42 percent of adults are not saving for retirement

[mickeyd]

Save early. Save often. LBYM. All items not listed.

[ckelly78z]

I personally know several co-workers who have no plans at all of ever getting to retire. They live for today, not tomorrow !

These are the same ones who drive new cars, and have all the toys.

[38Chevy454]

I think there are two types of people in the 42%, those that just do not have enough income to save beyond meeting their basic expenses, and those that are just spending away keeping up with the Jones's. The first group will not be able to change their financial position without a significant change in income from working. That means getting a degree while working, which is tough to do; or making a substantial change in career to move up the income scale. The second group can change their savings immediately if they just give up the lifestyle choices and start following a LBYM path to improved financial position. The problem they have is that it is a choice to be in their current position and they do not want to change.

[JustCurious]

Quote:

Originally Posted by 38Chevy454 IThe second group can change their savings immediately if they just give up the lifestyle choices and start following a LBYM path to improved financial position. The problem they have is that it is a choice to be in their current position and they do not want to change.

I agree, you can't make someone change, nor should you try.

I think there are a number of reasons why most people are unable to adequately save for retirement, but one of them is the inability to delay gratification. Some people have the innate ability to delay gratification and save for the future, and most don't, at least accoriding to what I've observed.

[aja8888]

Quote:

Originally Posted by ckelly78z I personally know several co-workers who have no plans at all of ever getting to retire. They live for today, not tomorrow ! These are the same ones who drive new cars, and have all the toys.

Did you ever ask them what they are going to do when they can't work anymore (by choice or not by choice)?

[gcgang]

Quote:

Originally Posted by aja8888 Did you ever ask them what they are going to do when they can't work anymore (by choice or not by choice)?

They will depend on people like us who have sacrificed to bail them out.

[aja8888]

Quote:

Originally Posted by gcgang They will depend on people like us who have sacrificed to bail them out.

Possibly, but more than likely they will be looking at their children to take care of them. Lots of times, that does not work very well.

[OAG]

Must be relying on the "Free everything" movement. Hope not but...………….

[travelover]

Yippee! Another opportunity for us all to pat ourselves on the back for being so smart and hardworking and to cluck our tongues at those irresponsible others that drag down society.

[Offgrid Organic Farmer]

Quote:

Originally Posted by JustCurious 42 percent of adults are not saving for retirement I know this is not a surprise for most on this board, but I thought it was an interesting statistic and it serves as a reminder of just how different we are compared to many.

Not surprised here.

I served on Active Duty for 20-years. A career field where we only need to stick with it for 20 years and we get a pension. But, ...

Less than 1% of career military actually plan on retiring after they get their pension.

They mostly assume that they can get a corporate job to support their families until they reach 65.

[kgtest]

Quote:

Originally Posted by Offgrid Organic Farmer Not surprised here. I served on Active Duty for 20-years. A career field where we only need to stick with it for 20 years and we get a pension. But, ... Less than 1% of career military actually plan on retiring after they get their pension. They mostly assume that they can get a corporate job to support their families until they reach 65.

I never assumed a shelf life past 50 Civi or DoD. Just never really knew what it took to be able to meet that date.

I remember a fellow airman walking to work (and sometimes hitching rides) from our barracks. I thought it was odd most had a car, but he was adamant he was not going to buy a car until he had enough cash. My car was 5 years old and paid for so I wasn't too concerned but he knew what he was doing. He hooked up with a cutie right away and they were always ridin around together lol.

Me, I was pushin the rev limiter all over Vandeberg lol. Did have a bit saved after my honorable, seems you didn't need to spend much when the military paid per diem, housing and had cheap gas (and booze) right on the base.

[Offgrid Organic Farmer]

Quote:

Originally Posted by kgtest ... Did have a bit saved after my honorable, seems you didn't need to spend much when the military paid per diem, housing and had cheap gas (and booze) right on the base.

For most of my Active Duty career, I was buying a collection of apartment complexes, one at each duty station.

[redduck]

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Originally Posted by Nick12 Know many residents in my state (FL) that don’t save for retirement but take several cruises during the year and spend thousands of dollars during Black Friday weekend...

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Originally Posted by Col. Klink I have neighbors like that as well. Most of mine in that boat (literally) have pensions. Sad thing is that when one partner passes, and one pension goes away...

Yeah, but the partner who dies first apparently has a great retirement.

[ckelly78z]

Quote:

Originally Posted by aja8888 Did you ever ask them what they are going to do when they can't work anymore (by choice or not by choice)?

They claim that with their lifestyle, they won't make it to retirement. I believe them.

[ownyourfuture]

Quote:

Originally Posted by gcgang They will depend on people like us who have sacrificed to bail them out.

There it is, in black-and-white.

[Teacher Terry]

Many pensions have a survivor benefit.

[daylatedollarshort]

I grew up in a low income household so I have empathy for people who don't have the income and planning skills to save more. As adults DH and I been fortunate to make enough to save for early retirement. But we have also been surprised at the number of couples we know who went broke despite two relatively high white collar incomes simply from living above their means. I think part of the reason we still choose to LBOMs is we don't want to end up like some of them.

[youbet]

Quote:

Originally Posted by travelover Yippee! Another opportunity for us all to pat ourselves on the back for being so smart and hardworking and to cluck our tongues at those irresponsible others that drag down society.

+1

As soon as the thread opened, the direction was predictable! Gosh, ain’t we FIRE-types superior?

[brett]

There are many people who are there by no fault of their own. They went through the real estate crunch and then the downsizing. They used up part of their retirement funds simply to get by. It should have been the start of their high earning years.

When they finally found employment it was at a much lower level of pay. So part or all of their assets have been depleted and they are just getting by. That certainly does not make me feel good, smart , or superior. Just thankful that it did not happen to me.

They are not saving for retirement because of lifestyle choices. It simply happens to be their circumstances.

[ckelly78z]

Quote:

Originally Posted by Teacher Terry Many pensions have a survivor benefit.

I will be taking the 100% survivorship option on my pension, so my wife can live to be 95 comfortably. I might not make it past 75 with all of my health issues.