Aging Americans unsure they can afford to retire -survey

[UpInArms]

Source: Reuters

NEW YORK (Reuters) - A third of Americans 50 and over are not confident they will have enough money to retire, and more than two-thirds expect to keep working well into old age, according to a survey published Wednesday.

The report, commissioned by retirement services firm SecurePath by Transamerica, suggests the surge in companies offering defined-contribution 401(k) plans has not displaced Social Security as the ultimate safety net for retirees. Sixty-one percent said the program would provide them with their main source of income in retirement.

"A huge percentage of people say they rely on government because it's the one thing they know is dependable," said Will Prest, chief marketing officer at Transamerica Retirement Management in St. Paul, Minnesota.

<snip>

"Seven in 10 workers aged 50 and older have already faced a period of financial difficulty that shook their confidence and created stress," the study found.

Read more: http://www.reuters.com/article/bondsNews/idUSN1162119020080312?sp=true

[antigop]

1. and, imo, the Dems were no help with their support for the so-called Pension "Protection" Act

Thanks for nothing, Ted.

[jojo54]

2. Yup! This is me and hubby.

Hub is considering going back into management, something he swore off of about 15 years ago, just so he can make more money to stick into our IRA.

"A huge percentage of people say they rely on government because it's the one thing they know is dependable".....not any longer, IMO.

[tanyev]

3. "they rely on government because it's the one thing they know is dependable"

Only if it can be repaired once GWB is gone.

:(

[Samurai_Writer]

4. I've known since I was in my 30s that I wouldn't be able to afford to retire

I'm 47 now, and it's looking less and less likely that I'll be able to retire. I've been laid off 3 times in the past 13 years, and each time, I've had to raid my 401K just to keep myself afloat until I found another job. 401Ks are the great Republican scam of the latter 20th century. Instead of having nice, secure pensions like our parents had, we are stuck with plans that are financially risky. I will be relying on social security in my later years as well. And if there is no social security, I guess I will be one of the millions of homeless seniors that will be around when social security is finally raided into oblivion.

What happened to the 'lock box'?

[LiberalEsto]

8. The lock box was stolen with the 2000 election

I just turned 56, and nobody wants to hire me.
I never had trouble getting hired when I was younger. If I made it to the interview phase, I almost always got the job.
This economy sucks, and that's just the way the corporations like it.

[antigop]

11. And what have the Dems done to encourage defined benefit pensions? Nothing that I can see.

Seems to me that part of the Dem platform should be "Pensions for all" -- the defined benefit kind.

NOTE: Technically, 401(k)'s are pensions -- they are defined contribution pensions.

I want the OTHER kind -- the defined benefit -- not 401(k).

With COLAs.

Ask any actuary and he/she will tell you that the most efficient method of providing retirement benefits to a large group is through a DEFINED BENFIT (not 401(k)) plan. (JUst like single-payer health is the most efficient for providing healthcare.)

[Javaman]

5. I'll die at my desk, that is of course the economy doesn't collapse first

and my job vanishes.

[acmavm]

6. Unsure my ass. Hell no we can't afford to retire. And no one will

want to employ us when we get older either.

What a country this is since those family values bastards took over.

[pattmarty]

7. My wife and I retired at ages 54 & 50 (modestly) strictly.........

......on MY PENSION AS A TEAMSTER. Now what the fuck does that tell all of you? Come on class, this is an easy question.

[spinbaby]

12. My husband had a pension

From a company that he worked for through the 70s and 80s. The pension fund no longer exists. They sent us $30,000 when they dissolved it.

[RaleighNCDUer]

9. I am very confident

that no fucking way will I be able to retire in 11 years.

"Welcome to WalMart - do you need a cart?"

[onehandle]

10. Retirement is nearly impossible for me, but luckily men in my family die young.

Women in my wife's family live to a hundred. She'll be working for many more decades.

[peace frog]

13. My husband will continue his consultant business

well past the time he finally leaves the corporate grind. It's better to be your own boss while you're young and healthy, but when you're old and decrepit it's as hellish as toiling in the corporate fields. Fortunately, I will retire with a modest pension from my career with the state of Florida but will probably work with my husband to promote his software consultant business. No rest for the goddamn weary, I tells ya.

[peace frog]

14. My husband will continue his consultant business

well past the time he finally leaves the corporate grind. It's better to be your own boss while you're young and healthy, but when you're old and decrepit it's as hellish as toiling in the corporate fields. Fortunately, I will retire with a modest pension from my career with the state of Florida but will probably work with my husband to promote his software consultant business. No rest for the goddamn weary, I tells ya.

[Wcross]

15. I'm confident at 44 y/o now that I will be able to retire at some point.

I have been saving regularly in my 401k, I have a pension plan where I work & MOST importantly I am debt free & own my home. I have NO PLANS to get into further debt and am now able to sock away 25% of my income into my 401k.

[Schedrin]

17. You think.

You have no idea what can come down the road at you, my friend. At your age I was pretty confident, too. Following untimely deaths in the family, health problems, and losing a high-paying job at an age where no one will hire me (and anyone who thinks age-discrimination isn't one of the major job discrimination practices, hasn't been in my shoes), I found myself homeless and without health care. I'm getting by through the kindness of friends and family, I've had to raid my retirement accounts, still can't find work after three years, and it's hell and it's bleak. I've found myself "over-qualified" for low-paying jobs, and the ones I could definitely handle with skill and experience are given to younger and cheaper candidates. You have no idea what can happen, no idea. Just don't be too confident.

[Wcross]

18. While I am not assured retirement, I am doing all I can to get there.

I doubt I will become homeless due to the fact it is paid off. My total expenses are such that a job at McDonalds would be sufficient. I have long term disability insurance in place. I am now building up a cash emergency fund that I hope to build to one year of expenses.
I know that nothing is guaranteed but I am doing my best to do all I can.

[InkAddict]

16. Red meat and cheesecake, gin and Joe Camel are more reliable.

Sarcasm aside, I'm counting on it--as selfish to the rest of you as this sounds. When I keel over, perhaps earlier than if I'm politically correct and start eating right, become a teetotaler, and go on Chantix now (if I don't get hit by a bus, an assailant, or the newest fashionable plaque), just summon the ox cart.

If it doesn't go down that way, then I guess I'd just like some of that there refined Afghan poppy juice (I've always refrained from all the illegal ones, and it would be a good time to try one, just once). I've got a high pain threshold but I tend to avoid having it kick in. Get a court order to keep me consuming and raising your costs of "universal healthcare" I dare you.

However, I still think that a new plan will be good for the children and younger planners of a better world. You can see where my good intentions went. My few, maybe 4, loved ones will mourn a while, but life goes on...until it doesn't.

I see no future in the slavery planned for the elderly in THIS country, and the less time I'm forced to participate, the better. Still, I'm trying my best to enjoy the process, as they say.

[kineneb]

19. I'm perfecting the art of living on less than $1,000/mo now

"retirement," what the hell is "retirement"?

We live on Hubby's disability payments. Before food and gasoline, our bills are about $700/mo. We still have all the household stuff from when he was working, so our basic physical needs are covered.

I am now qualified to give advice on low-income living...

When he dies, which will probably be near future:cry:, I have to figure out how to survive on my own. Starting over at almost 50, after 26 years of marriage, will be difficult. I expect I will re-join the underground economy, and return to teaching piano lessons, etc. I don't expect to be working in a job which provides any benefits, but at least I already know what services are (for now) available for the poor.

The other alternative is to completely opt out and leave everything behind. A music friend and his family has offered to sponsor me if I want to move to Belgium. Hmmm.