News Flash.... those who have no discretionary income don't save as much as
those who have high earning potential. Did anyone expect anything less then
that kind of result?The latest jobs numbers bear this out. More
people are working far further into their "retirement" years... taking
low income jobs to make ends meet, and as a side effect, keeping jobs that young
people normally would have taken. The group with the lowest unemployment rate
is the 55 plus age group, and yet they are participating in the job market at
the highest rates ever.The big crash in retirees is yet to come when
who had employer pensions fades, and the new generation of employes retire with
no employer backed retirement to help them. Senior poverty levels are going to
explode in numbers...... just my opinion, I could be wrong.... I hope I am .
No, retirees are failing. A 401 k in and of itself cannot fail. Typical liberal jargon that moves away from personal responsibility.
So people who are married and have better education tend to plan and prepare for
retirement better, on average, than those who aren't married or who have
less education. OK. Sad, but not exactly surprising.Of course,
with the inflation we've seen these past few years in gasoline, groceries,
and other basic goods and services, it is little surprise if people have less
ability to contribute towards retirement. Throw in the high unemployment rate,
the increased cost of health insurance premiums, and the new Obamacare taxes
and/or mandated insurance costs that are coming, and it's a miracle if
anybody has any money at all left over to put into a retirement account.
The obvious objective of this "study" by the Economic Institute is to
set the stage for expansion of the Social Security program. Clearly, if we
can't take care of ourselves (via 401k accounts), then *someone* has to
provide for us, right? Uncle Sam to the rescue! Isn't that the next logical
conclusion? That's what they'd have us believe, at least.