Americans aren't saving for retirement. Or maybe they can't?

[w¡n9Nµ7 §£@¥€r 123]

Does this mean 43% of Americans are irresponsible?

Or does it mean that our economy is structurally unsound, in that it is failing to meet the needs of a large proportion of our population?

Study shows 43 percent of Americans have less than $10K saved for retirement

[SMR 368]

Does this mean 43% of Americans are irresponsible?

Or does it mean that our economy is structurally unsound, in that it is failing to meet the needs of a large proportion of our population?

both

[w¡n9Nµ7 §£@¥€r 123]

both

Which do you believe is a bigger factor?

[Dan J 277]

I think some people do put certain choices ahead of saving for retirement, but I don't think that is the largest reason. For many people, especially with kids, there is not much, if any money left over after all the bills are paid.

[Calypso 464]

It could be that instead of saving, some Americans have fun in cruise ships, build wine racks, file visa petition for various fiancees or spouses then get divorced, change their cars often, etc. Long live hedonism!

[w¡n9Nµ7 §£@¥€r 123]

I think some people do put certain choices ahead of saving for retirement, but I don't think that is the largest reason. For many people, especially with kids, there is not much, if any money left over after all the bills are paid.

I agree. While I do know that many people are not responsible with their money and put short-term gratification over their long-term financial goals, I also know that for many people the choice simply does not exist. If they save, they can not meet their basic needs.

It could be that instead of saving, some Americans have fun in cruise ships...

Cruising can actually be one of the cheapest ways to vacay.

[Calypso 464]

Cruising can actually be one of the cheapest ways to vacay.

Not when you do it often. Some Americans indulge, too, when they visit various places especially outside the U.S. (like the Philippines) thinking they get to save (but not really).

I have just told my husband that we have to improve our savings. Thanks for the reminder.

I think some people do put certain choices ahead of saving for retirement, but I don't think that is the largest reason. For many people, especially with kids, there is not much, if any money left over after all the bills are paid.

[Danno 1,228]

Does this mean 43% of Americans are irresponsible?

Or does it mean that our economy is structurally unsound, in that it is failing to meet the needs of a large proportion of our population?

My contributions have shriveled the last two years, I imagine I am not alone.

a Certain number of people are directly effected by the recession, another growing portion of people believe it's the Governments responsibility to care for them in old age, thereby removing the urgency to prepare for that time.

My Grandmother spoke of a time when poor old people who didn't have any savings or family went to a county "Poor house" to live, kinda like a boarding home.

Saving was more urgent and families were expected to care for parents personally.

We don't have poor-houses any more, we have replaces them with monthly checks and "houses for the poor".

Saving now is now for the disciplined or those who have some program set up via employment (which was nearly non-existant then).

How many people take their old parents in to live out their last years with them, not many.

[w¡n9Nµ7 §£@¥€r 123]

I have just told my husband that we have to improve our savings. Thanks for the reminder.

My wife says that to me all the time. May I ask what made you say it to him? What is an adequate savings rate, in your opinion?

[w¡n9Nµ7 §£@¥€r 123]

My Grandmother spoke of a time when poor old people who didn't have any savings or family went to a county "Poor house" to live, kinda like a boarding home.

The breakdown in the family in this country is a huge, but vastly understated, part of this story.

[natty bumppo 297]

Does this mean 43% of Americans are irresponsible?

Or does it mean that our economy is structurally unsound, in that it is failing to meet the needs of a large proportion of our population?

looking at the information on the post ... wonder what age brackets were surveyed?

darn those children and current retirees for skewing the results

[Ali G. 37]

Is it a bad time to mention that the savings interest rate is a high as 5.85% in AUS..

[PhiLandShiR 18]

Does this mean 43% of Americans are irresponsible?

Or does it mean that our economy is structurally unsound, in that it is failing to meet the needs of a large proportion of our population?

Who made the rule that our economy is required to meet the needs of anyone but the rich??

The poor don't count, never have. If the poor mattered, we would not have vast numbers ( billions ) all over the world starving and living in the dirt...

This nation is divided between rich and poor. The middle class has been largely gone for some time now...

As long as the economy provides for the rich, nothing will be done of anyone else.

[Ali G. 37]

Who made the rule that our economy is required to meet the needs of anyone but the rich??

The poor don't count, never have. If the poor mattered, we would not have vast numbers ( billions ) all over the world starving and living in the dirt...

This nation is divided between rich and poor. The middle class has been largely gone for some time now...

As long as the economy provides for the rich, nothing will be done of anyone else.

It sounds like America is converting in the second world countries bellow us. Where there is no middle class, just the few rich and the rest being poor.

The expansion of the middle class is what built America posts WWII. The middle class is what is building up China. The growth of the middle class is what propelled Canada and Australia.

The middle class here, particularly in Middle America, has taken a huge hit; actually they are not even middle class anymore. Town after town, from NYC to LA, is now reminiscent of a rusted out ghost ship.

Edited March 10, 2010 by Booyah

[w¡n9Nµ7 §£@¥€r 123]

looking at the information on the post ... wonder what age brackets were surveyed?

darn those children and current retirees for skewing the results

See http://www.ebri.org/pdf/surveys/rcs/2010/F..._RCS-10_Age.pdf

The "less than $10,000" is 43% of All Workers, 46% of Ages 35-44, 38% of Ages 45-54 and 29% of Ages 55+.

ETA: Oh and 56% of Ages 25-34.

Edited March 10, 2010 by w¡n9Nµ7 §£@¥€r