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The Retirement Savings Crisis: Worse Than We Think?

Wednesday, July 3, 2013 - 9:59 PM
Retirement crisis worse than we think?

Hope the link above works, but this is not good. Who can look at this and argue against a national policy to save money? If our government doesn't then I'm afraid we will all have to pay to bail them out. Better prevent this from happening by implementing new policy and law now.
3
mustsavemoremustsavemore40 posts since
Jun 26, 2013
Rep Points: 121
1. Wednesday, July 3, 2013 - 10:29 PM
With 15% of Americans living below the poverty line (that's the statistic from 2012), how do you expect this proposed law of yours to be mandatory for everyone? If it's not mandatory for everyone, then it fails to achieve its self-defined goal. Your idea cannot even be implemented in the real world, and that's not even addressing the dubious philosophical concept that somehow a law is the answer to everything, which quite frankly is a totalitarian attitude.
2
WilWil242 posts since
Feb 26, 2010
Rep Points: 1,281
2. Wednesday, July 3, 2013 - 10:38 PM
Wil, do you have a better idea that would reach everyone? That's the beauty of law and centralized government. But if you have a better idea, I would love to hear it. And don't say personal responsibility. Both you and I know that's a naive oversimplistic view that would never work.
1
mustsavemoremustsavemore40 posts since
Jun 26, 2013
Rep Points: 121
3. Thursday, July 4, 2013 - 8:12 AM
If the rapid increase in the cost of health care in this country can't be alleviated there will be less and less people able to afford a comfortable retirement.

Americans are saving less for retirement because they are spending too much money on health care. The Bank of America reports that 80% of U.S. workers say their health care costs have risen, and 56% say they are saving less for retirement as a result.
8
ShorebreakShorebreak2,364 posts since
Apr 6, 2010
Rep Points: 12,576
4. Thursday, July 4, 2013 - 8:26 AM
Wil, do you have a better idea that would reach everyone? That's the beauty of law and centralized government. But if you have a better idea, I would love to hear it. And don't say personal responsibility. Both you and I know that's a naive oversimplistic view that would never work.

This discussion is your idea, not mine. So the burden of proof in answering how it would work is yours, not mine. Your response to my question was a classic evasion, so it appears that you have no answer. You may continue to indulge in fantasizing about something that will never work in the real world, and your apparent admiration of centralized economic planning has already gone into the dustbin of history with the USSR. We fail to learn from history at our own peril.

But to answer you, I will say personal responsibility. If the irresponsible cannot afford to retire, then they will just have to keep on working. "I beg your pardon, I never promised you a rose garden" (from the 1970 song by Lynn Anderson) ... life doesn't come with a warranty. What might help is financial education in school. If we were to spend as much time on financial education as we do on **** education, then maybe the next generation will have the skills to take care of itself, without having to be coerced into it by an already overgrown federal government.

 Now this will be my last reply to you. Your attachment to your idea, and refusal to allow its falsification, means that I'll only end up repeating myself should I continue responding to you.
3
WilWil242 posts since
Feb 26, 2010
Rep Points: 1,281
5. Thursday, July 4, 2013 - 8:51 AM
Mustsave:  Do you realize you are supposed to be living in a Democracy?  What is all this crap about trying to "force" people to do anything?  Maybe if our government did not mess up on Social Security people who are "forced" to pay into it now could use that for some savings?  It blows my mine that you want to give MORE power over us to a government which has proven it can't handle the power it has!  Can't you get the idea that we don't want the government any more into our lives than it is?  You don't have any answers and if anyone on here did, they certainly would have shared it by now.  Can you put a different record on?  Thank you.
3
paoli2paoli21,139 posts since
Aug 10, 2011
Rep Points: 5,077
6. Thursday, July 4, 2013 - 9:13 AM
Has it occurred to you that if no one takes personal responsibility (Yes, that is the ideal thing, but if people did this you'd have a lot fewer problems in the world, and I'm not talking about just financial), then who do you think will have to shoulder the societal burdens this will ultimately cause?  It will be us I think.  Those people will cry out for assistance, and they won't be crying out to friends or family.  They will cry out to the government to do something.  So I'm afraid that in the end, all of us taxpayers would be the ones who have to foot the bill.  One classic example is the bailout that occurred in the auto industry and the banking industry. 
2
mustsavemoremustsavemore40 posts since
Jun 26, 2013
Rep Points: 121
7. Thursday, July 4, 2013 - 10:06 AM
Mustsave:  Do you even pay attention to the news and the billions of our tax dollars our government gives out to others all over the world?  Did you not hear about the "billions" of dollars to Egypt etc. etc.  We have NO say in what they do with our money it seems.  So IF they have to end up helping to support my fellow American because they got so frustrated with the waste of their tax dollars and the fact that they may not even get back their Social Security or have Medicare when they need it that they didn't bother to save, SO BE IT!!  I would rather help my fellow American than people all over the globe who can't help themselves.  Why don't you MANDATE that all nations refuse to take our money and HELP themselves and maybe the US would not be in such a fianancial mess? 

