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Author Topic: Retired Americans at risk financially as wealth gap widens  (Read 1095 times)

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Offline OfTheCross

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Retired Americans at risk financially as wealth gap widens
« on: November 06, 2019, 01:01:59 pm »
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.

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« Last Edit: November 06, 2019, 04:15:12 pm by OfTheCross »
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Offline libertybele

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Re: Retired Americans at risk financially as wealth gap widens Facebook Twitter Print Email
« Reply #1 on: November 06, 2019, 01:17:37 pm »
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/
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Offline Fishrrman

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Re: Retired Americans at risk financially as wealth gap widens
« Reply #2 on: November 07, 2019, 01:03:26 am »
Eight years into retirement, I have far more assets accumulated now then on the day I retired...
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Offline Wingnut

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Re: Retired Americans at risk financially as wealth gap widens
« Reply #3 on: November 07, 2019, 01:09:15 am »
Quote from: Fishrrman on November 07, 2019, 01:03:26 am
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 07, 2019, 01:12:43 am by The Ghost »
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Offline libertybele

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Re: Retired Americans at risk financially as wealth gap widens
« Reply #4 on: November 07, 2019, 03:27:16 am »
Quote from: Fishrrman on November 07, 2019, 01:03:26 am
Eight years into retirement, I have far more assets accumulated now then on the day I retired...

Good for you!  888high58888
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Offline InHeavenThereIsNoBeer

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Re: Retired Americans at risk financially as wealth gap widens
« Reply #5 on: November 07, 2019, 03:38:21 am »
I don't get poorer just because my neighbor gets richer.
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Offline IsailedawayfromFR

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Re: Retired Americans at risk financially as wealth gap widens
« Reply #6 on: November 07, 2019, 01:33:22 pm »
Quote from: InHeavenThereIsNoBeer on November 07, 2019, 03:38:21 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.
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Offline thackney

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Re: Retired Americans at risk financially as wealth gap widens
« Reply #7 on: November 07, 2019, 01:42:29 pm »
Quote from: InHeavenThereIsNoBeer on November 07, 2019, 03:38:21 am
I don't get poorer just because my neighbor gets richer.

Exactly!!!
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Offline Wingnut

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Re: Retired Americans at risk financially as wealth gap widens
« Reply #8 on: November 07, 2019, 01:44:36 pm »
Quote from: InHeavenThereIsNoBeer on November 07, 2019, 03:38:21 am
I don't get poorer just because my neighbor gets richer.

Very succinct!   goopo
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Offline skeeter

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Re: Retired Americans at risk financially as wealth gap widens
« Reply #9 on: November 07, 2019, 02:08:18 pm »
Don't depend upon social security.

Don't retire.
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Offline Elderberry

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Re: Retired Americans at risk financially as wealth gap widens
« Reply #10 on: November 07, 2019, 02:43:42 pm »
Quote from: skeeter on November 07, 2019, 02:08:18 pm
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.
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Offline libertybele

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Re: Retired Americans at risk financially as wealth gap widens
« Reply #11 on: November 17, 2019, 08:03:44 pm »
Quote from: skeeter on November 07, 2019, 02:08:18 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.
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Offline IsailedawayfromFR

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Re: Retired Americans at risk financially as wealth gap widens
« Reply #12 on: November 18, 2019, 01:14:28 am »
Quote from: libertybele on November 17, 2019, 08:03:44 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'
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