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Old 04-17-2016, 09:57 AM
 
Location: Loudon, TN
5,889 posts, read 4,900,122 times
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And, really, any consequences of not saving for retirement (poverty in old age, or not being able to retire at all) will occur long after the ability to change that behavior is past.
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Old 04-17-2016, 10:10 AM
 
72,327 posts, read 72,269,260 times
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unfortunately this is true . the old you never know how thirsty you can be until the well runs dry .
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Old 04-17-2016, 11:17 AM
 
Location: Los Angeles area
14,018 posts, read 17,808,386 times
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Quote:
Originally Posted by oddstray View Post
I think what'll get many people to save for retirement (who otherwise wouldn't) is to make it automatic. If someone wants to 'opt out' they need to make their case.
That's what Social Security is - automatic and mandatory saving for retirement. (Yes, I am aware that it's insurance technically). I think it's fine for people to live on Social Security alone - that's the consequence if they haven't made other (additional) arrangements for themselves.

I really don't know what all the hand-wringint is about (not referring to poster Oddstray above). So what if people haven't saved enough? Let them live on SS alone - that hasn't killed anybody that I know of.
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Old 04-17-2016, 11:27 AM
 
536 posts, read 635,524 times
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One of Suze Ormand's books got me out of debt c. 2002, post the 9/11 market slump. Not only was I in debt, my investments tanked for a while. It didn't scold but it did give some good clear practical info on how to accomplish what I wanted to do (tanking my credit card debt).

Her advice worked. In that book, she was as critical of herself as of other folks, so I am skeptical that you could call the style a "scolding" style. Women are often accused of scolding when they are just talking forcefully. We aren't allowed to do this by some.

The death of my credit card debt was like dawn breaking over my money landscape and I am very grateful for her advice. I am more a book reader than a media person, so I don't know much of her except for that incredibly helpful book, which often talked about her own struggles with money.
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Old 04-17-2016, 11:36 AM
 
Location: Jamestown, NY
7,841 posts, read 7,365,172 times
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Quote:
Originally Posted by cdelena View Post
I agree but more and more we have government that wants to take care of people that simply failed to do it themselves and in every case it costs the rest of us either in taxes or a reduction in some other area.

Unfortunately we live in a period that distorts consequences.
Well, we could just let the indigent who are too old or too sick or too demented to work live out on the streets and starve to death ... although you'd have to pay taxes to cart them away.
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Old 04-17-2016, 11:49 AM
 
Location: Jamestown, NY
7,841 posts, read 7,365,172 times
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Quote:
Originally Posted by Escort Rider View Post
That's what Social Security is - automatic and mandatory saving for retirement. (Yes, I am aware that it's insurance technically). I think it's fine for people to live on Social Security alone - that's the consequence if they haven't made other (additional) arrangements for themselves.

I really don't know what all the hand-wringint is about (not referring to poster Oddstray above). So what if people haven't saved enough? Let them live on SS alone - that hasn't killed anybody that I know of.
I agree. In fact, the whole purpose of SS was to provide that basic level of income for the old and the infirm to keep them from starving. Medicare and Medicaid also enable the aged poor access to health care. If you want better than only SS and basic Medicare in your old age, then you need to save for it.
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Old 04-17-2016, 12:12 PM
 
Location: Tennessee
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I don't think scolding and shaming anyone is going to do good without actionable advice.
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Old 04-17-2016, 01:04 PM
 
Location: NC Piedmont
3,986 posts, read 2,911,886 times
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Here is something the SSA compiles that plays into this:

https://www.ssa.gov/cgi-bin/netcomp.cgi?year=2014

That's 2014 as they won't have 2015 until the fall. 51% of all US workers make $30k or less per year. I am not sure what my"actionable advice" is to those folks. I pound the drum for starting early and playing the long game but I am not sure if that is something that the majority of people can do right now. So what is our advice for the majority?
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Old 04-17-2016, 01:11 PM
 
33,046 posts, read 22,175,598 times
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My saving rate is commensurate with my income. Nobody has ever said I overspend.
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Old 04-17-2016, 01:27 PM
 
12,327 posts, read 15,266,746 times
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Quote:
Originally Posted by oddstray View Post
I think what'll get many people to save for retirement (who otherwise wouldn't) is to make it automatic. If someone wants to 'opt out' they need to make their case.
The first step is to establish universal availability. The 401k plan is the greatest retirement innovation since Medicare, but it requires an employer to set one up. Many if not most don't bother. Two or three States have plans to make them available. Let's get the rest on board. And make them available to contract employees.
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