I was stunned when I heard this statistic. Sadly there are going to be an huge number of folk that are going to have very unhappy "golden years". Why is it that people will not save for their retirement years?
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Most workers have saved just $25,000 for retirement
- Thread starter Crabtownboy
- Start date
Dunno, maybe they decided they would rather eat and stay warm. What' s yer theory?
freeatlast
New Member
Most Americans sacrifice the future for the immediate. Pleasure and comfort before wisdom. :tear: If we would just learn the principle of wants and needs.
Yup!
Failing to plan is planning to fail. For most families at the stage of crabbys article they likely had more than enough resources available during their careers. Thus isn't about the economy...it's about making $75,000 a year and living paycheck to paycheck.
When I was first married we were poor and I mean poor. We debated for two weeks whether we could afford a .50 cent deck of cards so we would have a bit of play time. We cut our grocery budget one week, saved .50 cents and bought the deck of cards. Didn't matter, we always tithed and saved and did eat and stay warm. It was not easy, but we did it.
We knew even then that retirement was coming and we would need savings.
Robert Snow
New Member
There are plenty of families who don't make $75,000 a year. Does that matter?
Where do you get your info from? You might want to find another source.
Yeah it probably does to some extent. I pulled the $75k out the air. Its a conversation, I'm not gonna run down serious stats for this forum.
One of the things that I'm noting is the average household income where I minister is right around $75k. We offer Financial Peace with Dave Ramsey. Its a great course. I know plenty of families who make the average income (round about) and live paycheck to paycheck because they aren't adequately planning for their financial well-being.
The point being, once one gets beyond the poverty line and towards the average household income in the US there are ways to save for retirement. Usually that means you have to adjust your standard of living to a more appropriate level for your income.
I really believe that if couples, particularly young ones like we have an abundance of in our church, the key financial planning they do right now can aid their station later in life. The reality is Social Security isn't going to be around (definitely not like it is) in 30-40 years. They can't rely on that "safety-net."
Why are they excluding pensions from the "saved for retirement" calculation?
Also, if someone did save for retirement, say one million dollars, wouldn't Crabby be saying that they are rich and shouldn't hoard so much and should be giving more to the poor and paying more taxes?
Also, if someone did save for retirement, say one million dollars, wouldn't Crabby be saying that they are rich and shouldn't hoard so much and should be giving more to the poor and paying more taxes?
Robert Snow
New Member
This is definitely one possibility. However, there is also the fact that since our manufacturing jobs have suffered over the past ten or twenty years, many workers have been trapped in jobs where these were lay-offs, cuts in pay and outsourcing, many workers have not had the ability to save as they might have had if corporations had valued their service as much as increased profits.
Or if they had not been regulated beyond reason and financial survivability.
Robert Snow
New Member
Of course, you probably blame this entirely on the democrats, right?
It's not the regulations that is the main problem. How can American workers compete with the pay in Mexico or China? Are we supposed to work for $100 a month?
We seemed to be doing fine, until Nixon established the E.P.A.. Even union goons couldn't keep manufacturing here, after that.
Robert Snow
New Member
Easy to say in Wyoming, were no one lives and there is no industry.
Come to Houston and you may find we need regulations to keep the corporate industry from choking us all to death.
freeatlast
New Member
You are correct. The EPA is needed but they need regulated. It would be better if each state would regulate what needs to be done, but they don't and that is why the federal system was set up.
Bob Alkire
New Member
In today's world, if the rest of the world can't afford to buy you product, you are hurting.
I recall in the 70's people were asking how can we buy a car by a worker making what they are at the auto plants and we are making half, if that much. Look at the steel business that we have lost because the union didn't want changes that might have keep our steel plants going strong.
Many of us hate low wages but many of us keep those businesses going. We want good wages and low prices. Wal Mart is a good picture of that and many who don't think they earn what they should, hand over much of what they earn to such places.
If one does not like imports or low wages, don't buy them.
Ease taxes and regulations that's how.
10 Big Businesses That Have Moved Their Headquarters Abroad to Pay Less U.S. Taxes
Obama Tax Hikes: The Economic and Fiscal Effects
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Regulations have absolutely nothing to do with whether a person saves or not. That is a personal decision. Too many Americans are completely wedded to the idea of immediate gratification. Immediate gratification leads to no gratification after retirement and reduced income with no savings backup. Deferred gratification seems to be seen as an evil among many. I believe, in their defense, this is party true because most Americans were born in and have lived in a time of prosperity. When I was a kid my parents and other older folk were still fearful that another great depression would occur. They preached saving for the rainy day. That preaching seems to have disappered in the next generation after WW II. It also seems that many Americans refust to acceptance for their own responsibility ... or more accurately their own irresponsible actions.
You seem to struggle with reading comprehension here. Be sure and go back and read the actual context of my post. I have said nothing of the sort.