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Old 08-10-2014, 12:21 PM
 
Location: Great State of Texas
86,093 posts, read 72,534,315 times
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Whatever the statistics I don't see any turnaround.
The US is on a slow decline.
And somehow the USG is going to have to find a way to subsidize these people in their old age as this group grows larger and larger.

We're past the point where it can be reversed/fixed so some new scheme will have to be created to financially take care of people in their old age.
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Old 08-10-2014, 12:40 PM
 
33,046 posts, read 22,072,092 times
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Quote:
Originally Posted by Led Zeppelin View Post
It's gotta be much higher than that. I've heard estimates that as much as 90 percent of the population is not saving for retirement.

Keep voting for the bums that want to loot Wall Street to "punish the rich".... they'll loot the 401K reservoir and make everyone poor.

??? People who are already poor - who have NO retirement savings of any kind - should care why?
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Old 08-10-2014, 01:09 PM
 
33,046 posts, read 22,072,092 times
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Quote:
Originally Posted by mathjak107 View Post
it isn't , until they add comprehensive insurance. it is comprehensive where your premiums go up as well as home insurance. those claims where there are no witnesses are the issue .

i don't know if any link has actually been made between credit score and job performance and honesty in the work place but in the insurance world the link has been well established.

according to fico commercial services 47% of every s&p 500 company uses credit score information from them in judging applicants as well as many many smaller businesses. i know the company i work for does too.

our employer is big on the fact that if you make poor decisions and choices with your own money what are you going to do with his and company resources.

whether true or not whio cares , the fact is a poor score won't help you be selected.

it really doesn't matter if there is a link or not to job performance. as long as that is one of the filters today it will hurt you regardless of whether a link exists or not.



howTF does your employer conflate "low credit score" with "poor decisions and choices"?

My credit score was good until an abrupt and extended hospitalization and inability to work left me without income for a year; without income all open accounts were closed and charged off. What were the poor decisions and choices which caused this credit score collapse?
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Old 08-10-2014, 01:31 PM
 
71,675 posts, read 71,801,099 times
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how ?

an employer's reasoning may be if you can't handle your own money with responsibility and correct decisions what are you going to to do with his or company resources.

quite frankly an employer usually doesn't care why the reasons, the issue is you may never get to tell your story. why should they bother, just pick the person with a high score and you don't have to even listen to the reasons why and have to decide if you are okay or not.

because of what the results of the insurance industry studies showed an employer may equate that to the fact you may easily be pulled to the dark side and steal or do dishonest things to pay off debt .

the reality is keep a good credit score and you don't have to worry about what an employer thinks. it will be one less reason you may not have gotten the job.

Last edited by mathjak107; 08-10-2014 at 01:40 PM..
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Old 08-10-2014, 01:44 PM
 
33,046 posts, read 22,072,092 times
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Quote:
Originally Posted by mathjak107 View Post
how ?

an employer's reasoning may be if you can't handle your own money with responsibility and correct decisions what are you going to to do with his or company resources.

quite frankly an employer usually doesn't care why the reasons, the issue is you may never get to tell your story. why should they bother, just pick the person with a high score and you don't have to even listen to the reasons why and have to decide if you are okay or not.

because of what the results of the insurance industry studies showed an employer may equate that to the fact you may easily be pulled to the dark side and steal or do dishonest things to pay off debt .

Sounds like guilt by association, and judging not on the basis of one's character, but on the basis of what others have done.

Sounds like I was responsible one day than then abruptly became irresponsible when I sent into the hospital.

Since there's nothing I can do to improve my credit score on my low income, aren't I indefinitely unemployable?
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Old 08-10-2014, 01:56 PM
 
71,675 posts, read 71,801,099 times
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Yep , that is what all these filters do today., they paint with a very broad brush. It is so easy for an employer to round up data and reports on applicants that it comes down to why spend time sorting the wheat from the chaff. No reason to , just eliminate whatever looks questionable and move on.

did an illness really cause that default on debt or was it poor planning with no emergency fund, excessive spending on wants instead of saving money for events like this. was it poor decisions or choices that left you unable to deal with that event you claim left you in poor shape?

here in nyc we see lots of poor decisions not to take flood insurance and the money used to to buy wants instead, then sandy came and destroyed your home and now you are in bad financial shape. that wasn't sandy ,it may have been bad choices you made in not getting flood insurance and spending the money instead on crap.

quite frankley why would an employer bother even sorting it out.

these filters ,good or bad lets employers get right down to your job skills without having to sort through personal details about all your dings in life. if you have a clean background report , test drug free and have a high credit score at least you won't be eliminated without a good intense formal interview instead of possibly being discarded off the top.


as i said in another thread keeping your information A1 is like the old debates about whether god exists.

the conclusion the scholars drew was that if you lived your life as if god exists and there is no god then at best you would have wasted some time praying and living a more rightous life then you might have otherwise.

but if you lived your life like there is no god and one exists then the ramificatuions are far worse and you can burn in hell.


the point is whether employers will hold negative information against you or not is unknown so you are better off living a life that treats all these things you are judged on in perfect order or face the consequences.

