Recent

% | $
Quotes you view appear here for quick access.

CSX Corp. Message Board

  • sollid_companiess_only sollid_companiess_only Jul 1, 2013 9:47 PM Flag

    UNBELIEVABLE: The Pathetic State Of American Retirement Savings

    A new report paints a rather grim assessment of how prepared we are for retirement. "The Retirement Savings Crisis: Is it Worse Than We Think?" from the Washington, D.C.-based National Institute on Retirement Security, says the typical American family has only "a few thousand dollars" saved for retirement.

    "We have millions of Americans who have nothing saved for retirement," says Diane Oakley, executive director of the NIRS. "We have 38 million working-age households who do not have any retirement assets."

    For people 10 years away from retirement, the median savings is $12,000. "Of the people between 55 and 64, one third haven't saved anything for retirement," Oakley says.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Allen Iverson
      Antoine Walker
      Arantxa Sanchez-Vicario
      Bjorn Borg
      Bobby Orr
      Darren McCarty
      Dennis Rodman
      Denny McLain
      Deuce McAllister
      #$%$ Lane
      Evander Holyfield
      John Daly
      Kenny Anderson
      Latrell Sprewell
      Lawrence Taylor
      Lenny Dykstra
      Leon Spinks
      Marion Jones
      Mark Brunell
      Michael Vick
      Mike Tyson
      Muhsin Muhammad
      Rollie Fingers
      Scott Eyre
      Scottie Pippen
      Sheryl Swoopes
      Travis Henry
      Warren Sapp

      ALL BANKRUPT AND BROKE

    • This problem was the results of all the liberal programs. That congress made law, stay home make more babies, get more money. Drop out of school and get free medical care, free food stamps, need a place to live,
      the federal govenment will pay your rent for you. We will get the money from people who get up and go to work everday, save money for retirement. An illegal, makes no difference, heck the federal government, will give you more and you can bring a lot of your relatives. The motto of the liberals. SCREW THE WORKING MEN and WOMEN OF AMERICA

      Sentiment: Hold

      • 1 Reply to dirtpoordog
      • Illegal's are the fault of the liberals? Making babies is the fault of liberals? Children born out of wedlock or babies having babies is the lack of morality in this country. I don't find it to be the fault of liberals more about bad parenting. No household is immune no matter what the politics. The free money is troubling. To state liberals are at fault makes me question between 1994-2006 Congress was a Republican majority with 6 years of a Bush presidency during that time they didn't do anything to control it. Mabey because corporate welfare was at an alltime high? What puzzled me the most is how a social security number can be used by 12 different people at the same time at different locations around this country without raising flags at the IRS. First time I heard a news report about this was around 2004. Liberals weren't running the country. No one cared it was cheap labor. It didn't become an issue till 2008. Most illegals were working jobs no American wanted chicken processing plants ect....once the crisis hit unemployment skyrocketed then it became an issue.

    • During my career, I worked with many individuals who, with their spouses, made excellent incomes. It was really surprising how many never bothered to save up for retirement or for their children's education. They had plenty of money to do so. Instead, they had to spend every cent they could get their hands on for new cars/vacations/luxuries. So they ended up in a debtor's circle, maxing out their credit cards and making minimum balance payments for decades, and then borrowing all they could against the equity of their house.

      These folks are still working, past the age of 65 or they have retired poor. Plus, their kids missed out on the opportunity of secondary education or they ended up being 'saddled' with large student debt. But worst of all for the children, they will most probably follow their parent's poor saving habits.

    • A different report, but basically the same thing:
      4 Totally Depressing Things Workers Say About Retirement
      BY Brian O'Connell | 07/02/13 - 11:00 AM EDT

      NEW YORK (TheStreet) -- It's not exactly a secret that workers are falling behind on their retirement savings.
      A study from Bank of America Merrill Lynch (BAC_) shows that about 25% of soon-to-be-retirees will cash out of their career years with less than $250,000 in retirement savings. The study also shows that many Americans are struggling to meet adequate financial retirement goals, and that struggle is starting to take its toll.

      "Too often financial stress and the weight of uncertainty surrounding one's ability to accomplish their goals can cause them to remain inert and unwilling to look truths about their financial future in the eye," says Michael Liersch, director of behavioral finance for Merrill Lynch. "Recognizing that these challenges are in most instances not insurmountable, and admitting to one self that there are behavioral changes that can be made to address them, are simple but critical first steps. From there, even small, positive actions today can have a significant impact on improving near- and longer-term financial wellness."

      In that same study of 1,000 U.S. workers, retirement savers spell out some attitudes and observations emerging out of the current retirement savings malaise, including:

      Health care costs are taking a toll. Americans are saving less for retirement because they are spending too much money on health care. The Bank of America reports that 80% of U.S. workers say their health care costs have risen, and 56% say they are saving less for retirement as a result.

      Continued in reply to this message

      • 1 Reply to sollid_companiess_only
      • Continuation:

        Workers would sacrifice now for "reliable income" later. The study says that 79% of U.S. workers say they would give up 5% of their income in exchange for a reliable income in retirement, and 38% say they would give up 10% of their annual income for that steady income in retirement.

        Employees aren't sacrificing now, though. Despite that, only 20% of employees "max out" on their employee retirement savings accounts to get the most out of their employers offering a 401(k) contribution matching program.

        Bonuses are no longer for fun. The survey asks respondents what they would do with a $1,000 bonus from their employer, and 36% said they would use the cash to pay down debt; 26% said they would put it into their retirement savings. Only 8% would blow it on a treat for themselves.

        Clearly, Americans are anxious about their retirements -- it's almost like many see the handwriting on the wall and they don't like the message it's sending.

    • In 1994 my union while working for CSX opened up a 401K. It didn't get a company match till a few contracts later. Still it was an oppertunity to save even though no one had a clue about it. It was the Clinton '90s and no matter what a person did they couldn't go wrong. It wasn't till the new millenium things went downhill. Still it did allow a chance to save something that wouldn't of happened putting money in a bank or credit union savings account. I have friends in their mid-50's that aren't taking advantage of 401K's with a match or if they are it's minimul. Its about sacrifice. I've seen similiar articles about retirement savings the figures put me in the near top percentage in the 55-64 year old bracket. I don't feel that way. I read articles where those in their '30s feel they'll never retire. I guess they won't with that kind of attitude. Younger co-workers I suggest go with the 401K start out with 2-4% get the match. Every pay increase add 1-2%. Keep your nose in it. Even going with a conservative retirement preservation money market it pays better than a bank they won't miss it plus it's pre-tax.

      • 1 Reply to j.molter54
      • rachelldavisimer@gmail.com rachelldavisimer Jul 7, 2013 7:49 PM Flag

        hi sir I seen that u said u worked for csx for many years. I have a couple questions if u wouldn't mind answering. I live in Nashville, tn and I was offered a job at csx as a freight conductor. ive already passed all my tests and I go to Atlanta in August. my concern with taking this job is being laid off..ive heard a number of people that work for csx all over the us and the people are saying their getting furlowed or laid off right out of the on the job training. I just need to know what I should do, if it would be a good idea to leave my job im at now to take the risk of getting laid off. if anyone has any imput it would be greatly appreciated.
        thanks

 
CSX
26.21+0.13(+0.50%)Jul 1 4:00 PMEDT