/biz/ - Business & Finance

The bad news is that many seniors don’t have the retirement savings they thought they’d have. That’s especially the case for those who didn’t have coveted jobs with defined-benefit pensions or 401(k)-matching programs. In fact, only 35% of Americans between the ages of 55 and 64 — which is to say, those nearing traditional retirement age — have a pension or retirement savings held in a 401(k) or IRA, according to a report by the Joint Economic Committee in 2020.

To put it in perspective: the recommended savings for retirement is six times one’s current income at age 50, according to the report. Meanwhile, even among those Americans between 55 and 64 who do have retirement savings, the median account balance is just $88,000, the report says.

Another factor motivating seniors to delay retirement is that the longer they work, the more they can collect when they start claiming Social Security.

“Every year you delay, that’s a raise you’re giving yourself forever,” Sanzenbacher said.

Women and people of color are much more vulnerable to financial insecurity in retirement, according to the Joint Economic Committee. Its report shows that while white men had a median income of $65,000 in 2019 and white women earned $48,000, Black men earned $47,000 and Black women just $40,000. Hispanic men earned $40,000 and Hispanic women $33,000.

Additionally, more than 40% of older Black and Hispanic workers were performing physically demanding jobs in 2018, according to the Schwartz Center report. The proportion of older white workers in such jobs, meanwhile, was less than 30%.

One solution, proposed by Siavash Radpour, associate research director of the Retirement Equity Lab at the Schwartz Center, would be to open up opportunities for all older Americans to help them keep working.

“The solution is to invest more in technology to make workers more productive and reduce the physical demands of jobs,” he told AARP.

>>55994327
>Women and browns people are retarded
Not news

>>55994319
>>55994324
>>55994327
more and more seniors from both ends of the political spectrum will find it viable to move to poorer foreign countries
remember this comment and watch
its literally the only way
you can't retire IN AMERICA
imagine someone from Kazakhstan saying they have $500K and want to retire in the US, you'd laugh at them

>>55994327
>“The solution is to invest more in technology to make workers more productive and reduce the physical demands of jobs,” he told AARP.
meaning staff all of walmart with old people just standing there around self checkout and roombas while younger people just get fucked

>>55994327
>“The solution is to invest more in technology to make workers more productive and reduce their physical income”
FTFY

>>55994324
>no 401k, roth ira OR pension
Jesus christ wtf have they been doing all this time????
I have a maxed 401k & a roth IRA, I throw about $500 into my roth IRA every month to max out the $6500

>>55994319
More migrants will fix this i am sure.

yes

>>55994936
Oh and printing more money...

This reinforces the whole 'boomers entire value is in their shifty overinfated home'

>>55994319
i'm moving to a cheap country that doesn't have violent savages if I can find one.

If you're working past the age of 65, you didn't plan your finances very well.

>>55994952
dingdingding

they got rich ON PAPER and now that its time to actually get the cold hard cash whoa hey wait a second buddy hold on there its not that easy.

america is not a place to retire. it's a place to make it and move back to your country

>>55994319
WHY AM I STILL PAYING SOCIAL SECURITY TAXES THEN
AHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH FUCKING JOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOZZZZ

my dad has $6k saved in his 401(k) at age 54. I'm not memeing. my mom has none, but she works for a school so she might get a pension. their plan is to live off social security.

the best part? my dad think he's gonna retire early.

It's always funny watching agitation shills scream about boomers being rich while ignoring how many have to work bullshit jobs just to eat.

>>55995086
He probably has a pension+SS

>>55994327
>while white men had a median income of $65,000 in 2019
>is about 75,000 in 2023 AFTER so-called wage hikes
Everyone in this country is so poor it's crazy.

>>55994888
>meaning staff all of walmart with old people just standing there around self checkout and roombas while younger people just get fucked
That has been the boomer MO for 40 years
>son, you need a job? Tough shit, I hired Paco instead.

>>55994992
Boomers deliberately devalued the wages of the next generation to make things cheaper for themselves.

>>55995117
People don't scream about them being rich, they scream about them being shitheads who squandered every last dollar.
>agitation shills
Go back to red dit or whatever, 4chan has hated boomers for 20 years for being out of touch warmongering selfish dipshits.

