31% of Americans have no retirement savings at all

[FBaggins]

It's no secret that many Americans aren't saving enough for retirement, but a big chunk of households have saved nothing at all.

Nearly a third, or 31% of U.S. adults said they had no savings or pension to help them afford retirement, according to the Federal Reserve Board.

Even more alarming: 19% of those very close to retirement age, between the ages of 55 and 64, said they had no savings. As a result, more than half of these respondents said they planned to either work full-time or part-time during their retirement years.

...snip...

Plus, around half of workers and the majority of part-time workers don't receive retirement benefits at work, making it even harder to save.

http://finance.yahoo.com/news/31-americans-no-retirement-savings-171100676.html

[msongs]

1. our corporations and its corporate run government need to work harder to take the rest nt

[onecaliberal]

2. I would love to know how many

Of those people are voting for republicans.

[leftstreet]

3. What % of Americans aren't being paid enough? n/t

[edhopper]

4. Do away with unions. check

do away with pensions. check

replace with 401K, but don't pay people enough to contribute. check

keep up a steady attack on Social Security with the dream of looting it. check

The criminal Con Men of the GOP are just implementing their plan.

[Warpy]

5. The gutting of the middle class hit older workers the hardest

especially if they'd done everything according to the playbook: college, job at the "right" corporation, a trip up the middle management ladder as far as their class at birth would take them, investment that started in their 30s.

Then they were booted out the door in their early to mid 50s when a green kid right out of college who would need at least a couple of years to come up to speed was more cost effective. With ten years to go until Social Security kicked in and gave their income a boost, they had to start living on their retirement savings to keep their executive style roof over their heads because the real estate crash meant they couldn't sell it.

Eventually, to stem the flood of red ink on the balance sheet, they got McJobs because bringing in a pittance from a convenience store beat the hell out of having no money coming in.

When they finally get Social Security, it will be based on their highest earning quarter, so that plus the McJob will allow them to stay in their home, but the lifestyle will be Spartan, to say the least.

That's going to keep kids right out of high school from that first, entry level job. That's another tragedy building because angry kids with no hope create one hell of a lot of social problems.

The way workers are treated in this country is abominable. Workers thrown out of middle class jobs in their 50s should be eligible for half benefits, the full benefits kicking in at 65, not 66 or 67. Medicare eligibility has to be lowered to at least 55. And corporations need to start coughing up their income taxes like all the other "persons" in this country.

[redstatebluegirl]

6. 2007 2008 killed my dream of a comfortable early retirement

My retirement account took a beating, it never recovered. I was forced to take early retirement due to a chronic illness (no not eligible for disability). I really thought after going through the numbers I could do it comfortably since my husband would continue to work but that was not to be. I am now looking for something part-time to help out.

We are luckier than a lot of people, but if something happened to my husband I worry I would be in big trouble financially. We took care of two elderly fathers and that took it's toll.

It is tough to have enough even if you feel you have earned a good income. We earned a good middle class income, not enough in today's world.

I pray for some people I know who have NO retirement, I wonder how they will survive.

[gateley]

7. And I'm one of them. nt

[JCMach1]

8. with interest rates for savings at or near 0% where is the incentive?

[FBaggins]

9. Savings and investments are not the same thing

Getting a nice return is useful, but if you know there will be an extended period in the future when you won't be making much money... low returns are not a reason for not saving.

Not getting paid enough to live now and still save... That'd different.

[JCMach1]

10. they are both bad...the days of squirreling savings away

has been destroyed by low interest rates, inflation, and stagnant wages...