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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I actually think it's a good thing that these stats understate 401k totals for people/couples in the way that you've identified, because it's very easy to think there's no retirement crisis or Social Security is just icing on the cake if you think everyone with a 401k is doing fine.  A significant portion of workers in the US don't have access to workplace retirement accounts at all![/quote]

Then they have access to various IRAs.  They still have some options (not as good as 401K), and fact is most do not take advantage of that.  Or you just invest on your own, without "retirement/401K benefits".  [/quote]

:roll:   So when you can't find your personal combined family balances in an article about 401k millionaires it's a crisis, but when low income workers don't have access to 401ks at all they should just figure it out on their own.  Get over yourself.  [/quote]

Well ideally, I'd like it if every company/Job offered a 401k.  however for that to happen it would mean the Federal govt is running it.  So I don't see that as a perk.  It would destroy the 401k program for most.    [b]Look what SS has become.  I've paid in 1000 times more than we will most likely ever see.  I would have preferred to have all of that money to invest myself, rather than leaving it to the govt to "not make any money on it".  A simple SP500 index fund would have given me a lot more than SS will actually pay out. [/b]

Heck, I also think we need universal Healthcare, so everyone gets the same benefits of lower costs.  I've thought that for decades.  It's not fair that with my BCBS my mammogram that is charged at $850 is paid in full for $195 by BCBS.  But if I don't have insurance, I owe the full $850.  Everyone should get the $195 as long as you are willing to pay in full Day of Service (IE the company doesn't have to bill you and track you down to get payment).

There are plenty of lower income jobs that do offer 401K.  Starbucks, Panera, many fast food companies do offer that for full time workers.  So lower income workers do have a choice to work for a place that offers those perks.  Or to more importantly work to better themselves and get a higher paying job.  Starbucks offers online college for virtually free as a perk.

But the issue for a lower income worker is more that they don't have the extra money to save for retirement.  So the better solution is to help them improve their job prospects.  [/quote]

All together now, for those who haven't been paying attention for the past few decades:

Social Security is not designed to be, nor is it, a retirement plan.  [/quote]

i have a client who lives entirely off their ss. They were a 2 income household, and carry no debt. Recently they have been forced to take RMDs but they just reinvest that.  [/quote]

Indeed, many people do this. The benefit at full retirement age or age 70 is not small for many people, especially two incomes.[/quote]

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