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The problem is that the people writing these articles, assume an upper middle class lifestyle as a baseline for human existence. If you notice anytime they delve into individual cases of retirement gone awry, it's always some professional or management type living in the NYC or D.C. 'burbs. They never interview a janitor in middle America, putting down his broom, filing for SS, and living happily ever after.
Nope, and neither do they take into account that most deaths occur between the ages of 50 and 65. Many who wait to retire (should they wish to) until they are 67 or older, may become victims of the 'oops' factor. Presently, only 2% of the population in N. America survives until age 80. Of course, it isn't in the interest of the government to tell us that, but delving into the medical field reveals the actualities.
this is not correct for the purpose of this discussion. . you don't look at it from birth. once you make it to 65 a 65 year old man has a 62% chance of seeing 80 and a 42% chance of seeing 85 . a 65 year old women has a 72% chance of seeing 80 and a 54% chance of 85 . a couple has a 89% chance of seeing 80 and a 73% chance of 85 since either one can out live the other .
for purposes of discussing retirement you need to keep the numbers in the right range.
if i was an insurer i would be interested in deaths from birth but for retirement planning it serves no bearing.
we are adding 1 year of life now every 4-5 years since 2000
Last edited by mathjak107; 04-25-2015 at 04:38 PM..
See, these articles want you to invest, and work well past the lowest retirement age. The only thing that matters is that you, yourself and your spouse if you have one, figure out how you can retire. All the other cases don't matter to your circumstances.
People whose savings have been wiped out by illness, job loss, divorce, or calamity will retire, but they will have to be careful and make do. Many times the lack of savings does not indicate lack of provision for the future, but plain old bad luck.
NO, NO and no again. It isn't about clicks it is pure and honestly about getting your money and getting it for their clients via a work place savings account. Not all surveys and not all survey publications are but this one clearly is. It was done by EBRI which stands for Employee Benefits Research Institute. Is a research and lobbyist support group for the financial industry and provides them research and data so they can argue and lobby for different ways to get your money. They don't lobby directly but provide data and support for those who do.
t Employee Benefit Research Institute | EBRI
I agree. That's exactly why they exclude the equity in the primary residence and any defined benefit plans. They are promoting 401ks and other company sponsored savings plans.
"Study after study shows that Americans are not saving for retirement like they should, and a new survey finds that nearly one third of people who have some sort of savings plan have amassed less than $1,000 for retirement. The survey titled “Preparing for Retirement in America,†by Employee Benefit Research Institute (EBRI) and Greenwald and Associates, finds that only 65 percent of workers have any savings for retirement, a number that fell below the 75 percent figure from 2009. But 28 percent of workers report that they have saved less than $1,000 for retirement, and almost 6 in 10 Americans say that their financial planning needs improvement. Additionally, 34 percent say they have made no effort at all to saving anything or make a retirement plan."
There is a link in the article to the actual study.
What do you predict the 62% (28% that saved less than $1,000 and 34% who say they have made no effort at all to save for retirement) will say when they reach retirement age?
I cannot speak for others, but I will ask, HowTF much did you expect me to save for retirement when the most I have ever earned in a year is $17K?
I agree. That's exactly why they exclude the equity in the primary residence and any defined benefit plans. They are promoting 401ks and other company sponsored savings plans.
Yes, yes and yes. Even many retirement calculators don't allow you to enter pension etc etc. ifbtheybdontbsell it, it doesn't count.
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