Most American are worth nothing or less than nothing (annuity, range, median)

[TuborgP]

Originally Posted by stoutboy

I found the information in this report to be quite concerning http://www.ebri.org/pdf/surveys/rcs/....Age.FINAL.pdf

Basically, only 1 in 4 workers aged 55+ have saved $250k or more.

Remember those over 55 include those with pensions which is skewed higher with age.

[TuborgP]

Originally Posted by stoutboy

Less than 10% of private sector workers in the US have pensions.

Even if true that leaves millions of public sector workers with. You might want to check your data claim. It may be that ten percent of private employers offer pensions that cover 18 percent of private sector employees. The percentage of employers with over 500 employees is much higher.

[Malloric]

Originally Posted by stoutboy

Give it a rest. Social security is not a pension, and most people are far better off for having it, very likely you included.

Actually, it is.

DUTIES OF THE SOCIAL SECURITY BOARD

SEC. 702. The Board shall perform the duties imposed upon it by
this Act and shall also have the duty of
studying and making recommendations as to the most effective
methods of providing economic security through
social insurance, and as to legislation and matters of
administrative policy concerning old-age pensions,
unemployment compensation, accident compensation, and related
subjects.

That isn't all it is, but it is.

[mathjak107]

social security is an insurance product.

[stoutboy]

Originally Posted by Malloric

Actually, it is.



That isn't all it is, but it is.

It is insurance. Its official name is Old-Age, Survivors and Disability Insurance (OASDI).

[TuborgP]

Originally Posted by mathjak107

there is nooooooo value on insurance products. i wouldn't even guess.

but besides that how many people do you know were ever surveyed about their finances. i know zero.the biggest is a supplementary census done with a small sampling of folks. there is just to much variation they way they do it so thinly.

i know one person on city data who got it once and he threw it out.

That could be me. I was part of the BLS census and refused to answer the financial questions for a year.

[stoutboy]

Originally Posted by TuborgP

Remember those over 55 include those with pensions which is skewed higher with age.

Which makes the data on younger workers even more worrisome, since very few of them will have pensions AND they aren't saving enough money.

[Fargobound]

I wish most financial institutions would be out a real brochure or TV commercial of what retirement looks like for a majority of people. Not everyone is going to end up living in Napa tending to grapes or Sun City prancing around the tennis court.

A majority of people are going to find themselves parked in front of a TV trying to down a fifth of scotch before they change their catheter. The big plans for the day are to hit up Wal*mart for prescription pills, Planters Peanuts and some new bingo markers.

[mathjak107]

most folks don't have much until later in life when the families are done.

don't forget this data is before markets and homes increased as much as they did today.

[lycos679]

Originally Posted by Malloric

Actually, it is.



That isn't all it is, but it is.

SS is composed of two parts, welfare and taxes. There is no legal right to SS benefits though. Now compare that to an annuity. Whether you pay into an annuity for 45 years or one year you will be legally entitled to the benefits laid out in the contract.