More than half of all Americans over 55 have no retirement savings at all

  • metta

    Posts: 39144

    Jun 10, 2015 3:06 PM GMT
    More than half of all Americans over 55 have no retirement savings at all

    http://www.rawstory.com/2015/06/more-than-half-of-all-americans-over-55-have-no-retirement-savings-at-all/
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    Jun 10, 2015 3:25 PM GMT
    Not a news flash.
  • Hypertrophile

    Posts: 1021

    Jun 10, 2015 3:41 PM GMT
    Deadbeats, slackers, and leaches! All of 'em!













    Amidoinitrite?
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    Jun 10, 2015 3:43 PM GMT
    Physiqueflex saidDeadbeats, slackers, and leaches! All of 'em!













    Amidoinitrite?


    You forgot, "It's their own fault for having low paid jobs! Everyone can make a million a year they want to!" icon_lol.gif
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    Jun 11, 2015 3:25 PM GMT
    Why save for retirement? Just get your government bail-out like everyone does.

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    Jun 11, 2015 8:05 PM GMT
    Well duh! The government takes it all away in taxes. I thought my tax bracket as lower middle class was 28% but adding up FICA, sales tax, state tax, property tax it's 55% add ACA it would be 65% and that is not counting fees like drivers license etc . No wonder why no one can save!
  • roadbikeRob

    Posts: 14372

    Jun 12, 2015 1:11 AM GMT
    Retirement is becoming a thing of the past. All of us are going to be expected to work until the day we drop dead.icon_evil.gif
  • tj85016

    Posts: 4123

    Jun 12, 2015 1:12 AM GMT
    the system is not set up for saving, the government hates saving

    the system is set up for consumption and debt

    the Fed is even more at fault, the Fed EXPECTS every additional dollar to go into consumption
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    Jun 12, 2015 2:57 AM GMT
    Physiqueflex saidDeadbeats, slackers, and leaches! All of 'em!













    Amidoinitrite?


    I'm blocking your profile and ignoring all your posts.

    And what you can go do is read the book

    What Went Wrong: How the 1% Hijacked the American Middle Class . . . and What Other Countries Got Right

    KIRKUS REVIEW

    Blame it all on Ronald Reagan—every damn bit of misery and immiseration that has befallen the middle and lower classes in the past three decades. That’s the thunder-stealing takeaway of former Treasury Department assistant secretary and World Bank executive Tyler’s book.

    The author charts how a period of unprecedented growth, prosperity and widespread wealth-sharing was derailed under the Reagan administration and continues to careen off the track all these years later. So profound were the changes wrought by privatization and the looting of the public sector that Tyler calls the entire period after 1980 the “Reagan Era”—and he does not mean it as a compliment. According to the author, drawing on thorough economic analysis, “only 5 percent of earners enjoyed income gains exceeding inflation during the Reagan Era, and most of that was concentrated in the earnings of the top 1 percent.” Throughout, Tyler explodes numerous myths, though readers will have to know the depth of those myths in order to appreciate his efforts.
  • metta

    Posts: 39144

    Jun 12, 2015 3:02 AM GMT
    roadbikeRob saidRetirement is becoming a thing of the past. All of us are going to be expected to work until the day we drop dead.icon_evil.gif


    People who believe that obviously do not know very many elderly people. As someone that has a friend that lives in an assisted living center.....it is not a realistic goal to expect. Yes, some elderly can still work but most can't. We do not have to design our society to be cruel or inhumane.
  • Posted by a hidden member.
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    Jun 12, 2015 3:08 AM GMT
    Look at this image:
    Look at total employee compensation in the US compared to other countries:

    what-went-wrong-cover.jpg

    http://www.georgertyler.com/about/george-tyler/
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    Jun 12, 2015 3:09 AM GMT
    StephenOABC said
    Physiqueflex saidDeadbeats, slackers, and leaches! All of 'em!













    Amidoinitrite?


    I'm blocking your profile and ignoring all your posts.

    And what you can go do is read the book

    What Went Wrong: How the 1% Hijacked the American Middle Class . . . and What Other Countries Got Right

    KIRKUS REVIEW

    Blame it all on Ronald Reagan—every damn bit of misery and immiseration that has befallen the middle and lower classes in the past three decades. That’s the thunder-stealing takeaway of former Treasury Department assistant secretary and World Bank executive Tyler’s book.

    The author charts how a period of unprecedented growth, prosperity and widespread wealth-sharing was derailed under the Reagan administration and continues to careen off the track all these years later. So profound were the changes wrought by privatization and the looting of the public sector that Tyler calls the entire period after 1980 the “Reagan Era”—and he does not mean it as a compliment. According to the author, drawing on thorough economic analysis, “only 5 percent of earners enjoyed income gains exceeding inflation during the Reagan Era, and most of that was concentrated in the earnings of the top 1 percent.” Throughout, Tyler explodes numerous myths, though readers will have to know the depth of those myths in order to appreciate his efforts.


