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How inequality stretches into retirement:
Of those able to pay into a defined contribution pension over half do not think they are saving enough; that will be an underestimate as people often underestimate how much they need to put in a pension for a 'comfortable' retirement.
And why don'e they pay more in? because they can't afford to!!!
Its no use lecturing people that they need to save more for their retirement, first you need to ensure they're paid more!!!
#pensions #inequality
h/t FT
@ChrisMayLA6 My mother is 88 years old and still working bc she has no retirement account and can't afford to stop. Next June her house will be paid off and she will finally retire a month before she turns 89. Studies vary but anywhere from 25-50% of Americans have no retirement savings and a greater percentage of those are women than men.
yes, I understand that; as I'm based in the UK (apologies if the location of my instance mislead you), the debate here is more about how one supplements the very basic pension that *is* available... which is a little different from the USA, I know
@ChrisMayLA6 thanks for the clarification but I think the basic point you make stands for our system here. The basic minimum wage in the US was last raised in 2009. Meanwhile the Cost of Living has increased by 47% since then. (It costs $1.47 to purchase what cost $1.00 in 2009.) How is anyone expected to save for retirement under these circumstances?
yes, we have a parallel issue here, if not quite as stark.... but as you say the point remains, if you're low paid, being told to save more for retirement all rings rather hollow