Retirement Crisis: Impoverished Seniors on the Horizon

[Nova78]

Retirement Crisis: Impoverished Seniors on the Horizon

The Employee Benefit Research Institute (EBRI) has published its annual Retirement Confidence Survey which confirms what virtually all such surveys have concluded: 1) that Americans are living longer; and 2) that they do not have anywhere near enough saved for retirement.

The sad truth is, Americans do almost no thinking about what kind of retirement they want. They mistakenly assume that Social Security is a retirement program, when in fact it is a supplemental retirement program. The three legs of the retirement "stool"—Social Security, a pension, and private savings—have all seen some shrinkage in the past few years.

For Social Security, all baby boomers know the truth: We are going to be working longer, into our 70s, paying more and getting less. Pensions are going away: International Business Machines stopped providing pensions to new employees a couple years ago, and many are facing reductions in their benefits.


And private savings? Let me quote from the EBRI survey: 57 report having less than $25,000 in household savings and investments (excluding their home and pension benefits). This is for all workers, so older workers would have more money, but other surveys show the results are equally paltry.

Welcome to Obama World

 

[SteadyMercury]

I'm with you all the way until the end there, that this problem I've been reading about for decades of fewer companies offering pensions and people generally not saving enough for retirement, can somehow be attributed to someone who has been president for five years.

 

[KissMy]

Chinese parents sue kids for support!

 

[C_Clayton_Jones]

Retirement Crisis: Impoverished Seniors on the Horizon

Seniors who will be subject to a greater risk of poverty should conservative fiscal policy become law.

 

[tjvh]

Retirement Crisis: Impoverished Seniors on the Horizon

Seniors who will be subject to a greater risk of poverty should conservative fiscal policy become law.

No, they wont have to worry. Obama's ACA is going to take care of them before they reach that age with death panels. It'll be just like abortions for the elderly. Well, the elderly that don't have the financial resources to keep themselves alive anyway.

 

[Nova78]

I'm with you all the way until the end there, that this problem I've been reading about for decades of fewer companies offering pensions and people generally not saving enough for retirement, can somehow be attributed to someone who has been president for five years.

Higher taxes, obamacare, lower wages, are all a direct result of Obama policies.

 

[editec]

Yup.

EXcept blaming ALL of this on Obama is rather silly.

The problems facing my generation as they come into retirement have a loooooooooooooooooooog history involving bad policy decisions of both parties over the last 60+ years.

You have to be willfully ignorant to miss that obvious fact.

 

[martybegan]

Retirement Crisis: Impoverished Seniors on the Horizon

The Employee Benefit Research Institute (EBRI) has published its annual Retirement Confidence Survey which confirms what virtually all such surveys have concluded: 1) that Americans are living longer; and 2) that they do not have anywhere near enough saved for retirement.

The sad truth is, Americans do almost no thinking about what kind of retirement they want. They mistakenly assume that Social Security is a retirement program, when in fact it is a supplemental retirement program. The three legs of the retirement "stool"—Social Security, a pension, and private savings—have all seen some shrinkage in the past few years.

For Social Security, all baby boomers know the truth: We are going to be working longer, into our 70s, paying more and getting less. Pensions are going away: International Business Machines stopped providing pensions to new employees a couple years ago, and many are facing reductions in their benefits.


And private savings? Let me quote from the EBRI survey: 57 report having less than $25,000 in household savings and investments (excluding their home and pension benefits). This is for all workers, so older workers would have more money, but other surveys show the results are equally paltry.

Welcome to Obama World

If run with even a basic level of understanding, a 401k style defined contribution plan, plus social security should be more than enough to pay for retirement, relying on the ability to move funds from riskier to safer as you age.

I got into my 401k at 24, right when I was hired full time, and I always contribute at least 10%, which gets me a 3% match (6% on company stock).

The issue with defined benefit plans is they create ghastly uncertainty for a companies future net worth, as one doesnt know how long you have to be paying out a person over the course of thier retirement.

 

[Nova78]

Yup.

EXcept blaming ALL of this on Obama is rather silly.

The problems facing my generation as they come into retirement have a loooooooooooooooooooog history involving bad policy decisions of both parties over the last 60+ years.

