Author Topic: Retired Americans at risk financially as wealth gap widens  (Read 547 times)

0 Members and 1 Guest are viewing this topic.

Offline OfTheCross

  • Hero Member
  • ****
  • Posts: 739
Retired Americans at risk financially as wealth gap widens
« on: November 06, 2019, 08:01:59 AM »
Older adults in the U.S. are facing a record-high level of income inequality in the U.S., despite consistent economic growth. And the wealth disparity may be due to the differences in the median value of retirement accounts and home equity among higher-and lower-earning households, two new reports show.

This uneven distribution of wealth coupled with shockingly low retirement savings among most households could be a threat to working Americans nearing retirement. Indeed, 59% of working Americans don’t have retirement savings like 401(k)s or Individual Retirement Accounts, according to the NIRS.

foxbusiness
« Last Edit: November 06, 2019, 11:15:12 AM by OfTheCross »
If a well-regulated militia be the most natural defense of a free country, it ought certainly to be under the regulation and at the disposal of that body which is constituted the guardian of the national security.

Offline libertybele

  • Hero Member
  • ****
  • Posts: 24,179
  • Gender: Female
I would also like to know if the reports took into consideration those retirees who paid into a pension and the pension has now failed or in danger of failing?  States are slashing pensions!! There are many pensions around the country that are in trouble. These are people's life savings that they should be able to count on during retirement.  There is a pension crisis out there!  Pension money is being poorly managed, and it isn't just state pensions. I have a friend who retired from GM and not only was her pension money slashed, but medical benefits promised no longer exists.  These people are having their savings stolen from them!!

https://www.usatoday.com/story/money/2019/10/15/every-states-pension-crisis-ranked/40302439/
I Believe in the United States of America as a Government of the people, by the people, for the people; whose just powers are derived from the consent of the governed; a democracy in a republic; a sovereign nation of many sovereign states; a perfect union, one and inseparable; established upon those principles of freedom, equality, justice and humanity for which American patriots sacrificed their lives and fortunes. I therefore believe it is my duty to my country to love it; to support its Constitution, to obey its laws; to respect its flag; and to defend it against all enemies.

Offline Fishrrman

  • Hero Member
  • ****
  • Posts: 21,959
  • Gender: Male
Re: Retired Americans at risk financially as wealth gap widens
« Reply #2 on: November 06, 2019, 08:03:26 PM »
Eight years into retirement, I have far more assets accumulated now then on the day I retired...

Offline The Ghost

  • Very Special Agent and
  • Inactive Members
  • ****
  • Posts: 11,858
  • Gender: Male
Re: Retired Americans at risk financially as wealth gap widens
« Reply #3 on: November 06, 2019, 08:09:15 PM »
Eight years into retirement, I have far more assets accumulated now then on the day I retired...
Never had a pension.  I maxed my 401K contributions every year I could.  Never used my 401 to borrow from. Never used my house as a piggy bank to borrow from,   Unless something happens  I will leave a nice chunk to my kids.
« Last Edit: November 06, 2019, 08:12:43 PM by The Ghost »

Offline libertybele

  • Hero Member
  • ****
  • Posts: 24,179
  • Gender: Female
Re: Retired Americans at risk financially as wealth gap widens
« Reply #4 on: November 06, 2019, 10:27:16 PM »
Eight years into retirement, I have far more assets accumulated now then on the day I retired...

Good for you!  888high58888
I Believe in the United States of America as a Government of the people, by the people, for the people; whose just powers are derived from the consent of the governed; a democracy in a republic; a sovereign nation of many sovereign states; a perfect union, one and inseparable; established upon those principles of freedom, equality, justice and humanity for which American patriots sacrificed their lives and fortunes. I therefore believe it is my duty to my country to love it; to support its Constitution, to obey its laws; to respect its flag; and to defend it against all enemies.

Offline InHeavenThereIsNoBeer

  • Hero Member
  • ****
  • Posts: 4,131
Re: Retired Americans at risk financially as wealth gap widens
« Reply #5 on: November 06, 2019, 10:38:21 PM »
I don't get poorer just because my neighbor gets richer.
My avatar shows the national debt in stacks of $100 bills.  If you look very closely under the crane you can see the Statue of Liberty.

