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43 Percent Of Americans Have Less Than 10,000 Dollars Saved For Retirement

The United States financial system is facing a retirement crisis of unprecedented magnitude in the coming years.  Social Security and Medicare are both on the verge of collapse, and both private and public pension funds all over America are massively underfunded.  Now new data is revealing that the number of Americans who have virtually nothing saved up for retirement continues to grow at a rapid pace.  According to the Employee Benefit Research Institute’s annual Retirement Confidence Survey, the percentage of American workers who have less than $10,000 saved for retirement has grown to 43%.  The number of American workers who say that they have less than $1,000 saved for retirement has grown to 27%.  But perhaps this should be no surprise considering the fact that tens of millions of Americans are just trying to figure out how to get through each month financially.  After all, it is really hard to plan for retirement when you can barely pay your mortgage. 

Retirement has always been portrayed as the “golden years” at the end of the American Dream.  But for millions of Americans the goal of retiring comfortably is farther away then ever. 

In fact, an increasing number of Americans are having to delay retirement.  The survey also revealed that 24% of American workers say that they have postponed their planned retirement age in the past year.  This figure was way up from 14% in 2008.

But even if millions of Americans won’t prepare for retirement, won’t Social Security take care of them?

Don’t count on it.

The truth is that the Social Security and Medicare programs are absolute financial disasters.  Just check out this short video….

Social Security and Medicare are not going to be there in the future like they are today.

We have created a system which is fundamentally unsustainable.  There is simply not going to be enough money in the future to pay out Social Security and Medicare benefits like we are doing today.

If you are under 50, you should not count on Social Security being there for you in the future.  It still may exist when you retire, but it will likely only provide enough for you to eat dog food and live in a shack.

If you are under 40, you should not count on ever being able to retire unless you can finance it by yourself. 

In fact, we all need to start learning how to take care of ourselves.  The welfare state is falling apart, and we cannot trust that it will be there for us in the future.

Now is the time to get out of debt, build new streams of income and become as financially independent as possible.  The American Dream is dying and very hard economic times are ahead. 

You better get ready.

  • Greg

    God’s word is always 100% accurate. We are about to see the fulfillment of the promise – what we sow, that we shall also reap. When we imposed the death penalty on unborn babies and allowed any mommy to butcher them in the womb we guaranteed that the same violence would come down on the heads of those who brought us this “freedom” and on those who practiced that sacrifice to Satan. All the puzzle pieces are now in place for the unstoppable genocide that is going to bring about the death of millions of Baby Boomers – the same generation that brought us abortion on demand. Now our blood will be demanded as well and our screams will be as ineffective as the screams of the babies from within the womb.

  • Eli

    When it comes to earning money, saving money and planning personal finances, most of our countrymen are fools and behave like little children. Here are some real life examples.

    I have a coworker who is 26 years old. He earns $73,000 per year. He earns more money than most average Americans do yet he spends every thin dime, every red cent and every George Washington he can find. At the end of the month, it is all gone! He recently bought two cars; one Hyundai Genesis coupe and one BMW for his wife. He sated “oh you can’t take money with you when you die” (a very typical excuse used to justify financially reckless behavior). He always thinks that he will save money “in the future” and I seriously doubt that, that day will never come.

    My uncle has always lived way beyond his means. Image is more important to him and his family than anything else. Even though he is broke, he drives an expensive car (a Lexus) and lives in a huge condo. That is the way he lived and now his kids have copied his reckless behavior.

    Most Americans spend away anything they earn and don’t care about tomorrow. Well tomorrow has arrived and now they have no one to blame but themselves. I hope they are happy with their expensive hand made Italian leather shoes and $90 haircuts!

  • Jeff

    All my working life, Social Security taxes were taken from my paychecks. Now I can expect to see nothing in return.

    Americans are by our very nature, reckless when it comes to spending. I would see nothing wrong with “mandatory savings”. Every paycheck would show a mandatory 10% deduction for retirement savings. If the money is taken before you have a chance to spend it, you’ll never notice it’s gone.

    I’m 51 and have less than $10,000 cash. Lost my job 2 years ago. Oh yea, it’s gonna be a really bumpy ride.

  • Kaiser

    God loves us this I know because the bible tells me so…since he loves us so much and gave us free will I doubt that he is coming after the baby boomers for abortions…he might be coming after us for Iraq, Afghanistan, Vietnam and all the other illegal, unprovoked wars we’ve found ourselves involved in…but abortions…hahahaha…..what about all those innocent BORN human lives we’ve slaughtered? Now back to the topic at hand…Great Article…too bad Greg can only comment out of vengeance…Isn’t there a saying in the bible, “Vengeance isn’t thine, sayeth the Lord.”

  • Buford

    Kaiser. I hate to tell you but more humans have been aborted than killed by Americans in all wars put together. Moe, Che, Hitler, Stalin or the people the left wears T shirts of have killed more than Americans also. Go live in Iran. If your gay you better not because they hate gays. You should be happy with the US even if you hate it.

  • wolfie52

    Replying to “God’s word is always 100% accurate” wtf? Sorry there is no god and according to “his” word he was coming back to earth in the lifetime of his contemporaries. So if that is his word, he got off to a bad start.

    And to Jeff and the idea of mandatory savings, what do you think Social Security and Medicare are? Making people “save” something for retirement.

    People do need to stop spending and thinking every time they buy something, what is the REAL COST, and do you really need it. I am of average income, and have NO DEBT, live comfortably, travel, and have WAY MORE than average saved for emergencies and retirement. It can be done—but stay away from debt!

    • http://www.google.com/ Dorothy

      Great alrtice but it didn’t have everything-I didn’t find the kitchen sink!

  • Marista

    QUOTE: “Americans are by our very nature, reckless when it comes to spending. I would see nothing wrong with “mandatory savings”. Every paycheck would show a mandatory 10% deduction for retirement savings. If the money is taken before you have a chance to spend it, you’ll never notice it’s gone.”

    OMG, that’s what Social Security IS! Or, more accurately, was. But all that money was too tempting for our politicians to raid and replace with IOUs, and besides, the whole thing (like Medicare and the infamous Prescription Drug Benefit) was re-arranged into a Ponzi scheme whereby the early beneficiaries get amply rewarded and their grandchildren get shafted.

  • David

    Quit buying foriegn junk. Buy local, we could be self sufficient if anyone tried. You think going to Walmart to save a few bucks is helping America? Drive you car till it’s dead. Ride a bike. Shop small business and we can turn this around.

  • Eric

    I think we all stop making excuses I have a horrible life and I’ll be the first to admit its because of my own doing.