WEB Notes: This is absolutely absurd! Look folks, the buck stops with you. I get it, life can be tough, but when it gets tough we as Christians become tougher. We need to make financially responsible decisions, do not roll monthly debt on credit cards. That is a recipe for disaster and so are monthly payments on other items. Pay yourself. Save your money until you have enough to pay cash…
Look at the images from the source. One of the biggest reasons for not saving is “I don’t make enough money”. That maybe true in many instances, but I tell you what. If you wanted to save you still can do it. Cut the expenses. You know how much money it costs to buy a lunch or take the family out to dinner. If you do not have that kind of money, then maybe you should consider wiser investment decisions and not be one of those in this 42% bracket.
At this rate, retirement is more of a fantasy than a reality for many people in this country. About 42 percent of Americans have less than $10,000 saved for when they retire, according to a study by GoBankingRates released Tuesday.
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, GoBankingRates said. The personal finance site polled more than 1,000 adults online in February.
Low number
Very low.
agree with both of you ,, that number is probably more like 62%
yes, I agree with all the above comments, and will add that you can’t make this kind of assessment based on phony numbers to begin with.
Our present real unemployment number is higher than 42%, so at least that many can be expected to “retire broke”, but never retire until death is more accurate.
I think that less than 5% will be able to “retire” at all.
My mother is one of them, cant afford to feed herself since she got bumped from her job by foreigners and other “cheaper” workers. Most I have seen in my area are so scared of retiring they have taken up working at wal-mart and shopping stores scrubbing floors because they cant afford to quit working at 87.
Meanwhile jewboy and the masons up the road drive around in outrageously expensive vehicles and keep shouting “everything is fine!”
That 42% is far too low. Far, far too low.
Yep, and the other reason many can’t retire at age 87 is because the cost of medical care in the US is so outrageous that if I need something “expensive” done to me–thank God we live less than 100 miles from the border!–I’m having it done in Mexico, where we can afford to have it done. Other than very rich people, I don’t know how anyone affords medical care in this country!
And this isn’t just recent, either…in 1976 my parents went to Spain as tourists. My dad suddenly got sick, some bacteria or something and had to go to the hospital in Madrid. The cost? Ten percent of what he would have had to spend in the US (and his insurance covered all of it)…and this was in 1976, before medical care costs went through the roof!
Not just lack of jobs or screwing around with social security/medicare or not making enough to save money while paying huge bills such as mortgages every month–much of it is also the lack of frugality for an entire life for whatever reasons such as “keeping up with the Joneses.”
Here is why me and mine WILL be able to retire just fine (and I already am retired on SS)–one, we bought our own property (using money we got from my parents at marriage) and built our own house which was big enough to raise two children in. Two, if we didn’t need it we didn’t buy it! Three, though we have been poor at times, we have always relied on blessings from God (using relatives as conduits, so we never seriously did without), and, when I had to, I went back to work to get us out of poverty (even if I was home schooling at the time). Four. we have always saved whatever money we could. That is why, though I make a pittance on SS, I sill have plenty of money to do my book publishing self-publishing and writing business.
With some exceptions, many whom have little money for retirement have themselves to blame, buying the latest whatever and “needing” McMansions to live in when they could have bought their own property and built their own house (yes even to Code–ours in fact “exceeds” code, built mostly by a man without a lot of electrical, plumbing, carpentry, and roofing experience!), or bought a smaller house…but no, they had to have “status” right?
We were broke once–never again.
Well, I’m guilty as hell, during my younger years I spent like a crazy man, blew money like it was grown on trees. Even into my adult years, fked up big time.
Now, I’m just starting to save at 59 years old. I’ll work until death, no dreams about any kind of retirement.
Adopted by parents who were well off, no inheritance because stock market eventually took all their money, had great life at young age, now the chickens are coming home.
Doesn’t really bother me, been broke for years…
“If you do not have that kind of money, then maybe you should consider wiser investment decisions and not be one of those in this 42% bracket.”
Buy more ammo.
I think double that number are already broke LONG before retirement age.