on 5/30/26 at 5:32 pm to Everyday Is Saturday
quote:
Sniffle, sniffle. Truly a beautiful thing.
Get those youngins taking advantage of it!
My daughter graduated college in 3 yrs (carried 1 yr of credits from HS). She had full time job in would-be Sr year. Puts 10% aside into her 401K starting that year.
Super proud of her! Miracle of compounding indeed.
Let them $ fight like soldiers along side you.
That is awesome…Good Job!!!
This post was edited on 5/30/26 at 5:34 pm
Posted on 5/30/26 at 7:28 pm to Slippy
I know a fair number of people that don't have retirement accounts. They do have substantial pension payments from multiple sources.
My best friend is getting military retirement, retirement from being a sheriff in Colorado, and retirement from being a police chief in Ohio. He has a lot of equity in his home and some investment accounts that are not retirement plans.
He never had a job that had a 401K plan, but he is doing very well.
My best friend is getting military retirement, retirement from being a sheriff in Colorado, and retirement from being a police chief in Ohio. He has a lot of equity in his home and some investment accounts that are not retirement plans.
He never had a job that had a 401K plan, but he is doing very well.
Posted on 5/30/26 at 7:57 pm to Allyn McKeen
quote:
from being a sheriff in Colorado, and retirement from being a police chief in Ohio
We need to do away with most govt pensions
Posted on 5/31/26 at 4:20 am to Centinel
quote:
There won't be a national revolt if they instead means test it. Which they will.
If history is any guide, they may use income as a means test, at least initially. If that’s the case, it would seem Roth contributions/conversions may be even more important.
Posted on 5/31/26 at 8:48 am to TDsngumbo
quote:
Reading this makes me feel silly for being so paranoid that I won’t have enough for retirement one day. I’m clearly ahead of the game.
You might be ahead of the game, but I hope you aren’t coming to that conclusion by comparing what you have to the paltry numbers posted in the OP.
We must all remember: 50% of society are essentially worthless. I don’t need them included in any comp numbers to try to determine how I am doing.
Let me see median numbers of minimum college educated professionals with STEM degrees.
Posted on 5/31/26 at 8:53 am to PhiTiger1764
quote:
Let me see median numbers of minimum college educated professionals with STEM degrees.
Why? What they have should have no bearing on what you need in retirement.
As for the discussion, I don’t have a ton in savings or retirement, but I do have a military retirement and associated disability check coming every month. That 401K I’m building should just be fun money.
Posted on 5/31/26 at 9:01 am to cubsfan5150
quote:
Why? What they have should have no bearing on what you need in retirement.
No doubt. But seeing those numbers compared to mine at least would provide an apples to apples comparison.
Telling me the average person has $87k and the average boomer has $200k is misleading. Because, again, 50% of society are basically worthless people with no job/drive/ambition.
Posted on 5/31/26 at 9:06 am to Major Dutch Schaefer
quote:
They think Social Security is their retirement
The people who think there is a vault somewhere full of “their money that they paid in” is astonishing to me. These funds have loooong been converted to government debt and most people have gone through “their money” within the first 5 years of receiving disbursements. Anything after that is welfare.
Posted on 5/31/26 at 9:08 am to TigerBaitOohHaHa
I wish SS would collapse and be dissolved so I can invest my contributions for myself and my family.
ETA: I just looked at my SS estimated benefits and just laughed knowing that it will get a big haircut.
ETA: I just looked at my SS estimated benefits and just laughed knowing that it will get a big haircut.
This post was edited on 5/31/26 at 9:12 am
Posted on 5/31/26 at 9:11 am to MSTiger33
quote:
I wish SS would collapse and be dissolved so I can invest my contributions for myself and my family.
I believe you.
Dave Ramsey probably does not. His followers exist because they would not do the same. And would live under a bridge in their no-go years as a result.
Posted on 5/31/26 at 9:13 am to WG_Dawg
We still have kids on the tit, so there’s that tidbit. $800 a month in car insurance, $400 for cell phones, $800 a month in assistance, on a good month. That cuts into what you put into the ol’ retirement fund. I am still putting away, and it’s healthy.
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