Even among those who do have retirement savings, their nest eggs are small
How bad is America doing when it comes to retirement savings? The Government Accountability Office looked into the question, and its answer is sobering.
A new GAO analysis finds that among households with members aged 55 or older, nearly 29 percent have neither retirement savings nor a traditional pension plan. (Tweet This)
“There hasn’t been a significant increase in wages, people have student loans and other debt, and many are continuing to struggle financially,” said Charles Jeszeck, the GAO’s director of education, workforce and income security, which analyzed the Federal Reserve’s 2013 Survey of Consumer Finances to come up with its estimates. “We aren’t surprised that people have not saved a lot for retirement.”
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How can we save when we live pay check to pay check trying to make ends meet??
ReplyDeleteSpot on. I worked for wicomico for over 25 years. I had to stop working to take care of a family member in another state. During my employment with wicomico, I couldn't afford to invest in a retirement plan. Now, I'm part of the 29% this article is speaking of at the age of 59 and struggling. Now I work in retail at $7.75 dollars an hour with 15 hours per week. The only good thing about this is I live real close to my mom and I have a peace of mind. I am so happy.
DeleteIf you're living paycheck to paycheck, you're doing it wrong.
ReplyDeleteLiving within your means includes saving for retirement. If you have t done that then you have yourself to blame.
ReplyDelete2:20 In other words, you're not living in enough poverty.
ReplyDeleteSince the Obama rule , nobody can save , that is his goal.
ReplyDeleteNow he thinks he can justify a socialistic America.
By the way , the GAO did this research , another government agency .
I don't believe any of the government statements anymore.