Millions of Americans are approaching retirement age with no savings

[bnew]

Millions of Americans are approaching retirement age with no savings

Cumberland, Rhode Island — Maryann O'Connor juggles two jobs, sometimes working up to 11 hours a day, something she never expected to do at age 66. 'I hope to be retired, playing the piano again, enjoying my life,' O'Connor said. With no savings or 401(k) — not even enough to cover an emergency...

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by Harriette Wendell
about 24 hours ago

Cumberland, Rhode Island — Maryann O’Connor juggles two jobs, sometimes working up to 11 hours a day, something she never expected to do at age 66.

“I hope to be retired, playing the piano again, enjoying my life,” O’Connor said.

With no savings or 401(k) — not even enough to cover an emergency — she sold her house and bought a smaller one with two other women.

“It’s a matter of life and death,” she said of her current financial situation.

Millions of Americans approaching their golden years are still not financially prepared for retirement. According to data from the US Census Bureau, 50% of women and 47% of men between the ages of 55 and 66 have no retirement savings.

O’Connor, who adopted and raised three children as a single mother, said she knew she would be part of that group.

“I have a philosophy to live for now, I guess,” O’Connor said.

For her and others without a nest egg, experts said it’s not too late to make a plan. According to AARP, that includes keeping working, lowering the cost of living, saving when you can, and delaying Social Security benefits until age 70 in order to get the highest monthly check. possible. You should also avoid risky investments that you believe will make up for lost time.

“The higher the promised returns, the more real research you want to do before investing your money in something like this,” said David John, senior policy adviser for the AARP Public Policy Institute.

According to AARP, nearly 57 million Americans work for an employer that does not offer a retirement savings plan. O’Connor said his advice to young people is to start saving now.

“I wish I had started earlier,” O’Connor said. “But I guess I would say now that they need to start planning as soon as possible.”

As for O’Connor, she continues to work. She formed a travel planning company for women’s groups, and it allows her to see the world for herself, even as she works while doing so.

 

[tay1]

**** is expensive in parts of the country. While wages aren’t increasing. Couple that with peoples lack of responsibility with finances; it’s expected.

 

[Wild self]

America needs to make a Second New Deal, to make sure senior citizens can retire comfortably without working jobs just to pay artificially expensive bills.

 

[Water]

I got so many aunts and uncles in the same situation .

I'm just thankful moms was able to retire before 70 even though I gotta supplement her income.

 

[Chrishaune]

Don't buy into this lie. Most people are not going to be able to retire. They'll make sure inflation takes care of that.

Social Security was at least something to fall back on to help, but we won't have that.

 

[J_rock]

America is one of the worst places you can retire in the world. Not only does the government not give a fukk about you, a lot of times, your kids or other family members don't give a fukk about you either. Especially in cac communities.

In black households and immigrant families, the kids or aunts and uncles often step in to make sure the older generation gets taken care of.

 

[Voice of Reason]

The top 1% is squeezing out the middle class.


They have these private equity and hedge fund firms buying up all of the real estate and zapping up all of the small businesses and investment opportunities.

 

[ORDER_66]

shyt is sad... didn't none of these people make investments, have nest eggs, 401k's??? im trying to do this now before retirement age and it's hard asf...

 

[Chrishaune]

shyt is sad... didn't none of these people make investments, have nest eggs, 401k's??? im trying to do this now before retirement age and it's hard asf...

You'd be surprised how many people bought into that and lost money over the years, investing in the wrong things.

Tangible resources is the best way to invest.....land/farmland (in the right areas), gold/silver, natural resources.

 

[ORDER_66]

You'd be surprised how many people bought into that and lost money over the years, investing in the wrong things.

Tell me about it... grifters and shade hedge fund guys steal their clients money so easily...I tried to put my moms & family on to invest but they very hard headed... could have been well off by now if she went full tilt on alot of things... but it takes real money to invest not pennies...

 

[Seoul Gleou]

shyt is sad... didn't none of these people make investments, have nest eggs, 401k's??? im trying to do this now before retirement age and it's hard asf...

I dont think you know how financially illiterate the average American is

Most Americans are a paycheck or two away from the streets

 

[Paper Boi]

only going to be worse for future generations if something isnt done about rent/housing costs. it is really hard for a lot of people to save.

 

[Rockstar Mom]

I’m glad my parents were able to retire in their 50s, so I wont have to worry about them too much financially.

 

[LadyJ2]

Who cares really though? Old people are slow and usually sickly in some way. They aren’t going to destroy society.

It’s the folks 18-30 who are broke that are causing the most trouble tbh.

Take care of your family and they will take care of you!

 

[OfTheCross]

Millions of Americans are approaching retirement age with no savings

Cumberland, Rhode Island — Maryann O'Connor juggles two jobs, sometimes working up to 11 hours a day, something she never expected to do at age 66. 'I hope to be retired, playing the piano again, enjoying my life,' O'Connor said. With no savings or 401(k) — not even enough to cover an emergency...

sion5.com

[/U]

by Harriette Wendell
about 24 hours ago

Cumberland, Rhode Island — Maryann O’Connor juggles two jobs, sometimes working up to 11 hours a day, something she never expected to do at age 66.

“I hope to be retired, playing the piano again, enjoying my life,” O’Connor said.

With no savings or 401(k) — not even enough to cover an emergency — she sold her house and bought a smaller one with two other women.

“It’s a matter of life and death,” she said of her current financial situation.

Millions of Americans approaching their golden years are still not financially prepared for retirement. According to data from the US Census Bureau, 50% of women and 47% of men between the ages of 55 and 66 have no retirement savings.

O’Connor, who adopted and raised three children as a single mother, said she knew she would be part of that group.

“I have a philosophy to live for now, I guess,” O’Connor said.

For her and others without a nest egg, experts said it’s not too late to make a plan. According to AARP, that includes keeping working, lowering the cost of living, saving when you can, and delaying Social Security benefits until age 70 in order to get the highest monthly check. possible. You should also avoid risky investments that you believe will make up for lost time.

“The higher the promised returns, the more real research you want to do before investing your money in something like this,” said David John, senior policy adviser for the AARP Public Policy Institute.

According to AARP, nearly 57 million Americans work for an employer that does not offer a retirement savings plan. O’Connor said his advice to young people is to start saving now.

“I wish I had started earlier,” O’Connor said. “But I guess I would say now that they need to start planning as soon as possible.”

As for O’Connor, she continues to work. She formed a travel planning company for women’s groups, and it allows her to see the world for herself, even as she works while doing so.

you don't need retirement savings when SSA pays you $1000 a month and your home is paid off