I could think of a heck of a lot of better "mandates" than what you are spouting.  Mandate that our agencies cannot spend millions of our tax dollars for conventions and trips etc. etc. etc.    Mandate that Washington gives the printing machines a rest and learn how to run our country without bankrupting us!  I bet for all the spouting you have done on here about your saver's Mandate, you have not bothered to flood your reps with emails or calls.  Go to the souce of our problems and you will have plenty to keep you busy rather than sing your Mandate song on here so often.  Have a good day!
3
paoli2paoli21,139 posts since
Aug 10, 2011
Rep Points: 5,077
8. Thursday, July 4, 2013 - 10:58 AM
"We have millions of Americans who have nothing saved for retirement," says Diane Oakley, executive director of the NIRS. "We have 38 million working-age households who do not have any retirement assets."

For people 10 years away from retirement, the median savings is $12,000. "Of the people between 55 and 64, one third haven't saved anything for retirement," Oakley says.

That's a heck of a bunch of people that are seriously behind the power curve when it comes to saving for retirement. They'd better have a good pension coming to accompany their Social Security benefits, if the program is still around, or have no debt at all and can survive on Social Security and help from family or friends. Otherwise this country is going to have a big problem on it's hands.

Either we are going have to swallow massive tax increases to insure we, and our fellow Americans, can at least have a minimal quality of life or the austerity advocates are going to have mobs with pitchforks and torches at their front gates.  Little did we know that little guy from Texas, H. Ross Perot, was right on the mark when he referred to the negative effects of NAFTA as the "giant sucking sound".  Global free trade has reduced or stagnated American workers wages to the point of being in the hole forever. Along the way, we are saddling our young people with outrageous student debt that many will never repay.  

The situation going forward will just get worse if not drastically changed, but what the heck, I don't want to sound like a "pessimist" now, do I paoli2?
5
ShorebreakShorebreak2,364 posts since
Apr 6, 2010
Rep Points: 12,576
9. Thursday, July 4, 2013 - 11:17 AM
Shorebreck:  I am not a "pessimist", I am a "realist".  It's not my fault that the reality of where our country is heading makes people like yourself a "pessimist".   Why don't you use some of your wit to write some emails to your senators and especially the ones coming up for election.  It may not do any good but at least you can say you did something. Have a good day.
3
paoli2paoli21,139 posts since
Aug 10, 2011
Rep Points: 5,077
10. Thursday, July 4, 2013 - 2:07 PM
Re: paoli2 @ 9. Thursday, July 4, 2013 - 11:17 AM

"Why don't you use some of your wit to write some emails to your senators and especially the ones coming up for election."

I've done this many times and receive the standard form-letter type answers back. These politicians are merely stooges for their wealthy campaign donors and lobbyists. They have no interest in what is best for the country or those on Main Street.
5
ShorebreakShorebreak2,364 posts since
Apr 6, 2010
Rep Points: 12,576
11. Thursday, July 4, 2013 - 2:30 PM
Shorebreak:   I had a feeling you did write and I think we all get the same type form letters.  This is why I am quickly turning against the two party system and want to just "hire" people to be our politicians.  If they know they have to do their jobs or get "fired" I think they just may get the idea we are serious about how our gov should be run.  They know the way it is now they get to stay in for a certain term no matter how they mess up.  We really have no control over what they do until their term is up and we can put them out.  They can do a lot of damage during those years!
3
paoli2paoli21,139 posts since
Aug 10, 2011
Rep Points: 5,077
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