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OleWarSkuleAlum
Texas Fan
Member since Dec 2013
5033 posts

This Is What Life Without Retirement Savings Looks Like
quote:

More and more older people are finding themselves in a similar situation as Baby Boomers reach retirement age without enough savings and as housing costs and medical expenses rise; for instance, a woman in her 80s is paying on average $8,400 in out-of-pocket medical expenses each year, even if she’s covered by Medicare. Many people reaching retirement age don’t have the pensions that lots of workers in previous generations did, and often have not put enough money into their 401(k)s to live off of; the median savings in a 401(k) plan for people between the ages of 55 and 64 is currently just $15,000, according to the National Institute on Retirement Security, a nonprofit. Other workers did not have access to a retirement plan through their employer.

That means that as people reach their mid-60s, they either have to dramatically curtail their spending or keep working to survive. “This will be the first time that we have a lot of people who find themselves downwardly mobile as they grow older,” Diane Oakley, the executive director of the National Institute on Retirement Security, told me. “They’re going to go from being near poor to poor.”

The problem is growing as more Baby Boomers reach retirement age—between 8,000 to 10,000 Americans turn 65 every day, according to Kevin Prindiville, the executive director of Justice in Aging, a nonprofit that addresses senior poverty. Older Americans were the only demographic for whom poverty rates increased in a statistically significant way between 2015 and 2016, according to Census Bureau data. While poverty fell among people 18 and under and people 18 to 64 between 2015 and 2016, it rose to 14.5 percent for people over 65, according to the Census Bureau’s Supplemental Poverty Measure, which is considered a more accurate measure of poverty because it takes into account health-care costs and other big expenses. “In the early decades of our work, we were serving communities that had been poor when they were younger,” Prindiville told me. “Increasingly, we’re seeing folks who are becoming poor for the first time in old age.”


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Good frick EM! They deserve to be poor in old age when they decided to rack up debt for their exorbitant homes, cars, etc. Zero sympathy from me.



notiger1997
Metairie
Member since May 2009
38277 posts

re: This Is What Life Without Retirement Savings Looks Like
quote:

Good frick EM!


Man what a heart warming post by you.
This post was edited on 2/22 at 9:04 pm


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1707
Huey Lewis
LSU Fan
BR
Member since Oct 2013
2255 posts

re: This Is What Life Without Retirement Savings Looks Like
quote:

Good frick EM! They deserve to be poor in old age when they decided to rack up debt for their exorbitant homes, cars, etc. Zero sympathy from me.


How can you expect people to adequately prepare for something when they only have 40 years to do it, you heartless bastard?


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9912
Winston Cup
Money$zn Fan
Member since May 2016
20586 posts

re: This Is What Life Without Retirement Savings Looks Like
I’m triangulating your location to come kick your arse Sunday morning when you mow your lawn


fallguy_1978
LSU Fan
Half mile from St George
Member since Feb 2018
5355 posts

re: This Is What Life Without Retirement Savings Looks Like
There are plenty of millennials on here that live in 350k houses on 85k income.


East Coast Band
Alabama Fan
Member since Nov 2010
33037 posts

re: This Is What Life Without Retirement Savings Looks Like
quote:

They deserve to be poor in old age when they decided to rack up debt for their exorbitant homes, cars, etc. Zero sympathy from me.

So, what are you doing that won't put yourself in the same predicament come your retirement time?


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210
gamatt53
Georgia Fan
Member since Nov 2010
3969 posts

re: This Is What Life Without Retirement Savings Looks Like
I’ll be sure to send those poor old fricks my thoughts and prayers.


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79
soccerfüt
Western Carolina Fan
aka Sen. Lincoln Fillmore
Member since May 2013
29475 posts

re: This Is What Life Without Retirement Savings Looks Like
quote:

the median savings in a 401(k) plan for people between the ages of 55 and 64 is currently just $15,000

Image: https://media1.giphy.com/media/26AHGs2h344KUHrSo/giphy.gif


DCtiger1
LSU Fan
Pensacola Beach
Member since Jul 2009
3128 posts

re: This Is What Life Without Retirement Savings Looks Like
quote:

the median savings in a 401(k) plan for people between the ages of 55 and 64 is currently just $15,000


An entry level employee could have that stashed away by just contributing the max company match for a few years. That’s just crazy to me.


Bunk Moreland
Michigan Fan
Detroit, MI.
Member since Dec 2010
21449 posts

re: This Is What Life Without Retirement Savings Looks Like


Antonio Moss
LSU Fan
Baton Rouge
Member since Mar 2006
39852 posts

re: This Is What Life Without Retirement Savings Looks Like
quote:

the median savings in a 401(k) plan for people between the ages of 55 and 64 is currently just $15,000, according to the National Institute on Retirement Security, a nonprofit.


Image: https://media.giphy.com/media/l3q2K5jinAlChoCLS/200w.gif


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350
Rando
USA Fan
When IPs were Visible
Member since Apr 2015
12283 posts

re: This Is What Life Without Retirement Savings Looks Like
quote:

There are plenty of millennials on here that live in 350k houses on 85k income.




That isn't THAT far fetched.

And that's from a dude living in a sub 600 square foot microhome with my wife AFTER living in a 3400 square foot home with the same wife.


Darth_Vader
Atlanta Braves Fan
Support your local B.A.C.A.
Member since Dec 2011
41278 posts

re: This Is What Life Without Retirement Savings Looks Like
So even though I’m not even 50 yet I have roughly 24 times the national average in my 401K?


soccerfüt
Western Carolina Fan
aka Sen. Lincoln Fillmore
Member since May 2013
29475 posts

re: This Is What Life Without Retirement Savings Looks Like


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202
ninthward
LSU Fan
Summit County, CO
Member since May 2007
12605 posts

re: This Is What Life Without Retirement Savings Looks Like
quote:

the median savings in a 401(k) plan for people between the ages of 55 and 64 is currently just $15,000
This frightens me.


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120
gamatt53
Georgia Fan
Member since Nov 2010
3969 posts

re: This Is What Life Without Retirement Savings Looks Like
quote:

roughly 24 times the national average in my 401K?


are you really trying to impress the OT with these peanut numbers?


Scruffy
USA Fan
Member since Jul 2011
54946 posts

re: This Is What Life Without Retirement Savings Looks Like
quote:

An entry level employee could have that stashed away by just contributing the max company match for a few years. That’s just crazy to me.
Scruffy has easily twice that already stashed away by paying the max, and that took 2.5 years during residency.
This post was edited on 2/22 at 9:15 pm


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514
Peazey
New Orleans Saints Fan
Metry
Member since Apr 2012
23314 posts

re: This Is What Life Without Retirement Savings Looks Like
quote:

the median savings in a 401(k) plan for people between the ages of 55 and 64 is currently just $15,000,


Jeebus. I have more in my retirement account, and I'm not even 30 yet (and I think I personally could be doing a lot better). I guess I do know a lot of people my age who haven't even thought about opening a retirement account.


Darth_Vader
Atlanta Braves Fan
Support your local B.A.C.A.
Member since Dec 2011
41278 posts

re: This Is What Life Without Retirement Savings Looks Like
quote:

gamatt53


Don’t be a hater.


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02
PuntBamaPunt
Vanderbilt Fan
Member since Nov 2010
9537 posts

re: This Is What Life Without Retirement Savings Looks Like
If only the death panels were real...


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