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Retirement and savings-sad statistics

Discussion in 'Non-Vegas Chat' started by Joe, Apr 15, 2013.

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  1. Joe

    Joe VIP Whale

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    :soapbox: I only post this to maybe wake a few people up. You must take charge of your own retirement and do it when you are young!

    Consider these five statistics:

    46% of Americans have less than $10,000 saved for retirement. (Employment Benefit Research Institute)

    40% of baby boomers now plan to work until they die. (AARP) My best friend from childhood (known him 55 years) told me this was his plan over drinks the other day.:cry:

    36% of Americans say they don’t contribute anything at all to their savings. [CNBC]

    87% of adults say they are not confident about having money for a comfortable retirement. (Lifehappens.org)

    Expected retirement age is up to 67 from age 63. (Zero Hedge)
     
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  2. The Equalizer

    The Equalizer Low-Roller

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    This doesn't surprise me at all about 75% of the people I work with make 95k or more and are living paycheck to paycheck some actually need overtime to cover their bills. Many after many years have little to nothing in savings. It shows me that the average American is a moron.
     
  3. shifter

    shifter Degenerate Gambler

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    not surprising considering the instant gratification culture these days. saving takes discipline and that's a long lost virtue. the truth is it's really not hard if you start young. if you start when you're 20 years old and just put a couple hundred bucks a month into an IRA and don't touch it, you'll have more than enough to retire comfortably at 60. but who does that?
     
  4. Joe

    Joe VIP Whale

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    Some of us!:thumbsup:
     
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  5. sco5123

    sco5123 VIP Whale

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    I can only think that if the tuition of colleges are rising far faster than the rate of inflation, then it's possible that several other industries are being allowed to have artificially rising prices.

    Many people can not afford to live even before retirement.
     
  6. sco5123

    sco5123 VIP Whale

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    It's a big fallacy to believe that people who can not afford retirement were irresponsible financially.

    It's possible that they had more responsibilities, more emergencies, more hospital bills, larger student loans...all it takes is just one event to completely change your finances. Or worse, they started life at a deficit to begin with. Do not take offense, but we can sit on our high horses, having traveled for decades, when for many people the height of leisure is a movie (which has astronomical prices by the way).

    At the same time, there is an instant gratification culture for sure. It has put individuals, states, corporations and the country in massive debt. I may have good credit and savings but $30k in loans is the average for college students today. Sure, they do not have to take it out but then they would not be college-educated. If you get college-educated, you can suffer. If you don't get college-educated, you can suffer. There are ways to avoid such debt but it gets harder and harder. What do savings mean when you have debt? This is the ideology. It's a debt society and it's quite vicious. But I have gone to other countries where if your parents do not have money, you are not getting educated period. That includes high school, middle school, and elementary. So , the grass is not always greener.

    But I will try the IRA thing. Still have a general distrust of many institutions.
     
    Last edited: Apr 15, 2013
  7. Joe

    Joe VIP Whale

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    All I can say is the old adage..."Pay yourself first"
     
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  8. sco5123

    sco5123 VIP Whale

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  9. Joe

    Joe VIP Whale

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    Really shocking numbers!
     
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  10. mdee

    mdee VIP Whale

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    Great Topic! It took me years to figure out a system of saving and investing now it's paying off for me.
    If young kids would learn the value of a dollar early on they wouldn't have to struggle later on in life.
     
  11. JWBlue

    JWBlue VIP Whale

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    Part of it people just don't have any self control when it comes to buying things.

    People that blow their money will admit that they should save money. They know what they are doing is wrong but can't control themselves.
     
  12. DeMoN2318

    DeMoN2318 The DERS

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    Good thing this is America...


