Most Americans will never be able to afford to retire.
We laid out the depressing math in our recent report Will Your Retirement Efforts Achieve Escape Velocity?:
The median retirement account balance among all working US adults is $0. This is true even for the cohort closest to retirement age, those 55-64 years old.
The average (i.e., mean) near-retirement individual has less than 8% of one year's income saved in a retirement account
77% of all American households aren't on track to have enough net worth to retire, even under the most conservative estimates.
(Source)
There a number of causal factors that have contributed to this lack of retirement preparedness (decades of stagnant real wages, fast-rising cost of living, the Great Recession, etc), but as we explained in our report The Great Retirement Con, perhaps none has had more impact than the shift from dedicated-contribution pension plans to voluntary private savings:
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Do any of you know what "charmed"means?It means to get as close as possible to retiring and let the chips fall where they may.Retiring is like having a baby;if you wait until you can afford it you never will.
ReplyDeleteMy retirement starts when the day I drop dead
ReplyDeleteIt's hard to retire when the corporation you work for works the hell out of you right up till you can retire. Than layoff so you list it. Except for S.S. pension.
ReplyDeleteFidelity says this year alone added 1.5 million millionaire's that have government pension plans,whats wrong with this picture?
ReplyDeleteMost Unions prepare their members for retirement with a pension plan. Hopefully you anti-union citizens can come up with your own retirement plan
ReplyDeleteREALLY?? Name one!!
DeleteInternational Brotherhood of Electrical Workers
DeleteHAHAHA. REALLY?? That's the one your going with?? What a DOPE.
DeleteInternational brotherhood of electrical workers. Now there's a fine group of misfits there. Nothing but bunch of drunks and dope peddlers. There's a local idiot that's a member that goes around like he's gods gift, mostly hanging out at redmen Lodge in fruitland bragging about his Corvette. Truth is he made most of his money running dope
ReplyDeleteInternational Union of Bridge, Structural, Ornamental, & Reinforcing Iron Works
ReplyDeleteUnited Association of Plumbers & Steam Fitters
International Brotherhood of Boiler Makers, Iron Ship Builders, Blacksmiths, Forgers & Helpers
United Steel Workers
Sheet Metal Workers International Association
International Union of Bricklayers & Allied Craft Workers
International Association of Machinists & Aerospace Workers
United Mine Workers
United Steel Workers
United Auto Workers
Just to name a few more there 6:36
Most of which are in the the building trades. These people built power plants so you can have lights,heat & ac etc, schools, bridges, assembled cars & trucks, built chemical plants for cleaning supplies, herbicides for the farmers & pesticides to kill the cockroaches in your mama's basement.
Merry Christmas
I was a union member for 30 years and a representative for AFL-CIO for awhile and let me tell you unions are a joke. They do nothing more than keep unqualified screw ups in a job. They use members dues got personal hob morning. Look at the postal service for example. They at one time had 800,000 members and between the degenerates they represented and management giving away billions in bonuses you have total chaos
ReplyDeleteIs the postal service all you can come up with Lol
ReplyDelete