Workers Not Saving For Retirement

jeffrey · #1 (**permalink**) 05-03-2005, 02:06 AM

A recent survey from MetLife's Employee Benefit Trend Study finds that although people know they should be saving, many aren't. Some statistics from the survey:

** 40% of workers between the ages of 21 and 30 lack retirement goals and/or savings.

** 23% of workers between the ages of 31 and 40 haven’t started to save with an additional 8% saying they have no retirement savings goals.

** 64% of full-time U.S. workers are either behind in their retirement savings goals, or haven’t yet started saving.

** 23% of women haven't started to save for retirement.

** 70% of widows say they live "paycheck to paycheck" and 26% of them have no retirement savings goals.

** 49% of full-time employees rated outliving their retirement money as a high concern.

** 45% of these full-time employees have not factored their longevity into their retirement savings plans.

** 39% of baby boomers in their 50s and 24% of respondents in their 60s have never calculated how much income they will need in retirement.

PrincessPerky · #2 (**permalink**) 05-03-2005, 04:46 AM

You know the govt alternates between complaining that americans arn't spending (causing a reccession) and complaining that americans arn't saving (for retirement or otherwise)

Maybe if the govt stopped trying to tweak everything to get people to save/spend people would start spending some effort in figuring out wha tis best for themselves (not being broke when to old to work)

seaar2000 · #3 (**permalink**) 05-06-2005, 01:14 AM

Yea, and the people that don't save are the one's we have to support because they did not save or do something for their retirement. If I can save for my retirement on how much I make per month anybody can. It's just a matter of priorities.

deckape · #4 (**permalink**) 05-06-2005, 06:33 AM

Lets get it straight TAX MONEY IS OUR MONEY SO WHEN PEOPLE SAY WE HAVE TO SUPPORT THEM (MEANING THE LESS FORUNIT) IS NOT A REALITY, BECAUSE IT'S THE PEOPLES MONEY NO MATTER WHAT, I HAVE BEEN WORKING FOR 30 YEARS I SEEN PEOPLE MAKE IT AND I SEEN PEOPLE LOOSE IT ALL. THE BEST AND RICHEST COUNTRY IN THE WORLD IS STURGLING TO PAY ITS PEOPLE S,S.
AND ARE THEY TELLING US OUR TAX MONEY IS BEING MISS MANAGED, THAT THE PEOPLES FALT FOR NOT SAYING ANYTHING AND OUR VOTEING PRACTICES. MAYBE IT’S TIME WE SAY SOMETHING!

seaar2000 · #5 (**permalink**) 05-07-2005, 04:42 AM

Sorry I have to disagree with you. People who have a disablity or for through no fault of their own I do not mind to support, but the people who have not worked one day in their life and they expect to get something. Not! I know of people who have never worked in their life and when their kids are no longing living with them they all of a sudden get disablity. Disablity from what? They were able to work, but all you do is hear them cry what they should get and what they don't get and didn't even contribute a dime to society. Only leached. People are going to have to realize that if they want something out of life they may have to work. The one's I feel sorry for are the one's who had a job for 20 to 30 years and all of a sudden there company is no longer there. Or if no fault of their own they have an illness and their money is going on medical bills. Than on the other hand you have someone who has never worked in their live and the government will pay all of their medical. What's wrong with this picture?! Why not help the people who had a little pride and worked and pay their medical bills. I get sick and tired of working and seeing my money go to people who can work, but won't work, because I have children, I won't get paid enough to make it. Give it a break. I'm tired of bleeding hearts. I only make around $20,000 a year and do real good for myself. Sure I may have to give up a few things, use coupons, be frugal to the bone but I am doing pretty good. I know that if I want a decent retirement I have to save. It may take me a little bit longer, but at least when I do get my social security I know that I contributed to it and deserve it. If you want something in life you have to work for it. I'm not trying to be nasty, but dam I'm tired of paying for others when they can work and don't and expect hand outs.

deckape · #6 (**permalink**) 05-07-2005, 07:28 AM

First of all it’s great that you are putting money to retirement and the more you can put the better it will be for you at age 65.
Like you said you make $20,000.00 a year with, kids I don’t make much more than that and have kids plus a really bad back, but I still can work, not labor but office work and of course I would like to see every one work like I HAVE TOO, I think more on the line of socialist, the money we make we can be proud of, but the cost of living is outrages people like me and you are being left behind, so some don’t work all they get is SSI $540.00 or something like that and have a run down place to live, a place we would not even think to drive around much less live there, that’s a small %, big deal, we will work all our life and if they still have SS we’ll get about $1200.00 a month, Think about this all the workers make a large % of the people rich and look what we get in return.
Look at it as an investment, lets say a person starts work at 18 and works to age 65, that’s 47 years that’s 97760 hours based on 40 hrs, a week and lets say this person faired well and averaged $15.00 an Hr. that’s $1,466,400.00 less $234,000.00 for the mortgage or rent, $293,280 for tax including SS at 20%, $253,800.00 for utilities, $305,500.00 for food at $125.00 a week, $112,800.00 to operate transportation, That leaves you about $150.00 a week for what ever the kids, wife, other loans, so let say you can manage $25.00 a week for a 401K, so that’s $61100.00 plus interest so lets say $120,000.00.
That person takes monthly payment for 20 years that’s about $500.00 a month plus $1350.00 in SS wow that $1850.00 a month, 47 years. How much would $1,466,400.00 in good investments make you in 47 years? Our investment return was $444,000.00 in the course of that persons life 85 years. I think we should get a larger part of the pie!

rob62521 · #7 (**permalink**) 06-05-2005, 02:11 PM

Unfortunately, our society has become one in which we live for the now. Why save? Put it on the credit card and get what you want right now. Well, it's catching up to us big time now! I am one of the few folks I work with who has a 403B and an IRA. I won't be rich at retirement, but at least I will have something. My parents weren't so fortunate and that may be what spurs me on. They lived paycheck to paycheck not because they were reckless, but because they didn't make a whole lot. They worked what seemed all the time, but just when it seemed they would get ahead, the car would break down or the roof would leak. They tried to find the most reasonable ways to get things fixed so they weren't people who spent foolishly. Yet, they had to depend on social security because the pension my dad was promised only last a year. For those folks, I think we need to help. I agree with the writer who wants those others who haven't worked who want money to get over their false sense of entitlement. We, as a society, need to learn to save and spend wisely.