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And the remaining non-savers will counter their habit of not saving with something along the lines of "Well how much did you expect someone making minimum wage and student loan payments to save?"
I don't understand why you have student loan debt AND are living on minimum wage. Do you live in an area which is very economically distressed?
And the remaining non-savers will counter their habit of not saving with something along the lines of "Well how much did you expect someone making minimum wage and student loan payments to save?"
You shouldn't be making minimum wage with student loan payments your whole working life - unless you chose a worthless degree and were so traumatized that you went the next 3 or 4 decades with zero motivation to even attempt building a better career.
Not everyone has the patience, talent, desire, or proclivity to do that, though, and the more attractive programs are often competitive as well. In addition, many have family commitments that constrain them in such a way that they can't be away for more than a few days at a time.
If you can't be away for more than a few days at a time, then world travel is out of the question anyway.
DH and I will escape paycheck to paycheck living upon retirement.
Until then, no matter how much comes into the house, we live paycheck to paycheck. Because until retirement happens, we will be saving and investing. Those are just as important as any other bill.
Oh, and we do not have a mortgage. That was paid off ages ago.
How much saving and investing would you be doing on a minmum wage income? If you also had student loan payments?
You shouldn't be making minimum wage with student loan payments your whole working life - unless you chose a worthless degree and were so traumatized that you went the next 3 or 4 decades with zero motivation to even attempt building a better career.
I told my employer what you said and he just shrugged. There is no advancement path at my workplace.
This weak 'Bankrate.com survey' has spawned numerous articles, yet, failed the most basic test of qualifying its own statistics. How many people were 'surveyed'? who were those people? what questions were asked? What do the calculated statistics really mean? ... It's called critical thinking; something sadly missing from most biased editorials by investment firms who are trying to prove that "People need to save more money for retirement!" --- It’s easy to start with a pre-determined conclusion and then simply find "facts" to support that position!
Sometimes when I mention that I'm going fishing, someone will ask, "What are you fishing for?" I'll often respond, "Blue Marlin or Great White Sharks!" Similarly, when one asks a young person if they are saving for retirement, many will think and respond, "Heck no, I'm saving for a car, house, emergency fund, etc". By middle age, many of the same folks think, "I'm saving for the kid's college, for my daughter's wedding ... and eventually for retirement." Of course, to a Financial Advisor or Retirement consultant, this sets-off "the sky is falling - alarm bells."
But, do these answers really mean that these folks have no concept or intention of ever saving anything for retirement? ... OR, does it mean that they are saving everything they can, but, see looming expenses on the horizon ... and aren't positive how much of their savings will be left for retirement? --- Also, do the SAME people, who at any given point in time say they are not saving anything for retirement, REMAIN static as 'people who are not saving for retirement' throughout their entire lives?' ... or is this just a brief snapshot in time?
The article also states that almost 14-percent of the folks in their 60's have not saved anything towards retirement. While that may sound dire, it at least shows that 60-70-percent of the younger folks who are polled, finally 'see the light' and get focused on 'saving for Retirement.' What about those depending on state or government pensions or inheritances? How many of this 14-percent have encountered chronic or catastrophic financial problems?; How many have worked minimal jobs all their lives and will retire on little more than Social Security?; and How many have a little savings, but, "certainly not enough" by financial adviser standards?
Everyone knows that they 'need to save more for Retirement', if they are ever to reach the mythical '$millions' they should have in partitioned 'retirement accounts' (according to financial advisers). But, frankly, that's more the nature of advertizing than reality (ie; "If you haven't saved enough for retirement by tomorrow, you will likely spend your retirement years in an appliance carton under a bridge").
Honestly, I believe that Retirement planning and savings are important and essential. But, I also believe that most Americans who are not aware of this reality, either live under a rock or are doing the best they can! My beef is with mindless editorials and 'screaming TV sound bytes' that are 80% hyperbole, 10% speculation and perhaps 5% substantiated fact... AND with the large number of folks who seem to accept everything they read on the internet or hear on TV -- as truth.
Last edited by jghorton; 08-19-2014 at 09:50 AM..
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