>>55994920
$6500 x 10 yrs = $65,000

>the recommended savings for retirement is six times one’s current income at age 50

>white men had a median income of $65,000

You need to save at that rate for 60 years. Obviously compound interest at 4% per year during your saving years means that you only need to save for ? years, but come on, retirement is not possible for 90% of people.

>>55994319
>29
>Own my apartment outright no mortgage; $500/month in hoa/taxes combined
>Only $75K in 401K and another $14K in an IRA

Am I gonna make it?

>>55995394
My roth ira does a lot better than 4% my guy lmao. My savings bank account has 4.5% interest.

>retards wonder why everything is more expensive

Meanwhile seniors occupy single family homes in major cities while their kids live 2 hours away

>>55995394
>Roth IRA
>4%
Go look at the average return of the s&p during the boomer workforce participation years lol imagine having the easiest financial situation of all time and still blowing it

>>55994319
I don't think I ever want to retire. Shits scary as fuck. All the old people I've ever known that retired got senile in like 5-10 years from doing nothing but sit around all day.
Meanwhile all the working people I know are sharp and spry well into their late 70s. And I work in an academic hospital, so its not like its desk work.

IDK, I don't think we were designed to just sit in a Florida tiny home and fuck each other all day.

>>55994327
>>55994349
Yeah this makes no sense at all. Black boomers were probably paying something like $10 a month for rent. Imagine how fucking easy their lives were. Get an easy job at the local factory for $20 an hour for 20 years then sit on your ass for the rest of your life

>>55995715
>>>/pol/

They'll just get rid of all retirement benefits or forfeit your home to fund it. Boomer cannot lose.

>>55995294
False

>>55995680
Surprise, most people dont have a real hobby. Theyre drones that live to work.

>>55995680
get hobbies, ideally physical that you can do in old age(and continuing to do so will extend the age that you can continue to do so), ones that are mentally stimulating, and any others just to keep yourself occupied. work is work, on average it is not in itself enjoyable, find things that are enjoyable that have the mental and physical benefits that you desire

>>55995680
Most of that is due to lack of exercise and mental stimulation. Yes, sitting around watching TV will rot both the brain and the body.

I dont see the point of a 401k or retirement tax free funds desu. I dont the economy will last until my retirement. Im only 20 yrs old. Before then, the economy will have a hard reset or the government will find a way to negate us from retiring altogether

>>55994319
already prepared

>>55994994
Amazing how brown people can figure this shit out but White people can't.

white people are retarded, your suppose to have many kids so you can live in one of their houses rent free in retirement, retarded americans were psyops to retirement accounts lol

how do you think the rest of the world does it

>>55994319
i'm planning to kill politicians when i run out of money

>>55995294
>>55995117
I have 2 boomer uncles born in the early 60’s, one has net worth around 500k including their house. The other has a negative net worth. They’re both banking on their 90 something parents dying and leaving them about half a million each to be able to retire.

>>55995795
>do things that are basically like a job except they aren't because le work is slavery and cannot be enjoyed

Lmao you retards. My job already feels like a hobby to me but instead of jacking off i'm actually helping people.

Do americans have to save for their retirement by themself? In first world countries all people get pensions and the amount increases the more money they make during their lives. My boomer dad get's a stupid high pension (the amount a white collar worker gets from working here) but he invests it in property me and my siblings will inherit.

>>55997208
Pensions have become way less common

>>55994327
>The solution is to invest more in technology
What technology?

>>55997208

Pensions died in the 80s. My mom is an RN and apparently they used to have pensions. She was like the second to last year to get one.

>>55997297
>>55997360
I can't believe americans were stupid enough to believe the "rich people are rich because they are intelligent and thus should not be hindered by taxes" and "socialism is for lazy people" lies by rich people and allow their basic welfare to be taken away. Truly dumbfounded.

>>55997314
Wage pods and amphetamines

>>55997360
new yorkers get pensions

>>55995545
>"owns" an apartment
>still has to pay 500 bucks PER month to some kike
Anon thats the rent for some people here lmaoo, please tell me it includes utilities atleast

>>55997208
Pensions are a scam, literal ponzi scheme. Imagine bragging about getting your money stolen.

