49% of Americans aren't saving for retirement

• WebFire

  I am...the 51%.
• gut

  Truthfully most people piss money away living beyond their means. Other nations with high savings rates hit 7-8%. We've been in the negative some years!
  
  There is a lot of money people could cut spending to save more, keeping in mind that 10% of $30k is "only" $3k. $30/month for the smartphone data. Or people still have a landline (that's like another $20 unneccessary). Get the broadband instead of bare bones internet (another $20/mo extra). Premium cable packages, maybe with DVR...Apartments/Houses and Cars that are above their income level (that's the big one). Ignoring budget and even using plastic to finance clothes and furniture that's really more than they should afford.
  
  A single person should have no trouble living on $30k a year and still saving 10%. OK, student loans might eat that, but if you have a degree you should also be doing better than $30k/yr, unless you just graduated.
• sleeper

  

  gut;1167231 wrote:Truthfully most people piss money away living beyond their means. Other nations with high savings rates hit 7-8%. We've been in the negative some years!
  
  There is a lot of money people could cut spending to save more, keeping in mind that 10% of $30k is "only" $3k. $30/month for the smartphone data. Or people still have a landline (that's like another $20 unneccessary). Get the broadband instead of bare bones internet (another $20/mo extra). Premium cable packages, maybe with DVR...Apartments/Houses and Cars that are above their income level (that's the big one). Ignoring budget and even using plastic to finance clothes and furniture that's really more than they should afford.
  
  A single person should have no trouble living on $30k a year and still saving 10%. OK, student loans might eat that, but if you have a degree you should also be doing better than $30k/yr, unless you just graduated.

  Are we talking 30k adjusted for cost of living?
• gut

  sleeper;1167240 wrote:Are we talking 30k adjusted for cost of living?

  Huh? No. $30k today I could just fine even in a city like Chicago (where actually the higher cost of rent would be offset by not needing to have a car). Yeah, if you have a big nut on a student loan, it's a problem. But if you've got a huge student loan and only making $30k then you've already made some poor choices.
• said_aouita

  

  Fuck it. Since we are all doomed, let's throw a big ass party and riot.
• gut

  said_aouita;1167250 wrote:**** it. Since we are all doomed, let's throw a big ass party and riot.

  haha....Truthfully if you believe the dollar is headed for default, then there's not much point in saving. And there's little someone of limited means can do to protect themselves. That's why I keep saying the poor will ultimately pay for this massive deficit that is accumulating, ironically, to help the poor.
• SportsAndLady

  

  Being new to banking, it's amazing how many people I speak to who aren't contributing to an IRA, 401k, Roth, etc.
  
  I just SMH
• Skyhook79

  

  jmog;1167042 wrote:1. If you believe SS is enough to live on...lol.
  2. If you believe SS will be around forever...lol.
  3. If you are being sarcastic...kudos.
  
  If you aren't saving 10-20% of your income for retirement then your kids better be ready to take care of you when you can't work...or get used to greeting people at Walmart.

  sleeper wants to know what is wrong with that?
• McFly1955

  

  I handle 20 some 401k's at my job -- that number is not surprising at all....ridiculous amount of 401k loans and hardships as well....mostly dumb people, very few I feel have legit reasons for needing the cash.
• pmoney25

  

  Eh you only live once. Party it up while you can. As for Kids/Spouse, just get a life insurance policy, not too expensive. Then BAM taken care of.
  
  In all reality, I do 12%, then my company adds 1% every year. So I will just let that go for now. My wife also does 12%.
  
  Once car payments are done(will never have a car payment again), within next 6 months. Will be putting the majority of that into kids 529 and doing more into our 401k.
• HitsRus

  

  I have steadily put away a minimum of 10% my whole working career, even when I was 17 at my first job. My parents instilled in me a financial standard of 10% to savings, 10% to church/charity, 25% the government takes, and you live on the other 55%.

  I think that is a great standard. I wish I had been a little more disciplined in my younger years and specifically put money away for retirement. It's not that I wasted the money as I invested in the business, and other assets, and put some away for the kids college, but I probably could have done better.
• jmog

  nevermind...