U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-08-2014, 03:12 PM
 
Location: Glenbogle
730 posts, read 1,027,323 times
Reputation: 1046

Advertisements

I'd like to see an article showing what percentages of Americans have the following:

(a) Social Security as their ONLY retirement income stream. No savings vehicle.

(b) Social Security as their only income, plus less than $100K in a savings vehicle (savings account, IRA, 401K, annuity, or investments)

(c) Social Security plus a pension as their only retirement income streams. No savings vehicle.

(d) Social Security plus a pension plus less than $100K in a retirement savings vehicle

I think a breakdown like that would be much more illustrative of the issue.
Reply With Quote Quick reply to this message

 
Old 08-08-2014, 04:06 PM
 
71,568 posts, read 71,730,589 times
Reputation: 49168
1/2 the country doesn't earn enough to pay income tax at any point in their life.,

And the articles point???????????
Reply With Quote Quick reply to this message
 
Old 08-08-2014, 04:09 PM
 
Location: Great State of Texas
86,093 posts, read 72,507,006 times
Reputation: 27565
Quote:
Originally Posted by mathjak107 View Post
1/2 the country doesn't earn enough to pay income tax at any point in their life.,

And the articles point???????????
That we're not the prosperous country we used to be and think we still are ?
Reply With Quote Quick reply to this message
 
Old 08-08-2014, 04:10 PM
 
71,568 posts, read 71,730,589 times
Reputation: 49168
i don't think more than half earned enough to pay as long as i can remember.
Reply With Quote Quick reply to this message
 
Old 08-08-2014, 04:12 PM
 
20,750 posts, read 13,756,075 times
Reputation: 14414
Quote:
Originally Posted by HappyTexan View Post
I had a co-worker that was like that.
Put 3 kids through private college, paid for 2 weddings for his sons (the girls' families didn't have money), took lavish trips and then wondered at 64 why he had no money saved. He did live life to its fullest and it cost him dearly.

He was amazed that I was taking an early retirement and didn't need to work anymore.
Your co-worker should have his bags packed and move into one of his son's homes that he spent what should have been his retirement money on to fund their weddings.

Have never understood this mentality of spending oneself into an old age of poverty to fund one's children's lifestyles. Understand even less the attitude many young persons seem to have about rights to "their inheritance". Excuse me? Anything I've worked for is mine. Once children reach the age of legal majority all legal rights of parents to support them financially cease. Perhaps no where else in the world are parents and or grandparents seen as a perpetual easy touch. No wonder you hear more and more about the "burden" of having children and why many are opting not to bother.
Reply With Quote Quick reply to this message
 
Old 08-08-2014, 04:17 PM
 
20,750 posts, read 13,756,075 times
Reputation: 14414
Quote:
Originally Posted by Never2L8 View Post
I'd like to see an article showing what percentages of Americans have the following:

(a) Social Security as their ONLY retirement income stream. No savings vehicle.

(b) Social Security as their only income, plus less than $100K in a savings vehicle (savings account, IRA, 401K, annuity, or investments)

(c) Social Security plus a pension as their only retirement income streams. No savings vehicle.

(d) Social Security plus a pension plus less than $100K in a retirement savings vehicle

I think a breakdown like that would be much more illustrative of the issue.
Let your fingers do the walking. Information is out there if one bothers to look:

"About nine in 10 Americans aged 65 and older receive Social Security. For nearly two out of three (65 percent) of those beneficiaries, Social Security is more than half their total income, and for one in three (36 percent), it is all or nearly all of their income. Social Security is a large share of income because many Americans age 65 and older lack significant income from other sources. Pensions (from private or government employment) were received by about half of married couples (from either the husband's or the wife's career). Among the unmarried, 38 percent of men and 34 percent of women had pensions. "

"Social Security is the sole source of income for about one in five (21 percent) of people aged 65 and older. Certain subgroups are particularly reliant on Social Security. Of those age 65 and older, Social Security is the sole source of income for 36 percent of Hispanics and African Americans, 25 percent of Asian and Pacific Islanders, 19 percent of whites, and 20 percent of unmarried women."

