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Lack of planning and a longer life expectancy is cited.
Quote:
"The No. 1 reason most people cited for not stashing more away was because they didn't earn enough to save, followed by the fact that they were already struggling to pay bills."
People will do what they have to do (as we all would).
Broke isn't dead broke. I assume most people will have Soc. Sec. If I was "broke," I'd move to a mobile home in a 55+ park wherever I had to go to have a roof over my head.
They cite millennials savings as less than $10,000. When I was the age of millennials, I had less than $10,000 too. More relevant would be the savings of those 40-60.
One person’s “broke” can be another’s perfectly acceptable income. We don’t all need the same amount of money in retirement to be happy and content with our lives.
Not to say there are not people who do not plan ahead for the future but “Lack of planning” are also words often used by those who are fortunate enough to have never had their own financial plans thwarted by unforeseen circumstances as they smugly look down upon those who have.
My company 'laid off' a lot of us 55 & over. Because of whatever, (saleries, younger folks needing work, etc.) it was hard to find other employment. Then, stocks fell. It was hard for a lot of people.
Also, because a lot of us had never had a problem finding employment it was a shock to go through all this. I, stupidly, took out retirement savings trying to save my house. I lost it anyway & ended up declaring bankruptcy before I finally gave up, moved in with family & became a caregiver at less than 1/2 my previous wage, just to survive until I could apply for social security.
I'm betting I wasn't the only one who went through something like this.
I know more than a few people who had to use their retirement savings to regular expenses when laid off and job hunting. Certainly not enough time to make it up.
There we go another insipid article cranked out by a know nothing professional "writer". To make it even more useless, it seems that the 42% includes people of all ages.
I grew up poor, it was easy for me to be very frugal all my life. Spend less than you make. Now I should spend like crazy and I just can't.
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