US: 43% Have Less Than $10k For Retirement

Now it’s the American nightmare!

US: Wealth Disparities Approaching 1920s Levels

George Carlin …

George Carlin: The American Dream (Must-see!)

“They want your f****** retirement money. They want it back, so that they can give it to their criminal friends on Wall Street.”

was right:

Failed Banks May Get Pension-Fund Backing as FDIC Seeks Cash (Bloomberg):

March 8 (Bloomberg) — The Federal Deposit Insurance Corp. is trying to encourage public retirement funds that control more than $2 trillion to buy all or part of failed lenders, taking a more direct role in propping up the banking system, said people briefed on the matter.


NEW YORK (CNNMoney.com) — The percentage of American workers with virtually no retirement savings grew for the third straight year, according to a survey released Tuesday.

The percentage of workers who said they have less than $10,000 in savings grew to 43% in 2010, from 39% in 2009, according to the Employee Benefit Research Institute’s annual Retirement Confidence Survey. That excludes the value of primary homes and defined-benefit pension plans.

Workers who said they had less than $1,000 jumped to 27%, from 20% in 2009.

Confidence in ability to save enough for a comfortable retirement hovered at 16% of respondents, the second lowest point in the 20-year history of the survey.

A drop in the bucket

“Americans’ attitudes toward retirement have clearly tracked the economy the last couple of years, and that seems to be the case in 2010,” said Jack VanDerhei, EBRI’s research director and co-author of the survey, in a statement.

The percentage of workers who said they have saved for retirement fell to 69%, from 75% in 2009.

While VanDerhei attributed the decline in current savings rates to job losses, mortgage problems and the suspension of corporate 401(k) matches in 2009, he said the economy isn’t entirely to blame.

“In previous years, there were a whole lot of people who had nothing to begin with,” said VanDerhei.

The gap between what Americans have saved and what they’d need for retirement is forcing workers to prolong their working years.

According to the survey, 24% of workers said they have postponed their planned retirement age in the past year, up from 14% in 2008.

But even as fears over health care costs and job prospects mount, the survey found that only 46% of workers have tried to calculate what they need for a comfortable standard of living in their golden years.

“People just don’t want to think about this,” said VanDerhei. “Everybody thinks they’re too young to think about it, until suddenly they’re too old to do anything about it.”

In general, financial planners say that retirement savings, including Social Security benefits and pension, should be large enough to provide about 80% of pre-retirement income.

To reach that target, “most Americans need to be saving within the healthy range of 6% – 10% (of their salary),” said Beth McHugh, vice president of workplace investing for Fidelity Investments.

But the survey found that 54% of the workers with some form of savings said that they have less than $25,000 stowed away.

Delaying retirement, though not ideal, is a good sign that people are finally facing reality.

“People have figured out that they don’t have enough money,” VanDerhei said. “Still, I’d rather they bite the bullet today, rather than take the chance that they’d have a job when they are 65.”

The EBRI surveyed 1,153 U.S. workers and retirees, age 25 and older, in January.

By Chavon Sutton, staff reporter
March 9, 2010: 8:21 AM ET

Source: CNN Money

The elite puppet US government and the Fed are destroying America:

Obama Administration Using Accounting Gimmicks That Would Make Enron ‘Blush,’ Says Republican Lawmaker

Bizarre? Now this is bizarre! Audit the Fed banksters NOW!

US Senator Judd Gregg Warns of ‘Financial Meltdown’ Risk

Rep. Ron Paul Grills Ben Bernanke on Saddam Hussein, Watergate and the Fed

US Unveils Plans For New $1 Billion High-Security Embassy In London — The Most Expensive It Has Ever Built

FDIC Report: ‘We Were Broke And Getting Broker’

US: Millions of Unemployed Face Years Without Jobs

US: Wealth Disparities Approaching 1920s Levels

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Rep. Ron Paul At CPAC 2010: ‘We Are On The Brink Of A Financial Cataclysmic Event.’

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Marc Faber on CNBC: All Governments Will Default On Their Debt, Including The US

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Another lie:
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Marc Faber: Obama Makes Bush Look Like a Genius

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The Coming Sovereign Debt Crisis

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Barack Obama’s Health Care Lies And Reversals

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As an American, I refuse to buy mandatory health insurance … that supports Big Pharma

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Traitor in chief:
Treason: Obama gives INTERPOL immunity from the Constitution (Amending Executive Order 12425)

Peter Schiff on Obamacare, Freddie Mac & Fannie Mae: The Nightmare Before Christmas

Obama administration backs Fannie Mae and Freddie Mac no matter how big their losses may be

Rep. Dennis Kucinich: US War Presidents ignore Congress and Constitution

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US: Trillions Of Troubles Ahead

Chinese central banker Zhu Min: ‘The world does not have so much money to buy more US Treasuries.’

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US National Debt Tops Debt Limit

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John Williams of Shadowstats: Prepare For The Hyperinflationary Great Depression

Liar in Chief (NOT funny!!!):
Barack Obama Lies 7 Times In Under 2 Minutes!!!!!

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Famous Investor Jim Rogers: Incompetence In Washington, Abolish The Fed And The Treasury

Rep. Dennis Kucinich: The Truth About Afghanistan

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Ron Paul: ‘Obama is Actually Preparing Us For Perpetual War’

–  Afghanistan Surge to Cost At Least $40 Billion, That Is $1.333.333 For One US Soldier Per Year

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Liar in Chief (Over 300 soldiers died in 2009 because of this lie!!!):
Obama: ‘I will promise you this, that if we have not gotten our troops out by the time I am President, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank.’

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