Retirement? You mean working till i keel over?
Typical US worker has less than $1,000 saved for retirement, report finds
Submitted 1 day ago by return2ozma@lemmy.world to aboringdystopia@lemmy.world
Comments
terminal@lemmy.ml 1 day ago
SaveTheTuaHawk@lemmy.ca 9 hours ago
FatVegan@leminal.space 16 hours ago
Because they die in a war to protect the honor of a pedophile. There is no need for a fancy retirement
GalacticSushi@piefed.blahaj.zone 14 hours ago
According to the article, this report factors in people who have a 401(k) or other retirement account. So the number is probably a lot lower if those with no retirement accounts get counted as a $0 data point.
how_we_burned@lemmy.zip 18 hours ago
Don’t you all pay into Social Security?
Isn’t that the mandatory retirement savings system in the US?
RememberTheApollo_@lemmy.world 16 hours ago
Social Security is a joke and a pittance.
Assuming no other retirement funds: if you earn $200,000/yr you’ll get ~$4000/mo (+/- a good bit depending on the age you retire), if you earn $50,000/yr you’ll get less than half that. $4000/mo isn’t awful, but rent will soak up half that unless you live someplace crappy and/or in the middle of nowhere.
$1500 month is poverty. Period.
Social programs in the US suck, if they even exist at all, due to decades of demonization by the right and budget cuts thanks to reduced tax revenue because we have to let the rich hoard more of everything.
partial_accumen@lemmy.world 9 hours ago
if you earned $200,000/yr
Note, the max you need to earn to receive the top SS benefit is $176,100 in 2025 (it increases a bit in 2026). So the person earning $176,100 and the person receiving $200,000 get the same social security benefit.
you’ll get ~$4000/mo
That’s true if you retire at Full Retirement age (which is 67 years old for nearly all of us on Lemmy). If you delay taking your SS benefit until 70 years old the benefit would be $5100/month. If you take the SS benefit before Full Retirement age at 62 you would only get about $2800/month. To your point, all of these numbers are for that top earner of $176,100. Benefits are reduced for lower working year incomes.
$1500 month is poverty. Period.
$1500/month doesn’t meet the federal definition of poverty for an individual, but I agree with you in spirit. However, for a married couple thats $3k/month, thats $36,000/year. Social Security benefits are taxed, but that income would have them in the low 12% tax bracket. Rent/mortgage (largest portion of spending) doesn’t double for two people. That could provide an okay modest retirement in a LCOL area.
Social Security was never designed to be the only income in retirement. It was one of the legs of the “3 legged stool” meaning Social Security, pension, and savings. Few jobs these days have a traditional pension, but that leg is replace with the 401k/403b/IRA/TSP. Those going into retirement with just Social Security won’t die from exposure to the elements, but it will be a very basic and minimal lifestyle.
poVoq@slrpnk.net 16 hours ago
That… actually sounds a lot better than I expected. Not too far off other retirement systems in Europe money wise 🤷
HubertManne@piefed.social 7 hours ago
as people mention its not much and to boot medicare the old persons universal heatlhcare is expensive (global comparison but cheap by us standards) and its costs can suck up what people get easily.
surewhynotlem@lemmy.world 17 hours ago
Not one you can live off of.
Lucidlethargy@sh.itjust.works 23 hours ago
Working class people already know this. Who is this news for? Who is clutching their pearls right now?
MousePotatoDoesStuff@lemmy.world 18 hours ago
People who might be told it’s their own fault for not having saved enough rather than it being a systemic issue, I guess
Alenalda@lemmy.world 18 hours ago
Soon as the depression really kicks off and the ai bubble bursts, all those savings people do have are going to be wiped out too.
scoobford@piefed.blahaj.zone 13 hours ago
I’ve never broken the median income for my city and I have retirement savings. I can see how my situation would change if I had kids, but if your employer gives you benefits like an actual human being, it is as simple as opting into the 5% deduction or whatever. It comes out before taxes and before direct deposit so you barely notice it is even missing.
nirodhaavidya@lemmy.world 22 hours ago
Look at big shot over here with $1000 and an expectation of retiring.