Latest Breaking News

Jgarrick

(521 posts)

147. Thank you! The good news is that I've fully recovered.

Mon Mar 24, 2014, 10:45 AM

Mar 2014

Your success aside, and I do think your ability to save is wonderful (do you have a family and children? Parents to support?), most are not doing as well.

I've never been married and have no children. I'm very close to my parents, and moved back in with them 15 years ago. Not because I (or they) needed financial support, but simply because I was already spending a great deal of time with them, and it simply seemed more efficient! With each of them retired, we're in the same postion as a classic DINK (double income, no kids) family...which puts me in the position of having a good deal of disposable income. Even while saving a good deal of money, I can still enjoy moderately expensive hobbies, have two nice cars, and travel internationally each year. Just in the last 5 years, I've taken my father with me on an ecotrip to Costa Rica, a D-Day tour of France, and a photosafari in South Africa.

We're not a typical family (demographically or financially), I admit.

Here are some charts that illustrate this better than I can describe - that show in stark reality what kind of income inequality we are dealing with in this country:

Good info.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

153 replies

= new reply since forum marked as read

Highlight:

Retirement: A third have less than $1,000 put away [View all] kpete Mar 2014 OP

I wish I had a Thousand dollars to put away... yuiyoshida Mar 2014 #1

maybe not a thousand at once. what about $5 a week? Sunlei Mar 2014 #100

That 5 dollars a week gets eaten up when there is an emergency Marrah_G Mar 2014 #114

yes I know, had some of my $5 a week 'nestegg' spent on emergency. A tiny nestegg was there & Sunlei Mar 2014 #115

K&R n/t jtuck004 Mar 2014 #2

Ahhhh, yes. The success of that good ol' 'Murican rugged individualism ... Mika Mar 2014 #3

I love some of these financial planner guys right out of school Warpy Mar 2014 #4

Amen.... daleanime Mar 2014 #16

Great post. llmart Mar 2014 #85

federal Poverty Line needs to be adjusted too. $11,490 (for one) is to low. Sunlei Mar 2014 #121

it depresses people to "do the numbers" Skittles Mar 2014 #5

plus the daily bombardment of consumer advertising... grasswire Mar 2014 #30

OH I hear you! Skittles Mar 2014 #31

What a joke! llmart Mar 2014 #87

Also, why save when one illness can wipe it all out.... llmart Mar 2014 #86

you are correct Skittles Mar 2014 #96

I blew my retirement plan taking care of my Grandmother. Walk away Mar 2014 #101

There are many examples like yours. llmart Mar 2014 #103

But...like your kids...I was glad to have the $$$ to help. nt Walk away Mar 2014 #108

I have similar thoughts about the future Skidmore Mar 2014 #124

I hope you don't really believe that. llmart Mar 2014 #125

I believe that I have accomplished Skidmore Mar 2014 #128

I understand. llmart Mar 2014 #132

Better have children now and encourage them to have them marshall Mar 2014 #143

ooops to late! Walk away Mar 2014 #144

That's the same fear all us 'savers' have. We save for security in our retirement years. Sunlei Mar 2014 #104

You could also be hit by a terrible driver tomorrow. Go to Tuscany. Exultant Democracy Mar 2014 #112

Depending upon how well one saves, even a catastrophic illness may not wipe one out financially. Jgarrick Mar 2014 #118

Most people don't have your level of benefits. llmart Mar 2014 #122

Did I assert I was morally superior? As for being "lucky"... Jgarrick Mar 2014 #123

nice but Skittles Mar 2014 #136

Do the majority of jobs in the United States not have accumulated sick leave? Jgarrick Mar 2014 #146

Definitely not as good as Europe - TBF Mar 2014 #148

I have worked almost 40 years and have NEVER accumulated sick leave Skittles Mar 2014 #150

I am sorry to hear about your health TBF Mar 2014 #142

Thank you! The good news is that I've fully recovered. Jgarrick Mar 2014 #147

The whole notion of 'retiring' Erich Bloodaxe BSN Mar 2014 #126

This doesnt surprise me at all. DCBob Mar 2014 #6

+1000. You really have summed it up well here. closeupready Mar 2014 #41

Such a shame yeoman6987 Mar 2014 #106

Even if you do have more than that (1000) Dyedinthewoolliberal Mar 2014 #7

Well. it's safe enough if you put the 403b money in something safe, like a stable value fund. HERVEPA Mar 2014 #19

