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Retirement Crisis: Americans Living Longer, Saving Less



Retirement Crisis: Americans Living Longer, Saving Less

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  1. well there are several reasons why americans do poorly at saving is 1. cheap credit, 2. no financial education in primary school 3. always thinking social security is enough to sustain you 4. consumer spending indoctrination If Americans just stop borrowing so much, save at least 20% of their income, stop buying things they don't need they will be much better off.

  2. To expect social security to be there is not to expect that "someone else will be there for us." We paid for it and it is our right to expect it to be there. Jeez, get a clue CBN and stop trying to make it sound like it's our fault and make us feel guilty so that we hand over our money to Wall Street!

  3. Get real, many people got way older than 65. I'm 70, most of my ancestors lived to their late 80's and mid 90's and one great grand mother to 107. People are not saving because they have been brainwashed all their lives to spend and the economy has tanked. Real income is LESS than it was in the 1950's.

  4. In France, the state in some way forces you to save for your retirement.
    You don't get your full salary, but only a part of it; the part you don't receive is used to finance your retirement.
    That way, even if you don't save for your retirement, you still get a decent revenue for your retirement.
    Of course, nothing prevents you from also saving on your side to get a bigger revenue when you are retired.
    You also have a possibility of working to increase your retirement.
    I don't need to work, for I have a quite good retirement revenue; moreover, with my savings, I have bought a property from which I draw a rent, which still increases my revenue.
    I also own my house, I have bought without making a loan.
    Even if I don't need to work, I feel like working to remain active.

  5. Young lad Doumar got that right. Government is only interested in the next election.( their next paycheck). Never rely on the government for your retirement cause you might end up on the street.

  6. I keep hearing, we are living longer and we don't save enough.  But what really has caused our problems is the failed policies of the government.  Think about it.  Nobody has paid more into SS and medicare than the boomers, since their first wage earned.  The aged in the 30's got to keep every dime they earned, they didn't have to pay into SS or medicare, because it didn't exist, taxes were even a lot lower back then, maybe that is why they could save money.  In the 30's it was more agrarian and land was cheaper so you could get some and live off of your land, or their wasn't near as many regulations to keep you from hunting and living off of the land, trapping, fishing and gardening.  Starting a business was easier, less regulation and when they talk about the average age, they must be talking in developed nations or world wide, because my fore fathers lived into their 80's and 90's even back then.  As for us not saving more?  They say that wages have been stagnant since before most Baby Boomers went into the work force, compared to inflation.  Remember double digit inflation, down sizing and starting over in your career,  NAFTA and the flight of our industry leaving America, Recession after Recession through our whole working careers.  Now Age discrimination where after the "Great Recession" (2008)  Many people in their 50's could not get a job or were under employed.  All at a time when traditionally  people would hit the saving for retirement era hard.  Or What about all the funds we entrusted to the government for social security and medicare so we would have something in our old age, when we couldn't work or no one would hire us?  Do you realize that if you could have kept that same money taken for SS and Medicare from your first paycheck, more if taxes hadn't gone up so much, and invested it over the same time period,  not including all the money you have put into 401k's or IRA's, our elderly would all be multimillionaires.  Do that take the amounts you put into these programs over the time period you have worked to a financial planner have him run an investment portfolio out of it and see where you would be now.  It will shock you, especially if he can make it retroactive during the time period of the past when you earned it.  In the 30's you could live off of one income, but because of inflation and wages, our wives all had to go to work. Now with a double income we don't have enough to make it from check to check.   What do interest rates on savings look like today?  In the 60's and 70's you could earn 6 1/4 percent on a pass book savings account, 8% on a CD, now it is point nothing percent. Why is that?  Are times harder now than in the 60's and 70's or have banking policies changed with regulation that hurt the savers of America?  Use the rule of 72 and figure out the difference that makes alone.  Where if you take your interest rate, divide it into 72 the answer will give you how many years it will take to double your money.  Einstein said the 8th wonder of the world was "compound interest"  Where do you get that anymore? does it exist?  What about pensions, where did they go?  Maybe if our children were not still living in our basements with their families or still on our insurance that we are paying for, maybe if health care costs hadn't gone so high or gas prices (remember the lines) or food or so many other things, than we could have saved more.  This is all about the Boomers, the next generation to retire.  But do the math the boom was from 1946-1964, the peak being at the end of 1956.  Most people are retiring later rather than earlier, waiting until 70 before collecting SS.  So if at the beginning of the boom in 46 add 70 when did they start to retire 2016,  What about the peak 56 add 70, they won't retire until 2026, which means if they can they are still working, in fact most of the boomers will still be working until 2026. How old does those born at the end of the boom in 1964 have to be before they can start collecting SS?  Will it be past 70?  if we add just 70 that is 2034. And they said in this video in 2033, SS will run out of funds? It appears to me that the boomer generation generated a lot of  savings for retirement, the money was taken from them and will be until they need it and then, many will never see much if any of it.  So it leaves you to ask, I know they would love to blame us, but is it really our fault or lack of opportunity, regulation, high taxes, stagnant wages, medical care… things we have had to face that those in the 30's didn't have to face or pay for.  With now two incomes follow the money where is it going?  Most of America is struggling to live in a house,  not so much living in opulence and extravagantly.  Most of the elderly today have old furniture, worn out, that has needed to be replaced long ago, not living high on the hog, so where has all the money gone that we didn't save, because it seems our households don't have it.  And who is in debt more  Americans or the American government and who is paying the consequences,  (20 trillion dollar debt)  Maybe if they practiced what they preached, we would have done better, but it seems we have followed the example our leaders set.  How can they blame us.  None of these things are ever mentioned, its like they are saying we have not worked hard enough or they wish we would just die already,  it is always our fault, but is it?

  7. I'm not to worried about it.I have been saving some money for about 25 years now, plus I plan to collect from Social  Security plus I collect over $1000.00 a month from the veterans administration ,and best of all I plan to retire in Mexico or South America .  The US $ Dollar doubles in some cases almost triples in  Mexico and some South American Countries .The best advice I can give people is start saving even if it's $25.00 a check .If who you work for has a 401k plan do contribute as much as you can , That's free money you are passing by.

  8. Democrat party dream. Democrats thrive on ignorance & poverty. The poorer Americans are the better for Democrats. That's why they get so happy when the economy slows &/or reverses.

  9. I think I'm gonna work for the rest of my life. Not because I'm broke but because I like to stay busy and make money. I'm just gonna make sure I'm doing something that's easy and that I love, when I get older👍

  10. No matter what you make
    If you don't save your money. It's your own fault when it comes to retirement you won't be able too. Max all your retirement accounts. Get out of debt. Stop using credit. Get your house in finiancal order. AMERICANS HAVE NO SAVINGS CAUSE THEY SPEND ALL THERE MONEY ON JUNK. A HOUSE FULL OF STUFF THEY DON'T NEED. TITHING IS THE FIRST THING.

  11. Building a retirement fund for yourself is against the teachings of Scripture, says Matthew 6:19-20, which teaches not to store up treasures on earth. America doesn't need a 401(k), it needs a family system where the kids take care of their parents and grandparents, heeding the words of I Timothy 5:4-16.

  12. I have been fortunate. At 57, I was broke. I secured a great job that I hope to keep, but I do have a plan B if not. I put 20% of my income in a 401K with an employer match. God willing, I will work until 70. I don't have lofty ambitions of needing a ton of travel money, etc. My needs are pretty simple. I am also huge on Faith, so far, so good.

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