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Wells Fargo Study:37 percent say they'll never retire and will work until they are too sick or die.

by Joe Mobley
15 replies
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Hey Joe, why are you so adamant about leaving the country?

Because I can read the writing on the wall!!!


Many middle-class Americans apparently aren't expecting to live their golden years in leisurely retirement.

A hefty 34 percent of them think they will work until at least the age of 80
But 37 percent say they'll never retire and will work until they are too sick or die.
One-third of the middle class say Social Security will be their "primary" source of income in retirement.
Wells Fargo Survey: 34 Percent of Middle Class Expects to Work Until They're 80

Joe Mobley
  • Profile picture of the author Patrician
    Many people lost their entire retirement investment savings and/or real estate in the recent 'recession'. There was a bail out for the companies that lost the money for them, but no bail out for the victims. Funny how that works. Many of the same people instead of planning for their retirement are out trying to find part-time work in their 70's.

    Social security will just never cut it by itself - At least the state I have always lived in - I could barely pay my rent on what I can expect from social security - leaving nothing for utilities, food, medical insurance (medicare & medigap).

    So there really won't be any choice but to work until you drop here. It is literally a question of we can't afford to live.
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    • Profile picture of the author Patrician
      Originally Posted by Patrician View Post

      Many people lost their entire retirement investment savings and/or real estate in the recent 'recession'. There was a bail out for the companies that lost the money for them, but no bail out for the victims. Funny how that works. Many of the same people instead of planning for their retirement are out trying to find part-time work in their 70's.

      Social security will just never cut it by itself - At least the state I have always lived in - I could barely pay my rent on what I can expect from social security - leaving nothing for utilities, food, medical insurance (medicare & medigap).

      So there really won't be any choice but to work until you drop here. It is literally a question of we can't afford to live.
      But that is OK because we just have more battles to fry.

      They say 'Some people work to live and some live to work'.

      I am among the 'live to work' crew and as such I will be ok with working until I die. What else is there? (Lol half a laugh)

      Live to Work
      Work to Death

      Kind of doesn't have the same ring to it as 'shop until you drop' but oh well you can't shop if you don't have money - you don't have money unless you work. I can LIVE with that.

      I have been working in the IM industry from home for coming on 10 years now and doing just fine - nobody can see my wrinkles (if I get any hahahah) so they will not know it is an LOL (little old lady) here firing off stuff.

      Work Until You Die! What else would you do?
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    • Profile picture of the author seasoned
      Originally Posted by Patrician View Post

      Many people lost their entire retirement investment savings and/or real estate in the recent 'recession'. There was a bail out for the companies that lost the money for them, but no bail out for the victims. Funny how that works. Many of the same people instead of planning for their retirement are out trying to find part-time work in their 70's.

      Social security will just never cut it by itself - At least the state I have always lived in - I could barely pay my rent on what I can expect from social security - leaving nothing for utilities, food, medical insurance (medicare & medigap).

      So there really won't be any choice but to work until you drop here. It is literally a question of we can't afford to live.
      Social security is a JOKE AT BEST! Still, the current system isn't sustainable, and it is getting worse. The only plan offered at least WAS bad for all currently under 55. Since I don't believe it passed yet, the 55 age will likely keep moving up.

      My poll and research still shows an average of about $1000/month, and a high of maybe $1300/month. The SS calculator seems to indicate it might be like $2200, but I somehow doubt that. I WISH I could believe that. If I could keep my investments, current taxes, my OLD insurance(that I am guaranteed to lose by june unless they pass a new bill in time), and got paid the ~$2200/month they claim they would pay me, I would do OK. I would have a fair amount of investments, and a home, so I would be better off than MOST. I also earn over the national average, so I would get over the average SS.

      I probably live in about the best spot for someone making $1000/month. $1000 COULD maybe give you about $550/month, after the apartment, to pay for taxes, gas, food, insurance, car, others. In california or new york, you may have to forget about shelter.

      medicare and medigap have been, and are being, GUTTED!

      Steve
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  • Profile picture of the author mlord10
    It's just incredibly unfortunate that so many people have worked hard their whole lives, and due to things out of their control these people are now looking at no retirement, or a very poor one.

    I have family members that personally have seen pensions slashed by as much as 75% due to fiscal irresponsibility by the company they gave their blood, sweat, and tears to for 30+ years.

