A startling new report issued by the non-profit National Institute on Retirement Security found that despite the "recovery" of the last decade leading to all time highs in the stock market, the savings levels of Americans who seek to retire are "deeply inadequate". In fact, the median retirement account balance among working individuals was found to be $0.
The report notes that retirement savings have been, and will likely be, correlated closely with income and wealth. The study found that individuals with retirement accounts generally have more than three times the income than those without accounts.
The report found that more than 100 million Americans that are of working age don’t have any retirement account assets in an employer sponsored 401(k) type plan, individual account, or pension, at all.
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That's because most people believe the government will take care of them in retirement. Social Security, social security disability or welfare.
ReplyDeleteGee, no kidding. On the wages paid around here, try saving.
ReplyDeleteHow is it hard to save for retirement? I make $40,000 a year and am investing $1000 month and I'm 36 years old. All it take is a careful budgeting. I use everydollar.com for my budgeting. I invest 1/4 of my investments in large cap, 1/4 in mid cap, 1/4 in small cap, 1/4 in international funds, and I've been averaging 10%+ over the past 10 years. I'm already over 6 figures in my investments and will easily have $4 million plus in retirement, inflation adjusted, by age 65.
ReplyDeleteIf you can save a dollar a day, you'll be doing something.
ReplyDeleteBecause everything is taxed to high heaven. Even the savings.
ReplyDelete4:08 failed to mentioned how much fun he is, too.
ReplyDeleteI'm teasing ya, man. Good work.
It's a great country, isn't it?
You hillbillies ride around in your $70k diesel pickup and wonder why you have no retirement saving.
ReplyDeleteWhining can't save is a testament to your priorities. Star Bucks, Cable/Satellite, expensive cell phones, eating out several times a week, buying on credit and paying minimum payment.equals debt, debt, and more debt, Change priorities.and stop crying the blues/
ReplyDelete