Thursday, May 10, 2012

49% Of Americans Aren't Saving For Retirement

From the No Shit, Sherlock Network CNN, here comes a report that shows just how dire our collective long term economic predicament really is:
America has a serious problem saving for retirement.

About 49% of Americans say they aren't contributing to any retirement plan, according to a new survey conducted by LIMRA, a trade association for the financial services industry.

"The findings from this survey were disturbing, given that people will increasingly need to rely on their personal savings to make ends meet in retirement," said Matthew Drinkwater, associate managing director at LIMRA's retirement research division.

People ages 18 to 34 are the least likely to be saving, with 56% reporting that they are not currently contributing to a retirement plan like an IRA or a 401(k).

"In order to have the adequate savings necessary to meet their financial needs in retirement -- which could last 20 or more years -- it is critical that these individuals begin saving systematically early in their working years," Drinkwater said.
So what is the reason that so many people are being so neglectful in preparing for their future?
Nearly half of consumers said they aren't planning to contribute to an IRA because they can't afford to, and only a quarter of Americans have worked with a financial professional to plan for retirement, the survey found.
In order to "work with a financial professional to plan for retirement" you gotta have something to plan WITH. If you don't have jack shit, you can't very well make a plan with it. What's maddening is just how much difficulty the mainstream media seems to have in grasping this basic concept.


  1. They'll save for retirement once they pay off their student loans and other debt?


    Medical debt, too.

  3. How do they save for retirement when there is no expendable income and the paycheck is always smaller then the bills?

    Medical bills enough for most takes away from that.

    Old age for today's Generation X and Generation Y, is going to be even more of a nightmare. The people under 50 with even "good decent jobs" that offer benefits, 401K plans, or funds for retirement savings or savings in general are fewer and fewer between. Anon is right too, what about the other debts?

    --The Squawker

  4. See, this is why I avoid CNN most of the time. It's all Hollywood.

  5. Saving for retirement only makes sense when higher interest debt is paid off completely. And even then - where you you put it??

  6. There's no reason to save for retirement until all high interest debt is paid off. And even then - where to put your money??