Many of my friends and family report they can't afford to retire!

[kauailover]

Originally Posted by Serious Conversation

That's still far more generous than most anything in the private sector at that wage level. Someone earning under $50k in high cost, prestigious California is going to have a hard time saving much.

True, but the majority of Calpers workers pay 7% or more into their retirement and most make less than private sector workers in similar jobs. They also pay a percentage of Healthcare costs.
I'm not saying that State and local government employees don't have a good job as far as the benefits go. But I always see people like the poster I responded to making false statements about our pay and benefits.

[dbsteel]

Originally Posted by Larry Caldwell

How many people work where there is a 401k match? I certainly never found one.

I've always had one. 30 straight years, three different companies. Right now, I put 6% in, they match 7%.

[M3 Mitch]

Originally Posted by peter_midnight

You seem to be missing the point. The first aunt with the pension is the child of black/white parents from America (Arkansas and Alabama respectively and moved out to California). Comparing someone from Europe that emigrated compared to someone born and raised in the Southern United states two generations removed from slavery is apples and oranges (yeah they lived through Jim Crowe and worked like hell to get to California). Money working for you seems to be a European concept based on what you wrote above and Arnold Schwarzenegger's autobiography has similar themes. I don't mean to turn this into a race thread as my grandparents on both sides of my family (Black/Mexican) retired comfortably from union pensions, which was my point. A lot of these kids thought they could do what their parents did, which was get a union job and retire comfortably.

Now as for my aunt that didn't hold firm, she couldn't do that. She died in 2011. Even then, her $2 million would be short from the $6 million she had before the dotcom bust in 2001. Not to mention, anyone that has held on since March 2000 has lost money as the purchasing power of the dollar has eroded exponentially since then and they barely have made the money back that they lost in 2001.

Oh and lets not forget another factor: It's not like women were graduating from college in 6 figure jobs back in the 70s either. I'm no liberal by any means, but even I recognize that there were several factors holding many back in the 70s. Now for the average American male I think they could have saved well, but again, people don't have that kind of foresight and they certainly didn't have it back in the 70s. Gen X-ers are some that should have seen this coming, but I can see how boomers just never saw the world the way we do.

The way you throw around "exponentially" here tells me one reason you are not a high earner is your STEM skills are, to put it kindly, less than awesome.

You have heard of Carlos Slim, right, the telephone mogul from Mexico? W.E.B DuBois? You somehow think Black and Mexican people are inherently less able to hold down high-paying jobs? And use this as an excuse for your own situation?

It ain't too late for you though. Read up on how J.C. Penney and Harlan Sanders became rich late in life.

You don't want to hear it, but the only thing holding you back is you.

[bpollen]

Originally Posted by Caltovegas

Sometimes retiring isn't by choice. When a person reaches about age 55 they need to take retirement seriously because a health episode could force a retirement and it will be dealt with.

That being said today many people have a job mindset so they assume they can't retire or supplement income at later ages.

In steps network marketing. Myself as for retirement it's not really an issue. At the very least with being in the network marketing industry there are always company functions going on to break boredom if that ever became an issue.

With the products and service I offer the commission's pay enough that if need be I can make enough to live on if I had to. I think from what I see the retirement issue isn't money but a mindset issue.

The United States is the land of opportunity but many people just consider one opportunity of a job rather than looking at becoming an entrepreneur. I hear it all the time. "I can't retire".

Yes you can retire. If you feel you can't then something needs to change. Start a part-time business. Look at network marketing. It's your life...

I wonder what network marketing is.

[bpollen]

This recommendation to save is for those who are young. Let's not forget that many were not paid like white males in years past.

Until the Lily Ledbetter Act was passed recently, it was legal to pay women less for the same job. Plus it was considered unseemly for a married woman to work a mere few decades ago. And we're all aware that blacks and other minorities were paid pennies on the dollar for the same jobs as whites.

Social Security benefits women the most, since it is they who didn't make enough to save, and for whom there were no 401ks or pension plans. And unfortunately for financial reasons, many live a long time.

So it sounds great in a world where one is privileged. But it wasn't possible for many in the older days.

What I have noticed though, is in recent years, working women friends I've known haven't saved. They spend it all on Christmas, vacations, sick family members, kids, electronics, huge tvs, new cars. Parents for some reason think it's bad to save for retirement instead of giving to their kids first. Suze Ormon says just the opposite is true. There is no better gift to your kids than to make sure you have a secure retirement.