About half of all Americans ages 55 to 66 have no retirement savings, according to U.S. Census data. Janet Shamlian examines the financial struggles many face as they near retirement in the CBS News series “Retirement Ready.”
#retirement #savings #news
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As millions of Americans approach retirement age, a concerning trend has emerged – too many are reaching this milestone without any significant savings to rely on. According to a recent report by the National Institute on Retirement Security, nearly 40 million working-age households (45% of the total) have no retirement savings at all. This has created a looming crisis as these individuals approach their retirement years with little to no financial cushion to rely on.
There are several factors contributing to this alarming trend. One of the most significant is the decline of traditional pension plans in favor of 401(k) and other defined contribution plans. While these plans offer some level of retirement savings, they often require employees to take more direct responsibility for their own financial security in retirement. This shift has left many Americans unprepared for the realities of retirement saving and investing.
Another contributing factor is the rising cost of living and healthcare, making it difficult for many individuals to set aside money for the future. Stagnant wage growth and the high cost of housing, education, and medical care have made it increasingly challenging for individuals to save for retirement while also meeting their day-to-day financial needs.
The current state of retirement savings in America has wide-reaching implications for both individuals and the broader economy. Without adequate savings, many retirees will be forced to rely solely on Social Security benefits, which may not be enough to cover their basic living expenses. This could lead to a rise in poverty rates among the elderly and increased strain on public assistance programs.
Furthermore, the lack of retirement savings among a significant portion of the population could also have negative effects on the economy as a whole. Retirees who are financially insecure may be less likely to spend money on goods and services, which could slow economic growth and impact businesses that rely on consumer spending.
Addressing this issue will require a multi-faceted approach. Policymakers may need to consider reforms to Social Security and other public assistance programs to ensure that retirees have an adequate safety net. Additionally, there is a need for increased financial education and awareness about the importance of saving for retirement from an early age.
Individuals also need to take proactive steps to improve their own retirement savings. This may include working with financial advisors to create a comprehensive retirement plan, maximizing contributions to retirement accounts, and seeking out additional sources of income during retirement years.
Ultimately, the current state of retirement savings in America is a pressing issue that requires immediate attention. Without substantial changes, millions of Americans will be entering their retirement years without the financial security they deserve. It is essential that both individuals and policymakers take action to address this critical issue and ensure that all Americans can enjoy a secure and comfortable retirement.
U r on your own self
Delay your social security to your 70 let's hope you live to 70.. everybody says delay delay delay your social security what if you get sick and you can't work you can't even enjoy it or your dead.. I say take it when you're supposed to and if you need to get a part-time job do that if not live within your means it's not easy but I would not wait to 70 I don't even know if I'll be around to 70
if you dont have a 401k options should do a roth you can do an auto deposit when you get paid even if its 20 a pay its something. Also if you go to treasury direct they do auto deposit and can by bonds automatically once your account reaches a certain lvl
Women s u can go count sand okay game overall
Ho looks like thy face of thy own prideful women's life is lucky enough charms
Most people miss it, but the secret to retiring comfortably is finding a way to make returns while your money works for you. My dad, as I remember, started saving for retirement quite late, but I know he was making more than 10k returns from his investment monthly and it was completely passive.
Sorry her kids that she supported all those years need to pitch in even if it's a little. No excuses.
Women's don't ever crying out loud by bob Marley
Go rent thy women's prideful with thy lucky charms
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. I personally benefited from the market crisis as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
Miss y go cuont sand
Down into the Jamaica super
Can we stop pretending that most people are privileged enough to save for retirement at this day and age? People are delusional and the media does not cover the reality of most working Americans. Retiremet is for the rich not the rest of us.
When I moved from the City to the Suburbs near Indiana, I am shocked at home many people have worked for themselves or part-time all of their lives, and now they have very little in Social Security or savings. Those to factors and with everything going up, it is sad, and many people are going to find themselves out in the streets, which is terrible! I live around a LOT of elderly people, and go to grocery stores once per week to pay for their groceries or buy them gas. Every little bit helps is what I hear all the time. Help the elderly in YOUR Community.
How do you know if you still alive prior 70 ?? Boss
Her pet its on budget.
