MIND BOGGLING CHART OF THE DAY

Luckily, the average American is so bad at math they can’t read this chart and understand the implications. They remain willfully ignorant of their plight. After a lifetime of working, the median Boomer household has managed to accumulate $12,000 of retirement savings. That means that 50% have even less than $12,000 for their retirement. These 55 to 64 year olds are up shits creek without a paddle. No wonder the percentage of over 55 people working is at an all-time high. Every age bracket has been living in a land of delusion. The entire country has bought into the “live for today” mantra. We have trillions in unfunded Social Security obligations that won’t be paid. Cities and States have trillions in unfunded pension and health benefits that won’t be paid. The government and its citizens have lived above their means for decades and haven’t saved for a rainy day or their futures. Wait until the 40% stock market crash does a number on these figures in the next year. There is no possible scenario where this ends well or can be solved by another government solution. It’s too late. We’re fucked. Enjoy the rest of your day.    

119
Leave a Reply

avatar
  Subscribe  
Notify of
ThePessimisticChemist

@MM – Fails to mention the number of people who aren’t of retirement age drawing on SS. Children, “early” retirees (GenXers/millenials who don’t want to work).

Not to mention his mortality rate for Americans is woefully underestimated. 72? You can’t just point to a person and say “probably going to die at 72” that number includes children, bums and illegal aliens. People who never pay into the system, and never draw out of it.

Not part of my argument, I just thought it would add to the conversation:

comment image

comment image

Llpoh
Llpoh

MM needs to go back 40 years, check the average salary the, average it to the average salary now, and then figure out what the average SS contribution would be over the forty years.It ain’t $7k. Here, let me help – a + b /2 *40, where a is salary forty years ago times Ss rate, b is current salary times SS rate. That will give you a rough approximation. I won’t go into real rates of return, etc, as that would take me years to explain to old MM.

Dolt.

MM the Dolt
MM the Dolt

Oh please do explain real rates of return to me LLPOH.

I made the mistake of not considering you make ultra bucks, you think all people who retire will collect $30K+ per year and live for 30 years after retiring.

You came back and conceded that, not all, but quite a few retirees would live that long.

I did not argue when you said SS taxes would not cover the payouts expected. No shit.

I said that retirees on the low end might only get around $7000 per year (where do you get the idea that they paid $7000 over 40 years?) although there is no minimum payout.

You made it seem like every one of us fat fuck boomers would be collecting $30K per year. That is what I was complaining about.

Thanks for only calling me a dolt, that’s almost friendly coming from you.

llpoh
llpoh

MM – sorry – thought you meant that the average amount being put in was $7k per year ($50k average salary times 14% and all that.). My bad.

Dolt is nearly a term of endearment from me. I luvs ya. If I didn’t I would get all mean and nasty like.

kick

Can I simply say what a comfort to uncover an individual
who genuinely knows what they’re talking about on the web.
You definitely know how to bring an issue to light and make it important.
More people have to check this out and understand this side of the story.
I can’t believe you aren’t more popular given that you certainly possess the gift.

Discover more from The Burning Platform

Subscribe now to keep reading and get access to the full archive.

Continue reading