    Erm, Stephen, he was joking. It's called satire. Look it up. icon_rolleyes.gif
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    Jun 12, 2015 4:48 AM GMT
    When Social Security was enacted in 1935, the retirement age was 65. Life expectancy was less than 65 so Liberals enacted a program for a majority of people who it was planned would be dead and never collect benefits.

    Obama's dismal employment participation rate and transfer of the unemployed to permanent disability have increased the rate of the programs insolvency which helps explain the message from Liberal Obamacare Architect Dr. Ezekiel Emanuel that people should hope to die at age 75:

    http://www.theatlantic.com/features/archive/2014/09/why-i-hope-to-die-at-75/379329/

    Obama's campaign contributor Gilead and the Obama FDA have a special plan for gay men by promoting the use of toxic PREP to shorten gays life expectancy.

    Liberals also promote killing the unborn which decreases the US population growth rate and future SS contributors.
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    Jun 12, 2015 5:07 AM GMT
    Thank goodness I'm not over 55!
  • Posted by a hidden member.
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    Jun 12, 2015 5:08 AM GMT
    Cost of living takes up most income and that leaves very little for savings. Most people are trying to survive in the present and have no time to think about the future, and even for those that plan long term, cost of living poses a challenge. If you want to retire securely, the best bet is to have your own business or be an independent contractor, but it's not easy to get there.
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    Jun 12, 2015 5:11 AM GMT
    James_Thunder_Early saidCost of living takes up most income and that leaves very little for savings.
    Cost of technology and entertainment takes up quite a bit, too.

    Try living in a "developed" country without buying technological products (smartphones/tablets) and entertainment (cable/movies) and still try to save what's left. There won't be much, if any. In fact you'll probably be in debt.
  • metta

    Posts: 39144

    Jun 12, 2015 5:12 AM GMT
    Social Security

    Needs for Reform

    The International Monetary Fund projects that, without changes, over the next fifty years, the social security systems in each of the seven major industrialized nations will experience a funding shortage. The U.S. projected deficit is small compared to most of the other nations. Only the British social security system appears to face a shortfall comparable to the one projected for the United States. To compensate for the shortage, the United Kingdom and the United States would need to increase their annual revenues by less than 1 percent of GDP. All of the other nations would require an increase of about 2 to 3 percent of GDP.7 In order to deal adequately with the impending funding shortage, other sources of income must be found and made available to retirees.


    https://web.stanford.edu/class/e297c/poverty_prejudice/soc_sec/hsocialsec.htm
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    Jun 12, 2015 5:21 AM GMT
    paulflexes said
    James_Thunder_Early saidCost of living takes up most income and that leaves very little for savings.
    Cost of technology and entertainment takes up quite a bit, too.

    Try living in a "developed" country without buying technological products (smartphones/tablets) and entertainment (cable/movies) and still try to save what's left. There won't be much, if any. In fact you'll probably be in debt.


    Technology has become a cost of living, as there are a lot of jobs now that require access to at least an Android, as well as internet access.
  • roadbikeRob

    Posts: 14372

    Jun 12, 2015 11:59 AM GMT
    paulflexes saidThank goodness I'm not over 55!
    You will pass 55 before you know it because time flies.
  • roadbikeRob

    Posts: 14372

    Jun 12, 2015 12:04 PM GMT
    tj85016 saidthe system is not set up for saving, the government hates saving

    the system is set up for consumption and debt

    the Fed is even more at fault, the Fed EXPECTS every additional dollar to go into consumption
    Not only does the government hate saving. Free market capitalism also hates saving because it is a major drag on their corporate profits. Sad to say but capitalism is set up only to spend and consume and to hell with the consequences. Wall Street and the Koch Brothers are wholly dependent on Americans spending and consuming endlessly. Sad but true.icon_sad.gif
  • conservativej...

    Posts: 2465

    Jun 12, 2015 1:34 PM GMT
    The obvious paradigm directed by U.S. government is to lower everyone's income so "Americans are all equal." So relax, after all American Democracy brought it to pass.

    icon_rolleyes.gif
  • tj85016

    Posts: 4123

    Jun 12, 2015 1:40 PM GMT
    conservativejock saidThe obvious paradigm directed by U.S. government is to lower everyone's income so "Americans are all equal." So relax, after all American Democracy brought it to pass.

    icon_rolleyes.gif


    don't worry, the TPP will accomplish that
  • roadbikeRob

    Posts: 14372

    Jun 12, 2015 1:45 PM GMT
    tj85016 said
    conservativejock saidThe obvious paradigm directed by U.S. government is to lower everyone's income so "Americans are all equal." So relax, after all American Democracy brought it to pass.

    icon_rolleyes.gif


    don't worry, the TPP will accomplish that
    Yeah, the U.S. will become a low wage, third world country which will make both Wall Street and the Koch Brothers extremely happy.icon_mad.gif
  • Hypertrophile

    Posts: 1021

    Jun 12, 2015 1:54 PM GMT
    StephenOABC said
    Physiqueflex saidDeadbeats, slackers, and leaches! All of 'em!













