More Workers Have Gloomy Nest Egg Outlook

Discussion in 'Current Events' started by Shadow, Mar 17, 2011.

  1. Shadow
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    Retirement? What Retirement? More Workers Have Gloomy Nest Egg Outlook

    Americans' confidence in being able to afford a comfortable retirement has hit an all-time low.

    Thanks to tough economic times, state and local budget woes and rough financial markets, more than 1 in 4 Americans currently in the workforce say they’re “not at all confident” about retirement, an increase of 5% over last year.

    And that’s a good thing.

    At least according to Jack VanDerhei, author of this year’s Retirement Confidence Survey [RCS], a national poll that the Employee Benefit Research Institute [EBRI] has conducted for 21 years.

    At the other end of the spectrum, those who described themselves as “very confident” also dropped to a record low- just 13%.

    According to VanDerhei, who also serves as the company's chief researcher, after “20 years of false optimism,” folks are finally waking up to the fact that they’re not saving enough.

    Retirement? What Retirement? More Workers Have Gloomy Nest Egg Outlook - FoxBusiness.com
     
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  2. kiwiman127
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    kiwiman127 Comfortably Moderate Supporting Member

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    It's hard to have a Nest Egg when your wages have been flat since the 1980s.
    More and more people are living check-to-check with less expendable income.
     
  3. California Girl
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    Meh, I've just made an investment with a guaranteed return of 66% over 5 years. Laughing all the way to the bank. LOL
     
  4. Anachronism
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    I don't waste my time or energy worrying about such things. I'm 36 years old and I don't ever expect to retire. By the time I'm in my 60's, the retirement age will probably be in the 70's and by the time I'm that age I'll probably already be dead (one way or another). So why waste the time and money on it?
     
  5. Shadow
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    I can agree with this. As it is...they upped my retirement age in 1983. From 65 to 67. With more folks living longer I can definately see them doing it again.
     
  6. Shadow
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    Some of the advice given was pretty obvious. But something I'm willing to try just to see how much money I waste on things I don't need. There probably are things I could cut from my routine to stash a little money away each month. If nothing else...for emergencies.



    "Save more than you think you’ll need and spend less than you think you can. Seek out a financial professional who specializes in retirement planning and/or visit one of the many Web sites that can help you get an idea of how much you will need in your golden years. "
     
    Last edited: Mar 17, 2011
  7. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    There are more reasons to savie and invest than just planning for retirement. Sometimes things happen which force a fallow period - unemployment, illness, disability...or you want to write the Great American Novel.
     
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  8. Mr Clean
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    That's just crazy talk.

    You should always save. If for no other reason than the sense of independence it will give you.

    Not to mention the peace of mind.
     
  9. Anachronism
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    I've been unemployed twice. Neither time lasted more than a couple weeks. Illness and Disability are not that much of an issue.... if it's that bad, my family and friends know that I have no interest in surviving and I have legal documents in place to that effect. If nothing else, a single bullet (rather inexpensive) solves the problem quite nicely.

    I have a little money put aside in the bank. Enough to cover emergencies. I do the absolute minimum that I can get away with in terms of my retirement savings. I see no point in it. I can't take the money with me, so why not enjoy it while I'm here? Besides, it's not like I've got a wife or family to support. If I did, maybe I'd think differently; but I don't suspect that will ever become an issue.
     
  10. Mr Clean
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    You should also be maxxing out your IRA and 401Ks if for no other reason than the tax advantage they offer.
     

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