this post was submitted on 26 Apr 2024
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About one-quarter of U.S. adults age 50 and older who are not yet retired say they expect to never retire and 70% are concerned about prices rising faster than their income, an AARP survey finds.

About 1 in 4 have no retirement savings, according to research released Wednesday by the organization that shows how a graying America is worrying more and more about how to make ends meet even as economists and policymakers say the U.S. economy has all but achieved a soft landing after two years of record inflation. 

Everyday expenses and housing costs, including rent and mortgage payments, are the biggest reasons why people are unable to save for retirement.

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[–] [email protected] 94 points 6 months ago (3 children)

It’s my own fault, I could have been far smarter.

No. No it isn't. It's the country's fault for not giving you enough to retire on even though you didn't make the best financial decisions over the years. People should not be punished in their old age because they didn't follow all the right rules of capitalism (which keep changing anyway).

It might be your fault that you're not as comfortable or as well-off as you would like to be, but it is not your fault that you can't retire.

[–] [email protected] 45 points 6 months ago (1 children)

Remember that time they moved retirement to 67 in 2015?

I don't because I was too busy working 50 hrs a week @$14-19$/hr paycheck to paycheck.

And now I have fibromyalgia at 38 and hope I die at 50.

Thanks America.

[–] [email protected] 7 points 6 months ago

The law that changed full retirement age to 67 was passed in 1983 (during the Reagan era, no surprise there!) https://bipartisanpolicy.org/explainer/full-retirement-age/ :

"In 1983, Congress increased the full retirement age (FRA) from 65 to 67, a change phased in over the course of 33 years. This phase-in just ended, with the FRA now static at age 67 for individuals reaching age 62 in 2022 or later." (those born in 1960 or later).

What I always thought was unfair is that those who make the least amount of money get the least amount of Soc Sec, when they are the ones who need it the most. Those who make the most money get the max amount even though they need it the least. Seems backwards.

But I guess it's at least better than how things were before Social Security when you either had to make enough money to save enough for retirement and/or get a pension from your employer, or else work until you died, not to mention no Soc Sec if you became disabled. It was originally designed as part of the New Deal to help widows and seniors (poverty rate for seniors was over 50%).

[–] [email protected] 12 points 6 months ago

It doesn't even matter if they did follow the right rules. Plenty of people did are still losing now because the rules have rapidly changed over the last 10-20 years, especially since the pandemic with inflation exploding out of control. Property taxes, insurance, medical costs, housing supplies, food are all skyrocketing. The SSA did up the Social Security payout slightly, but that doesn't help 401k/IRA/pension output one bit.

It also points out another flaw in America. Why does every individual have to be a doctor, tax man, investor, banker? Rather than having people compartmentalized in skill-sets and enabling each other, we're expected to know 100% of how many jobs work. It's a waste of collective brain power, and I really believe it stifles creativity and innovation as we all try to just survive. Even with all this knowledge, if one is in the retirement phase when a 2020-2024 happens, one can't really go back in time to correct for that.