Four in 10 Americans don't see retirement ever happening
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Four in 10 Americans don't see retirement ever happening
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Re: Four in 10 Americans don't see retirement ever happening
#2The majority of the remaining 6/10 have inadequate retirement savings. I believe the average 401k balance of 45-50 YO is between $96k to $108k.
Re: Four in 10 Americans don't see retirement ever happening
#3[dead]
Re: Four in 10 Americans don't see retirement ever happening
#4The majority of the remaining 6/10 have inadequate retirement savings. I believe the average 401k balance of 45-50 YO is between $96k to $108k.
I think we are roughly down from 40% of americans with a pension to 10%...the 401(k) was a experiment to replace pensions, of course when the pension disappeared wages never increased to supplement workers. Combined with The addition of student loans and healthcare cost increases, the 401(k) has pretty much been a failure, but they do make up the difference in pensions almost perfectly with about 30% of Americans at least having a 401(k) account.
Re: Four in 10 Americans don't see retirement ever happening
#5I’m one of the four, unfortunately. I fully expect to be working until I die or at the very least until I am physically and/or mentally unable. I’m starting to resign myself to that future and can only hope I continue to enjoy the work that I do.
Re: Four in 10 Americans don't see retirement ever happening
#6I don't mean to sound mean but it seems to me as a European that Americans value comfort and convenience over being prudent and thrifty. I hear stories from people on massive salaries yet struggling to make ends meet due to a lifestyle of extravagant food choices, car purchases and other material junk which is not necessary. The saving grace of all of this is the recent trend on the topic of FIRE- people who realise they don't need all that junk and prefer financial freedom over a life of servitude.
Re: Four in 10 Americans don't see retirement ever happening
#7I don't mean to sound mean but it seems to me as a European that Americans value comfort and convenience over being prudent and thrifty. I hear stories from people on massive salaries yet struggling to make ends meet due to a lifestyle of extravagant food choices, car purchases and other material junk which is not necessary. The saving grace of all of this is the recent trend on the topic of FIRE- people who realise…
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Re: Four in 10 Americans don't see retirement ever happening
#8I don't mean to sound mean but it seems to me as a European that Americans value comfort and convenience over being prudent and thrifty. I hear stories from people on massive salaries yet struggling to make ends meet due to a lifestyle of extravagant food choices, car purchases and other material junk which is not necessary. The saving grace of all of this is the recent trend on the topic of FIRE- people who realise…
As an American, I'd say your observations are astute.
Americans that live a bit below their means and invest can easily retire in comfort. (Even on a modest salary.) Those that spend every penny they make (and more) are doomed to a later life of financial worry.
Re: Four in 10 Americans don't see retirement ever happening
#9Frankly, the American Dream of retirement and ‘golden years’ has long passed. The 2008 crisis wiped out everything people I know had for retirement. I’d rather save my cash than put it into another person’s hands hoping for modest interest returns at the risk of knowing we’re just around the corner from another 2008-like crisis. I’m working to make something for my wife after I’m gone. I’d be a horrible retiree anyway. Still to much of a kid at heart.
Re: Four in 10 Americans don't see retirement ever happening
#10Frankly, the American Dream of retirement and ‘golden years’ has long passed. The 2008 crisis wiped out everything people I know had for retirement. I’d rather save my cash than put it into another person’s hands hoping for modest interest returns at the risk of knowing we’re just around the corner from another 2008-like crisis. I’m working to make something for my wife after I’m gone. I’d be a horrible retiree anywa…
My 401k is now worth about 5x what it was in 2008, mostly due to compounding, which is why I don’t understand “people losing everything”. They would of had to sell it all at the bottom of the market.