Those who want to retire with dignity are screwed

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According to a new survey from the Employee Benefit Research Institute – only 14% of workers around the nation feel “very confident” that they will have enough money in the bank for a comfortable retirement. Two-thirds of the survey respondents cited mounting debt as a main reason why retirement may not be in the cards – since over the last 30 years wages for working people have barely grown, yet the price of practically everything else has – forcing Americans to go deeper and deeper into debt just to make ends meet.

One-third of respondents said they now have less than $1,000 in savings. And considering that the Republican House of Representatives voted to end Medicare as we know it last year – and are now talking about giving Social Security to Goldman Sachs – then it’s just a matter of time before the United States is officially “No Country For Old Men.”

Thom Hartmann Administrator's picture
Thom Hartmann A...
Dec. 29, 2009 10:59 am


Unfortunately, too many in this country believe in "nobody in america thinks of themselves as belonging to an oppressed class. everyone thinks of themselves as temporarily inconvenienced millionaires." Steinbeck.

Yes I've had conversation with 30 something with no real future. Making a measly living teaching ????, and he truly believed he will be in the millionaires club. He owned no property, well did own a rather old car, proudly saying it was all paid off. Well he does have that going for him. He believed in smaller government even at a local city level. He is contracted by the city to teach ????. I was too nice to point out that since he is getting paid by the city, in effect, he is an employee of the city which he wants to squash. I've pointed such inconsistencies in the past and met with so much hate and raging anger that I honestly felt that my physical well being was threatened. So I tend to refrain.

In many ways, I think the 14% is too high. Much too high in fact. If you wish to retire with dignity where you could get medical treatment without fear of going bankrupt, I dearsay that you probably need about $5,000,000 in your piggy bank. Dignity in rest home is going to cost you over $100,000/yr. Major medical will set you back $500,000 easily. Open heart surgery, cancer, chemo, transplants oh my... Not cheap. And don't expect for profit insurance to pay for it. They'll find a "pre-existing condition". Who says it has to be related? Broke an arm as a kid oh pre-existing condition so no pay for your open heart surgery.

And do think of your spouse and not just yourself.

Really sad to hear that fully third have less than $1,000 in savings. aghast at such thought. Get rid of the big screen TV. Get rid of unlimited calling plan on your cell. Does every member need a cell? I also heard one father telling me that his daughter sends out over 3,000 text a month (bug-eyed from me) that's a hundred texts a day!! How can she study, work, think??

Sep. 23, 2010 9:14 am

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