The Boy Scouts are a mere shell of their form self, so is their motto. It may be an exaggeration, but it appears nobody worries about or plans for the future and no, it is not because of a lack of money.
Retirement accounts. Among all families, 54.4% have a retirement account. Even in the age group where retirement accounts are most widespread—those ages 45 to 54—they’re held by just 62.2% of households. Those ages 65 to 74 had median retirement account balances of $200,000, enough to generate $670 in monthly income, assuming a 4% withdrawal rate.
Federal Reserve Survey via HumbleDollar.com
Perhaps they have $2,000,000 squirreled away outside retirement accounts.
Not funny at all, but we don’t need more laws to fix it.
QUINNSCOMMENTARY 
https://api.substack.com/feed/podcast/138307999/ba1143fb769c6206a2e2bceb6c151284.mp3?token=502c25b0-7386-4223-b6f4-eb3f99be756a I think you would enjoy this. Two economists discussing future of Social Security, Medicare, where student loan trouble is coming from, etc. Or it’ll help your insomnia, ha ha ha! They sound a lot like you at the end… Economics Matters – Lawrence Kotlikoff Nancy
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I don’t know what the answer is but I know it’s a problem. I’m retired at 58 and a Humbledollar reader who enjoys finance & investing. However, I have a nephew who represents that portion of America who is hardworking (a welder) but at 42 has no plan, or savings, for the future. I guess he just figures he’ll work until he dies. Period.
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Government sponsored IRAs with a match. Sound like Congress is trying to create another source of funds they can borrow from. Wonder what they have in mind to spend it on?
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Actually, one simple law would fix it and here’s the proposed text.
“You are responsible for your own actions – or lack thereof, not government.”
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To Zaduzopa:
What a quaint, and totally unrealistic, idea! Government support for needy, and not so needy people and corporations, has seeped into every nook and cranny of modern day life! Go to your local facilities, such as the unemployment office or the Veterans Hospital, or the district farm extension office, or the post office, or the social welfare office, or…or…or…or you name it and there’s government support there!
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Speaking as a retired soldier, I would politely disagree with the Veterans Hospital part. If government sends young people into harm’s way and they are wounded as a result, I do think that government is responsible for the result and has an obligation of care. On the other hand, if government truly was representative of what the people they represent want, then we wouldn’t be sending then into harm’s way nearly as often.
Other than that, I can’t argue. But do allow me to nurture my dreams, LOL!
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I read this on the Humble Dollar and thought then that it may be reasonably accurate although the survey is small. My thinking is that the lower quintile is not able to save for retirement and when we consider that approximately 15% of the workforce is employed by government (local, state, and federal including military) and the immigrant population that presumably is working but it is not clear if they are even counted accurately. The government worker has a lower participation rate in savings plans due to reliance on pensions. Take into account many successful small business operators who don’t participate in traditional retirement savings vehicles and you have what is left in the survey. The retirement picture is not good for some number but it may not be as bad nationally as it appears. The real need is for many people to get current on money in the bank for emergency funds and general living expenses without resorting to credit cards. Then they can invest in the future.
The national savings rate can stand improvement, not only for individuals but for local, state, and the national government.
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