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25% Of Americans Saving $0 For Retirement, Report Says

Monday, June 23, 2014 - 6:46 PM
From NBC News via Yahoo Finance:

Retirement savings for about a quarter of Americans amounts to ... $0. One out of every four Americans is not saving for retirement at all, either because they are not thinking about it, do not really know how, or worse, do not feel they can afford to, according to a report by Country Financial.

Americans between the ages of 18-29, often called "millennials", are among the worst when it comes to saving for retirement, the firm said. A full 32 percent of them aren't saving at all for their "golden years."

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7
pearlbrownpearlbrown1,431 posts since
Nov 2, 2010
Rep Points: 6,248
1. Monday, June 23, 2014 - 8:39 PM
I am proud, very proud, to say that I am in the group who hasn't saved a dime.  Not just for this year, mind you, but over the past three years and counting.  It doesn't look any better anytime soon as I have decided to jump start this by taking on debt for the first time.  But if I'm part of the elite 25%, then at least I can take comfort that I am not alone!
3
mustsavemoremustsavemore49 posts since
Jun 26, 2013
Rep Points: 152
2. Monday, June 23, 2014 - 8:40 PM
From what I have seen going on from those I know, very few claim they can barely support themselves much less save.  One thing I did find is that those having the worse financial problems are "college graduates"!  They can't find jobs with the degrees they have and are told they are over-qualified for the lower paying jobs.  Our youth are having a very hard time these days.  Some have jobs making the kind of pay we have never seen yet but are under debt to student loans and living above their means.  They have no idea how to budget.

As sad as it is, that article seems to be telling it as it really is.  When they do get around to realizing their "golden" years are going to be their "black" years, it will be too late for them to save the amount of money they will need to survive.    What a sad time in our history.
6
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,992
3. Monday, June 23, 2014 - 8:54 PM
Mind you, Joe Biden's comment (brag?) that he has neither one stock, nor one bond, nor any money in a savings account, is hardly a helpful signal to Americans in general. While he might think this comment helps him to connect with the "great unwashed", it only solidifies our overall impression that he is, well, an idiot. A $231,000/yr salary, free room and board, can't save a dime.
5
BozoBozo137 posts since
Feb 14, 2011
Rep Points: 937
4. Monday, June 23, 2014 - 10:03 PM
#3- I didn't know that about joe, but I respect him more now. If he runs for president I'll have to think about it.  A man who can relate to me in struggling to have money saved!
3
mustsavemoremustsavemore49 posts since
Jun 26, 2013
Rep Points: 152
5. Tuesday, June 24, 2014 - 8:41 AM
 #4:  If anyone can respect someone who makes over $200,000 yr and brags he has no savings, it's appalling!  Mr. Joe may not be saving but that doesn't mean his wife isn't.  Maybe he has found a way to hide his savings in ways the rest of us can't or wouldn't if we could. 

:  If this is what makes you respect a person, it is no wonder "you" have no savings.  You and Biden are from different pea patches unless you are also bringing in the big bucks and just enjoy whining on DA about being broke.  I guess Biden thinks he doesn't need savings because he expects to live off of that great pension he may get when his term is over.  Maybe he will adopt you and your worries about saving will be over too. 
2
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,992
6. Tuesday, June 24, 2014 - 9:22 AM
I just finished reading the article about "Poor Joe".  Last week Hillary Clinton was whining how broke she and hubby were.  I guess she is doing all her speaking tours free and will give tons of money she makes on her books to the Humane Society and save some poor cat's life.  What is this?  Is it the new thing to be proud to be "poor"?  They just want to be like everyone  else.  The way this is going, the government may try to shut down groups like DA which have the nerve to encourage SAVING!  

