What will happen when a tidal wave of Americans with no savings reaches retirement age?

Once we repeal Obummercare they can just die.

Ever read Cormac McCarthy's The Road

Trumpster wrote:

Once we repeal Obummercare they can just die.

Umm, that include you, Trump millennial.

That's what the "Death Panels" are for.

We Millennials wrote:

Trumpster wrote:

Once we repeal Obummercare they can just die.

Umm, that include you, Trump millennial.

Not if he saves for retirement like a responsible adult.

OP, it does NOT take a lot of money to retire with dignity. You're just too much of an idiot to do it.

Why our Great Provider, the Federal Governmrmt will take care of them..somehow.

This is what is going to happen.

We will start to hear about a retirement "crisis" in the news. Lots of stories on people that can't retire blah blah blah.

Then politicians will start to step forward with their big plans to address this "crisis".

They will vilify those that have saved properly and then they will stamp a penalty/tax/levy on any withdrawals made from retirement accounts of any type IRAs, Roths IRAs, 401ks etc..

That money will be redistributed to those that did not save.

NotaGamer wrote:

This is what is going to happen.

We will start to hear about a retirement "crisis" in the news. Lots of stories on people that can't retire blah blah blah.

Then politicians will start to step forward with their big plans to address this "crisis".

They will vilify those that have saved properly and then they will stamp a penalty/tax/levy on any withdrawals made from retirement accounts of any type IRAs, Roths IRAs, 401ks etc..

That money will be redistributed to those that did not save.

We have a winner!

Ummmmm, this is why you have kids.

They won't retire.

Only addressing the OP's situation here:

1) Save 15% of your income. Don't think you can? Change your lifestyle - I can GUARANTEE that there are plenty of folks surviving on 15% less than you make. If they can do then so can you.

2) Invest this 15% every month in stock index funds (Vanguard is best).

3) NEVER touch that money before retirement age for ANY reason.

You'll be fine.

Don't want to do these things? That's your problem.

My kids will look after me or I might inherit something when parents die

Then everyone working person will be like me.

Using some of their money to help their parents get by.

At some age (around 50) people make a binary decision either to save for retirement or to spend it now and throw themselves on the mercy of their fellow citizens in their old age. The latter decision is the rational one, and the course chosen by most people:

1. You might die first. And, in fact, that's an option for you at any age.

2. The government will tax away much of your savings to support everyone else.

3. You're better off spending your money when you can actually enjoy it.

4. There's very little difference between the self-funded assisted living / memory care facility and the government-funded facility..

Here's a quote I heard on the issue that I've take to heart:

"I refuse to spend the first 3/4 of my life worrying about the last 1/4"

Most people, including you, will be fine; don't let the doom-and-gloom crowd tell you otherwise.

Just keep having fun and spending your money. The people who make long term saving plans will still have boring lives when they're retired - their dull & frugal lifestyle will be ingrained in them by then. Keep living day to day and enjoying life in the moment, chances are it'll all work out fine

meat_head wrote:

Here's a quote I heard on the issue that I've take to heart:

"I refuse to spend the first 3/4 of my life worrying about the last 1/4"

Most people, including you, will be fine; don't let the doom-and-gloom crowd tell you otherwise.

If you want to rely on Social Security alone and believe it will be there in the same way it is today, then yes, I agree, a person who is frugal can make it work on just Social Security, assuming they retire with zero debt. A married couple can more easily do it.

Problem is, who the hell wants to just make it on Social Security? I sure don't.

It is not hard to save enough money to make a significant different for you in retirement. Even half a million dollars provides $20,000 a year or $1666.67 a month in extra income.

To have a nice quality of living, people should plan for retirement as early in their working lives as possible, and they should not just think that they will be fine without action.

Liblibliblib wrote:

Why our Great Provider, the Federal Governmrmt will take care of them..somehow.

Why do conservatives simultaneous call for less government, then cry when the government doesn't provide the service they want?

NotaGamer wrote:

This is what is going to happen.

We will start to hear about a retirement "crisis" in the news. Lots of stories on people that can't retire blah blah blah.

Then politicians will start to step forward with their big plans to address this "crisis".

They will vilify those that have saved properly and then they will stamp a penalty/tax/levy on any withdrawals made from retirement accounts of any type IRAs, Roths IRAs, 401ks etc..

That money will be redistributed to those that did not save.

A little over the top but not far off I'm afraid. The redistribution will come from those working and those that were responsible enough to save for their retirements. All done in the name to save Social Security and provide a safety net for those without one.