Millions of Americans are approaching retirement age with no savings

[beaniemac]

it's fukked up. I mean not only are we paying into social security, but we also have to fund our own 401K's for the most part. I mean fukking ridiculous.

my mom for instance taught for chicago public schools her whole career. she didn't have to contribute to social security, thus she doesn't get it, but she is getting that sweet pension all while working part time for a college the last 10+ years or so.

I mean they want u to contribute like 15-20% of your gross pay to 401K and most people simply cannot afford to do so.

 

[JNew]

I dont think you know how financially illiterate the average American is

Most Americans are a paycheck or two away from the streets

I would say most people are that way because it’s only sane way to live.

Why live when your life revolves around money.

Ik a guy who puts 70% of his paychecks in his retirement fund. He has it figured out where by the time he’s 70 he will have millions in his back account. But he shops at the goodwill and barley has money to live.

It’s evil.

 

[Hater's Annihilator]

Take care of your family and they will take care of you!

You must be a woman ..

 

[ReggieFlare]

Yet another win for Passport Bros

If you can get a remote job and live overseas you have beaten the system

 

[Seoul Gleou]

I would say most people are that way because it’s only sane way to live.

Why live when your life revolves around money.

most people are that way because they arent taught the basics of finance. saving, credit utilization, budgeting, etc.

they also live in a consume now society. americans are the least sophisticated consumers, which lends itself to predatory business and financial practices.

for example, nordstroms and target failed in canada because canadian consumers figured out they're paying more for lower quality goods than americans. target and nordstroms had to pull out because of failing sales.

americans, on the other hand, dont care. there are people financing clothes, electronics, and even groceries...on exorbitant interest rates.

 

[Amestafuu (Emeritus)]

Cold world get a blanket. Better yet off yourselves boomers. You in the fukking way.

Imagine being sold a dream where life starts when you are old and decrepit and even that is out of reach because you can't afford to do nothing.

I mean clearly the system is broken. It's not gonna work out for everyone.

 

[neph27]

you don't need retirement savings when SSA pays you $1000 a month and your home is paid off

in what country

 

[OperationNumbNutts]

Let's be honest. This has been reported for close to two decades. There is systematic trouble. Also, a lot of people don't adjust when they get older assuming their income will remain relatively the same.

 

[ORDER_66]

it's fukked up. I mean not only are we paying into social security, but we also have to fund our own 401K's for the most part. I mean fukking ridiculous.

my mom for instance taught for chicago public schools her whole career. she didn't have to contribute to social security, thus she doesn't get it, but she is getting that sweet pension all while working part time for a college the last 10+ years or so.

I mean they want u to contribute like 15-20% of your gross pay to 401K and most people simply cannot afford to do so.

15-20%

 

[Stuntone]

Retirement is really having your house paid off. If you still paying rent and/or mortgage at 65 you're in trouble.

 

[levitate]

And they are the generation that could buy homes for $50k and shyt…

 

[Charles Foster Qane]

My mom is 73, still works 50 hours a week in a high demand financial services office. Plans to work until she's 75. Trying to get her to move to my city at that time. She's behind on savings, but generally wants to work and probably will never completely retire.

 

[CouldntBeMeTho]

"I have a philosophy to live for now, I guess,” O’Connor said.



Do what makes you feel good. Live for the moment. Your happiness at that particular moment is the most important thing in the world

 

[Phitz]

Most of the world never had retirement savings

 

[bnew]

you don't need retirement savings when SSA pays you $1000 a month and your home is paid off

what about medical expenses, utility bills, car insurance, car maintenance costs, food, entertainment, home repairs etc?