    Amidoinitrite?


    I'm blocking your profile and ignoring all your posts.

    And what you can go do is read the book

    What Went Wrong: How the 1% Hijacked the American Middle Class . . . and What Other Countries Got Right

    KIRKUS REVIEW

    Blame it all on Ronald Reagan—every damn bit of misery and immiseration that has befallen the middle and lower classes in the past three decades. That’s the thunder-stealing takeaway of former Treasury Department assistant secretary and World Bank executive Tyler’s book.

    The author charts how a period of unprecedented growth, prosperity and widespread wealth-sharing was derailed under the Reagan administration and continues to careen off the track all these years later. So profound were the changes wrought by privatization and the looting of the public sector that Tyler calls the entire period after 1980 the “Reagan Era”—and he does not mean it as a compliment. According to the author, drawing on thorough economic analysis, “only 5 percent of earners enjoyed income gains exceeding inflation during the Reagan Era, and most of that was concentrated in the earnings of the top 1 percent.” Throughout, Tyler explodes numerous myths, though readers will have to know the depth of those myths in order to appreciate his efforts.


    Well, I guess you'll never see this then, but when I look at the history of our economy I see a change in the distribution of wealth where those at the top were seeing increases disproportionate to the growth of GDP and to changes in wealth among the lower classes. In other words, as the economy grows, the overwhelming majority of that growth ends up in a small, and getting smaller, group of Americans. You can see that this accellerated during Reagan and has continued unabated, with two notable exceptions, ever since. Only during the recent recession, and toward the end of the Clinton administration do we see a slight blip in the growth of the wealth of the "1%". (It's actually a much smaller percentage. Probably less than a few thousand Americans.)

    Anyone with any critical thinking skills at all will look at this and see that it was by design. All the trappings of "trickle down", tax cuts for the wealthy, the repeal of the inheritance tax, deregulation, privatization, union busting, education busting, "free trade" agreements, etc., etc., are all intended to redistribute wealth, a zero sum game, from the lower classes to the top.

    Too bad you'll never see that we are in agreement here.

    IMO most Americans over 55 have no savings because it was stolen from them during the days leading up to the last recession. Some of those that took it have recently been punished, by being "fined" pennies on the dollar, and not one of those pennies is going back to the people from whom it was stolen.
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    Jun 12, 2015 2:00 PM GMT
    Physiqueflex said
    StephenOABC said
    Physiqueflex saidDeadbeats, slackers, and leaches! All of 'em!













    Amidoinitrite?


    I'm blocking your profile and ignoring all your posts.

    And what you can go do is read the book

    What Went Wrong: How the 1% Hijacked the American Middle Class . . . and What Other Countries Got Right

    KIRKUS REVIEW

    Blame it all on Ronald Reagan—every damn bit of misery and immiseration that has befallen the middle and lower classes in the past three decades. That’s the thunder-stealing takeaway of former Treasury Department assistant secretary and World Bank executive Tyler’s book.

    The author charts how a period of unprecedented growth, prosperity and widespread wealth-sharing was derailed under the Reagan administration and continues to careen off the track all these years later. So profound were the changes wrought by privatization and the looting of the public sector that Tyler calls the entire period after 1980 the “Reagan Era”—and he does not mean it as a compliment. According to the author, drawing on thorough economic analysis, “only 5 percent of earners enjoyed income gains exceeding inflation during the Reagan Era, and most of that was concentrated in the earnings of the top 1 percent.” Throughout, Tyler explodes numerous myths, though readers will have to know the depth of those myths in order to appreciate his efforts.


    Well, I guess you'll never see this then, but when I look at the history of our economy I see a change in the distribution of wealth where those at the top were seeing increases disproportionate to the growth of GDP and to changes in wealth among the lower classes. In other words, as the economy grows, the overwhelming majority of that growth ends up in a small, and getting smaller, group of Americans. You can see that this accellerated during Reagan and has continued unabated, with two notable exceptions, ever since. Only during the recent recession, and toward the end of the Clinton administration do we see a slight blip in the growth of the wealth of the "1%". (It's actually a much smaller percentage. Probably less than a few thousand Americans.)

    Anyone with any critical thinking skills at all will look at this and see that it was by design. All the trappings of "trickle down", tax cuts for the wealthy, the repeal of the inheritance tax, deregulation, privatization, union busting, education busting, "free trade" agreements, etc., etc., are all intended to redistribute wealth, a zero sum game, from the lower classes to the top.

    Too bad you'll never see that we are in agreement here.

    IMO most Americans over 55 have no savings because it was stolen from them during the days leading up to the last recession. Some of those that took it have recently been punished, by being "fined" pennies on the dollar, and not one of those pennies is going back to the people from whom it was stolen.


    What makes you think he won't see this?

    icon_wink.gif