    This is a lesson for those of us that are still young enough to do something about it; don't rely on anybody but yourself to secure your retirement. You must educate yourself, invest in yourself, and execute a plan of retirement that is in line with your goals.
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    • Profile picture of the author tagiscom
      Yep, another good reason to get the IM business up and running while you are still relatively young.

      Scary stats, but no real surprise!


      In AU, most women leave their job, with about $55,000 in Super, (401k) and over $100,000 for men.

      Then most blow that on an overseas holiday, 4WD or money for their kids, then go on the pension!

      Understandable, but not good!


      I would rather put in the effort, now, and retire young and rich!

      I know how to do it, after 5 years online, but it will still take a mountain of effort on my part; or my energy will go into creating an investment, rather than work and hour and get paid for that hour!


      Shane
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  • Profile picture of the author seasoned
    Yeah, and people think it doesn't affect THEM! They may EVEN say that there is always IM. The internet had to work a while before some accepted things like security. NOW, THAT is going DOWN THE TUBES! There was the simple tax structure. THAT is being affected! The PRIVACY! THAT is being affected! The national nature of it. Apparently THAT is soon going to change, with a global network and some country networks ALL in the works! The reliability. Well, THAT is due to change.

    So if you think IM is safe, THINK AGAIN!!!!!

    Steve
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    • Profile picture of the author Joe Mobley
      Great feeding for the "fear and avoidance" mindset. If you want a reason to "not do nut'in", this will do.

      Originally Posted by seasoned View Post

      Yeah, and people think it doesn't affect THEM! They may EVEN say that there is always IM. The internet had to work a while before some accepted things like security. NOW, THAT is going DOWN THE TUBES! There was the simple tax structure. THAT is being affected! The PRIVACY! THAT is being affected! The national nature of it. Apparently THAT is soon going to change, with a global network and some country networks ALL in the works! The reliability. Well, THAT is due to change.
      IM is a lot safer than a future in the United States.

      Originally Posted by seasoned View Post

      So if you think IM is safe, THINK AGAIN!!!!!

      Steve
      Joe Mobley
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      • Profile picture of the author seasoned
        Originally Posted by Joe Mobley View Post

        Great feeding for the "fear and avoidance" mindset. If you want a reason to "not do nut'in", this will do.
        NOT what I was saying!

        IM is a lot safer than a future in the United States.
        Right

        Steve
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  • Profile picture of the author TLTheLiberator
    I wonder what the stats would have been if we didn't have the great recession.
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    • Profile picture of the author seasoned
      Originally Posted by TLTheLiberator View Post

      I wonder what the stats would have been if we didn't have the great recession.
      About the same! Frankly, I think the 37% was done wrong, or something. Maybe the person was dyslexic! I think it is really a lot HIGHER!

      Steve
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      • Profile picture of the author TLTheLiberator
        Originally Posted by seasoned View Post

        About the same! Frankly, I think the 37% was done wrong, or something. Maybe the person was dyslexic! I think it is really a lot HIGHER!

        Steve

        It may be a lot higher but to say the great recession did not have a negative impact on Americans on the verge of retirement is to ignore the millions of investment portfolios and property owners that were impacted by the great recession.
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        • Profile picture of the author seasoned
          Originally Posted by TLTheLiberator View Post

          It may be a lot higher but to say the great recession did not have a negative impact on Americans on the verge of retirement is to ignore the millions of investment portfolios and property owners that were impacted by the great recession.
          NOT what I said AT ALL! I mean these look like what they would have been BEFORE 2008!

          Steve
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  • Profile picture of the author KimW
    Wells fargo is one of the leading businesses illegally putting people out of their homes and into the street with mortgage fraud.
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    • Profile picture of the author Hopeless Bromantic
      I don't want to retire; in fact, I never have.

      I like to work, and I like the sense of accomplishment that I get from working. No amount of money is going to change that.

      When I get to be in my 80s or 90s, I might cut back on my hours, but that's about it.
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    • Profile picture of the author seasoned
      Originally Posted by KimW View Post

      Wells fargo is one of the leading businesses illegally putting people out of their homes and into the street with mortgage fraud.
      What kind of fraud? I could swear most said that they had good portfolios, etc....

      I went to do the laundry today. My current hotel doesn't have a laundromat. Anyway, I saw a flier that they must have put up about 14 days ago or so. A home about 1/2 the size of mine on 12 acres of property on a R/E Agent sponsored tax sale for about $5000. I wish I had known. SUPPOSEDLY the person died or something similar. This DOES happen to a lot of people who don't pay their taxes though.

      Steve
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