"...put the 403b money in something safe, like a stable value fund." pangaia Mar 2014 #133

Well... Adrahil Mar 2014 #42

I had retired with a decent amount of savings, until 2008 Divernan Mar 2014 #8

Same here. I had a fair amount in my 401K RebelOne Mar 2014 #11

Not smart. why didn't you move it to somethingin the 401k that wasn't risky. HERVEPA Mar 2014 #20

Nope, the way the market was failing, RebelOne Mar 2014 #83

Sorry, I don't understand your response. HERVEPA Mar 2014 #84

uh, you're aware you can put your 401k into bonds or even cash, right? dionysus Mar 2014 #152

Coulda, shoulda, woulda.... dreamstst Mar 2014 #117

you can thank GWB for stealing your savings in 2008. olddad56 Mar 2014 #82

Sorry to hear about yr truedelphi Mar 2014 #138

We've crunched the numbers spinbaby Mar 2014 #9

3rd Way Free Trading MISSION ACCOMPLISHED!!! bvar22 Mar 2014 #10

+1 daleanime Mar 2014 #17

+1 fleabiscuit Mar 2014 #21

"The 401(k)" ReRe Mar 2014 #26

+1. Great post. CrispyQ Mar 2014 #130

THIS ^ does NOT happen by accident. Roland99 Mar 2014 #80

Hmm, I just clicked on 'permalink' for that comment Erich Bloodaxe BSN Mar 2014 #127

Oh bvar - truedelphi Mar 2014 #140

401ks were meant to supplement traditional pensions. They were never supposed to be all of your Skeeter Barnes Mar 2014 #12

Do what everyone did 100+ years ago? madville Mar 2014 #43

pretty much yeah elehhhhna Mar 2014 #62

yes Marrah_G Mar 2014 #153

How are people supposed to survive? llmart Mar 2014 #88

Survive? Hah. Soylent Green time. nt Erich Bloodaxe BSN Mar 2014 #129

401Ks were meant to transfer wealth from the Working Class to Wall Street Bankers. bvar22 Mar 2014 #141

Retirement? What's that? progressoid Mar 2014 #13

I'm schiz re- this. snot Mar 2014 #14

I saved 10% of my income for a couple decades... magical thyme Mar 2014 #23

Totally relate marions ghost Mar 2014 #32

1 guarantee: death. I'd include taxes, but not if you land in the 1% magical thyme Mar 2014 #34

As a single mother there was never anything left to save Marrah_G Mar 2014 #105

Saving 10% of paycheck to paycheck will do that... Earth_First Mar 2014 #15

Massive for sure... n/t ReRe Mar 2014 #28

I don't have jack squat put away. Darkhawk32 Mar 2014 #18

Child support is "extortion" now? VanillaRhapsody Mar 2014 #27

Yes, it certain cases, it is. Darkhawk32 Mar 2014 #54

hmmmmm would love to hear the other side of this story... VanillaRhapsody Mar 2014 #57

Post removed Post removed Mar 2014 #58

NO, what is beyond the pale is that you Darkhawk32 Mar 2014 #59

Yeah, it is. Many (most...all?) states have child support calculators that impose a fine! Roland99 Mar 2014 #78

I'm sorry, You consider your responsibility to the support of the children only 50% of their 2banon Mar 2014 #71

So where's the mother in all this? Darkhawk32 Mar 2014 #73

Your reaction is as alarming as it is disturbing. eom 2banon Mar 2014 #92

uh...wtf??? Roland99 Mar 2014 #79

since when did the term "visitation" equate to "responsibility"? 2banon Mar 2014 #91

One that understands what Darkhawk was talking about, that's what kind Roland99 Mar 2014 #109

I actually know a guy that's been saving since his first job... Spitfire of ATJ Mar 2014 #22

gratitude deek Mar 2014 #111

I've often observed that those who got there easy assume anyone can. Spitfire of ATJ Mar 2014 #113

"not counting their primary residence or defined benefits plans such as traditional pensions" geek tragedy Mar 2014 #24

Yeah, not counting defined benefits plans not only skews it, it destroys the validity of the result. Gormy Cuss Mar 2014 #48

ideally, all assets should be considered. geek tragedy Mar 2014 #50

Age is certainly important because a 20 something has 40 years of future contributions. Gormy Cuss Mar 2014 #53

true true true. geek tragedy Mar 2014 #55

The problem is, it can take years to amass sizable savings, but only takes TwilightGardener Mar 2014 #25

