Auburn85 438 Posted March 9, 2023 Share Posted March 9, 2023 https://www.cbsnews.com/news/millions-of-americans-nearing-retirement-age-no-savings/ Quote By Janet Shamlian, Nic Cutrona March 1, 2023 Cumberland, Rhode Island — Maryann O'Connor is juggling two jobs, sometimes working up to 11 hours per day, not what she expected to be doing at age 66. "I would hope to be retired, playing the piano again, just enjoying my life," O'Connor said. With no savings or 401(k) — not even enough to cover an emergency — she sold her home and bought a smaller one with two other women. "It's been a matter of life and death," she said of her current financial situation. Millions of Americans nearing their golden years are still financially unprepared for retirement. According to U.S. Census Bureau data, 50% of women and 47% of men between the ages of 55 and 66 have no retirement savings. O'Connor, who adopted and raised three children as a single mother, said she knew she would be in that group. "I have a live-for-now philosophy, I guess," O'Connor said. For her and others without a nest egg, experts said it is not too late to make a plan. According to the AARP, that includes continuing to work, lowering your cost of living, saving when you can and delaying social security benefits until age 70 in order to get the largest monthly check possible. You should also avoid risky investments that you think will make up for the lost time. "The higher the promised returns, the more you want to do in real research before you put your money in something like that," said David John, a senior policy adviser for the AARP Public Policy Institute. According to AARP, nearly 57 million Americans work for an employer that does not offer a retirement savings plan. O'Connor said her advice to young people is to start saving now. "I wish I had started earlier," O'Connor said. "But I guess I would now say that they need to start planning as early as they can." As for O'Connor, she's continuing to work. She formed a company that plans trips for groups of women, and that allows her to see the world for herself, even if she's working while doing it. Link to comment Share on other sites More sharing options...
CoffeeTiger 5,930 Posted March 9, 2023 Share Posted March 9, 2023 People knock the millennial and younger generations, but they are the ones that are going to be having to support an unprecedentedly high number of elderly who will be completely dependent on the government to survive and pay for their late age healthcare bills. 2 Link to comment Share on other sites More sharing options...
Son of A Tiger 649 Posted March 9, 2023 Share Posted March 9, 2023 1 minute ago, CoffeeTiger said: People knock the millennial and younger generations, but they are the ones that are going to be having to support an unprecedentedly high number of elderly who will be completely dependent on the government to survive and pay for their late age healthcare bills. I agree and the gov't is going to pay health care, etc., for thousands of illegals who haven't paid anything into a retirement fund and most don't even pay taxes. 2 1 Link to comment Share on other sites More sharing options...
TexasTiger 14,499 Posted March 9, 2023 Share Posted March 9, 2023 27 minutes ago, Son of A Tiger said: I agree and the gov't is going to pay health care, etc., for thousands of illegals who haven't paid anything into a retirement fund and most don't even pay taxes. Actually, many pay into Social Security in someone else’s name so they contribute with no benefit. All pay sales tax which is what we have in Texas. All who pay rent are paying indirectly for property tax. Most make too little to owe federal income tax. Life’s much more complicated than your grievances would suggest. 3 1 Link to comment Share on other sites More sharing options...
TexasTiger 14,499 Posted March 9, 2023 Share Posted March 9, 2023 34 minutes ago, CoffeeTiger said: People knock the millennial and younger generations, but they are the ones that are going to be having to support an unprecedentedly high number of elderly who will be completely dependent on the government to survive and pay for their late age healthcare bills. That’s true. So please get to work! Folks are counting on you! 😉 3 Link to comment Share on other sites More sharing options...
creed 1,816 Posted March 9, 2023 Share Posted March 9, 2023 43 minutes ago, CoffeeTiger said: People knock the millennial and younger generations, but they are the ones that are going to be having to support an unprecedentedly high number of elderly who will be completely dependent on the government to survive and pay for their late age healthcare bills. And guess where the millennials and younger generations learned how to save...lol 1 1 Link to comment Share on other sites More sharing options...
