Half of Americans Have Less Than $2,000 Banked for Their Golden Years

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"One out of three working Americans does not have retirement savings beyond Social Security, and about 35% of those over 65 rely almost totally on Social Security alone," Dallas Salisbury, president of the Alliance for Investor Education and the Employee Benefit Research Institute (EBRI) , explained to AlterNet. "Of the remaining two-thirds of working Americans that have some retirement savings, 27 percent report less than $1,000, 16 percent between $1,000 and $9,999, 11 percent between $10,000 and $24,999, 12 percent between $25,000-$49,999, and 36 percent $50,000 or more." Perhaps the most shocking number is that half of Americans have $2,000 or less saved for retirement.

...

"Individuals need to follow the advice of the ages," said Salisbury. "Spend less than you earn by 25 percent, and save for your future. This keeps your lifestyle from getting ahead of your income."

http://www.alternet.org/story/147570/the_retirement_nightmare:_half_of_americans_have_less_than_$2,000_banked_for_their_golden_years

[Peikko 1,575]

"One out of three working Americans does not have retirement savings beyond Social Security, and about 35% of those over 65 rely almost totally on Social Security alone," Dallas Salisbury, president of the Alliance for Investor Education and the Employee Benefit Research Institute (EBRI) , explained to AlterNet. "Of the remaining two-thirds of working Americans that have some retirement savings, 27 percent report less than $1,000, 16 percent between $1,000 and $9,999, 11 percent between $10,000 and $24,999, 12 percent between $25,000-$49,999, and 36 percent $50,000 or more." Perhaps the most shocking number is that half of Americans have $2,000 or less saved for retirement.

...

"Individuals need to follow the advice of the ages," said Salisbury. "Spend less than you earn by 25 percent, and save for your future. This keeps your lifestyle from getting ahead of your income."

http://www.alternet....ir_golden_years

Does that work if you make investments that should provide you with a reasonable income on retirement but actually leave you destitute?

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Does that work if you make investments that should provide you with a reasonable income on retirement but actually leave you destitute?

The fact that you use the phrase "investments that should" demonstrates you understand nothing about the subject.

[Captain Oates 910]

I have been a saver since age 36 and took advantage of government tax free schemes and I worked on all sorts of legal but inventive ways to increase my wad

When I was 36 I lived in a council house, had never owned my own home and owed £500 on my credit card. My net worth was minus £500

I was thrown out on my ear by my 36 year old wife who went off with an 18 year old boy who was a friend of my 13 year old son. I ended up in a bed sit with an illegal Pakistani landlord in Bradford in November.

I decided that if I didn't look after me , nobody else would. It took me 17 years to go from that to my first million

easy ! ...and no I am not selling a system.

Whoever said that money does not bring happiness was busy turning down his worker's raise.

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I have been a saver since age 36 and took advantage of government tax free schemes and I worked on all sorts of legal but inventive ways to increase my wad

When I was 36 I lived in a council house, had never owned my own home and owed £500 on my credit card. My net worth was minus £500

I was thrown out on my ear by my 36 year old wife who went off with an 18 year old boy who was a friend of my 13 year old son. I ended up in a bed sit with an illegal Pakistani landlord in Bradford in November.

I decided that if I didn't look after me , nobody else would. It took me 17 years to go from that to my first million

easy ! ...and no I am not selling a system.

Whoever said that money does not bring happiness was busy turning down his worker's raise.

One of my closest friends is a big time saver. A dickish human being but at the age of 33 he just took 200K out of his bank account and paid off his parents condo. Didn't even break a sweat. I aspire to be like him but I doubt I could live like that.

[Peikko 1,575]

The fact that you use the phrase "investments that should" demonstrates you understand nothing about the subject.

I don't claim to be a financial expert - however, I have been led to believe that there are plenty of people out there who have had their 401K wiped out because of the depression. Perhaps this is all fear mongering?

[Captain Oates 910]

One of my closest friends is a big time saver. A dickish human being but at the age of 33 he just took 200K out of his bank account and paid off his parents condo. Didn't even break a sweat. I aspire to be like him but I doubt I could live like that.

praps you need to redefine dickish !

