Really Appreciating this Forum

[CoolRich59]

As I was getting ready for work this morning (you folks remember work, don't you? ), I was thinking "Wow, I never realized that there were so many people that were actively preparing for or enjoying retirement (early or otherwise).

That was immediately followed by another thought: That this community is really pretty unique. It's a collection of the way too small percentage of people who do think about and prepare for retirement. I was reminded of this article I saved from the WSJ a few years ago with some really sobering statistics:

-- Fifty-seven percent of U.S. workers surveyed reported less than $25,000 in total household savings and investments excluding their homes.

-- 28% of Americans have no confidence they will have enough money to retire comfortably

-- Only about half of the 1,003 workers and 251 retirees surveyed said they were sure they could come up with $2,000 if an unexpected need were to arise in the next month.

I'll paste the entire article below, but just wanted to say how much I appreciate the warm welcome I've received here and how grateful I am for the terrific information and advice I've received. Thank you.

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Workers Saving Too Little to Retire

Workers and employers in the U.S. are bracing for a retirement crisis, even as the stock market sits near highs and the economy shows signs of improvement. Kelly Greene reports.

By KELLY GREENE and VIPAL MONGA

March 19, 2013 12:01 a.m. ET

[mod edit - copyright]

 

[pacergal]

+1

This forum and the mods are the best, in my opinion. The variety of topics and feedback are terrific. The bantering back and forth, teasing, and even disagreements (usually) don't go to far, and remind me of siblings!!
I value the honesty of the members and willingness to share.

 

[DatumPoint5]

The article for the OP can be found here...
https://www.studentnewsdaily.com/daily-news-article/workers-saving-too-little-to-retire/

or here..........
https://www.looktowink.com/2013/03/workers-saving-too-little-to-retire/

 

[imoldernu]

A more recent article from Money that discusses the 401k savings for the average worker, as well as the savings %, from Vanguard and Fidelity for different age and income groups.

Retirement: Workers' Average Contributions to 401(k)s | Money

Hard to equate numbers from different sources.

I think most of us would second the OP thinking about the congeniality and openness of most ER members.

 

[Walt34]

-- Fifty-seven percent of U.S. workers surveyed reported less than $25,000 in total household savings and investments excluding their homes.

-- 28% of Americans have no confidence they will have enough money to retire comfortably

-- Only about half of the 1,003 workers and 251 retirees surveyed said they were sure they could come up with $2,000 if an unexpected need were to arise in the next month.

DW and I were talking about this issue on the way to the gym this morning. What brought it up was that she'd gone over to her brother's house yesterday and in talking with SIL (the one I refer to here as "Spendarina") SIL said she was going to take SS at 62 and continue working, then take SS on her hubby's (BIL) account at 66.

Someone correct me if I'm mistaken but I'm pretty sure that loophole has been closed and at 66 she will have been "deemed" to have applied for hubby's SS at 62.

So this is a choice that will affect both of them for the rest of their lives but she is too short-sighted to research the facts and too impatient to go after the "easy money" of SS as soon as she can. BTW, their "emergency fund" as of a couple of years ago was the whopping sum of $500. When they were looking at replacing half of the roof then they talked of refinancing the house to pay for it. Duh, you didn't think that might happen after 15 years in the same house? They got lucky and it was covered under a warranty, but that was not a sure thing.

When I read books like "Your Money and Your Brain", "Predictably Irrational", and "Thinking, Fast and Slow" the behavior makes sense in an academic sense, but deep down I'll never really understand it.

 

[Jeffman52]

I agree. I continue to enjoy this forum and the thoughts and plans from the people here.

On the statistics. The numbers I see typically are staggering but anecdotally make sense. I am one of the few in my family that will retire early or be able to retire with something other than SS as their vehicle for retirement. Both my brothers have said, they don't see how they will be able to retire and will work until they cant. As someone else has said, its sobering to walk into any dept store or grocery store and see people 65+ years old running cash registers and being greeters. Its OK if they are doing that to stay active and make a few dollars, but it is sobering to think that so many just didn't save enough to retire and will maybe never retire.

 

[Amethyst]

Vanguard's web site recently had a click bait link "I'm 77 and still working to pay my mortgage. Don't let that happen to you."

I have gotten practical help and good advice from forum members over the years. And the sharing of "good CD rates" and "great CC incentives" has saved us, literally, thousands of dollars.

 

[38Chevy454]

What makes those numbers even more startling is that those are averages. So the reality is even more people have almost no savings at all, and those that do have more. Whether that more than average is sufficient leaves a big question. Certainly the majority of those on here are average busters; likely at all of the age cutoff divisions in the tables.

 

[GalaxyBoy]

I agree! This forum gave me the inspiration and knowledge to actually do it. Thanks, forum!

 

[Penny6]

Thought of this as well. Bc its hard to find people in the real world 30somethings who are planning or even informed about retirement. Of a set of 4 couples 1 couple good friends husband is a Dr. Fiscally irresponsible believes dh will work forever. 2nd set of friends both work full time just lost house and back w parent's after only reoccupying home a yr. 3rd set only work full time as store l managers of christain fast food chain i believeth to have an idea bc of inherited money and a conversation on needed projected assets for early retirement goal. We lbm and save. We think about, discuss, and prepare for early retirement (51 is our goal). Staying the course with investing, its just not the norm. Very happy for the wealth of knowledge found here.

 

[Elbata]

I agree. This is one of my favorite websites. Anyone who can retire early is by nature a looking beyond the moment/well into the future type of person. Also living by the principles of LBYM, delay of gratification, etc.

On the other side of the coin, I get disappointed (now I'm just talking about me and me only) when someone says they have a $5MM net worth and not sure if it's enough to retire. My thinking along these lines is the incessant worry in this vein, juxtaposing against those who've died for our freedoms, only hoping to make it home in one piece.