Addressing the US retirement crisis | Age in America 

What do YOU think?

I don't know is going to happen to those of us who are retired.. I am retired and surviving at the moment but I sure don't have anywhere close to even the minimum savings they are talking about and at my age going back to work with my physical health challenges would not be a option. I had it all planned out pay off my tiny little home did that, paid off all debt including my car and have no debt then last year the city decided my house was worth 3 X the value and raised my property taxes and they are planning on building 6 story or higher apartment buildings across the street from me and I wonder how that is going to affect my property value and taxes? I am being priced out. Anna In Ohio

This country is cooked.

The last 10 years before retirement, do 2 things, work to pay off all debt, your mortgage, all consumer loans and credit cards. Two if you are contributing to a 401K, try to increase the percentage you are contributing by 1% per year. If no 401K then contribute to an IRA through payroll deduction and look to increase it by 1% pet year. Retiring with no debt will help immensely with your monthly expense budget as will boosting the amount saved for retirement.

You reap what you sow/ people- esp young people- save for your retirement because (hopefully) you will grow old(er) and will will be extremely thankful and grateful you saved for that day!

Doing just fine 😊. 68 years old. Retired at 58. Bought my condo cash. No debt. Have a pension and took my social security at 62. Can travel anywhere I want. And the best part is no kids.😊😊. And even better no husband. Peace and freedom. How cool 😎 is that. Planning a trip to l.a. next year to see my friends. 😊😊😊

Outside of folks who are low income or had some sort of financial shock like extreme medical bills not covered by insurance, people only have themselves to blame if they are unprepared for retirement. I know so many people who lived beyond their means to fund lavish lives (huge houses, multiple late model gas guzzlers, expensive holidays, etc). These are people with good incomes who would have enjoyed excellent lifestyles while easily funding secure retirements. Instead, many are without retirement savings and no way of making up for lost time. How should we feel about such irresponsibility?

None of this talks about the economy falling... banks close and you lose your money. The government doesn't have the money for everything it funds now, I doubt there will be any FDIC payments for lost accounts. The domino fall includes stocks. All the retirement accounts are built on stock incomes, including annuities (?). If savings disappear, what happens to all the credit and purchases made already but not able to pay? Houses, cars, etc. Owning fully, being debt free, is one option for survival, but even then the government will be able to take your things for taxes. If there is a serious disaster like a grid failure, what happens to all your money and possessions? This is a very hard time in history. I can't see any safe options for anyone. Criminals expand in crises... they only think of their survival, their needs, their families.

401 isn't a failure. Greed and corruption is the problem

You can thank the horrible economy for the past three and a half years for people needing to tap into their retirement.

I think the retirement crisis will get even worse. A lot of people can’t save because of low paying jobs, inflation, and insane rental rates. And now that home ownership is out of reach for middle class Americans, they won’t have a house to retire with either.

401k has been a great idea. Its been golden for Millions of people. Dont taint the success of the program due the personal failings of some individuals.

What crisis ?

Almost done reading her excellent book!!

Look on the bright side. Anyone who has too little to retire *because* they enjoyed their money when they were younger actually got exactly what they wanted, when they wanted. They literally prefer for "younger them" to be better off at the expense of "older them". We should celebrate their ability to get what they actually prefer. Of course, those who spent their whole life poor and are still poor in old age are a different matter, but leave that aside for now.

401 scam. Forced to play the stock market, then have to pay taxes. You're better off doing your own retirement planning. Also. Stay out of debt and live below your means.It's not more money that's needed. It's saving on to what you have and keep your overhead low. Don't use credit cards.

Too bad the 401k came way too late for most retirees.

Poor old stoney poneys

Retirement isn't a human right its a privilege and the majority of people around the world its not an option invest in assets that build wealth if you want to retire if not you will work until your dead dead dead😮

Thank goodness you brought this up! Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 10 grand weekly and this has improved my financial life. Great piece!

Greedy

VOT DEMOCRAT FOR EVERYTHING. REPUBLICANS FOR RICH.

Thank goodness you brought this up! Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 10 grand weekly and this has improved my financial life. Great piece!