Comments about ‘Retirement savings not catching up with improving economy’

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Published: Friday, Aug. 23 2013 4:15 p.m. MDT

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wer
South Jordan, UT

Is the economy really improving??

carlyt
ny, NY

The problem with retirement savings and planning is that there is a lack of education. There should be mandatory education about retirement planning and saving/investing starting in elementary school right through college. Retirement savings/investing should be ingrained in everyone like brushing teeth on a daily basis. There are many sites that provide retirement information. I can never understand why people do not take advantage of the information on these sites to educate themselves. In most cases it is free. The one I am using is Retirement And Good Living which provides great information on a wide variety of retirement topics including finance, health, retirement locations, volunteering, part time jobs and more.

Gildas
LOGAN, UT

I have to agree that buying an expensive sports car is very dumb. So is spending a small fortune on a wedding rather than putting a down payment on a modest home. So is saving nothing even though you receive virtually no interest.

First, though, you have to have a job and the economy is not really improving. Show me I'm wrong.
Then people have an uneasy feeling vaguely connected with the Enron scandal. Then again you don't think about saving when you are young and you have little to save if you are raising a family. Taxes keep going up and so do college fees, doctor fees, and demands from elementary and High schools.

When you are older and your children are grown up, and they have finally left the nest, and you have paid for their expensive weddings, you start to be wiser. You run a cheap car of course, and start to save. You are fired prematurely from your job so younger, cheaper employees can be hired, for a 30 hour week. Then you have no wages and you retire early so you can have some income, after you have spent all your savings.

ImaUteFan
West Jordan, UT

Agree with you, Gildas. And add to that the constant pressure to "keep up with the Joneses", especially in this state. It's hard for people to save when they are endlessly spending their money on newer cars, recreational toys, designer clothing, etc. Not to mention the need they feel to upgrade their homes to bigger and better every five years.

I live in a modest west-side neighborhood with adequate homes, generally ranging from 2400 - 3500 square feet. However, there are many younger couples who moved out years ago because they considered these "starter homes". Ridiculous.

wally1121
Taylorsville, UT

I hope you enjoyed your RX-7.
Do you still have it? I hope so, because that's where you'll be living for the rest of your life.
Pay yourself first! I did that and retired at 58. I haven't punched a clock for years.

andyjaggy
American Fork, UT

I am 31 and have been contributing 3% of my salary to my 401k for 5 years now. My employer matches up to 3%, so that's what I do. At this point I have a rather measly 15,000 grand in my account, which doesn't inspire much confidence. However when plugging my numbers into a 401k calculator, it estimates that if I keep doing what I am doing it will be close to 1 million when I am 65. I'll believe it when I see it, my generation has little to no confidence in the stock market, but it at least gives me hope that I may be able to retire someday.

Kings Court
Alpine, UT

This is a no-brainer. How can retirement savings keep up with an improving economy when wages can't keep up with an improving economy.

george of the jungle
goshen, UT

Prepare for the worst and hope for the best. So how do you plan for this money mess the world is in.

Gildas
LOGAN, UT

Utefan

Thanks for the feedback. I bought my own home before I was married, a modest home of about 1,000 square feet in a low status neighborhood. I hate debt and bought when home prices were very low. I hate debt so try to do without it. When I felt we needed a vehicle we paid it off in two years or less.

There is a great deal that is unpredictable so that I think in terms of surviving in retirement and do not expect much from the present economy. Many people have nothing left to save but I hope they will find a way to put something aside and skip all of society's pointless expectations and every wasteful status symbol.

Aggielove
Cache county, USA

Question. I see the stock market dropping big time, like in 2001. I'm thinking of taking the401k and laying off the house. Thoughts?

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