Why aren’t people saving for retirement? Because they can’t.

[eridani]

http://washingtonpolicywatch.org/2013/02/27/why-arent-people-saving-for-retirement-because-they-cant/

This chart shows the share of working households who are “at risk” of being unable to maintain their pre-retirement standard of living in retirement. ?w=429&h=365

A generation ago, just one-third of working Americans weren’t able to save enough for their future retirement. Today more than half of American workers over 30 are on track to be unprepared for retirement, and more reliant on family members and direct social support in the future.

Things aren’t looking too dapper for soon-to-be retirees, either. People aged 55 to 64 have a median retirement account balance of $120,000. That equates to monthly payments of $575 – far short of what most retirees need, even including Social Security benefits.

[dtom67]

1. don't they know...

That the economy is "bad"? And that means we must spend money to help boost the global Ponzi?
Sure, the market is at an all time high, but that just means that it is time for all the rich guys to pull out (like they did before the depression) just in time for the crash.

Besides, the peasantry is supposed to work until they die...

[Kolesar]

2. Our Time Warner "bundle" costs more than our gas, electric, and water bill combined

That "equates" to two and a half months of the $575/mo annuity they described. People are going to have to move in with family and share expenses.

[LiberalEsto]

3. How can we save if we're paying our kids' student loans?

And supporting them at home, not to mention paying one's car insurance, health insurance, car repairs, etc. She's got some health problems and just started working part time as a waitress two weeks ago.

We have $76 in savings.

[marew]

4. And yet leading Republicans are against minimum wage.

Minimum-Wage Haters: 11 People Who Have Spoken Out Against The Law
http://www.huffingtonpost.com/2013/02/18/minimum-wage-haters_n_2697384.html

Then these same idiots will soundly criticize the poor for not saving for retirement. Compassion has no meaning for the GOTP! And they call themselves "Christian"! Amazing!

[madville]

5. I'm 35 and thinking about it everyday

I will definitely be downsizing my standard of living as years go by. I'm trying to be more minimalist everyday, cable tv was the latest thing to go. My ultimate goal is to have an acre or two of land paid for and just have a simple one room cabin, low utility costs, low taxes and insurance, low maintenance, etc.

I agree though, it would be tough to maintain a 2500 sq ft home, thousands in property taxes/insurance annually, high utility costs, etc unless one has a nice retirement account and/or pensions.