    With regard to the student loan thing...you should pay off all your debt before you start saving, and you should pay more than the minimum payment in order to pay it off faster. and DO NOT carry a credit card balance

    I hate when people say, I can't afford to pay more than the minimum...I have other bill...blah blah blah. There are two ways to save money (to make larger payments, or actually save) you either make more money...or spend less. Making more money is ideal but usually really hard to do...but spending less is easy...get a cheaper car/apartment/house, don't eat out as much, don't vacation, reduce entertainment, etc.

    Student loans are the best investment one can make, if you are "suffering" because you went to college then you are doing something wrong...either you made a poor choice of education and career path or you are making poor financial decisions.
     
  13. shifter

    shifter Degenerate Gambler

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    can't disagree more. you don't need an overpriced college degree to be successful. you just need to work hard and never stop working hard. I do have a degree, but have never used it. some of the most successful people I know don't even have high school diplomas let alone college degrees. they just worked their asses off and continue to do so. but unfortunately hard work is one of the most common allergens in America.
     
  14. runningonthehub

    runningonthehub Low-Roller

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    I think this country in headed towards a retirement train wreck. For what ever reason many people will not be prepared for retirement. Its like looking down a dark tunnel and all you see is a headlight coming at you. It is going to be one big, ugly disaster.
     
  15. NickyDim

    NickyDim VIP Whale

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    I became a Systems Analyst going to a 6 month vocational school out of high school, got into the field some 33 years ago. I got lucky and hooked up with a local municipality 27 years ago. My retirement is set via the pension I'll receive from NY state. Between savings, equity in my home and NY state, I can start retirement at 56 years old, but I have to move out of NY because it's just too expensive. Then at 62 I'll get a nice bump when Social Security starts.

    Teachers, police and govt workers get out early.
     
  16. DeMoN2318

    DeMoN2318 The DERS

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    I agree that a degree is not necessary to perform most jobs...but in this day and age a degree is nearly always required to get hired to perform a job you know how to do (it’s not right but it’s reality). There are those outliers that are very success with no college...but this is uncommon

    I completely agree that it is ridiculous to pay huge tuition prices for certain degrees when the same degree from a less expensive school will be equally as valuable.

    My whole point about student loans being the best investment is that if someone’s excuse to not go to college is solely because they can't afford it then taking a loan is the way to go...obviously try to minimize the loan amount by working and making money to help pay for school and cover daily expenses but taking a loan and going to college will lead to a better future than not going to college solely to avoid student loans.

    Maybe it is just my opinion, but I took loans and went to college where most of my friends from high school did not...and I am in way better shape now than they are. They are all hard workers but can’t find many opportunities to excel further simply because they don’t have a degree…

    I am 22 years old and I save 10% per paycheck, have almost paid off all 20k in student loans, and I still live a good life…so it is absolutely possible to have student loans and still save and still live comfortably
     
  17. egelston2

    egelston2 Low-Roller

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    One of the best pieces of advice I have received is to put as much money in the 401k as you can. First, it is not taxable and will lower your tax burden. Second, the company typically matches up to a certain percent. Third, it is taken right out of your paycheck so you don't have to take any action.

    I max my 401k each year and it best action I have taken to ensure that I will be able to retire in the next 20 years.
     
  18. Joe

    Joe VIP Whale

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    I think that was the point of my original post that started this thread.
     
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  19. runningonthehub

    runningonthehub Low-Roller

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    Student loans are a crap shoot. A college degree does not guarantee anything. People with degrees have lost jobs because the were laid off. What did they do wrong? The job market is as tight as it has ever been. People with college degrees are a dime a dozen. You may want to read the link that sco5123 posted.
     
  20. NickyDim

    NickyDim VIP Whale

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    I agree a college degree is no guarantee and can work against you by delaying your entry into a field. The earlier and more experience you can get in a career the better. I did better than almost all the folks I graduated HS with who went on to college. I owned my first house before most of them graduated from college and was lightyears ahead of them in marriage, family, savings, investing and homeownership. I was aggressive when I first started out and advanced quickly because of talent and hard work, not education.
     
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