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what do you think about people who don't save any money for their old age.?
I heard in the USA, only 40 percent are saving for their retirement.
60 percent will finish on the streets with nothing.
I can think there will be a huge crisis coming.
I find these people extremely frustrating. There is another thread about this that talks about mandating retirement savings. As much as I hate this, I do think retirement savings should be mandated (beyond just SS). Very few people save adequately for old age. This issue has affected me personally because I have an older friend in his early 60s who simply would not save...despite my begging, cajoling, threatening, and warning, him to do so for over 20 years. He's now in poor health, living like a college student, collecting a small SS check and still working to bring in income. It could be worse for him, but it's still pretty sad. It's extremely frustrating because you can talk to some people until you're blue in the face but it will make no difference.
As far as the crisis goes....The crisis was "coming" 20 years ago. Now it's here, and it will get worse before it gets better.
Their dumb. Unless were talking about people who didnt have jobs for most of their working life or on some type of disability it is their own fault.
As the poster above is saying. He has a 60-something year old friend who decided not to save. After probably 40 years of working (20-60 perhaps) he didn't save squat....sorry to feel bad for these folks. Even in 2008 when 401k's were slashed in half people got scared and ran. Do they expect 500 years of consistent profits....a few years of blunder will happen. Stick with it.
Their dumb. Unless were talking about people who didnt have jobs for most of their working life or on some type of disability it is their own fault.
As the poster above is saying. He has a 60-something year old friend who decided not to save. After probably 40 years of working (20-60 perhaps) he didn't save squat....sorry to feel bad for these folks. Even in 2008 when 401k's were slashed in half people got scared and ran. Do they expect 500 years of consistent profits....a few years of blunder will happen. Stick with it.
Long Term Disability Insurance is a very good idea btw...
Last edited by Litlove71; 05-11-2013 at 03:27 AM..
As packer43064 implied, failing to save for retirement is a choice. Similarly, securing a low income is a choice. There's a lot of options for an individuals who haven't saved (such as reverse mortgage).
My brother makes $130,000 a year working for a large corporation and saves $0 dollars for retirement. Doesnt save one penny. His wife makes around $70k and saves 5% or $3500 a year. That's a $200k family income and they save $3500 a year.
Neither are in great health for their age so maybe they figure they won't live that long?
Stupid as hell, and I have no sympathy for them. These are Baby Boomers we are talking about here right? If you couldn't save enough money to secure a decent retirement while working during the greatest economic expansion in WORLD history, then you deserve your fate.
Not necessarily stupid. Many had money saved for retirement but went through it all during the recent economic crisis (which was a depression, though nobody wants to call it one). And are retiring now way before they wanted because they gave up looking for work.
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