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The thread title is the title of an article in today's Washington Post. It says, among other things:
Quote:
The total incomes of Americans age 65 or older are equal to 92 percent of the national average income, according to the OECD.
And,
Quote:
The data show that the biggest retirement danger isn’t that Americans haven’t saved enough. It is politicians, both past and present, who promise Social Security benefits without paying for them.
The article also suggested (backed by data from the Organization for Economic Cooperation and Development) that when government retirement programs like Social Security offer more generous benefits, people tend to do less -- in addition to those government retirement programs -- to prepare financially for retirement.
The thread title is the title of an article in today's Washington Post. It says, among other things:
And,
The article also suggested (backed by data from the Organization for Economic Cooperation and Development) that when government retirement programs like Social Security offer more generous benefits, people tend to do less -- in addition to those government retirement programs -- to prepare financially for retirement.
However, pensions are a means of preparing for retirement. The pension is the guaranteed part of the retirement equation that you can't outlive. Generally, employers who offer defined benefit pension plans offer less current compensation.
However, pensions are a means of preparing for retirement. The pension is the guaranteed part of the retirement equation that you can't outlive. Generally, employers who offer defined benefit pension plans offer less current compensation.
Sure but pensions are not necessarily for some a positive incentive to also save.
Of course! If you're otherwise scrimping NOW for retirement and then you find out you'll have more money then it is human nature to not deprive yourself NOW for no reason. You've decided that you'll be satisfied with that amount..why WOULD you keep depriving yourself?
Some folks in our society are so Calvinistic that all they can do is work and sacrifice their entire lives - they can't stop even in retirement. You have to decide what you need, save that amount and then enjoy the remainder before retirement.
Sure but pensions are not necessarily for some a positive incentive to also save.
A lot of people can't save a million dollars.
However, when I was 30, I mapped out a plan for retirement, which was based on working for county government. I traded making the Big Bucks of private industry for a career of modest wages working for the public good in exchange for a secure, lifetime pension. Having retired 3 weeks ago it seems my plan has worked out just fine. Planning comes in different forms
There has to be a retirement crisis in order for the government to propose and promote their fix.
And many of these academics think the government should provide in retirement.
Some folks in our society are so Calvinistic that all they can do is work and sacrifice their entire lives - they can't stop even in retirement. You have to decide what you need, save that amount and then enjoy the remainder before retirement.
I do not see many people in THIS society who are deferring their immediate gratification and sacrificing their entire life. If there were, this thread would not exist.
I do not see many people in THIS society who are deferring their immediate gratification and sacrificing their entire life. If there were, this thread would not exist.
There aren't many, but they are out there. Many folks think only people from the Depression era would have this mentality, but there are always some folks on the opposite side of the spectrum who are obsessed with saving every penny for the future, and deferring things that they could do now for the future. I know a couple like this where the dad is a cop, they live in a high COL era, she's a SAHM, and everything goes toward retirement.
Even as frugal as they are, there just isn't a ton of income coming in. They really don't take the vacations, buy for the kids, etc., in the way that many people do when they are young and healthy. Sure, they'll be more financially secure than most, but both the kids and parents will likely miss out on a lot of things over the years.
There's a happy medium between charging headlong into excess for the here and now and being a miser planning for a future that may never happen.
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