The Role of Benefits in Income and Poverty | National Academy of Social Insurance
Reply With Quote Quick reply to this message
 
Old 08-08-2014, 04:45 PM
 
Location: Florida -
8,764 posts, read 10,843,052 times
Reputation: 16634
Quote:
Originally Posted by BugsyPal View Post
Let your fingers do the walking. Information is out there if one bothers to look:

"About nine in 10 Americans aged 65 and older receive Social Security. For nearly two out of three (65 percent) of those beneficiaries, Social Security is more than half their total income, and for one in three (36 percent), it is all or nearly all of their income. Social Security is a large share of income because many Americans age 65 and older lack significant income from other sources. Pensions (from private or government employment) were received by about half of married couples (from either the husband's or the wife's career). Among the unmarried, 38 percent of men and 34 percent of women had pensions. "

"Social Security is the sole source of income for about one in five (21 percent) of people aged 65 and older. Certain subgroups are particularly reliant on Social Security. Of those age 65 and older, Social Security is the sole source of income for 36 percent of Hispanics and African Americans, 25 percent of Asian and Pacific Islanders, 19 percent of whites, and 20 percent of unmarried women."

The Role of Benefits in Income and Poverty | National Academy of Social Insurance
This type of information is much more meaningful than the 'fear card' editorials about older people not having enough retirement savings. Notice that the vast majority of these articles are provided by the 'concerned' folks who sell retirement programs/services/plans ... and whose primary message is that "Nobody has enough money saved for retirement."

I'm not suggesting that some folks (near retirees included) don't have financial difficulties and will likely depend heavily on Social Security and Medicare/Medicaid benefits. But, what do these studies really mean? Who are these unprepared near-retirees? How reliable are the statistics and how much is simply an extrapolation of very narrow, limited polls? On what basis are these conclusions drawn?

My point is that I don't really trust or understand the implications of the vast majority of these online, 'sky is falling' editorials.
Reply With Quote Quick reply to this message
 
Old 08-08-2014, 04:49 PM
 
71,568 posts, read 71,730,589 times
Reputation: 49168
people have been adapting and surviving through retirement forever. certainly not the kind of retirement i would want but everyone finds a way to get through it.
Reply With Quote Quick reply to this message
 
Old 08-08-2014, 04:58 PM
 
20,750 posts, read 13,756,075 times
Reputation: 14414
Quote:
Originally Posted by jghorton View Post
This type of information is much more meaningful than the 'fear card' editorials about older people not having enough retirement savings. Notice that the vast majority of these articles are provided by the 'concerned' folks who sell retirement programs/services/plans ... and whose primary message is that "Nobody has enough money saved for retirement."

I'm not suggesting that some folks (near retirees included) don't have financial difficulties and will likely depend heavily on Social Security and Medicare/Medicaid benefits. But, what do these studies really mean? Who are these unprepared near-retirees? How reliable are the statistics and how much is simply an extrapolation of very narrow, limited polls? On what basis are these conclusions drawn?

My point is that I don't really trust or understand the implications of the vast majority of these online, 'sky is falling' editorials.

There are several purposes. One of course is as you say to market various pension schemes. The other is to make younger persons aware (when it does the most good) that they must begin *NOW* to fund and plan for retirement. The beauty of compounding is that the longer period of elapsed time reaps benefits for those who save and or invest.

Of course another function is to open up a political debate about poverty and the elderly/seniors in the United States.

Far to many persons even young or middle aged have a wrong way thinking about Social Security. As such they seem to believe in good numbers that those receiving benefits are "fine" financially, which is as noted above not always the case. Back in the 1970's media coverage of seniors resorting to eating pet food because their SS benefits did not go very far prompted COLA changes. Today we are getting almost back to those dark days and the problem may grow to surpass that of thirty years ago.

Social Security cannot nor was ever meant to be the sole income for seniors/retirees. That it has become so now and will (unless things change drastically) for many more will sooner or later prompt a huge debate in this country.

On one side you have those who feel persons living in essentially poverty as seniors are reaping what they sowed. That is they didn't work hard enough, save enough, plan, etc... and now they must deal with the consequences of their actions. OTOH there are those like Mrs. Warren who feel we as a nation have a moral duty to step in and lessen the poverty of such persons regardless if it means taxing others to fund such wealth transfers.

Fasten your seat belts, it is going to be a bumpy flight. As a huge wave of Boomers move into the Fall and Winter of their lives with nil to no retirement savings and thus wholly dependent upon SS this debate is going to heat up.
Reply With Quote Quick reply to this message
 
Old 08-08-2014, 05:33 PM
 
29,781 posts, read 34,867,277 times
Reputation: 11705
For the millions living near the poverty level during their adult lives, what's suppose to change when they hit their 60's plus? The question is those who could have been secured and aren't. Hard to use aggregate data to portray what's going on.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top