Topic: Almost a Third of Retirement Savers Don't Have $1000 in US (Read 555 times)

ppl don't want to save. There are a lot of reasons.  Your kids want you to spend. The government wants you to spend. ... Even your inner self wants you to spend your money. It is not a fair field of competition. Everyone wants you to spend and overcoming all that pressure is quite difficult. Even the ppl are stashing their debt level. And they are living by the borrowing debt culture buying now paying later.

I presume you're being facetious as there's no such thing as compounding interest anymore when inflation, even if we go by the govt's numbers, is 4+ times more than the former. The would need to lift interest rates to help savers but then the whole system collapses as the interest on the debt payments would swallow up major portions of defense, entitlements and discretionary spending each year. There's no way the MIC would allow anything more than a minute cut in their funding operations and as we can all see, they and their politicians create havoc abroad that justifies more and more funding and boobus just goes along with it. You could make a modest cut in entitlements but they don't want to upset the parasite/leisure class too much as that's how they buy votes. It's like a major catch-22.

I have a 401(k) and am charged about $13.50 per quarter, which comes out to about $50 a year. If I'm actively trading, I incur the normal transaction fees. I don't find that unreasonable. I don't know what other people do with their 401(k)s or what fees other people are paying, but I don't have any basis to support the claim that Wall Street is getting fat off the meager fees I'm paying. I can put my 401(k) funds in an index fund if I want, so I don't understand the criticism of the system. Since your retirement is your responsibility, if you don't save enough during your working life, you wait longer to retire. It seems pretty straight forward to me.

As for the market turning down, there's risk in everything. Don't invest if you don't like risk, but the risk in holding cash is it depreciates. There's risk in action and there's risk in inaction. There's no such thing as a risk-less investment. The 401(k) isn't designed to make you rich though, it's designed to allow you to save and grow your retirement funds tax deferred over several decades so you can live off of it after retirement. You save for 50 or 60 years to fund the 20 years of your life you're not working. If you think it's designed to make you wealthy upon retirement, I think you misunderstand the system. It's not designed to be "foolproof" (as I stated, in investing nothing is); it's the most practical option that puts everyone's responsibility for their own retirement on themselves.

excellent the aristocracy has all in plan: ebt to buy gmos with pesticides to make drones of them . and vaccines for the one who would have resisted the first assault. toasted, are your brothers and sisters, your mothers and fathers, your aunts and uncles, everyone that once cared about you American soldiers, yep, you follow Dempsey to the death, a cultist of malta, nothing else... you did. remember the army of Jerusalem believed the same shit against the EMPIRE... until the show began.

edit: remember legions move slowly, very slowly... but they grind, how yeah everything, even the rock solid rocks... hehehe. FOR THE EMPIRE, the miscreants to death.

It is hard to feed the kids if they are on low income. Thinking about retirement is a luxury. They might not be saving because they are not earning enough.

I think they have become a legal scam. (Ok, maybe not evil).
But many 401Ks are a bad deal for investors. They have many hidden fees and are mostly for making sick money on Wall St. Because of the employer contribution you may think that you are racking up the dollars. But you probably end up leaving a third of the money on the table that you could make with an index fun, for example.
There is also the risk that is not talked about much. Some people seem to think that a 401K is a surefire way to fund your retirement. In fact the market could drop 50% next year or next week. If that happens as you get ready to retire... Well it's back to work for you Grandpa.  

the pull down is coming, the great shake up, America will become past and extinct... when? I don't know, but trending lower, and pulverizing every support, (the 44 Potus Barack Hussein Obama under his watch let Mr Epstein, Corzine, Hillary roams free, but a trade piker he wants arrested). everything you need to know, to know that what ever the us army does it ain't.


edit: 

Are you being facetious or serious in your terming of the "evil 401k?" Are you an advocate for an alternative system?

Very interesting that is a scar high number.  I wish we knew if these were savers early or late in thier career.

If it is savers late in their career very scary indeed.  They won't get that amazing compounding interest.

Yikes.
I worry about what is coming as all these boomers retire. Even the ones that have saved often used the evil 401K. That's where you put up 100% of the money, take 100% of the risk, and if you are lucky you might get 30% of the profits.

The future is poor friends. 

Study after study shows that Americans are not saving for retirement like they should, and a new survey finds that nearly one third of people who have some sort of savings plan have amassed less than $1,000 for retirement.

The survey titled “Preparing for Retirement in America,” by Employee Benefit Research Institute (EBRI) and Greenwald and Associates, finds that only 65 percent of workers have any savings for retirement, a number that fell below the 75 percent figure from 2009.

But 28 percent of workers report that they have saved less than $1,000 for retirement, and almost 6 in 10 Americans say that their financial planning needs improvement.

Additionally, 34 percent say they have made no effort at all to saving anything or make a retirement plan. Still, most say that they intend to start saving at some point.

More...http://www.breitbart.com/big-government/2015/04/22/almost-a-third-of-savers-have-banked-less-than-1000-for-retirement/