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Old 12-30-2015, 05:44 AM
 
Location: Central Maine
4,687 posts, read 5,539,153 times
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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.
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Old 12-30-2015, 05:59 AM
 
29,782 posts, read 34,880,403 times
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Quote:
Originally Posted by GreenGene View Post
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.
Very true with pensions also
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Old 12-30-2015, 06:30 AM
 
Location: Jamestown, NY
7,841 posts, read 7,334,770 times
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Quote:
Originally Posted by TuborgP View Post
Very true with pensions also
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.
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Old 12-30-2015, 07:29 AM
 
29,782 posts, read 34,880,403 times
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Quote:
Originally Posted by Linda_d View Post
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.
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Old 12-30-2015, 07:46 AM
 
Location: Central IL
15,251 posts, read 8,543,297 times
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Quote:
Originally Posted by TuborgP View Post
Very true with pensions also
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.
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Old 12-30-2015, 07:55 AM
 
Location: Colorado Springs
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The average Social Security benefit is $1328 per month.

Joe six pack won't get too far on that alone.
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Old 12-30-2015, 08:05 AM
 
Location: Sierra Nevada Land, CA
8,401 posts, read 9,150,073 times
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Quote:
Originally Posted by TuborgP View Post
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
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Old 12-30-2015, 08:11 AM
 
Location: Great State of Texas
86,093 posts, read 72,534,315 times
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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.


A year old but still a good article.


There Is No Retirement Crisis - Bloomberg View
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Old 12-30-2015, 08:33 AM
 
14,261 posts, read 24,004,620 times
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Quote:
Originally Posted by reneeh63 View Post
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.
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Old 12-30-2015, 08:46 AM
 
Location: Tennessee
23,601 posts, read 17,589,896 times
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Quote:
Originally Posted by jlawrence01 View Post
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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