A Shocking Percentage Of Americans 50-64 Haven’t Saved A Dollar For Retirement

Retirement No Money Saved - Public Domain

A deeply disturbing survey reveals how severe the retirement crisis in the U.S. truly is.

Those 50 and older have got a lot of catching up to do if they want to have a comfortable quality of life due to their retirement savings.

A survey released by Bankrate.com, a financial research firm, shows 26 percent of those who are age 50 to 64 have saved nothing for retirement. Some 14 percent of those 65 and older have nothing saved as well. The survey doesn’t address how much people in those age groups have saved, but it’s not expected to be enough for retirement, says Greg McBride, chief financial analyst of Bankrate.com.

“I’m very worried,” McBride says. “I’m worried about every age bracket in their own way and I’m worried those 50 and up who haven’t started saving or haven’t saved enough. I worry about those under age 50 who have a greater burden for retirement savings and either aren’t saving or aren’t saving enough.”

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1 thought on “A Shocking Percentage Of Americans 50-64 Haven’t Saved A Dollar For Retirement”

  1. Good financial advice is never amiss.
    The trouble begins when you get sick. Or even before you get sick. A typical doctor out there orders about 200 dollars worth of tests for a typical type two diabetic twice a year. The doctor is not concerned with your health. He is concerned with is malpractice insurance. Covering all the bases is just good medical practice. What is wrong with this is most of it is not covered by typical insurance policies in the United States.
    Our Medical plans start with Medicare and end with Medicaid after you are sent into bankruptcy by the bills. This makes a farce out of anyone saving much money in the working class of this country. I say working class instead of middle class because it involves all classes of wage earners in the United States and neither party is helping much with it.
    Most people out there do not have a negotiation plan with their employer or a contract covering them legally. As a result, they get little or no help from the employer. That same nice employer looks at you like a piece of meat that has to be disposed of when it starts getting health problems to do away with the company’s liability.
    They get rid of you by making you re-apply for your job. That is being done all over this country to the middle aged people they want to dispose of as a liability. Unions have little to do with it as the majority of people do not have one. Never mind that it is against every labor law that ever existed about discrimination of older people. That law is bad joke on the working class of this country.
    That same negotiation plan is usually a union contract that no longer exists in today’s world thanks to an extensive plan by the Congress to do away with the middle class by both parties in that Congress. This has been going on for a very long time. We are a long way from the 60s when the middle class did have unions and contracts governing the work place.
    401K plans are a sad comment on what used to be Union Pensions that covered you until you died. 401Ks no matter how much you put into them are going to go broke eventually before you die.
    If you compare that to the 60s, there were in the 60s a lot of non-union people who did a “me-too” negotiation with their employers. That no longer occurs as the union is not there to compare to.
    Typical wages in high inflation were increased between 6-12 percent per year. The result was more high inflation that screwed anyone on a fixed pension. That became so much of a problem that law makers actually helped the working class by putting cost of living raises in Social Security.
    This was done based on something called COLA. That too is a sad joke on the working class because in the last 6 years this President has made sure the only raises they got were minimum raises that did not cover inflation at all. I hardly think an average of $6 a week is going to cover even the cost of milk in this country.
    They must think we are pretty stupid and I tend to agree with them.
    Any monthly plan screws the working class on a pension. This is done because in 3 months there is an extra week. That is every three months in the year. So one of those weeks is not covered by your pension. Government military get paid every 15 days. Same kind of screw.
    When I budget, I divide my yearly pay by 52 weeks. Then I take a week’s money out of that pension and save back for the third month.
    I take most of the money and divide it into envelopes of money. I do the same with my wallet. I put aside money for gas. I put money aside for insurance. I even put money aside for the Yearly Real Estate Tax. What is left is what we live on.
    I used to leave it all in the bank. I don’t trust the banks to give me my money somewhere down the road. Sounds crazy. Banks are trustworthy, right? Not really.
    If the bank goes under you will spend 9 months trying to recover your money through the federal insurance.
    But the bank will collect your money on any loan you have regardless of whether or not it is broke.
    Even if you had a large sum in the bank that you cannot get to because they closed their doors, your money is gone, they are still collecting on your debts.
    Texas found that out the hard way when banks went under in 1988.
    A lot of working class people lost their homes even though they had huge sums of money in the bank.
    My conclusion is that the working class of this country has to initiate a labor revolution.
    It was done in the 30s by people and scared the hell out of the rich corporate people out there.
    They own the Congress, no matter whether it is Democrats or Republicans.
    It was under Harry Truman(democrat) that Taft Hartley was instituted.
    It was under Bill Clinton that our work was sold out from under us to Mexico.
    George Bush was no innocent either. Either Bush was responsible for the demolition of the Labor Board as a valid form of negotiation for any working class person.
    The result is going to be the biggest deflation and depression this country has ever seen. When you kill the golden goose that lays the golden eggs, there are no more eggs to be found, and this country is in that position right now because they have screwed over the working class of this country.
    ‘I apologise in advance for the length of this post. I had a lot to say.

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