American retirement just another Pipedream

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American retirement just another Pipedream

Is American retirement as it used to be?

Lagarde had the audacity to state that negative rates are good for the global economy. I guess, she forgot about all those people who are on fixed incomes and for whom a small move up or down can mean the difference from making ends meet or not. Instead, she goes on to give some SOB story about how things are better now that we have negative rates. Well, my dear, negative rates only fuel speculation, and if you are playing the markets and know how to play them, then you have a chance of doing well. The only people that fall into this category, for the most part, are the very people that already have more money that they could every possibly need. Translation, the average Joe, will continue to get screwed unless he jumps into the stock market before it’s too late.  At this point, the average person needs to understand that the stock market will continue to rise because negative rates fuel speculation at the corporate level.

American retirement: Say Goodbye to the Good Old Days

According to the Federal Reserve, 40% of workers aged 55 to 64 have no retirement savings accounts at all. Of those who do have retirement accounts, the median balance is $100,000—not enough for most people to maintain their standard of living over decades of retirement.

For people who are already retired, 20% of married retirees and half of single retirees rely on Social Security for the bulk of their income, according to the Social Security Administration. The average monthly income for a 62-year-old is $1,992 this year.

What happened to the comfortable American retirement? Why are things so different from a generation ago?To find the answer, we must look back about 50 years to when our country began a quiet retirement transition. No one paid much attention since, at the time, most retirees left the workforce with pensions that were guaranteed for life. Those pensions, plus a boost from Social Security, meant yesterday’s retirees could enjoy a comfortable retirement even if they didn’t save much on their own.
Today, traditional pensions are almost unheard of. Employer retirement plans like 401(k)s have replaced them, putting much of the responsibility for building a retirement nest egg on workers themselves. Full Story


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