40% of the American middle class face poverty in retirement, study concludes

[Sanchez]

https://www.cnbc.com/2018/10/12/40p...tirement-study-says.html?&qsearchterm=poverty

 

[Yaseen1]

u.s is ending as global power day by day their end seems near

 

[313ghazi]

The worst bit about this is, it's all coming about due to greed. Big companies are keeping more and more of the wealth, employing less people, paying less salaries, paying less tax, the state spins it's lack of resources as "light touch government", the worker gets less in terms of salary, benefits from government (direct and indirect).

They can get away with it, because the big businesses just buy the politicians instead. Through campaign funding, advertising, recently the lure of big data. It's the death of democracy.

 

[Beast]

American imperialism spare no effort including their own citizen.

 

[Sanchez]

They are sucking others by using dollars as global currency.

 

[the_messenger]

The problem, I think is due to health care cost.
I had a luxury to experience that cost in the US, and the wait time.
Sometimes, when I think back about my stomach condition and spine accident treatment in VN and what I remembered in the US. I felt that I'm lucky that I'm in VN, otherwise I may join the homeless force
LOL

 

[Tokhme khar]

Hyper Capitalism is on trial.......it's future is bleak.

American imperialism spare no effort including their own citizen.

 

[Hamartia Antidote]

“Roughly 40 percent of Americans who are considered middle class (based on their income levels) will fall into poverty or near poverty by the time they reach age 65, according to the study....The study also concluded that if workers age 50 to 60 decide to retire at age 62, 8.5 million of them are projected to fall below twice the Federal Poverty Level, with retirement incomes below $23,340 for singles and $31,260 for couples”



Poverty is defined as having an income of less than $23,340 a year in your retirement years - not how much money you have in the bank or how much your assets are worth. Glad to see 60% have enough money in their retirement funds to pay out more than this amount every year (10 years would need > $233,400) ..that’s MORE than many countries working class.

 

[nahtanbob]

https://www.cnbc.com/2018/10/12/40p...tirement-study-says.html?&qsearchterm=poverty

define middle class
define poverty

“Roughly 40 percent of Americans who are considered middle class (based on their income levels) will fall into poverty or near poverty by the time they reach age 65, according to the study....The study also concluded that if workers age 50 to 60 decide to retire at age 62, 8.5 million of them are projected to fall below twice the Federal Poverty Level, with retirement incomes below $23,340 for singles and $31,260 for couples”



Poverty is defined as having an income of less than $23,340 a year in your retirement years - not how much money you have in the bank or how much your assets are worth. Glad to see 60% have enough money in their retirement funds to pay out more than this amount every year (10 years would need > $233,400) ..that’s MORE than many countries working class.

There are lot of problems with these numbers. If someone owns a home $31,260 is not bad for a retired couple.
It does not account if folks have retirement health care plan like most government employees do

 

[oprih]

Good news, the more poor muricans who are all evil by nature the better for humanity.

 

[Hamartia Antidote]

define middle class
define poverty



There are lot of problems with these numbers. If someone owns a home $31,260 is not bad for a retired couple.
It does not account if folks have retirement health care plan like most government employees do

At 65 you are automatically enrolled in free Medicare. So medical premiums are not an issue. The only thing would be property taxes, utilities, and food.

Right now the average Social Security benefit at 65 pays $1,400 month (Max is $2,861!). So that’s $1400 is $16,000yr which puts you in the US poverty level if you have no retirement plan payouts. But $16,000 is certainly enough to live on.

 

[nahtanbob]

At 65 you are automatically enrolled in free Medicare. So medical premiums are not an issue. The only thing would be property taxes, utilities, and food.

Right now the average Social Security benefit at 65 pays $1,400 month (Max is $2,861!). So that’s $1400 is $16,000yr which puts you in the US poverty level if you have no retirement plan payouts. But $16,000 is certainly enough to live on.

There are folks who have retirement health plan in addition to Medicare. Their health care coverage is good.
There are folks who own their home without any debt.

From my own empirical data 50% of retires have a pretty good life without no to little worries. People around the world would die to have that kind of life

 

[Hamartia Antidote]

There are folks who have retirement health plan in addition to Medicare. Their health care coverage is good.
There are folks who own their home without any debt.

From my own empirical data 50% of retires have a pretty good life without no to little worries. People around the world would die to have that kind of life

Even without my retirement payout I’m already at the max. So for anybody at the max that would be a 12x$2861=$34,332/yr adjusted for life payout. Plus you’d probably be under the minimum income taxable threshold. So that’s all in your pocket.

 

[nahtanbob]

Even without my retirement payout I’m already at the max. So for anybody at the max that would be a 12x$2861=$34,332/yr adjusted for life payout. Plus you’d probably be under the minimum income taxable threshold. So that’s all in your pocket.

I have a lot of working life left. I have a huge retirement account. I am hoping I will make 30k even if I can make 3% of my retirement account

 

[KAL-EL]

I have a lot of working life left. I have a huge retirement account. I am hoping I will make 30k even if I can make 3% of my retirement account

Good for you my brotha !!