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Thread: Half of Americans Don't Have Enough Saved to Cover Basic Retirement Expenses.

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    Arrow Half of Americans Don't Have Enough Saved to Cover Basic Retirement Expenses.

    Half of Americans Don't Have Enough Saved to Cover Basic Retirement Expenses. While it's not a pleasant thought, the fact is that most people are not on track to retire comfortably. In fact, half of Americans aren't even saving enough to be able to cover basic necessities during retirement, according to a recent Fidelity survey. However, hope is not lost. Fidelity estimates that 22% of retirement savers could make do with their retirement savings if they made modest changes to their retirement lifestyle. For 28% of the respondents, though, it would take significant lifestyle changes to make their income cover their basic expenses during retirement.

    We grew up poor. I am a retirement saver and live significantly below my income. It drives Mrs. U nuts. My dad was the same way and my mother was killed in a car accident on their first post-retirement trip and then he had an aneurism and died a few years later. In Mrs. U's mind, 'all that time saving' was wasted. I remind her that neither of them stressed about finances as they entered their retirement phase. We've taught the children the same way and our son-in-law appears to be similarly motivated. I've watched scores of friends / family / acquaintances live large, spend like drunken sailors on vacations, stuff and crap -- only to end up broke and in bankruptcy as they approach retirement. I'm actually surprised that 50% can cover basic retirement expenses.

    Attachment 23576

    https://www.fool.com/retirement/2018...-to-cover.aspx


    https://www.fidelity.com/about-fidel...core-improving
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    50% of America doesnt make enough to live feed kids and save enough for retirement. Thats why we must have social security. Either way without SS or not someone will have to pay for that 50% to live when they can no longer earn.
    LETS GO BRANDON
    F Joe Biden

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    It doesn't say "make enough" -- it says "have enough". Two different things. Yes, I know -- it more frequently can be a function of income; but often it's a function of priorities. We grew up poor and my parents scrimped and saved for their retirements by going without for them and us. Nowadays, people don't want to go without for the future.
    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 Common View Post
    50% of America doesnt make enough to live feed kids and save enough for retirement. Thats why we must have social security. Either way without SS or not someone will have to pay for that 50% to live when they can no longer earn.
    Ah, the slavery trap. One-half of us must toil for the other half.
    Call your state legislators and insist they approve the Article V convention of States to propose amendments.


    I pledge allegiance to the Constitution as written and understood by this nation's founders, and to the Republic it created, an indivisible union of sovereign States, with liberty and justice for all.

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    The big saving grace for seniors is the HECM, or REVERSE MORTGAGE!

    Its a way of tapping the equity in their home, for lump sums of CASH and also has a builtin line of credit.
    I used to do them, and it saved many folks lives. Now I am involved on the marketing side.Surveys show that 93 % of folks are very happy with it. If you know someone interested, I can put them in touch with an expert agent, anywhere in America.

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    Between inflation and our pay to play society, I'm surprised the number isn't worse.

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    Quote Originally Posted by DGUtley View Post
    It doesn't say "make enough" -- it says "have enough". Two different things. Yes, I know -- it more frequently can be a function of income; but often it's a function of priorities. We grew up poor and my parents scrimped and saved for their retirements by going without for them and us. Nowadays, people don't want to go without for the future.
    Thats true Dg however, people making up to 15 bucks an hour with kids cant save for retirement and in some states like Cal and NY up to 20 bucks an hour.
    LETS GO BRANDON
    F Joe Biden

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    By 2035 social security benefits will drop by 30%- the system is over-burdened and we are not having enough babies to grow up and pick up the slack.

    Then you have the public pension crisis- many people will end up with a small percentage of what they thought they were going to get.
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    With half of the population not making enough to even tread water, the future for many is pretty bleak.
    In quoting my post, you affirm and agree that you have not been goaded, provoked, emotionally manipulated or otherwise coerced into responding.



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    Quote Originally Posted by Dr. Who View Post
    With half of the population not making enough to even tread water, the future for many is pretty bleak.
    Yes. That is our future. With record low birth rates, it is inevitable that our social welfare programs for the elderly will fail.
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