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Thread: This Is What Life Without Retirement Savings Looks Like

  1. #11
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    Quote Originally Posted by Dr. Who View Post
    Another factor that is affecting retirement savings is a tendency for many businesses today to purge workers over the age of 50, despite age discrimination legislation. While this is most common in the tech industry, it is increasing in other industries as well.
    https://www.cnbc.com/2019/04/13/olde...protected.html
    https://www.forbes.com/sites/deborah.../#4b555e7b6d0e

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  2. #12
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    Quote Originally Posted by DGUtley View Post
    This Is What Life Without Retirement Savings Looks Like -- Many seniors are stuck with lives of never-ending work—a fate that could befall millions in the coming decades.

    Roberta Gordon never thought she’d still be alive at age 76. She definitely didn’t think she’d still be working. But every Saturday, she goes down to the local grocery store and hands out samples, earning $50 a day, because she needs the money.
    More and more older people are finding themselves in a similar situation as Baby Boomers reach retirement age without enough savings and as housing costs and medical expenses rise; for instance, a woman in her 80s is paying on average $8,400 in out-of-pocket medical expenses each year, even if she’s covered by Medicare. Many people reaching retirement age don’t have the pensions that lots of workers in previous generations did, and often have not put enough money into their 401(k)s to live off of; the median savings in a 401(k) plan for people between the ages of 55 and 64 is currently just $15,000, according to the National Institute on Retirement Security, a nonprofit. Other workers did not have access to a retirement plan through their employer.

    That means that as people reach their mid-60s, they either have to dramatically curtail their spending or keep working to survive. “This will be the first time that we have a lot of people who find themselves downwardly mobile as they grow older,” Diane Oakley, the executive director of the National Institute on Retirement Security, told me. “They’re going to go from being near poor to poor.”

    The problem is growing as more Baby Boomers reach retirement age—as of early 2018, between 8,000 to 10,000 Americans turn 65 every day, according to Kevin Prindiville, the executive director of Justice in Aging, a nonprofit that addresses senior poverty. Older Americans were the only demographic for whom poverty rates increased in a statistically significant way between 2015 and 2016, according to Census Bureau data. While poverty fell among people 18 and under and people 18 to 64 between 2015 and 2016, it rose to 14.5 percent for people over 65, according to the Census Bureau’s Supplemental Poverty Measure, which is considered a more accurate measure of poverty because it takes into account health-care costs and other big expenses. “In the early decades of our work, we were serving communities that had been poor when they were younger,” Prindiville told me. “Increasingly, we’re seeing folks who are becoming poor for the first time in old age.”

    https://getpocket.com/explore/item/t...ngs-looks-like

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    If you've worked all your life and have a nice fat pension to go along with SS you're doing just fine. SAVING money for retirement will never happen.

  3. #13

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    Quote Originally Posted by jet57 View Post
    If you've worked all your life and have a nice fat pension to go along with SS you're doing just fine. SAVING money for retirement will never happen.
    Are you excluding 401K? That’s “saving” in my book.
    Any time you give a man something he doesn't earn, you cheapen him. Our kids earn what they get, and that includes respect. -- Woody Hayes​

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    Quote Originally Posted by jet57 View Post
    If you've worked all your life and have a nice fat pension to go along with SS you're doing just fine. SAVING money for retirement will never happen.
    Those two sentences conflict. If you have a pension you saved (through work- passive). And pensions are going away and people actively save now.
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    Quote Originally Posted by DGUtley View Post
    Are you excluding 401K? That’s “saving” in my book.
    When the market crashes, so does your 401. Not so with healthy pension systems and social security.

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    Quote Originally Posted by Peter1469 View Post
    Those two sentences conflict. If you have a pension you saved (through work- passive). And pensions are going away and people actively save now.
    No; if I have a pension, my employers contributed 50% to it... The far right on wall street is trying to kill the pension system so that they can cleave a nickle off of every dime that you contribute to the market.

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    Quote Originally Posted by jet57 View Post
    When the market crashes, so does your 401. Not so with healthy pension systems and social security.
    The market over a 10 year period have always been up.

    The government could insure the markets to protect recent retirees. Everyone else will be fine and have potentially 20-30% more than Social Security.
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    Quote Originally Posted by jet57 View Post
    No; if I have a pension, my employers contributed 50% to it... The far right on wall street is trying to kill the pension system so that they can cleave a nickle off of every dime that you contribute to the market.
    Wow. You don't know what you are talking about. Companies hire pension mangers and the money is put into the market that scares you so badly. (Sure some parts are in bonds- but that is call diversification).
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    Quote Originally Posted by Peter1469 View Post
    The market over a 10 year period have always been up.

    The government could insure the markets to protect recent retirees. Everyone else will be fine and have potentially 20-30% more than Social Security.
    Yeah, it was up a long toime beofre it crashed in 08 too. Ask older United Airlines employees who their 401ks did when UAL crashed in the late 80s. The only thing that saved the machinists was their pensions.

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    The globalists here should understand globalism has what killed unions and pensions in the US. US companies simply cannot compete in a global free market. US automakers crashed because retirees were due the bulk of the companies' revenue as pension pay outs.

    Shift back to nationalism and build more stuff here, we can have pensions again.
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