^^^^^^^ n/t truedelphi Mar 2014 #139

I had my best earning years before I was 40 arikara Mar 2014 #29

Why wouldn't you count primary residence or a defined-benefit plan? Recursion Mar 2014 #33

then where are they going to live. olddad56 Mar 2014 #49

Well, you could always downsize SoCalNative Mar 2014 #81

You still have renter's insurance..... llmart Mar 2014 #90

Depends on where you live SoCalNative Mar 2014 #110

Well, when a loaf of bread is $3 and a gallon of gas goes for $4... Octafish Mar 2014 #35

Yet they spend $70 per month on a cell phone plan. lol cbdo2007 Mar 2014 #36

Forget the sarcasm tag or something? Cal Carpenter Mar 2014 #37

I have a cellphone plan for $60. leftyladyfrommo Mar 2014 #40

Disgusting comment. ForgoTheConsequence Mar 2014 #46

I used to pretend I had the relevant financial knowledge of other people too. LanternWaste Mar 2014 #52

Show me tazkcmo Mar 2014 #64

No, you're right... cbdo2007 Mar 2014 #68

I saved plenty for retirement. Le Taz Hot Mar 2014 #89

I guess +1 is the standard around here for Erich Bloodaxe BSN Mar 2014 #131

If I had a million in the bank workinclasszero Mar 2014 #38

People used to have retirement plans Marrah_G Mar 2014 #39

The elderly are doing okay Demobrat Mar 2014 #44

It will be worse for those after the boomers. ForgoTheConsequence Mar 2014 #47

No, it will be worse because boomers had parents with defined benefit plans Gormy Cuss Mar 2014 #56

Many boomers supported Reagan. ForgoTheConsequence Mar 2014 #60

The majority of boomers did not support Reagan. Gormy Cuss Mar 2014 #61

I'm an "old" Gen-Xer (born mid-late 60s) and that segment of that generation in general Arugula Latte Mar 2014 #63

Blaming whole generations, especially the biggest one in modern history, is just silly. Gormy Cuss Mar 2014 #67

Baby Boomers top supporters of war in Iraq. ForgoTheConsequence Mar 2014 #70

And that has nothing to do with your earlier statement that Boomers gave us Reagan. n/t Gormy Cuss Mar 2014 #74

No, but it has to do with my first statement. ForgoTheConsequence Mar 2014 #95

"61. The majority of boomers did not support Reagan." ForgoTheConsequence Mar 2014 #66

Those numbers do not support your claim. They do support mine though. Gormy Cuss Mar 2014 #72

Gen-X'ers couldn't vote in 1980. ForgoTheConsequence Mar 2014 #69

Yes, I know. In fact a number of Boomers couldn't vote in 1980. Gormy Cuss Mar 2014 #75

The majority could. ForgoTheConsequence Mar 2014 #94

Every age cohort went for Reagan in '84. Gormy Cuss Mar 2014 #107

I'm a Boomer - LiberalElite Mar 2014 #119

It's still your fault. Gormy Cuss Mar 2014 #120

Yes, thats what I meant Marrah_G Mar 2014 #65

the divide actually starts between the older boomers and the "younger boomers" Skittles Mar 2014 #97

No, it will be about 5-10 years from now as the boomers peak retirement wave hits n/t Fiendish Thingy Mar 2014 #98

It seems overwhelming to save for retirement when you're just trying to pay rent/mortgage, Arugula Latte Mar 2014 #45

if the federal government had to pay it's debts, it wouldn't have a $1000 either. olddad56 Mar 2014 #51

had one--then i got laid off--work till i die dembotoz Mar 2014 #76

Me too TexasBushwhacker Mar 2014 #149

The shift to 401k has been a disaster. Ed Suspicious Mar 2014 #77

it's really hard if you don't work for a company that has mackerel Mar 2014 #93

I understand about living paycheck to paycheck, or in fear of losing that job. Sunlei Mar 2014 #99

i totally agree but it is hard unless they take it from mackerel Mar 2014 #134

The first little bit saved is the hardest! Sunlei Mar 2014 #135

= get the red out Mar 2014 #102

I would compliment you on your TSA... dreamstst Mar 2014 #116

What's your problem? get the red out Mar 2014 #145

Message auto-removed Name removed Mar 2014 #151

How can they not include pensions, homes, or social security in this report. Jesus Malverde Mar 2014 #137