Study finds 62% of Americans have have saved less than $1,000 for retirement

When these people hit retirement, the welfare state will collapse and we will become Greece.

Via Breitbart:

Study after study shows that Americans are not saving for retirement like they should, and a new survey finds that nearly one third of people who have some sort of savings plan have amassed less than $1,000 for retirement.
The survey titled “Preparing for Retirement in America,” by Employee Benefit Research Institute (EBRI) and Greenwald and Associates, finds that only 65 percent of workers have any savings for retirement, a number that fell below the 75 percent figure from 2009.
But 28 percent of workers report that they have saved less than $1,000 for retirement, and almost 6 in 10 Americans say that their financial planning needs improvement.
Additionally, 34 percent say they have made no effort at all to saving anything or make a retirement plan. Still, most say that they intend to start saving at some point.

It has began: Obama's proposed budget limits retirement accounts...

You may think this number is so high ($3,000,000) that is won't ever affect you, but this is the administration that thinks $200,000 make you a rich person.

Via Breitbart:

The budget President Barack Obama will submit on April 10 will contain a proposal that would prohibit individuals from accumulating more than $3 million in Individual Retirement Accounts (IRAs) and tax-preferred retirement accounts.

According to a White House statement, the Obama administration believes the current rules allow some wealthy individuals “to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.”

“The budget would limit an individual’s total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million in 2013,” the statement said. “This proposal would raise $9 billion over 10 years.”

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Demo Rep. Dave Obey Spent $30K in Polling 8 Days Before Announcing He Was "Bone Tired" and Retiring

"Panic-stricken" might have been a better reason for retiring U.S. Rep. Dave Obey to use as an excuse for not running for reelection.

WISPOLITICS reported:

Retiring U.S. Rep. Dave Obey paid more than $30,000 on polling just eight days before announcing his retirement, according to the longtime congressman's latest filing with the FEC....