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I don't understand it. A recent report stated atleast half of the American population has less than $5000 saved by age 60. That's retarded. How can one spend 20 to 30 years working and have less than $5000 saved by age 60(the start of ones later years). Don't say IRS; they will work with you on tax issues so you can keep saving.
Even if you do no investing, Just putting $100 away under your bed each month for 15 years will net you $216,000 at year 16 so what's up with these people then that they have so little.
Your bed must pay a good % on interest.
Anyway - it is a different culture as you are used from Europe where parents teach to you save, save, save.
The same question again and the same answer. They don't have any money at retirement because they didn't plan for retirement.
I know a lot of people like this, but all I can do it live my life. I know they are in this predicament because When they are they want to tell you about it. Not sure why that is. Maybe having nothing, they have nothing to hide. Maybe they are scared and it makes them feel better to talk about it, or find people in the same situation so they don't feel so bad. I don't think you have any other choice but to mind your own business. If you let other peoples habits bother you then you are just going to be bothered because you have no control over someone elses actions.
While I'm in agreement with those on here that think most of them are there by their own choices really I don't feel the need to go around bashing them because in the end they have to live with what they've done and it isn't a good life to be poor going into old age. Before they even get to being old they spend the prior decades with a lot more stress and worrying about money then the more responsible ones. My life is much better then this or someone that has screwed up and ended up on government assistance in old age with not a penny extra. Maybe we do pay for it monetarily, but I think they do pay for it in a worse way. We are a nation that is compassionate and we don't just let people starve in the US. What else can be done?
I know a few people that expected to retire on mom and dads savings not expecting mom and dad to live as long as they did or thinking mom and dad would double their money or whatever and have plenty to give them. It is pretty risky planning on retiring on someone elses money. They may need it themselves or make their own poor investment decisions.
Add me to the list. As a parent of special needs child the use of the word retarded is offensive. Don't do this again.
I question the premise. If someone was responsible enough to keep a job for 30 years they'd have something to show for it.
The people who are 60 and have no savings were never responsible. Or maybe they never cared. For some people money is not everything. On here people measure themselves by the yardstick of net worth.
You know, Donald Trump has a high net worth but he is not a person I respect.
Some people just don't think about the future. I had a cousin who went through a personal tragedy - half his family was killed in a car wreck. His dad and brother were in the car. After that he just stopped worrying about the future. He got a ton of life insurance money and inheritance, which just barely outlasted him.
We have so little money by the time we turn 60 (I'm 56 now) because we choose to live more in the current than worry about the future.
And there's nothing wrong with your choice. But don't go complaining when you haven't got the amount of money you want once you retire. I don't want to hear a peep. Nothing. Other than maybe, "I wish we'd have..."
I question the premise. If someone was responsible enough to keep a job for 30 years they'd have something to show for it.
They'd have Social Security to show for it. Whether they'd have anything else would depend on whether or not life decided to give them a bitchslapping or two. Don't underestimate how quickly the average person's savings can be wiped out by unfortunate but unavoidable events such as medical crises or extended job loss.
In what universe does the IRS give you a tax break so you can save the money instead?
We're self employed. When we put away money into IRA's and our SEP- IRA, that money invested lowers our income, and gives us a tax break. It reminds me of what my Dad used to say about tithing. He can give it to the church, or he can give it to the government, but the church will use it better.
Now it's not like we an save a couple of bucks, and get a nice break, we have to save a large chunk, in the neighborhood of 30% of our income.
And there are years when I get ticked about it. I could use that money in other ways...other than retirement. But my choices are pay a nice chunk in taxes, or shove away even more than that into retirement.
Pay ourselves, or pay the government. I choose us. And after doing this 18 years, I now have everything set up automatically. Don't even think about it, saving to me is another bill to pay.
We're self employed. When we put away money into IRA's and our SEP- IRA, that money invested lowers our income, and gives us a tax break. It reminds me of what my Dad used to say about tithing. He can give it to the church, or he can give it to the government, but the church will use it better.
Now it's not like we an save a couple of bucks, and get a nice break, we have to save a large chunk, in the neighborhood of 30% of our income.
And there are years when I get ticked about it. I could use that money in other ways...other than retirement. But my choices are pay a nice chunk in taxes, or shove away even more than that into retirement.
Pay ourselves, or pay the government. I choose us. And after doing this 18 years, I now have everything set up automatically. Don't even think about it, saving to me is another bill to pay.
We are self employed and also do this. You forgot to mention that you can't touch it for a long time. I refer to it as the government holding my money hostage. You are right. Sometimes it is only better than losing it to taxes.
We are self employed and also do this. You forgot to mention that you can't touch it for a long time. I refer to it as the government holding my money hostage. You are right. Sometimes it is only better than losing it to taxes.
That's funny! We refer to it as a hostage drama, too!
For us being older, it's not for too much longer.....
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