Many cant afford a 401 k. Anyway. Inflation hasnt helped.
Poor old stoney poneys Poor
I'm not a very smart little guy
If you desire or expect to retire at 50 to 60, you are a part of the problem. It's a delusion for most except boomers, and it only worked for them because of a Federal government that mass pushed this notion of a retirement home in the country for every American, as if retiring in the country isn't something that shows you accomplished something meaningful. After spreading everybody out…they had a recession as soon as oil prices dropped, then all the baby boomer brats crapped their pants and went hard anti federal government unless it's handouts for the already wealthy (for them). They turned the government into a corpse and they pick at it's rotten flesh while the nation crumble around us. Gotta love how many of these losers didn't save their money, gotta love how they push all their inadequacies onto future generations.
I'm nearing retirement in three years, and despite having solid companies in my portfolio, my profits have stagnated in this uncertain market. Are there any calculated profit opportunities in this recession?
someone should tell them to just "work harder" and then tell them a story of how hard working they were back in their day
My inheritance, a whooping 1m has grown only 4.72% in the past 12 months. In this bear environment does investing w/ a brokerge account under a custodian outperform a 401k? should I seek a pro to grow my funds on brokerage acct or still hold? I have 5 years to retirement. Happy to discuss.
The average social security monthly payment is $900.00.
While corrupt US Government politicians collect HUNDREDS OF THOUSANDS IF DOLLARS PER MONTH plus retirement.
Need flash – there is NO lower cost of living.
Rent has TRIPLED.
Food has QUADRUPLED.
The media, esp CBS only tells the public what the corrupt government wants them to say
Insane that these employers wouldn't give their employees a retirement, especially those that have worked their entire lives at the company.
I worked in Canada before my kids then waited until my kids were all in school went to get Associate Degree. I had a short Carreere then health went quick. My husband makes just over limit for me to get SSI or SSDI. . I don't have enough work credits to get my old age Pension. I paid into the taxes like everyone else .I feel very cheated. Sick and tired in Maine
This is what the live for now philosophy gets you. Nothing for tomorrow.
I really appreciate the dedication in each video you post. Despite the dip in crypto, I still thank you for the level-headed financial advice. I started crypto and forex investment with $4,345 and since following you for few weeks now, I’ve gotten $18,539 in my portfolio. Thanks so much Mrs Maria Valdes
Millions of Americans, retiring without savings while foreigners are going to be taking their place. That’s something we really need to be worried about.
Sad
we're all slaves for the rich but too stupid and weak to stand up.
This woman raised 3 kids! Why can't her kids chip in a couple hundred bucks a month?
People grappling with the difficulty of meeting essential expenses often encounter this situation due to inadequate savings during their working years. The decisions taken in readiness for retirement carry extensive consequences, as demonstrated within my own family dynamics. Differing investment approaches yielded disparate results. Guided by a financial advisor.
Maybe boomers should stop buying avocado toast
A perfect storm is brewing in the United States. Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, available automobile shortages and prices, the price of living place. It's all coming together and it could lead to a real disaster towards the end of this year (or sooner). With inflation currently at about 6%, my primary concern is how to maximize my savings/retirement fund of about $300k which has been sitting duck since forever with zero to no gains.
This country is a joke. All the other developed nations have a national pension scheme. Yet, we’re one of the richest. A joke.
I am 59 years old and I keep investing without having to worry about my retirement benefit because my future is secured. I have a guaranteed lifetime income on top of my SS that generates a steady stream of retirement income. At an early stage When I was investing by myself, I had great losses. For every stock that I bought, I was out of luck because I bought them when they were expensive. I feel I missed out on all the stock opportunities so far for the tech stocks until I met my financial advisor who helped me with a new investment plan. I started with a modest portfolio of $70,000, and within just a few months, it has skyrocketed to over $645,000! I have made an excessive return in the past years. Thanks to my financial advisor Jacqueline Kobinski. I will forever be grateful to her. Now I have a staggering amount in my portfolio. All I have to do now is live, travel, and enjoy the rest of my life.
Well if I had all the social security money they’ve Stolen in my lifetime I think I’ll be fine with that and what I have personally saved but I’m sure I’ll never see most of that stolen money