Retirement savings ....Yikes !

[brin]

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..

 

[murphy1244]

going to be a very interesting next ten years

 

[J F]

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.

 

[creekbend]

I saw the report on Fox News after My wife and I came back from our Doctor;s appointment. Thanks for posting.

 

[TripleR]

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...

 

[murphy1244]

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???

 

[J F]

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 )

 

[rekees4300]

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.

 

[jerrybob]

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.:2cents:

 

[mjarrels]

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.