rainman

U.S. : Employers Can Buy Retirement Security for $2.64 an Hour

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A safe retirement will be a "dream" for many . 40 years ago, 84% of all private-sector American workers had a corporate pension plan. Today less than 28% do.
 

"Hedge fund titan Ray Dalio published a sobering essay last Friday about the state of capitalism in the U.S....(..) Dalio then went on to present myriad data showing that many Americans make too little money to live on, let alone save, with harmful consequences. He counts among them diminished health, education and economic mobility, high rates of incarceration, and widening wealth and income disparity that raise the risk of social unrest. In an interview with 60 Minutes on Sunday, he called it “a national emergency.” The problems Dalio identified can already be observed in much of his data, but  another one is coming, and soon. Many Americans can’t afford to save for their future, and with baby boomers leaving the work force in big numbers, millions will spend their retirement in or near poverty.  Unlike many of the thorny problems cited by Dalio, however, this one has a simple solution and it doesn’t involve exorbitant expense. The Government Accountability Office recently updated its sweeping 2015 report on retirement security in America. The new numbers are no more comforting than the old ones, and the most worrisome among them is stubbornly consistent: 29 percent of households aged 55 and older have no retirement savings and no pension. It’s a bigger number than it seems. The  65-and-older population is projected to be roughly 74 million in 2030, according to the Census Bureau. If nothing changes, more than 21 million of those retirees will have to rely on Social Security, a meager income. ..." 

https://www.bloomberg.com/opinion/articles/2019-04-10/employers-can-buy-retirement-security-for-2-64-an-hour?utm_medium=social&cmpid=socialflow-twitter-business&utm_content=business&utm_campaign=socialflow-organic&utm_source=twitter

 

 

 

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Does Wall Street have anything to do with it?

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That's an inversion...

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1 minute ago, pinto said:

That's an inversion...

...  Or, it's an invasion of the budget

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Definitely, the data is not optimistic.... We have $1.5 trillion in student loan debt, 1 and 5 Americans with "crippling" medical debt, 29% of U.S households aged 55 and older having no retirement savings or pension, and the world’s largest military budget.... 

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Generally, things are not pinky... U.S. public sector pension situation could trigger a big financial gap...

 

image.png.94bbcbd1a3f827a56674b37e0cdc24fc.png

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Tax breaks for corporations and the rich must be the answer. :)

It never trickles down...

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(edited)

I am retiring soon, and I have to tell you that I'm pretty afraid of what will be on during my retirement. I mean, the dream of a "safe" retirement has been destroyed by all the events going on during the last two years. I keep thinking about the fact the retirement plan our country has might ruin the economy. I've been saving money my entire life. However, I'm still afraid of the future. During the last couple of months, I've been browsing https://seekingretirement.com/can-i-retire, looking for answers about retirement. A good retirement plan and many other things. I'm that paranoid.

Edited by Ouallan
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On 4/15/2019 at 8:02 AM, rainman said:

A safe retirement will be a "dream" for many . 40 years ago, 84% of all private-sector American workers had a corporate pension plan. Today less than 28% do.
 

"Hedge fund titan Ray Dalio published a sobering essay last Friday about the state of capitalism in the U.S....(..) Dalio then went on to present myriad data showing that many Americans make too little money to live on, let alone save, with harmful consequences. He counts among them diminished health, education and economic mobility, high rates of incarceration, and widening wealth and income disparity that raise the risk of social unrest. In an interview with 60 Minutes on Sunday, he called it “a national emergency.” The problems Dalio identified can already be observed in much of his data, but  another one is coming, and soon. Many Americans can’t afford to save for their future, and with baby boomers leaving the work force in big numbers, millions will spend their retirement in or near poverty.  Unlike many of the thorny problems cited by Dalio, however, this one has a simple solution and it doesn’t involve exorbitant expense. The Government Accountability Office recently updated its sweeping 2015 report on retirement security in America. The new numbers are no more comforting than the old ones, and the most worrisome among them is stubbornly consistent: 29 percent of households aged 55 and older have no retirement savings and no pension. It’s a bigger number than it seems. The  65-and-older population is projected to be roughly 74 million in 2030, according to the Census Bureau. If nothing changes, more than 21 million of those retirees will have to rely on Social Security, a meager income. ..." 

https://www.bloomberg.com/opinion/articles/2019-04-10/employers-can-buy-retirement-security-for-2-64-an-hour?utm_medium=social&cmpid=socialflow-twitter-business&utm_content=business&utm_campaign=socialflow-organic&utm_source=twitter

 

 

 

Almost all government workers will be in great shape with retirements and benefits. Corporations should be mandated to pay more into social security to keep it solvent also. 

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On 10/15/2021 at 5:59 PM, Ouallan said:

I am retiring soon, and I have to tell you that I'm pretty afraid of what's going to be on during my retirement. I mean, the dream of a "safe" retirement has been destroyed by all the events going on during the last two years.

Like the government inflating the money supply and spending more money than it takes in for decades? Those that want to spend the most are the most guilty for inflation. Our country and its poor and middle class will have to learn to pinch dollars tightly. 

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On 4/15/2019 at 8:20 AM, Pavel said:

Generally, things are not pinky... U.S. public sector pension situation could trigger a big financial gap...

 

image.png.94bbcbd1a3f827a56674b37e0cdc24fc.png

Especially in blue states and purple ones. 

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On 4/15/2019 at 8:03 AM, francoba said:

Does Wall Street have anything to do with it?

Pushing profits over their long term employees, retention, smooth operations. Bean counters have taken over almost all corporations. No retirement systems and paltry or no profit sharing. 

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