Forget about worry if a credit card or debit card is right for you. Or even if you should buy or lease your next car.
Figures about people headed for retirement have my heart pounding in my chest. It’s the most frightening information you will read and hopefully it will help some people to get scared straight and fix this mess before it is too late.
Government data shows 41 percent of Americans aged 55-64 have no retirement savings account.
For those in this age group who do have a retirement account, the median account balance is only $103,200. In addition, an increasing number of Americans are retiring without pensions.
The Employee Benefit Research Institute (EBRI) finds that 44 percent of baby boomers will fall short of adequate retirement income for basic expenses and uninsured health care costs. Women, in particular, have an increased likelihood of outliving assets due to, among other things, lower savings and lower private pension coverage. – Source
I hate to be an overreacting alarmist but Oh My God! What are we going to do as a society when nearly 4 out of 10 people won’t have sufficient income to cover their basic expenses? Will we start putting retirees out at the curb or raising taxes to cover basic living expenses?
What do you think the answer is to help protect these people from being cold, broke, and hungry?
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.
- Who Knew TitleMax Sucked This Bad? - February 23, 2023
- Litigation Practice Group Lawsuit by Business Partner All Service Financial – We Want Our Money - January 24, 2023
- HomeAdvisor and Angi to Pay Up To $7.2 Million and Stop Deceptively Marketing its Leads for Home Improvement Projects - January 23, 2023
I would have to say the issue is crippling debt. For instance I am literally worth more dead than alive and have no way to pay off my student loans – and my current employer is laying off people! The irony is that I’ll be harassed by the banks that knowingly had me sign for loans when they orchestrated the great recession by bundling bad mortgages. They got pay raises and dictated the terms of their bailout – WITH bonuses! Somehow I’m supposed to be ok with living in poverty being forced to pay for loans that I will no longer be able to pay when I’m laid off. I live in an area with nothing but dead end low paying jobs.
I on the other hand am seen by elderly parasites in Washington as a lazy student whose job was shipped overseas. I can’t afford to move, can’t afford to stay where I’m at but I get blamed nonetheless for being too poor to save for retirement. That is my future – die in a gutter because the government garnished the welfare I’ve paid into. America is such a pathetic country. This is not the land of opportunity unless you’re a bank CEO looking to enslave people into debt until they die.
There are ways to deal with the debt. See https://getoutofdebt.org/51013/the-ultimate-guide-to-dealing-with-student-loans-you-cant-afford
That is scary.