I remember an alcoholic saying to me:

"I stand on my landing looking at that idiot next door wasting his life on his pathetic oh so perfect garden"

"At other times I think: I wish I had a garden like that"

That just about sums up what is needed.

Edited July 24, 2010 by saywhat

[Peikko 1,575]

I have been a saver since age 36 and took advantage of government tax free schemes and I worked on all sorts of legal but inventive ways to increase my wad

When I was 36 I lived in a council house, had never owned my own home and owed £500 on my credit card. My net worth was minus £500

I was thrown out on my ear by my 36 year old wife who went off with an 18 year old boy who was a friend of my 13 year old son. I ended up in a bed sit with an illegal Pakistani landlord in Bradford in November.

I decided that if I didn't look after me , nobody else would. It took me 17 years to go from that to my first million

easy ! ...and no I am not selling a system.

Whoever said that money does not bring happiness was busy turning down his worker's raise.

Your posts do not give the impression that you are a happy man. I know, I don't know you, and I'm nothing but an envious shrew, but that's my opinion, you come across as pretty sad.

[Captain Oates 910]

I don't claim to be a financial expert - however, I have been led to believe that there are plenty of people out there who have had their 401K wiped out because of the depression. Perhaps this is all fear mongering?

No it's true - they sold at the bottom and I bought it and made 60% in no time

[Captain Oates 910]

Your posts do not give the impression that you are a happy man. I know, I don't know you, and I'm nothing but an envious shrew, but that's my opinion, you come across as pretty sad.

You never learn your lesson:

If you don't want to attract the mods, you should cease imagining what people are and then posting those imaginings as fact to support insults. You have done it at least three times today with different people and we resent it.

I am not bald and fat and sad and all the other things you surmise and post

Don't blow this thread up as well

I am very happy thank you . I am good looking and tall and broad and fit with nice hair and no paunch and lot's of money from secure and inflation proofed sources.

If I see you making things up about either me or other people according to your imagination, I will report you.

[Ban Hammer 12,835]

i've got a saving plan paid for by aj - my military retirement.

[Peikko 1,575]

You never learn your lesson:

If you don't want to attract the mods, you should cease imagining what people are and then posting those imaginings as fact to support insults. You have done it at least three times today with different people and we resent it.

I am not bald and fat and sad and all the other things you surmise and post

Don't blow this thread up as well

I am very happy thank you . I am good looking and tall and broad and fit with nice hair and no paunch and lot's of money from secure and inflation proofed sources.

If I see you making things up about either me or other people according to your imagination, I will report you.

I don't 'attract the mods'. I am not making this ###### up. You posted a whole thread about your children being failures - if that doesn't make a parent a little sad, I'm not quite sure what will, no matter how good looking, rich and whatever they might be.You posted that all women were whores and that they should pay for their own drinks. Hello, most women do unless you are a guy trying to attract a woman who is not interested in you. I clearly said I am guessing about you based on things you posted and in that context it was a fair assumption, even if I am wrong.

Edited July 24, 2010 by Madame Cleo

[Captain Oates 910]

I don't 'attract the mods'. I am not making this ###### up. You posted a whole thread about your children being failures - if that doesn't make a parent a little sad, I'm not quite sure what will, no matter how good looking, rich and whatever they might be.You posted that all women were whores and that they should pay for their own drinks. Hello, most women do unless you are a guy trying to attract a woman who is not interested in you. I clearly said I am guessing about you based on things you posted and in that context it was a fair question.

You had a similar warning from VW today when you were inventing things about her that you cannot possibly know. She was extremely resentful. I suggest you stick to the subject and not indulge your imagination.

[Peikko 1,575]

Oh, and go ahead and report me, no skin of my nose. If a mod thinks something I have posted is unfair, I'll take the hit, no problem.

You had a similar warning from VW today when you were inventing things about her that you cannot possibly know. She was extremely resentful. I suggest you stick to the subject and not indulge your imagination.

Warning? Who gives a ######, she's not a moderator and can't tell other posters how or what to post. I'll indulge myself however I choose and will let the moderators decide what's ok and what is not - but thanks for all your kind suggestions.

[Captain Oates 910]

i've got a saving plan paid for by aj - my military retirement.

Who's aj ?

can he pay me one too if I bribe him ?