Son of A Tiger 649 Posted March 10, 2023 Share Posted March 10, 2023 And then there are crazy Dems who want to give them the farm. NYC mayor floats plan to send migrants to college for free, courtesy of taxpayers footing potential $1.2M bill | Fox News 1 3 Link to comment Share on other sites More sharing options...
creed 1,816 Posted March 10, 2023 Share Posted March 10, 2023 16 hours ago, creed said: And guess where the millennials and younger generations learned how to save...lol All this being said. Teach your kids, grandkids nieces, nephews, whoever will listen how to save for retirement. 1 Link to comment Share on other sites More sharing options...
arein0 1,109 Posted March 10, 2023 Share Posted March 10, 2023 1 hour ago, creed said: All this being said. Teach your kids, grandkids nieces, nephews, whoever will listen how to save for retirement. Yes it's good to teach them how to save. But you also need to teach them how to invest and the power of compounding interest. Teaching them how to save by saving money in the bank isn't enough to prepare for retirement as you are technically losing value by having it sit in a bank. Link to comment Share on other sites More sharing options...
creed 1,816 Posted March 10, 2023 Share Posted March 10, 2023 4 minutes ago, arein0 said: Yes it's good to teach them how to save. But you also need to teach them how to invest and the power of compounding interest. Teaching them how to save by saving money in the bank isn't enough to prepare for retirement as you are technically losing value by having it sit in a bank. Yes. Sorry I wasn’t clear enough I was grouping saving and investing together. 2 Link to comment Share on other sites More sharing options...
icanthearyou 4,468 Posted March 10, 2023 Share Posted March 10, 2023 Inequality and corruption are the real problems here. When productivity decoupled from wages, when corporate welfare became greater than social welfare, when incarceration became more popular than education we went into decline. Think about all that society has given up in the last 50 years. We ALL serve an overclass. The overclass is the government. We should unite in order to restore integrity, equality, competence to government but,,, we are systematically divided. We love the distraction issues. 1 2 Link to comment Share on other sites More sharing options...
homersapien 12,289 Posted March 11, 2023 Share Posted March 11, 2023 On 3/9/2023 at 5:32 PM, Son of A Tiger said: I agree and the gov't is going to pay health care, etc., for thousands of illegals who haven't paid anything into a retirement fund and most don't even pay taxes. Actually, immigration is more of a solution than a problem in this regard. Immigration Facts: The Positive Economic Impact Of Immigration (fwd.us) 2 Link to comment Share on other sites More sharing options...
homersapien 12,289 Posted March 11, 2023 Share Posted March 11, 2023 (edited) On 3/10/2023 at 9:30 AM, Son of A Tiger said: And then there are crazy Dems who want to give them the farm. NYC mayor floats plan to send migrants to college for free, courtesy of taxpayers footing potential $1.2M bill | Fox News Don't know that this represents an investment or not, but you cannot evaluate the net cost of such an initiative without also considering the net return on investment. Edited March 11, 2023 by homersapien 1 Link to comment Share on other sites More sharing options...
homersapien 12,289 Posted March 11, 2023 Share Posted March 11, 2023 (edited) On 3/10/2023 at 10:31 AM, creed said: All this being said. Teach your kids, grandkids nieces, nephews, whoever will listen how to save for retirement. Proud to say I did this for a teenage boy - now a man - who did part time work for me from age 15-21. He's now 24 and attending the University Illinois /Chicago on the GI bill working on his masters degree. I changed his life. Edited March 11, 2023 by homersapien 1 Link to comment Share on other sites More sharing options...
homersapien 12,289 Posted March 11, 2023 Share Posted March 11, 2023 23 hours ago, arein0 said: Yes it's good to teach them how to save. But you also need to teach them how to invest and the power of compounding interest. Teaching them how to save by saving money in the bank isn't enough to prepare for retirement as you are technically losing value by having it sit in a bank. A graph showing compounding return vs. age is particularly important regarding the benefits starting early. Link to comment Share on other sites More sharing options...
homersapien 12,289 Posted March 11, 2023 Share Posted March 11, 2023 22 hours ago, icanthearyou said: Inequality and corruption are the real problems here. When productivity decoupled from wages, when corporate welfare became greater than social welfare, when incarceration became more popular than education we went into decline. Think about all that society has given up in the last 50 years. We ALL serve an overclass. The overclass is the government. We should unite in order to restore integrity, equality, competence to government but,,, we are systematically divided. We love the distraction issues. No better place to look than our healthcare system. We pay more and get less than any other system in the world thanks to the "necessity" of providing corporations their cut. It all goes back to our money-driven electoral system. 1 Link to comment Share on other sites More sharing options...
icanthearyou 4,468 Posted March 11, 2023 Share Posted March 11, 2023 1 hour ago, homersapien said: No better place to look than our healthcare system. We pay more and get less than any other system in the world thanks to the "necessity" of providing corporations their cut. It all goes back to our money-driven electoral system. It is truly an evil system,,, healthcare and electoral. 1 1 Link to comment Share on other sites More sharing options...
