Could it also be that most people would rather spend their money now rather than saving for the future? Delayed gratification is not something you see in kids and most adults. But, according to you, they should not have to or be given a choice. If most people choose to live 'high on the hog' rather than save for retirement I don't feel they (us, you and me, anyone) should be made to save for retirement. They make their bed, they should sleep in it. I have no sympathy. I have watched people take expensive vacations, live in expensive houses, drive expensive vehicles while my wife and I lived frugally, sacrificed time with our kids, skipped nice vacations, drove older vehicles that are over 15yrs old, lived in double wide trailers until we could afford a nice home and saved for retirement. I want to sleep in the bed I sacrificed for not continue to sacrifice for those people who 'deserved to drive nice vehicles, live in expensive homes and enjoy nicer vacations' than my family have ever had.
Brother,....I’m glad you’ve done well.......Truly I am........
But you’re presuming everyone else is doing the “instant gratification “ thing by choice.
And,........you’re writing off your fellow citizens who......maybe by no choice of their own.....had no extra money to invest in any sort of investment scheme.
Break out the violins now,......and I’ll present myself as a sad, sad example......Nine carriers closed underneath me from 1975 to 1985. We had bought a “starter home” in the hopes of fixing it up and selling it for a profit........Commendable, right?
Then the job losses and uncertainty started, and the kids started coming , too.............
And here we are, 41 years later........in the same 2 bedroom starter home that we raised four children in......
Was I stupid? Did we live like prolifigates? Did we flaunt our wealth on payday and beg the other six days?
Hell,......we don’t even drink.......or smoke. Never bought a new car until last year. Rarely take vacations.........
No,.........we were just...unlucky......Like many, many other people with stories similar to mine.
So,.....should we just write off people like me, as being too poor to worry about, and too unlucky to do any caring about?
Having an employer requiring you to take 15% of your wages every week, and invest it in a scheme with no guarantees, and subject to....almost regular....market adjustments.......while that employer is making record profits........(...no, ...excuse me....YOU’RE making him record profits.....)......
Is almost criminal, in my book,........especially if you’re counting on part of that 15% to pay for mortgages and baby’s formula.....
That’s no “pension”.......That’s truly a scheme.......
How about this? Every employer put the money that they offer to match,.......or have to pay into defined-benefit plans.......or give out as quarterly bonuses...........into Social Security.......the ultimate defined -benefit plan...........and raise the monthly check level to three-fourths of your pre-retirement income.....indexed to inflation, of course.....
Wouldn’t that solve the retirement problem? Checks for life, right?
No more pension funds, no more 401(k)’s, no more IRA’s.........
Just an expansion of Social Security based on your wages, and funded by employers,.....who won’t have to fund,....or match,...anything else. A living wage you can afford to retire on.......at your choice,....not when the “market” says you have enough money.
Yaas.......I can hear the weeping and wailing and gnashing of teeth on Wall Street already........