America's savings hoax exposed

[sweeps]

Opinion: Politicians, bankers and CEOs all want you to spend, not save

What do you think?

[Broken Arrow]

Re: America's savings hoax exposed

Disturbing.

From a devil's advocate point of view, I can see how the article could cause a controversy.

Still, it's a message that I personally agree with. From my own ex-wife to my good friends, the people around me simply do not have the mindset or the know-how to save and invest.

It's not that I feel superior or anything. It's just sad to watch people you care about sink slowly, not realizing they may be in danger and refusing your help.

[sakigt]

Re: America's savings hoax exposed

It is in everyone's best intrest to spend APPROPRIATELY. I think thats the main point.

Whats the point of saving anyways? So you can SPEND it later!

Spending isnt a bad thing. Spending in excess of what you should is whats bad.

[boefixepa]

Re: America's savings hoax exposed

That's the message od our society. It's the old saying and as a nation we are 'cutting our nose off to spite our face.' The actual chance of being able to fix it though will take a crisis like the article says. I hate to agree with that, but I do. How very sad.

[rob62521]

Re: America's savings hoax exposed

This article may be disturbing, but alas, true! Most of the folks I work with laugh when we talk about saving anything...they can't because of this and that. I'm not quite where I need to be for retirement, but I'm getting there because I'm working towards a goal.

I think many are still in the mindset that they will live off of social security. However, ss may not be around for some. My mom is living off of it and she's in the poverty level.

[Ima saver]

Re: America's savings hoax exposed

Social security is going to pay me $400 a month, who can live on $4800 a year?

[rob62521]

Re: America's savings hoax exposed

No one, Ima! You would be way below the poverty line.

[boefixepa]

Re: America's savings hoax exposed

Ima?, that seems low. How much did you work over the years? I know I get those things in the mail ever year and they say I'd get about $1,200.00 if I remember right. That's enough to pay the mortage and thats it, but if the house was paid for, and I was debt free I could squeek by. But my mom, well she spent most all of her adult life as a house wife, so hers it pitifully small. Are you in that boat?

[autoxer]

Re: America's savings hoax exposed

Social security is going to pay me $400 a month, who can live on $4800 a year?

It is supposed to be supplemental. http://www.ssa.gov/pubs/10006.html

Social Security never was intended to be your only source of income when you retire or become disabled or your family’s only income if you die. It is intended to supplement your savings, investments, pensions and insurance plans.

[jmjj215]

Re: America's savings hoax exposed

It is supposed to be supplemental

I think it's laughable.

[Broken Arrow]

Re: America's savings hoax exposed

Yeah, I'd laugh too if that's all I had and even the homeless people take pity on me by giving me some of their money.

[Duchesse]

Re: America's savings hoax exposed

If you have even the foggiest idea of how much you need to maintain your lifestyle at the age of retirement you are in better shape than 90% of the country.

I agree with broken arrow it is a shame to watch your loved ones and friends slowly sink into an abyss but what can you do? Many become irritable and resistent at the mention of saving, IRA, coupons, etc.

Some believe the government will pick up the slack with some new program for the poor. Most just hide their heads in the sand, live for today, and keep the wait and see attitude.

[rob62521]

Re: America's savings hoax exposed

Unfortunately, the government isn't picking up a whole lot for the poor. Due to some bad things that happened before my dad died, my mom wound up living on her own on social security and she was to get only $200 a month. She applied for the link card (food stamps) and received about $30 a month. She wasn't eligible for welfare, but did get about $120 in SSI. She is on the state circuit breaker which gives her a break on her license (about half) on her 1992 minivan she bought used. She and my dad never had the money to put much back because doctors' bills and medical expenses took a bunch and they are a minority that believed in paying their bills, not taking bankruptcy. When my dad passed on my mom received more money, but still is living on $700 a month. Fortunately the house is paid for, she doesn't go too much, and my dh and I pay many of her bills.