Last edited by mathjak107; 08-10-2014 at 02:15 PM..
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Old 08-10-2014, 02:15 PM
 
Location: Kennett Square, PA
1,698 posts, read 2,607,065 times
Reputation: 2594
Quote:
Originally Posted by Never2L8 View Post
My question is, how many of that 31% did have retirement savings before the crash of 2008 gutted it? (assuming that "savings" encompasses any type of product: savings account, IRA, 401K, pension plan) How many of that 31% lost their jobs during the worst of the recession and have not been able to replace that level of income, thus having to draw on and erode their original retirement savings either mostly or completely?

What I'd like to see is what percentage of that 31% did have retirement savings AT ONE TIME but through factors other than irresponsible spending they no longer do. Versus what percentage of the 31% never bothered to address their retirement income needs at all.
I lost 40K of my retirement the last year Clinton was in office. It tanked almost overnight. Pulled out as fast as I could before I lost it all!
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Old 08-10-2014, 02:17 PM
 
71,675 posts, read 71,801,099 times
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what a mistake that was.. it would have been higher then ever if you just did what investors in long term assets should do and that is nothing except rebalance or continue adding money.

markets more then recovered. it was human error that did folks in not markets.

most folks were far to aggressivly invested for their pucker factor for the risks they were taking. or they didn't want to spend money for a planner to at least guide them , structure them and give them a comfortable workable plan.

most folks have near zero knowledge about any of this yet they go at it alone and throw money at investments they don't understand.

there is not one diversified fund i know of that has a loss today from 2008-2009.

it is when people try to outsmart the markets or react to short term events in long term assets that they get burned. of course afterward everyone and everything usually ends up getting blamed for their loss.

Last edited by mathjak107; 08-10-2014 at 02:34 PM..
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Old 08-10-2014, 02:28 PM
 
33,046 posts, read 22,072,092 times
Reputation: 8970
Quote:
Originally Posted by mathjak107 View Post
Yep , that is what all these filters do today., they paint with a very broad brush. It is so easy for an employer to round up data and reports on applicants that it comes down to why spend time sorting the wheat from the chaff. No reason to , just eliminate whatever looks questionable and move on.

did an illness really cause that default on debt or was it poor planning with no emergency fund, excessive spending on wants instead of saving money for events like this. was it poor decisions or choices that left you unable to deal with that event you claim left you in poor shape?

here in nyc we see lots of poor decisions not to take flood insurance and the money used to to buy wants instead, then sandy came and destroyed your home and now you are in bad financial shape. that wasn't sandy ,it may have been bad choices you made in not getting flood insurance and spending the money instead on crap.

quite frankley why would an employer bother even sorting it out.

these filters ,good or bad lets employers get right down to your job skills without having to sort through personal details about all your dings in life. if you have a clean background report , test drug free and have a high credit score at least you won't be eliminated without a good intense formal interview instead of possibly being discarded off the top.


as i said in another thread keeping your information A1 is like the old debates about whether god exists.

the conclusion the scholars drew was that if you lived your life as if god exists and there is no god then at best you would have wasted some time praying and living a more rightous life then you might have otherwise.

but if you lived your life like there is no god and one exists then the ramificatuions are far worse and you can burn in hell.


you get the point!

My income the previous year was $11K - most I've earned in a year is $17K - so I don't think I had been on a spending spree. No criminal, drug, or alcohol history. Maybe there's a good reason after all that so many have dropped out of the workforce - perhaps we have reached a critical mass of marginalized and ghettoized workers.
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Old 08-10-2014, 02:31 PM
 
71,675 posts, read 71,801,099 times
Reputation: 49257
there will always be casualties when these reports are used to judge you . to employers finding good , trustworthy employees who can even pass a drug test is getting to be like fighting a war.

like in war innocent people get killed and folks like you may be the walking dead in this new era of information.
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