Millions of older Americans unprepared for retirement

A new survey shows an alarming number of older Americans are not financially prepared for retirement. CBS MoneyWatch associate managing editor Aimee Picchi joins CBS News' Meg Oliver and Elaine Quijano to discuss.

#retirement #money #news

[ChristopherAbelman]

I am currently running through my 40s and This is no time to taper retirement savings. I want to max out my retirement funding and I also have another $200k in a savings account that i want to invest in a non-retirement account.Would it be better going to housing? Maybe own property and let it till im ready to move in at 65.

[kelvinjohnson]

This is my fifth year after retirement. I’e been following the 4% rule thing I saw on a youTube channel, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get really worried.

[Wayne-bkjc]

Coupled with the failing health that comes with aging, you would see why we should all do our best to educate people on the importance of taking their health seriously to reduce the financial burden of failing/ill health. Also, active retirement planning should also be encouraged. We all know how slowly and nonchalantly governments react to things like this and as such we should do the best we can from our end.

[gbb]

I saw the writing on the wall when I turned 40……I went back in the Army Reserve after a 15 year absence, stayed until age 60. Contributed to the TSP and 401k at my civilian job. I am retired now and collecting a pension, and I am still saving and investing. Nothing is guaranteed.

[tltinatl]

3:00 It never fails that in these stories, the person being interviewed will mention that catch-up 401K contribution allowance for people over 50. As if there's a group of people over 50 who have an extra $30, 000 a year that they can save yet who also don't have enough retirement savings.

[MississippiPickers]

I'm turning 62 this year, me and the wife are still working and will be for about 3 more years just so we can afford to retire with very good medical, no bills, house paid for and money left over to travel with. You do what ya gotta do when you have no savings. We would have saved but we both have had low paying jobs most of our lives and worked paycheck to paycheck, we are only now starting to be able to pay things off. not everyone is well off

[tranger]

The keyword as you get older is DOWNSIZING. Downsizing is something you got accept as you get older. Baffles me old people still living in huge homes with huge yards that cost a ton to insure and maintain. Same with cars.

[tahirisaid]

I’m glad I pulled through, despite the crises. I am retiring next yr at 55 with 3 houses paid off worth 4.5 million. One is my place of residence the other 2 properties will give me $80, 000per/yr rent . I will have an income stream of $20, 000 per mnth through my super which gives me total $240, 000 a yr to live comfortably. I have no debts _.._ Stay Motivated!!

[twyscape]

The problem here is that a lot of Americans are relying on Social Security to get by. Think again…it’s not going to, especially if the house is not fully paid for by the time you retire.

[markgreen]

At the current SS payment of $1, 782 per month retirees had better own their own residence with the average rent in the U.S. for an apartment at $1702 per month.

[steelcastle]

It depends on what you decide retirement means.
Not everyone needs 1mil (or more) to have a quality retirement.
And worrying about amassing large sums just opens people up to con games and increased stress.

[aaron]

How about instead of bailing out banks and the automotive industry we bail out the the funds in social security?

[nala]

My Greatest Generation father told me a million times growing up, "Son, it's not how much you make, it's how much you keep'.

[patrickmckeegan]

Headline should read "most" people over 50 are not ready. 60% do not even have any emergency savings fund. Additional 30% have less than $30K in retirement accounts and still do not own their home. The instant gratification generations chickens are coming home to roost.

[terywetherlow]

Most of the crap jobs offer NO retirement plans anyway. Corporate raiders of the 80's & 90's took over Companies just to control and take the money that was socked away. Women's jobs rarely offered anything either.

[silencedogood]

Please report on the millions of women who live in poverty in our senior years. We earned only 75% of what men earned and have 75% less retirement and social security. We were the caregivers for handicapped kids and elderly parents and worked fewer social security quarters and often don't qualify for social security. We cashed in our retirements and savings to caregive for relatives and then have zero to live on. So, we live in poverty simply because we did the right thing. I hate to depend on help. But I am now old and handicapped and spent so many years caring for others that I did not marry or have kids. Now I live on $57 per month for food. No, I do not buy chips or lobster on $57.

[trailrider]

Financial literacy is sorely needed for Americans.

For example, I am retired now. I had a savings plan as a public educator but I HAD NO IDEA THAT I NEEDED A MILLION DOLLARS IN RETIREMENT FUNDS!!!

I thought my pension benefits would be enough to live on. I didnt know the benefits are much less than the salary i had.

Why doesnt anyone tell you this when you are in your twenties? Its something every American should know and they dont!

[davidcawrowl]

How many of these "millions" of Americans flipped houses- bigger and better- two or three times or more in their lifetimes, and consequently never paid off their house. Always in debt. They knew nothing but debt, whereas the vast minority - smart ones- achieved debt-free status.

[caucasianafrican]

The people I know who are 40+ with no retirement savings are all Bad with money. One drives a BMW. Another orders through uber eats regularly.

There will always be a portion of people who'll never be disciplined enough to save for retirement

[michalstelmach]

Americans cry about their retirement but have paid car payments for their entire lives. When I see cars on the roads I think that most Americans are millionaires