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Some of them mismanaged there money, Some fell victim to drug addiction, some were hit with health problems or had to take care of people with health problems, and there are a million more scenarios.
I have a question to those who participate in the anti-older than you generational threads.
People have started threads whining how older generations aren't leaving their kids all of their wealth.
Where is this wealth if as the thread states, 75% of US citizens don't have more than $30k in their retirement funds.
Kind of makes the whiners look selfish and clueless at the same time.
So many bought into and believed that Social Security was the thing and that they had no worries. Social security never meant to be a primary income is mismanaged at best. Keeping up with the Jones became an american hangman's noose. Finally the kiss of death credit cards. I was lucky because I had a grandfather who taught us to save. He taught us a few golden rules. Never finance a toy. Worth having worth waiting for.
Always ask yourself how many hours you will need to work to pay for whatever.
Finally he taught always put money in the bank every payday even if it is only a few dollars.
No matter how bad my life was I always stuck to his lessons.
We had too many great years for 75% of us to have no retirement saved up. This falls squarely on the shoulders of those caught with nothing. I feel sad for them I truely do. We have had warnings since the 80's not to depend on SS. A good part of my life I worked a second job just to be able to dump more money into my retirement.
Too many are waiting for big brother to save them. They believed the hype. Thats why I have been investing overseas. When I retire I am taking as much as I can with me. I have no desire to be taxed out of my savings to support those who never saved. Call me greedy or cold, but I didn't work two and three jobs to support those who lived high on the hog.
How is this country supposed to deal with these peoples mismanagement of their lives? This is going to have dramatic effects on a ton of things
What on earth makes you think they need a bucket of money? By the time one retires, they should be relatively debt free. Granted, if they intend to spend their retirement years cruising the world on endless vacations, etc, they'll need a boatload of money, but for the most part, retirement is cheap.
I'm retired and I live on practically nothing. It's not hard.
How is this country supposed to deal with these peoples mismanagement of their lives? This is going to have dramatic effects on a ton of things
Why is this country supposed to deal with it? We already have Social Security?
Why not do, like people all over the world do, and once you can no longer work, live with your kids and they take care of you, (if you have kids), or other family.
I read the constitution, and nowhere did it say the government was supposed to take care of living expenses for people who can't!
While I feel for those who are not in a position to fend for themselves, I have worked towards ensuring I am not a burden on society if and when I retire. Without counting social security, I will have a pension, AND a 401K, plus savings. My home should be paid for by that time, or I will be living with my family, and will be able to help out with mortgage and utilities and food. And while I was accepted at two very nice colleges, could not afford to go, so I am doing this on a high school education.
It's the American way: Spend, spend, spend - never worry about tomorrow. We've been spoon fed the idea that we need to consume more and more - it allegedly makes us happy and it keeps our economy going. We buy larger houses than we need, want fancy cars with all the bells and whistles, we need two cell phones per adult, our six-year olds need cell phones, there need to be multiple TV's in our houses, we deserve the $200 a night hotel room, our children need a tablet computer to be happy, etc.
All the while, we keep thinking that there is absolutely no need to save for emergencies or the future. If that's how you live, then you probably get what you deserve.
And if they default on SS like cities are doing with pensions?
Well thats why you dont put all your eggs into 1 basket and you never ever trust the Gov to do for you. Hell you never trust someone else to put your interests ahead of your own. If you do you sort of deserve what happens.
Here is another answer to the why too many folks might be caught short in retirement savings. Shiny things. Just look at what passes as major political and elections discussion. Both sides constantly chase after the latest shuny bauble of half-truth.
Shiny thing distraction - indicative of shallow to nonexistent value core - is the true epidemic in our society. Selfishness passes as 'rights'.
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