U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-19-2017, 10:47 PM
 
Location: Olympus Mons, Mars
5,000 posts, read 8,029,485 times
Reputation: 4920

Advertisements

Great watch!


https://www.youtube.com/watch?v=kmtjJVC_niI

Some of the facts in this video were shocking... half of Americans have less than $10,000 saved, a third have no retirement at all

I believe many people fall into the lifestyle creep issue as they earn more income, buying bigger homes, cars etc. that really cut into their savings. And they do all this on credit with the thought that they will never lose their current income or they will easily be able to get another one - and when they don't they are in a bind.
Reply With Quote Quick reply to this message

 
Old 11-19-2017, 11:06 PM
 
33,046 posts, read 20,708,082 times
Reputation: 8928
Some people fall into the rent creep where rents just go up and up while their income doesn't.
Reply With Quote Quick reply to this message
 
Old 11-20-2017, 03:49 AM
 
64,510 posts, read 66,075,955 times
Reputation: 42965
half of amaerica never had any savings to speak of ata ny point in their lives , yet they find a way to get through it . many do better than those with moderate savings since they may get all kinds of welfare and assistance ,even free medical insurance .

a couple may need as much as 250k saved just to spin off enough income to cover their medial insurance others get free
Reply With Quote Quick reply to this message
 
Old 11-20-2017, 04:01 AM
 
9,249 posts, read 7,284,180 times
Reputation: 22700
Quote:
Originally Posted by mathjak107 View Post
half of amaerica never had any savings to speak of ata ny point in their lives , yet they find a way to get through it . many do better than those with moderate savings since they may get all kinds of welfare and assistance ,even free medical insurance .

a couple may need as much as 250k saved just to spin off enough income to cover their medial insurance others get free
People on welfare/free medical are not living better than stable, middle class Americans. They don't have retirement funds just like other people.
Reply With Quote Quick reply to this message
 
Old 11-20-2017, 04:06 AM
 
64,510 posts, read 66,075,955 times
Reputation: 42965
depending what they get they may be doing better .

while not everyone gets everything ,the fact is all these perks lower incomes and savings potentially can get can really add up and surpass much higher income levels .


these equivalent numbers today are much , much higher as these are the older levels . medical insurance alone for a middle class couple can easily hit 10-20k .

we need 250k in savings alone just to spin off enough income to cover our health insurance in retirement . medicare and supplement here in ny runs close to 10k a year for a couple .

it is not really those with no savings and little income that are being pounded with expenses as much as those in the middle who have to pay their own way with no welfare or assistance .

they need far more savings just reach the level of those who qualify for more assistance .




Last edited by mathjak107; 11-20-2017 at 04:27 AM..
Reply With Quote Quick reply to this message
 
Old 11-20-2017, 05:16 AM
 
Location: Philadelphia/South Jersey area
2,278 posts, read 1,033,859 times
Reputation: 7533
Quote:
Originally Posted by k374 View Post
Great watch!


https://www.youtube.com/watch?v=kmtjJVC_niI

Some of the facts in this video were shocking... half of Americans have less than $10,000 saved, a third have no retirement at all

I believe many people fall into the lifestyle creep issue as they earn more income, buying bigger homes, cars etc. that really cut into their savings. And they do all this on credit with the thought that they will never lose their current income or they will easily be able to get another one - and when they don't they are in a bind.
who's included in the "half". My son is 21, he's an American worker and yes he has less than 10K saved. Should he be panicking? No

What are they measuring as "savings"??? 401K. once again, I have relatives in their early 50's, no they do not have a bunch in their 401K what they do have is 3 NYC rental apartments giving them about 6K a month in free income.

I haven't watched the entire video, i will when I get home but let me say I often view these "doomday" scenario videos with a healthy dose of skepticism. I do like that they are getting the message out to save for retirement.

It's like that golden "million" dollar figure that use to get thrown out, years ago. OH run for the hills if you don't have a million bucks by the time you retire. you'll be eating cat food and living under a bridge.
I'm 57, I'm one of the last of my relatives still working, do they have a million bucks? no, are they eating cat food ? no.

While they are not living la vida loca, they are pretty much moving along nicely, like most folks their major concern is health care but they manage to go on a vacation and dine out a few times.
Reply With Quote Quick reply to this message
 
Old 11-20-2017, 05:22 AM
 
33,046 posts, read 20,708,082 times
Reputation: 8928
Quote:
Originally Posted by mathjak107 View Post
depending what they get they may be doing better .

while not everyone gets everything ,the fact is all these perks lower incomes and savings potentially can get can really add up and surpass much higher income levels .


these equivalent numbers today are much , much higher as these are the older levels . medical insurance alone for a middle class couple can easily hit 10-20k .

we need 250k in savings alone just to spin off enough income to cover our health insurance in retirement . medicare and supplement here in ny runs close to 10k a year for a couple .

it is not really those with no savings and little income that are being pounded with expenses as much as those in the middle who have to pay their own way with no welfare or assistance .

they need far more savings just reach the level of those who qualify for more assistance .



Having kids opens the floodgates to freebies. Childless adults get just about squat.
Reply With Quote Quick reply to this message
 
Old 11-20-2017, 06:11 AM
 
64,510 posts, read 66,075,955 times
Reputation: 42965
childless here still get free medicaid , they can get utility and rent assistance . seniors in stabilized housing who are lower income are free of future rent increases forever . 1/2 of all housing here in nyc is stabilized and that effects millions .

there is no question the lower incomes don't actually end up living on just those incomes here.like i said 250k of our savings is used to generate what is used to pay our healthcare . that is like someone on medicaid having 250k right off the bat
Reply With Quote Quick reply to this message
 
Old 11-20-2017, 06:43 AM
 
Location: USA
6,171 posts, read 4,948,777 times
Reputation: 10547
The state basically takes care of older folk who retire broke. Heck, not just retired people either. I know some people working at Walmart and other low wage jobs that get HUD, food stamps, medicaid, etc. It's really the middle class that gets the shaft in this country.
Reply With Quote Quick reply to this message
 
Old 11-20-2017, 06:59 AM
 
64,510 posts, read 66,075,955 times
Reputation: 42965
exactly .
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top