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  1. #1
    Super Star Member brin's Avatar
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    Georgia - Mt. Vernon by The Store just 5 miles east and right by the big oak tree then to the creek.

    Default Retirement savings ....Yikes !

    I just heard a panel discussion on the news about retirement savings and a survey was done that showed 57% of the people at or near retirement age of 65 yrs. old had less than $25,000.00 in the bank...and 28% said they had a bad view of the future and economy...Now this is not good.... Imagine , what are these seniors going to do ? No interest is being paid on savings, pensions for many are non existent, retirement accounts were raided by many to survive this depression...at least that is what the panel said..
    Bob

    WORRYING does not take away tomorrow's TROUBLES, it takes away today's PEACE.


    NH - TC-29 , FEL, Bush hog, Bush hog brand finishing mower, Post hole digger, 6' Back blade, sub-soiler, Pallet forks, 20KW PTO Generator , 21 hp Murray Mower
    JD -3020 with FEL and a 16 HP. K-Grow Lawn Tractor (bought from K Mart 1994) and runs great !
    Clark 130 EN Mig Welder

  2. #2
    Super Star Member murphy1244's Avatar
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    Nov 2011
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    17,241
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    Ohio
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    Kioti DK-40, MF-135, Ventrac 4500Y

    Default Re: Retirement savings ....Yikes !

    going to be a very interesting next ten years
    Murph ------------

  3. #3
    Elite Member J F's Avatar
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    May 2012
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    North of Atlanta, GA
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    ShovelandBarrow

    Default Re: Retirement savings ....Yikes !

    Going to be a lot of retirees living in poverty. It will be interesting to see if FICA/SS taxes need to go up (I know, we're running out of that $ already, for it's intended purpose).

    We are having/going to have huge waves of boomers retiring, with many of them without adequate savings...the piper needs to be paid at some point (and by someone).

    In our current tax situation, I can only see raising FICA/SS on working people to "rob Peter", as way too many people take out of the fund more than they put in...not to mention all the other crud that has gone on with the fund over the years.

    I hope it won't get as ugly as I'm thinking.
    ____
    Jay

  4. #4
    Super Star Member
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    Jul 2011
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    Yanceyville, North Carolina
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    Kubota L4400

    Default Re: Retirement savings ....Yikes !

    I saw the report on Fox News after My wife and I came back from our Doctor;s appointment. Thanks for posting.
    The PUPIL who does not surpass his Master, fails his Master.

  5. #5
    Super Star Member
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    Mar 2009
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    Missouri
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    Kubota, John Deere, Case, Massey Ferguson, Ford

    Default Re: Retirement savings ....Yikes !

    Yeah, I just saw that, I worked past my eligible retirement date by several years to insure a decent amount in savings and not to have to rely on Social Security; course I have to stop buying tractors...

  6. #6
    Super Star Member murphy1244's Avatar
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    Ohio
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    Kioti DK-40, MF-135, Ventrac 4500Y

    Default Re: Retirement savings ....Yikes !

    Quote Originally Posted by TripleR View Post
    Yeah, I just saw that, I worked past my eligible retirement date by several years to insure a decent amount in savings and not to have to rely on Social Security; course I have to stop buying tractors...
    Stop buying tractors???
    Murph ------------

  7. #7
    Elite Member J F's Avatar
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    May 2012
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    North of Atlanta, GA
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    ShovelandBarrow

    Default Re: Retirement savings ....Yikes !

    There are too many people who don't realize that SS was never meant to be "your retirement", but only a supplement to it, and you have to save towards your retirement yourself (or win the lotto/find a rich aunt/uncle )
    ____
    Jay

  8. #8
    Elite Member rekees4300's Avatar
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    Feb 2010
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    Indiana
    Tractor
    JD 4300, JD X500

    Default Re: Retirement savings ....Yikes !

    Quote Originally Posted by brin View Post
    Imagine , what are these seniors going to do ?
    They are going to join the 47 million living on food stamps. Life without money is harsh.

  9. #9
    Super Member jerrybob's Avatar
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    Southwest Washington
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    yanmar 186D....JD LT180....DR Brush Cutter

    Default Re: Retirement savings ....Yikes !

    Lack of savings is a lack of discipline for most people. You can always put something away and do without a new toy or item. This is a habit lots of people drawing a paycheck seem to have forgotten or were never taught. That's too bad......$25K is nothing in today's world! My brother never had any savings.......but he always drove a new car, had a great set of golf clubs, new clothes.......at the end....he was always trying to borrow money from someone.....very sad.
    I Intend to Live Forever.....So Far....So Good!

    I'm addicted to placebos. I'd give them up, but it wouldn't make any difference.

  10. #10
    Elite Member
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    Virginia
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    1949 farmall, 1961 Fordson Dexta, 1986 Duetz Allis, 2001 Kubota.

    Default Re: Retirement savings ....Yikes !

    Worst case... wife and I can move back to the Philippines and live like king and queen on Navy retirement and other investment income. Clark Howard was talking about the same thing, too many baby boomers have nothing, nada. If I knew I was going to live this long, I would have taken better care of myself.
    red tractor
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