General Discussion
In reply to the discussion: Bernie Sanders: Do you know why millions of our people are stressed out? [View all]RationalMan
(96 posts)I completely agree there are millions in this country who don't make enough to make ends meet for the basics like food, housing, medical care, clothing, etc. Our minimum wage in this country isn't much better than in many developing countries. Further there has been wage stagnation since Reagan. I fully acknowledge that for millions saving is not an option BUT....
I have people in my age group (within 10 years of retirement) who have held good jobs for most or all of their careers and have next to no savings. They have consumed or over consumed (many with 5 or more maxed out credit cards) on new cars, mcmansions, expensive vacations, high fashion, etc.
It is those people I was chastising for looking in the mirror at retirement and realizing they are going to have to choose between their medications and eating. If you are able, and that is the big IF here, you need to start saving early - in your 20s. You can start small and build your savings over time. Those that can save and don't have only themselves to blame when at retirement they have nothing.
As for those who have nothing, can't make ends meet for the very basics, we have a fundamental problem. If they can't make it when they are working full-time how can we expect them to have any savings? Private pensions are a thing of the past so for everyone retirement will be a combination of whatever you may get in social security, a lottery winning and whatever savings you were able to make over the years.