Why do you think Boomers aren't saving enough for retirement?
This country has made a revolutionary shift from pensions to a self-service retirement model (401Ks, IRAs, etc). The average baby boomer has not yet fully adjusted to this reality. My recommendation is that most people save 10-15% of their gross income per year. | 06.24.14 @ 19:51
Most don't fully understand the power of leveraging these plans and the amount of savings they can rack up - especially ones matched by other sources, e.g. 401(k) employer matching. Plus, this is the same generation deeply in debt - spending more than they make - thus, not "extra" money to save. I fall in that group and got a late start saving myself. | 07.15.14 @ 20:30
Most don't fully understand or maybe some don't fully understand you can't expect to save money for retirement if you are trying to support a family on minimum wage or just above it, 40 to 50 years... First I believe you need educate yourself about the subject.. I know my father did it a hundred years ago right when bread was 10 cents.
| 07.24.14 @ 00:46
Boomers are in denial about their aging - we all think we're going to live forever and keep working. Don't be one of them. | 09.18.14 @ 16:43
The same reason they're okay with massive levels of consumer debt. Most of us are far too NOW focused. | 01.17.15 @ 02:24
Seems that there is a delusion that affected a good many of them. "One day, when our work is done, a big pile of cash will appear, and we will be ok." Kind of like faith without a plan. As the cost of living in our country goes up, faith may fail us when a plan PLUS faith would have increased the chance of success. Or, at the very least, open eyes would have shocked us into doing things differently. | 02.11.15 @ 18:04
Most people, boomers and otherwise, don't trust the government - check the polls. And yet, they keep re-electing the stiffs that promise the most free stuff. They just stick their fingers in their ears, click their heels together three times and say "there's nothing like social security".
Everyone is all of a sudden "worried" about the solvency of Social Security - but, that ship sailed in the 90's, when they used the "Baby Boomer Bow Wave" to balance the budget (for a very short time). There's no money in the till, they won't admit that payments come out of current revenue, not the mythical trust fund.
All you have to do is look at your rent or mortgage statement, and then look at your Social Security Annual Statement to realize that you cannot survive on social security (even if it somehow gets saved). But people are entranced by the bigger house, the newer car, the latest cell phone with the most giggle-bits of memory. Do you realize that $10 per week (at only 3% interest) turns into about $40,000 in 40 years? I personally know several people who won't throw that $10 into the till to have a nest egg when they retire.
I am not a finance guy, I'm an engineer. However, I am reasonably solvent in retirement planning, and it took 30 years to get there. I tell all my associates - save the windfall, save the tax refund, get into the 401K, put aside money in the Christmas Club account. Every once in a while, someone listens. | 10.30.15 @ 17:18
They didn't plan to fail, they fail to plan for their retirement, please plan for your retirement, don't wait a minute. | 11.04.15 @ 07:20
Which is more important Saving money or making money? As an Investment Manager and a Fiduciary, my focus is on ROI. I demand that your hard earned $$ work just as hard for you as you have for them.
There are real reasons why the average American doesn't feel like he's drowning in prosperity:
Many of them are making less money than they did years ago. This article noting that median household incomes in 81% of US counties peaked 15 years ago is from late 2014, but the trends haven't improved since: http://wapo.st/1M8Fglc
Increases in health care costs make them feel poorer. American workers with employer-sponsored health insurance saw their premiums rise 27% and their deductibles rise 67%, on average, from 2010 to 2015 ( http://on.ft.com/1orLmBD ).
94 million Americans are out of work today, compared to 81 million out of work in 2009. They aren't captured in the 4.9% unemployment rate, because they are no longer considered part of the work force. And the decline in workforce participation is not driven by Baby Boomers retiring, but by prime working age adults falling out of the labor force ( http://bit.ly/1M8Fglf ).
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It's not what you make, It's what you keep that determines your lifestyle. | 04.03.16 @ 20:38
Mainly because we're a nation of consumers, not savers. If we could make saving as popular as purchasing something, we'd be better off. Some of it comes from a cultural change because of abundance in society. Incomes have grown, but savings have fallen. It's the mistaken belief that a person can make up for lost time investing with no risk or time involved. | 06.29.16 @ 00:35