 I must have been at a financial seminar when they were passing out the "I'm proud to be poor" koolaid.  Being poor is NOT something to make a joke of.  Ask someone who was or is really poor.  It is a terrifying way to live one's life and for people like Biden and Clinton to use it to get votes from the poor makes my stomach turn! 
3
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,992
7. Tuesday, June 24, 2014 - 10:28 AM
#5- If I were making the big bucks, then why I did I decide to go into debt?  No, I'm not like you- I really don't have funds, and haven't saved over the past three years not by choice, but by circumstance.  Joe might be our best chance of changing these circumstances come 2016.
2
mustsavemoremustsavemore49 posts since
Jun 26, 2013
Rep Points: 152
8. Tuesday, June 24, 2014 - 11:39 AM
#7  "Joe might be our best chance of changing these circumstances come 2016."

What is that all about?  Do you seriously think he will run for President in 2016 or anyone (except you of course) will vote for him after this Obama circus we have had?  I would rather sell bananas from a horse and wagon than to pin my hopes on Biden taking care of me or that the Demos would seriously put him up in 2016.  You know whatever your "circumstances" are that seems to have affected your finances so badly, they can't be any worse than what has hit me and my family since 2000.  It's not easy to start over in an apartment again as seniors but you do what has to be done to survive.  So if you are thinking how great "I" have it, you would drown trying to walk in my shoes.  Learn how to make the best of what "you" have and one day I do hope you will be buying up all the CDs you want.  I really do mean that.  I just think you spend too much time looking for ways for "others" to find the money for you and that's not how it works.  Best of luck to you.
2
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,992
9. Tuesday, June 24, 2014 - 6:10 PM
Excuse me for interrupting the tête–à–tête between paoli2 and mustsavemore but...

Financial records shows that Joe Biden is not quite the man of the people he claims to be, with a savings account worth between $1,001 and $15,000. The 2013 financial disclosure he made in May also indicates that the Vice President and his wife, Dr Jill Biden, are worth between $1,323,970 and $162,996.
3
ShorebreakShorebreak2,603 posts since
Apr 6, 2010
Rep Points: 14,090
10. Tuesday, June 24, 2014 - 9:17 PM
You are excused but only because Mustsavemore is probably trying to figure out how many CDs some of us have. :)  Just joking!! 

Biden probably doesn't consider the value of their home, fancy cars,  or all the jewelry his wife must have as assets but I bet their worth has a lot to do with that.  Someone needs to tell him to spend a few minutes getting an education in finances on DA or at least to buy that $3.00 finance book I got 50 years ago where I learned the ropes first.  DA is much better than any cheapo book and in fact agrees with everything I read.  Too bad Mustsave can't find a copy anymore.
2
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,992
11. Tuesday, June 24, 2014 - 9:46 PM
#8- There is absolutely NO question that joe is interested in running in 2016.  None!

If you have one cd, that is one more than I have.  And I don't live in a home- I rent an apartment!  I'm not rich enough for a home like you folks here on DA.  I look at these posts and forums and turn green with envy.
3
mustsavemoremustsavemore49 posts since
Jun 26, 2013
Rep Points: 152
12. Wednesday, June 25, 2014 - 10:30 AM
#11  That is your problem.  You spend too much time "envying" other savers and not enough trying to figure out how "you" can be one too.  Maybe you used to be a saver and bad times hit and you had to use up your savings on emergencies.  That happens to a lot of people but it doesn't mean this will last forever.  There has to be something in your life you can give up and put that money in a can or envelope towards getting a CD one day.  I started out with so many envelopes I was lucky the fire department didn't raid my home (when I had one before "our" dark days).  You need to give up this "I can't save" attitude and be determined to save even if it is only a few dollars a month.  If you have a wife, she can find great savings in her shopping.  Put that away towards that CD!  If you really feel you "can't" do that much then you need to change your name to "Can't Save Anything" and reconcile yourself to living a life envying others who refuse to become "Can't Save Anythings". 

BTW, when I got my first passbook for savings, I was not even tall enough to reach the counter and still have it today.  That dollar a week my mom insisted I save turned out to be enough money for a down payment on our home (which we now do not have).  You need to start someplace so make a goal and start today!  I want to still be around when you post that exciting post telling us you bought your first CD!  So get to it!  I am not a young chicken! 
2
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,992
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