Retirement in America increasingly means working into old age, with most seniors unable to support themselves on Social Security and savings alone

5 comments

1. It’s amazing just how rich the US is. Workers in the US produce over $80,000 per year for each man, woman, child, retiree, etc.

   We have unparalleled advantages over other countries when you combine our natural resources, infrastructure, and productive workforce.

   If productivity growth continues like it has in the past, there will be $150,000 in annual GDP for each person in 30 years, after adjusting for inflation. That’s $600,000 per family of four per year.

   There’s no question that the US has enough resources to provide a high quality of life for everyone. The question is whether we can claw any of our endowment out of the hands of the few people who hold it now.

   Otherwise, millions will continue to suffer through our selective opulence. The yachts and homeless camps will both get bigger.

2. They voted for this to happen so I don’t see the problem.

3. They should eat less avocado toast.

4. Think it’s bad now? Just wait. At least a few of those in their 70s have employer pensions. For Americans under age 60, that’s increasingly rare.

   Note that no other country has abandoned employer pensions as the US has. We are about to rediscover why.

5. Social security was meant to be a supplement, not a complete retirement solution right?

   I am convinced the access to easy credit has completely fucked everything up. It keeps prices high. If people could only buy what they could truly afford, they would buy much less. But, since they can easily borrow, they take on debt and get it anyway. The company they buy the thing from does well, their shareholders are happy etc. But the individual is slightly more screwed. Because instead of saving money that could help with, amount other things, retirement, he’s now adding more debt. It’s not a sustainable situation. But it is absolutely the monster that we – all of us – have made.