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Zorro

(15,691 posts)
Wed Jun 4, 2014, 10:01 AM Jun 2014

Most Americans struggle to save for retirement

The idea of retirement in the U.S. often conjures up images of fit seniors strolling along the beach, enjoying a leisurely round of golf or perhaps sharing a meal in an exotic locale. For most people, however, the reality is far less glamorous.

Seven of 10 Americans who haven't retired yet find it hard to save for retirement while also paying the bills and meeting their basic living expenses, a new CBS News poll shows. Not surprisingly, those earning less are having more difficulty setting money aside. More than 80 percent of people making less than $50,000 a year say it is hard to keep up with bills and save for retirement at the same time, and half say it is very hard.

"There is a segment of the population who cannot afford food and rent and to save for retirement, and they rationally choose rent and food over retirement savings," said Anthony Webb, senior research economist with Boston College's Center for Retirement Research.

But the country's troubling shortfall in retirement savings isn't confined to lower-income earners. More than 60 percent of those earning between $50,000 and $100,000 a year say it is hard to save for retirement, according to the telephone poll of more than 1,000 adults around the U.S.

http://www.cbsnews.com/news/most-americans-struggle-to-save-for-retirement/

22% now don't expect to retire until they're 70 years old. That's unsettling.

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Most Americans struggle to save for retirement (Original Post) Zorro Jun 2014 OP
And yet. We are talking about my generation - the baby boomers question everything Jun 2014 #1
We are talking here about people who also can't afford upaloopa Jun 2014 #2
Every day we get two messages: "Spend-Buy-Consume!" and "Save-Plan-Stockpile!" Arugula Latte Jun 2014 #3

question everything

(47,265 posts)
1. And yet. We are talking about my generation - the baby boomers
Wed Jun 4, 2014, 10:15 AM
Jun 2014

Many of us managed to hold jobs when they meant something, in the 70s and 80s. When prices of everything did not go through the roof when we did not have to pay for many electronic gadgets and "plans."

Many of us spent money on expensive toys and gears and never thought of saving. And, many of us felt obliged to help in college tuition of our kids at the expense of saving. I would have an ongoing discussion with a friend of mine about that. I'd compare it to the instructions given by a flight attendant: in case of lower pressure, put the oxygen mask on your face, first, and then on your child's.

Kids will have to manage their college tuition, and their loan - one way or the other. If you do not save for retirement, you have no place to go.

OK, start shooting.



upaloopa

(11,417 posts)
2. We are talking here about people who also can't afford
Wed Jun 4, 2014, 12:02 PM
Jun 2014

to send kids to college.
I don't know if you realize that adjusted for inflation people are earning less than they did in the 70's.
Yet prices continue to go up.
As for gadgets do you think you as an unemployed person could compete for a job without them?
Get real!

 

Arugula Latte

(50,566 posts)
3. Every day we get two messages: "Spend-Buy-Consume!" and "Save-Plan-Stockpile!"
Wed Jun 4, 2014, 12:39 PM
Jun 2014

You're a bad American if you don't do both simultaneously. Meanwhile, in real life for tens of millions, it's all about paying for rent, food, and healthcare.

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