>>55994319
not really
I put everything into ETFs and stocks that pay a nice dividend so I get enough passive income to reduce my work hours. I already reduced my work hours by 20% and I swear to god anons, a 4 day work-week is a blessing. I have more free time for hobbies and friends, I finally get enough sleep etc. I'm in my early 30s and more free time while my body is still somewhat in shape is honestly worth a lot more than an extra 100k when I'm 60 if I would only invest in growth stocks and ETFs that reinvest their dividend.

>inb4 just sell your stocks, its the same
no

what would you choose anon?
>$100k extra at 60 years old
>1 day less waging while you're young

imagine not fucking off to south east asia by 45 and retiring early with your health kek

>>55998797
Sure bro, pensions being a scam is why americans don't have retirement money anymore. You're exactly the kind of gullible fool i'm talking about.

>>56000381
Americans who are too stupid to save for retirement have no retirement. Enjoy being forced at gunpoint into paying 20% of your wage into a ponzi, I guess.

>>55997208
Those pensions are going to get rugged real soon. Your boomers will deplete what’s left and you’ll get nothing

>>55994327
>“The solution is to invest more in technology to make workers more productive and reduce the physical demands of jobs,”
https://wtfhappenedin1971.com/

>>56001597
At least in my country the investments are generating more money than boomers are getting with their pensions

>>55994319

Retirement as a concept is a historical anomaly, nothing more than an unsustainable FDR campaign promise. It's a structuring of society where some are expected to contribute, others aren't, and people become entitled to stop helping out once they reach a certain age.

People expect to live a luxury NEET lifestyle for 20 years and are aghast at how much it would cost. No shit.

>>56001976
>people become entitled to stop helping out when they reach a certain age
For me, this age was 30. Retirement is wasted on the old. Looking forward to 5+ decades of leisure and enjoyment. Back to work wagies!

>>55995680

The day I am no longer capable working as a blackjack dealer is the day I say my goodbyes. If I am unable to stand, turn over playing cards, and count up to 21 then I'm already dead.

>>55995792
>>55995795

Hobbies are just work that you don't get paid for. It's an absolute tragedy that the notion of retirement has absolutely poisoned the notion that work can be meaningful. Go hiking with a walking stick and it's a healthy hobby, put a spike on the end of that stick and pick up litter on the way and it's "Work".

>>56002113
Interesting point that OP a lot of it seems to be perspective

>>55994319
pretty good. i call it plan g.

>>56002003

Why did you wait until 30? At your age you could have capitalized on the historical housing low, bought a cheap place for under $100,000 and had it paid off by 25. At that point public assistance covers your food and medical.

>>55994324
The good news is no one sane still lives in US so no one really cares about rekt boomers.

>>55997083
>how do you think the rest of the world does it
old farts are living in extreme poverty and being malnurished by their family or straight up abandoned then starve to death, bathing in their own shit. Such is the fate of the old shitskin.

>Boomers are privileged
>Boomers are getting fucked by the system

Which is it? The truth is, most people are short sighted retards who piss away everything they earn and end up destitute at the end of the game. That's why Social Security was ever created, to save retards from themselves.

What can you do? Invest in something. You're paid for your time. Houses, stocks, gold, bitcoin, whatever, dump your spare money in it and let it sit for decades. Compounding returns and time will guarantee you security. It's that simple, stop fucking bitching.

>>56002582
The Boomers are privileged in that they lived in what probably was the most prosperous time in human history. They got fucked by what they voted for

>>55994319
The solution is to invest in crypto for an early retirement. Just ensure those coins will survive in a bearish market. I've got mine already: Hbar, DUA, VTHO, CSPR, MATIC.

>>55994319
I'm retiring at 28.

>>56002778
Based. Work is for faggots

>>56000290
I'm already doing this at 35. Yesterday I creampied a 19 year old viet teen with a natural bush. Shit was cash

I have no sympathy for broke boomers. They had literally the greatest economy in the history of the world.