Millions of Americans nearing retirement without savings

About half of all Americans ages 55 to 66 have no retirement savings, according to U.S. Census data. Janet Shamlian examines the financial struggles many face as they near retirement in the CBS News series "Retirement Ready."

#retirement #savings #news

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[PremSteve-ygde]

It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

[ChristopherAbelman]

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k. My mom retired with about 4.2 million, but my dad retired with roughly 1.8 million.

[Greggsberdard]

The rising prices have impacted my plan to retire at 62, work part-time, and build my savings. I'm concerned that those who went through the 2008 financial crisis may have faced fewer challenges than I do now. The stock market's volatility, along with a reduced income, is making me anxious about having enough for retirement.

[masterlee]

At 21 my company started a 401k plan with Vanguard and American Century. I had no clue what that was and was leary about doing it so I was going to opt out. My boss who had a degree in Finance and Marketing sat me down and explained it to me on my level. That was in 1979. I thank him every morning when I wake up.

[SaintYvess]

I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.

[slicksmith]

My Dad's advice was to get a job with good benefits, which can be more important than salary. Thanks Dad, I retired at 55 with a nice pension.

[miamivicefanatic]

They need to make this topic a mandatory class in high school. Maybe include it in a class on Personal Finance. That includes showing them what life will be like if they have no retirement savings.

[RickWatson-xugw]

I’ve been saving for a long time instead of investing, and right now I only have about $516k. I'm not sure how to make it grow, considering all the inflation, into something substantial that I might use for retirement. I just here for ideas

[smokey]

The real story is half of Americans aged 55 to 66 have nothing saved for retirement. This is dire indeed.

[Riggsnic_co]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[tltinatl]

This lady is not a great example of people at/near retirement with "nothing." She had a house and sold it. Surely that put around a couple hundred thousand in the bank for her. She's still generating income and is able to travel through her job so it sounds like her health is good. She's saving a lot of money through shared housing costs. Sure, most people don't necessarily want to still be putting in 10 or 11-hour days at the age of 66 but at least she's doing it on a laptop and not at the local Amazon warehouse or big box store. If her health holds out a few more years so that she can wait until 70 for Social Security, she'll get the maximum benefit. I think this lady is going to be just fine.

[matturner]

Biggest financial mistake I ever made was with my 401k. My company had a Roth 401k when my kids were in college, but I didn't actually start contributing until year 3 of the 6 years I had kids in college. Because I was helping them with expenses, I was entitled to the tax credits, so my effective tax rate was extremely low. That is the time you NEED to be in a roth! i still retired with about $350k in my 401k.

[Michelle_Sanders]

Amazing video I will say retirement becomes truly fulfilling when you possess two essential elements: financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement. This is how it should be and I really want that have that comfortable life. Any advice on what to do?

[NicholasBall]

Recently retired and unsure if my 401(k) and IRA will provide a stable future. i need an approach that will align with my risk tolerance and financial goals, i set aside $1m to achieve this. Do you suggest i get into stocks or buy a rental property?

[lindadorman]

I'm 62 and never saved for retirement but I live well on $1500/mo. Tips that helped me are 1) Pay off all debt and stay debt-free. 2) Learn to be happy with less. What you own, owns you. 3) Stay active - take long walks, eat well, get lots of sleep and eliminate stress. The longer you maintain your health, the better life will be. Looking back, I wish I'd saved more but it's not the end of the world if you don't - life can be comfortable and fulfilling if you change your expectations.

[Erikkurilla]

Retirement is wonderful if you have two essentials — much to live on and much to live for. Invest wisely and get good returns.

[instinctively_awesome]

According to certain economists, it's possible that the U.S. and certain parts of Europe might experience a recession at some point in 2023. Although a global recession, which is characterized by a decline in annual global per capita income, is relatively uncommon due to the faster growth rates of emerging markets like China, in comparison to developed economies. I have pulled out more than $340k from my bank. After all, the FDIC covers only up to $250, 000, and the implosion could have bad effect. Looking to invest into the stock market now. Does anyone know how I could go about it?

[TheJiggs]

My company matches up to seven percent on 401k and still provides a pension. I will never leave.

[stgermain]

I'm 61. For the last 5 years or so, I've been saving 50% of my pre-tax income, which is in the $60K range. Basically, for the last 15 years, every time I got a raise, I put it into savings. I financed my home for 15 years, and once it was paid off, increased my savings even more. Now I have no debt, a $500K in my 401k, and a rental house to provide extra income. I'm mostly working for health insurance at this point.

[Surfbird]

A 401k is just another retirement account. It isn’t magic. You can save money without one. Get an IRA. Open a brokerage account and buy an index fund. Get a regular savings account. The point is that anything works if you actually save money and nothing works if you don’t!