You have to be willfully ignorant to miss that obvious fact.

You have to be willfully ignorant to miss that obvious fact you live in Maine, your opinion does not count.

 

[iamwhatiseem]

Nova - you are no different than the liberals a few years ago who blamed everything on the Booooooosh.
Your threads could otherwise be a valuable opinion and source of information...but because you try and point the finger at Obama for everything under the sun - your threads are dismissed, and in consequence, so are you.

 

[t_polkow]

Retirement Crisis: Impoverished Seniors on the Horizon

The Employee Benefit Research Institute (EBRI) has published its annual Retirement Confidence Survey which confirms what virtually all such surveys have concluded: 1) that Americans are living longer; and 2) that they do not have anywhere near enough saved for retirement.

The sad truth is, Americans do almost no thinking about what kind of retirement they want. They mistakenly assume that Social Security is a retirement program, when in fact it is a supplemental retirement program. The three legs of the retirement "stool"—Social Security, a pension, and private savings—have all seen some shrinkage in the past few years.

For Social Security, all baby boomers know the truth: We are going to be working longer, into our 70s, paying more and getting less. Pensions are going away: International Business Machines stopped providing pensions to new employees a couple years ago, and many are facing reductions in their benefits.


And private savings? Let me quote from the EBRI survey: 57 report having less than $25,000 in household savings and investments (excluding their home and pension benefits). This is for all workers, so older workers would have more money, but other surveys show the results are equally paltry.

Welcome to Obama World

And the rape of the American worker started with Obama? LOL Who knew!

People nearing retirement lost 40-50 % in the market in 2008 when the economy crashed under Bush the lesser's regime. But don't let the facts get in the way of your uneducated opinion.

 

[Truthmatters]

alot also lost their homes and all the equity in them

 

[martybegan]

Retirement Crisis: Impoverished Seniors on the Horizon

The Employee Benefit Research Institute (EBRI) has published its annual Retirement Confidence Survey which confirms what virtually all such surveys have concluded: 1) that Americans are living longer; and 2) that they do not have anywhere near enough saved for retirement.

The sad truth is, Americans do almost no thinking about what kind of retirement they want. They mistakenly assume that Social Security is a retirement program, when in fact it is a supplemental retirement program. The three legs of the retirement "stool"—Social Security, a pension, and private savings—have all seen some shrinkage in the past few years.

For Social Security, all baby boomers know the truth: We are going to be working longer, into our 70s, paying more and getting less. Pensions are going away: International Business Machines stopped providing pensions to new employees a couple years ago, and many are facing reductions in their benefits.


And private savings? Let me quote from the EBRI survey: 57 report having less than $25,000 in household savings and investments (excluding their home and pension benefits). This is for all workers, so older workers would have more money, but other surveys show the results are equally paltry.

Welcome to Obama World

And the rape of the American worker started with Obama? LOL Who knew!

People nearing retirement lost 40-50 % in the market in 2008 when the economy crashed under Bush the lesser's regime. But don't let the facts get in the way of your uneducated opinion.

Only if they were still in high risk funds when the crash came. If they were moving thier money to more sedate funds, they probably made out with only minor losses.

If you plan your retirement so poorly that you need to keep your $$ in high risk funds near retirement age, you were not planning all that well.

I made of like a bandit in 2008, because even though my total value in my 401k went down, I was able to purchase new shares at a fraction of thier cost, and under 50 share count, not value is what you are looking for.

 

[Truthmatters]

Its how ther wealthy planned this mess

 

[Truthmatters]

Retirement Crisis: Impoverished Seniors on the Horizon

The Employee Benefit Research Institute (EBRI) has published its annual Retirement Confidence Survey which confirms what virtually all such surveys have concluded: 1) that Americans are living longer; and 2) that they do not have anywhere near enough saved for retirement.

The sad truth is, Americans do almost no thinking about what kind of retirement they want. They mistakenly assume that Social Security is a retirement program, when in fact it is a supplemental retirement program. The three legs of the retirement "stool"—Social Security, a pension, and private savings—have all seen some shrinkage in the past few years.

