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 03-06-2018, 07:33 AM
 
Location: Tennessee
34,673 posts, read 33,676,768 times
Reputation: 51867

Advertisements

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."

https://www.cnbc.com/2018/03/06/42-p...ing-broke.html
Comments?
Reply With Quote Quick reply to this message

 
Old 03-06-2018, 08:00 AM
 
13,315 posts, read 25,550,246 times
Reputation: 20487
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.
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 08:20 AM
 
Location: The Triad (NC)
28,490 posts, read 62,120,010 times
Reputation: 32158
Quote:
Originally Posted by LauraC View Post
Comments?
Did they have a real good time before they got to retirement?
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 08:24 AM
 
4,448 posts, read 7,192,320 times
Reputation: 13343
Quote:
Originally Posted by MrRational View Post
Did they have a real good time before they got to retirement?
Almost certainly satisfied every Want they ever had....
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 08:29 AM
 
Location: Loudon, TN
5,767 posts, read 4,827,803 times
Reputation: 19395
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.
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 08:30 AM
 
Location: Lakewood OH
21,699 posts, read 23,655,251 times
Reputation: 35449
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.
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 08:35 AM
 
Location: Cochise county, AZ
4,964 posts, read 3,454,424 times
Reputation: 10479
For some of us, the last recession did folks in.

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.
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 08:44 AM
 
13,315 posts, read 25,550,246 times
Reputation: 20487
Quote:
Originally Posted by meo92953 View Post
For some of us, the last recession did folks in.
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.
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 08:50 AM
 
6,239 posts, read 4,721,373 times
Reputation: 12756
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.
Reply With Quote Quick reply to this message
 
Old 03-06-2018, 09:02 AM
 
Location: Sylmar, a part of Los Angeles
3,978 posts, read 2,537,158 times
Reputation: 8492
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.
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