Offline IsailedawayfromFR

  • Hero Member
  • ****
  • Posts: 12,251
Re: Retired Americans at risk financially as wealth gap widens
« Reply #6 on: November 07, 2019, 08:33:22 AM »
I don't get poorer just because my neighbor gets richer.
Absolutely.

The libs wish to drag down the successful rather than lift up the others.
“no punishment, in my opinion, is too great, for the man who can build his greatness upon his country's ruin” ~  George Washington

Offline thackney

  • Hero Member
  • ****
  • Posts: 10,392
  • Gender: Male
Re: Retired Americans at risk financially as wealth gap widens
« Reply #7 on: November 07, 2019, 08:42:29 AM »
I don't get poorer just because my neighbor gets richer.

Exactly!!!
Life is fragile, handle with prayer

Offline The Ghost

  • Very Special Agent and
  • Inactive Members
  • ****
  • Posts: 11,858
  • Gender: Male
Re: Retired Americans at risk financially as wealth gap widens
« Reply #8 on: November 07, 2019, 08:44:36 AM »
I don't get poorer just because my neighbor gets richer.

Very succinct!   goopo

Online skeeter

  • Hero Member
  • ****
  • Posts: 17,185
  • Gender: Male
Re: Retired Americans at risk financially as wealth gap widens
« Reply #9 on: November 07, 2019, 09:08:18 AM »
Don't depend upon social security.

Don't retire.

Online Elderberry

  • Cat Mod
  • *****
  • Posts: 11,622
Re: Retired Americans at risk financially as wealth gap widens
« Reply #10 on: November 07, 2019, 09:43:42 AM »
Don't depend upon social security.

Don't retire.

Sounds like many of my friends who thought that they could not plan and save for retirement, just work until they dropped dead. And pensions aren't everything. I ended up with 2 somehow. One pays under $200 @ mo. My dad was always tickled that when he retired he got a monthly pension check from Exxon. He never said how much it was. After "The Big One"(WW2) his brother got him on at Humble Oil. He only worked for them a month or 2. But he must of been vested when he walked in the door. And over the years my dad updated his addr. with them. I got my small pension in a similar way. I had transitioned to the contract winning company when NASA spun its contracts carousel so I was vested the day I started. I only worked a few yrs before I hopped again. I wasn't able to max out my 401K, but I tried to always put away 15% or so. I had coworkers that wouldn't even put in enough to get the company matching, back when there was such a thing.

Offline libertybele

  • Hero Member
  • ****
  • Posts: 24,179
  • Gender: Female
Re: Retired Americans at risk financially as wealth gap widens
« Reply #11 on: November 17, 2019, 03:03:44 PM »
Don't depend upon social security.

Don't retire.

Don't retire; easy to say for those who continue to have good health.  Working when you have various health issues isn't exactly feasible.
I Believe in the United States of America as a Government of the people, by the people, for the people; whose just powers are derived from the consent of the governed; a democracy in a republic; a sovereign nation of many sovereign states; a perfect union, one and inseparable; established upon those principles of freedom, equality, justice and humanity for which American patriots sacrificed their lives and fortunes. I therefore believe it is my duty to my country to love it; to support its Constitution, to obey its laws; to respect its flag; and to defend it against all enemies.

Offline IsailedawayfromFR

  • Hero Member
  • ****
  • Posts: 12,251
Re: Retired Americans at risk financially as wealth gap widens
« Reply #12 on: November 17, 2019, 08:14:28 PM »
Don't retire; easy to say for those who continue to have good health.  Working when you have various health issues isn't exactly feasible.
Obvious the message means 'if you can'
“no punishment, in my opinion, is too great, for the man who can build his greatness upon his country's ruin” ~  George Washington


Share me

Digg  Facebook  SlashDot  Delicious  Technorati  Twitter  Google  Yahoo
Smf