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Blame goes to lots of people from both ends of the political spectrum.
The Great Recession has nothing to do with 75% of Americans near retirement having $30,000 or less in the retirement accounts and everything to do with people making poor choices.
$30,000 (and under) is a small number to have saved up by the time you are near retirement. I am a middle class guy that has worked for 9 years out of college -- started out at $29,000 as a teacher - has not gotten to $40,000 a year yet and yet I have $100,000 saved up in my early 30s.
At times this country has dipped into a negative savings rate (before the recession). We buy more than we can afford and then blame boogeymen. Americans need to look in the mirror at their own actions.
The Great Recession has nothing to do with 75% of Americans near retirement having $30,000 or less in the retirement accounts and everything to do with people making poor choices.
$30,000 (and under) is a small number to have saved up by the time you are near retirement. I am a middle class guy that has worked for 9 years out of college -- started out at $29,000 as a teacher - has not gotten to $40,000 a year yet and yet I have $100,000 saved up in my early 30s.
At times this country has dipped into a negative savings rate (before the recession). We buy more than we can afford and then blame boogeymen. Americans need to look in the mirror at their own actions.
Yes, I don't think it has anything to do with any recession. People who lived through the Great Depression did a lot better saving money but they knew how to live without luxury cars, iPhones, $60 video games and $600 game players, and eating meals out every day.
This is the only recession where almost everyone has cable television, air conditioning, expensive cell phones, and new cars.
When so many people are unprepared for retirement, it's not the fault of individuals. It's a systemic problem. Not to mention that we are slowly emerging from the worst recession since the Great Depression.
There are always going to be a portion of the population that lack the savvy to invest in the market. There are those who have tried to follow expert advice to buy and hold mutual funds back when the market was at its height. Not everyone has the nervous system to handle such agita. Not every one of those 'buy and hold' funds reverberated when the market rose again.
The average wealth of the 8 million households in the most affluent 7% rose to an estimated $3.2 million from an estimated $2.5 million, while the average net worth of the 111 million households in the less affluent 93% fell to roughly $134,000 from $140,000.
I suspect that those who are making money are near that top seven percent and almost all are well educated, have responsible jobs with a future, have multiple investments both in and outside of their company investments and socialize with others who also know about investing and are mentally astute.
mcdonalds...offers 401k, with matching (one of the most generous employeers out there as far as matching)
pizza hut...not only a 401k but also a profit sharing plan
little caesars...401k
dominoes...not only a 401k, but also profit sharing
walmart...401k and profit sharing
almost all companies out there offer some type of 401k.....my local deli offers its people a 401k
This is SO bogus.
Generally speaking, only managers in these companies can participate in these plans.
Most employees are part time and many companies like to keep them that way.
Last edited by goldengrain; 04-26-2013 at 06:25 PM..
This is SO bogus.
Only managers in these companies can participate in these plans.
Most employees are part time and many companies keep them that way.
That's not true. The fast food companies offer the benefits to employees not just managers. I also know for a fact that WMT offers benefits to full and part time employees.
The biggest issue facing the younger generation(s) is the fact that we have to pay for the boomers retirement and health insurance while paying for our own and our own education. We can still move. We can still emigrate. If I was in a bad position and had no way out I would go to Australia and go to trade school. Their tradies make $$$$$, the country has almost no debt, they just found a huge oil reserve, etc. I might end up moving there anyway, but the cost of living even if you make $100K is still very high.
Somebody that has $100K school loan debt and is only working fast food should look into moving to Australia. Many won't though. I'm not in that position.
I'm not ignoring the growth of inequality in the US. I don't think it is a good thing nor do I benefit from it. Inequality growth is occurring worldwide though, so it isn't really an American thing. However. to say or to imply that the working poor are victims of someone else's actions is just not accurate.
A fast food worker is someone I think of when I hear the term "working poor". Have you ever been to fast food joints? The workers are not premium quality. IMO they get paid too much for their qualifications and service quality, but that is why I don't go there. If I want a burger I go to a restaurant because I know for a fact that I can get fast quality service and good food.
I believe Australia has always had very severe requirements on whom they would allow to stay in the country. You need a pile of money and/or a trade that they cannot fill internally.
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