42% of Americans are at risk of retiring broke

**disneysteve** · 03-06-2018, 12:19 PM

This is kind of confusing and somewhat misleading. Was this a survey of just millennials or adults of all ages?

I wouldn't be at all surprised that millennials wouldn't have 10K saved yet. When I was that age, I didn't either. My daughter is a millennial. She's still in college. Is she included in the group this survey is talking about?

**bjsint** · 03-07-2018, 11:58 AM

I can believe this.

A recent survey by Bankrate found that only 39% of all Americans have enough money for a $1000 emergency.

**disneysteve** · 03-07-2018, 12:15 PM

Originally posted by bjsint View Post

I can believe this.

A recent survey by Bankrate found that only 39% of all Americans have enough money for a $1000 emergency.

Yep. Pretty much every survey of its type shows a variation of the same thing. Most people are broke. This really isn't news.

**Smallsteps** · 03-07-2018, 05:12 PM

I find these polls/ studies / articles really aren't news but no one looks deeper. The why seems to be focused on whatever point or slant the author has. I also think that the reasons given are not much more then excuses.
The graph shows people said they do not make enough to save.... I guess I did not get the memo that a certain amount is required before any savings can happen. Is it different in various parts of the country? Is there a formula to use?
Compared to most on this forum I make very little yet I have 3x basic month expense savings. Savings, in my opinion, can be done by just about anyone.

**Joan.of.the.Arch** · 03-07-2018, 05:42 PM

I'm curious about the group that says, "I won't need retirement savings." I wonder why they think that.

**Thrif-t** · 03-08-2018, 04:08 PM

Originally posted by Smallsteps View Post

I find these polls/ studies / articles really aren't news but no one looks deeper. The why seems to be focused on whatever point or slant the author has. I also think that the reasons given are not much more then excuses.
The graph shows people said they do not make enough to save.... I guess I did not get the memo that a certain amount is required before any savings can happen. Is it different in various parts of the country? Is there a formula to use?
Compared to most on this forum I make very little yet I have 3x basic month expense savings. Savings, in my opinion, can be done by just about anyone.

Yep I'm with you! I had a boss that made in the six figures and believe me I probably made an 1/8 of what he did but had more money in savings. He could never save but boy did he spend, spend, spend!

I have nieces who have young families, houses, student loan debt yet they never say no to buying things. Another niece is selling cookie dough for a fund raiser to the tune of $17 for a tub! They got 2! Most people just don't understand how small things add up to a lot over time. They never deny themselves anything and then complain they can't save.

**bjl584** · 03-09-2018, 09:48 AM

Over 40% of respondents said that they don't make enough money to save?

I'd like to dig into that a little deeper.

I mean, if someone makes $1 million a year, but they spend $1.5 million in that same year, then technically I suppose that they aren't making enough to save......

**Gailete** · 03-11-2018, 03:21 PM

In the fine print on the one chart it said respondents 18-34.

I do want to get up and shout when on surveys like this, especially if they had one for seniors. Through the last 16 years which in many ways have been the most financially harsh I have ever gone through, basically not our fault, I have managed to set aside enough to have 3+ years� worth of extra income for us as a supplement to our current SS. Not much but considering how hard money has been to come by, to have that much saved up is a miracle. Sure goes against those who say they have no money to save. Too many that don�t have enough, would rather be spending what they have on wants rather than on the needs of the future.

Millennials are going to be in for a rude awakening when they go to retire and see just how little SS pays, especially 20-30 years from now!

**FindingFreedom** · 04-04-2018, 02:10 AM

This is crazy. I'm not sure what the major cultural shift that spurred this phenomenon was...

**FindingFreedom** · 04-04-2018, 02:13 AM

This is really scary. Saving for retirement used to be the first priority for people. I'm not sure what cultural shift occurred that made this the new norm...

**snafu** · 04-04-2018, 07:55 AM

It seems the public bought into TV advertisements that send the subtle message that you 'deserve it.' Closets are stuffed with clothes, cars not yet paid off are traded up to super expensive trucks, not actually needed for anything but self image. The kiddies have so many toys and games preschoolers need a designated 'playroom' in the house.

Our economy is in the tank but the restaurants are packed when eating at home is 5 times less costly and more importantly far healthier with less fat, sugar & sodium. Lately were overtaken with suggestions of having 2 centimeters of fat 'sculpted' away for $ 2K and teeth in need of a filling replaced with an implant. 2 - 5 ounces of Quality skin cream costs $ 59. - $79.

With unemployment topping 11% it seems you have time to take your kids out of school to enjoy a super expensive cruise to escape our winter that just won't quit.

Nope, not enough income to save a dime.

**Fishindude77** · 04-04-2018, 09:01 AM

The No. 1 reason most people cited for not stashing more away was because they didn't earn enough to save, followed by the fact that they were already struggling to pay bills, GoBankRates said.

Have heard and seen this time after time, however many of those same folks are the same ones who are unwilling to make any change in their behavior to get out of this situation, such as; working additional hours or picking up a second job, curtail their spending on houses, cars, eating out, etc., train to further their career, quit smoking drinking and buying lotto tickets, etc, etc.

The real basic Dave Ramsey stuff would benefit most immensely, but you have to be willing to change.

**disneysteve** · 04-04-2018, 10:12 AM

Originally posted by snafu View Post

having 2 centimeters of fat 'sculpted' away for $ 2K

This reminded me of something I never posted about. A few weeks ago, a woman I work with was complaining that her arms were hurting. I asked her what was wrong and it turned out she had gone for laser hair removal the previous day. Her arms were red and raw from the procedure. I told her what to do about it and didn't really ask any other questions. Later, someone else asked her about it and how much it was. She said she got a "great" deal and it was "only " $600! Not only that, but it wasn't the first time she had gone. She had gotten her legs done and I think she said that was $1,000 and she was planning to go back for additional treatments.

As if all of that wasn't bad enough, keep in mind that this is not a permanent fix for hair growth. Your hair still grows back. It just takes a little longer.

This is an hourly tech who makes somewhere in the $10-15/hour range. So if she's full time, she might be earning close to 30K before taxes. How could she possibly be affording $1,600 and more just so she doesn't have to shave for a few weeks? I do believe she's married so they have 2 incomes but still, what possesses someone to think that's a good way to spend money?

This same person, just yesterday, was talking about how she and her husband want to buy a house but they are not finding anything in their price range in the town they want to live in. Well maybe if you weren't blowing hundreds or thousands of dollars on hair removal, you could save up and spend a bit more on a house.

With unemployment topping 11%

Where is that the rate? The national rate is down around 4% I believe.

**Thrif-t** · 04-04-2018, 01:34 PM

People are so lazy DisneySteve. Gosh how did we go from being such hard workers to such wimps!

42% of Americans are at risk of retiring broke