For Social Security, all baby boomers know the truth: We are going to be working longer, into our 70s, paying more and getting less. Pensions are going away: International Business Machines stopped providing pensions to new employees a couple years ago, and many are facing reductions in their benefits.


And private savings? Let me quote from the EBRI survey: 57 report having less than $25,000 in household savings and investments (excluding their home and pension benefits). This is for all workers, so older workers would have more money, but other surveys show the results are equally paltry.

Welcome to Obama World

And the rape of the American worker started with Obama? LOL Who knew!

People nearing retirement lost 40-50 % in the market in 2008 when the economy crashed under Bush the lesser's regime. But don't let the facts get in the way of your uneducated opinion.

Only if they were still in high risk funds when the crash came. If they were moving thier money to more sedate funds, they probably made out with only minor losses.

If you plan your retirement so poorly that you need to keep your $$ in high risk funds near retirement age, you were not planning all that well.

I made of like a bandit in 2008, because even though my total value in my 401k went down, I was able to purchase new shares at a fraction of thier cost, and under 50 share count, not value is what you are looking for.

so how will you treat these seniors with policy when we have millions of starving seniors?

you will say Too Bad.


You seek an America most Americans will hate living in

 

[martybegan]

And the rape of the American worker started with Obama? LOL Who knew!

People nearing retirement lost 40-50 % in the market in 2008 when the economy crashed under Bush the lesser's regime. But don't let the facts get in the way of your uneducated opinion.

Only if they were still in high risk funds when the crash came. If they were moving thier money to more sedate funds, they probably made out with only minor losses.

If you plan your retirement so poorly that you need to keep your $$ in high risk funds near retirement age, you were not planning all that well.

I made of like a bandit in 2008, because even though my total value in my 401k went down, I was able to purchase new shares at a fraction of thier cost, and under 50 share count, not value is what you are looking for.

so how will you treat these seniors with policy when we have millions of starving seniors?

you will say Too Bad.


You seek an America most Americans will hate living in

So I guess Im supposed to pay to help people who could have helped themselves, but didnt. Also the government is supposed to FORCE me to pay for this.

So why should I plan for, save for, and monitor my retirement if everyone else will get taken care of, even though they didnt plan for, save for, or monitor thier retirement?

 

[g5000]

We are living decades longer than our ancestors. We should not be retiring at the same age they did.

 

[martybegan]

We are living decades longer than our ancestors. We should not be retiring at the same age they did.

I'm not against people retiring early, as long as it is thier own money supporting said early retirement.

Right now the software I use to run my 401k says I am on pace for 2 times the yearly withdrawl income required to maintain a good standard of living in retirement, assumeing I retire around 70.

 

[Truthmatters]

Only if they were still in high risk funds when the crash came. If they were moving thier money to more sedate funds, they probably made out with only minor losses.

If you plan your retirement so poorly that you need to keep your $$ in high risk funds near retirement age, you were not planning all that well.

I made of like a bandit in 2008, because even though my total value in my 401k went down, I was able to purchase new shares at a fraction of thier cost, and under 50 share count, not value is what you are looking for.

so how will you treat these seniors with policy when we have millions of starving seniors?

you will say Too Bad.


You seek an America most Americans will hate living in

So I guess Im supposed to pay to help people who could have helped themselves, but didnt. Also the government is supposed to FORCE me to pay for this.

So why should I plan for, save for, and monitor my retirement if everyone else will get taken care of, even though they didnt plan for, save for, or monitor thier retirement?

yeap Im right you would jsut laugh at starving old people and call them names for starving.


Good thing the vast majority of Americans are not sociopaths like you are

 

[g5000]

We are living decades longer than our ancestors. We should not be retiring at the same age they did.

I'm not against people retiring early, as long as it is thier own money supporting said early retirement.

Right now the software I use to run my 401k says I am on pace for 2 times the yearly withdrawl income required to maintain a good standard of living in retirement, assumeing I retire around 70.

I am talking about the Social Security and Medicare eligibility ages. Our ancestors set those to 65 years of age.

We should not be eligible for those at the same age our ancestor were since we are living decades longer.