DKW 86 7,945 Posted March 11, 2023 Share Posted March 11, 2023 On 3/10/2023 at 12:33 PM, icanthearyou said: Inequality and corruption are the real problems here. When productivity decoupled from wages, when corporate welfare became greater than social welfare, when incarceration became more popular than education we went into decline. Think about all that society has given up in the last 50 years. We ALL serve an overclass. The overclass is the government. We should unite in order to restore integrity, equality, competence to government but,,, we are systematically divided. We love the distraction issues. Post of the Day! 1 1 Link to comment Share on other sites More sharing options...
aubiefifty 18,429 Posted March 12, 2023 Share Posted March 12, 2023 On 3/9/2023 at 4:32 PM, Son of A Tiger said: I agree and the gov't is going to pay health care, etc., for thousands of illegals who haven't paid anything into a retirement fund and most don't even pay taxes. so you are saying if a baby dies and the gov did not have to pay for it's health insurance? i am pretty sure that is what you are saying because you are sure bitching about it. life is precious as long as you are not an illegal. got it. Link to comment Share on other sites More sharing options...
aubiefifty 18,429 Posted March 12, 2023 Share Posted March 12, 2023 5 hours ago, icanthearyou said: It is truly an evil system,,, healthcare and electoral. we let seniors and babies die because alabama will not expand medicaid. we are dead last in infants deaths. i guess life is sacred for some if they are lucky enough to have insurance. it sucks. the repukes will not expand it so as far as i am concerned they have blood on their hands. 1 1 Link to comment Share on other sites More sharing options...
Son of A Tiger 649 Posted March 12, 2023 Share Posted March 12, 2023 1 hour ago, aubiefifty said: so you are saying if a baby dies and the gov did not have to pay for it's health insurance? i am pretty sure that is what you are saying because you are sure bitching about it. life is precious as long as you are not an illegal. got it. No you are surely wrong and I agree about a baby's life. I'm just saying the American taxpayer will have to foot the medical bills for thousands of illegals. Why do you think most of these people are coming here? Answer.....for free benefits courtesy of us. 1 Link to comment Share on other sites More sharing options...
Son of A Tiger 649 Posted March 12, 2023 Share Posted March 12, 2023 1 1 Link to comment Share on other sites More sharing options...
aubiefifty 18,429 Posted March 12, 2023 Share Posted March 12, 2023 11 hours ago, Son of A Tiger said: No you are surely wrong and I agree about a baby's life. I'm just saying the American taxpayer will have to foot the medical bills for thousands of illegals. Why do you think most of these people are coming here? Answer.....for free benefits courtesy of us. the last i read and i am not sure how to find it but alabama will not expand obama care which is something repubs have been wanting to destroy it for a long time. that is the hate for obama when he is actually saves lives. as far as taxes where were you when trump gave billions in tax breaks to the rich who do not need them? 1 1 Link to comment Share on other sites More sharing options...
TexasTiger 14,499 Posted March 12, 2023 Share Posted March 12, 2023 15 hours ago, Son of A Tiger said: No you are surely wrong and I agree about a baby's life. I'm just saying the American taxpayer will have to foot the medical bills for thousands of illegals. Why do you think most of these people are coming here? Answer.....for free benefits courtesy of us. Coming for a better life. Most work their asses off. Link to comment Share on other sites More sharing options...
SaltyTiger 8,638 Posted March 12, 2023 Share Posted March 12, 2023 17 hours ago, Son of A Tiger said: No you are surely wrong and I agree about a baby's life. I'm just saying the American taxpayer will have to foot the medical bills for thousands of illegals. Why do you think most of these people are coming here? Answer.....for free benefits courtesy of us. Most I have known came to work in construction trades….do things our sorry ass labor force refuses to do any more. 3 Link to comment Share on other sites More sharing options...
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