Quotes & Sayings About Retirement Savings

The 1993 Social Security tax penalizes seniors who have planned for their retirement through savings, investment and hard work. That's wrong, and that's why the double tax on Social Security must end. — Rob Simmons

It's the treasure in the empty field; it's worth selling everything to own
your entertainment, your 401(k) or your registered retirement savings plan, your home, your comfort, the sand where you stick your head, your last word, your right answers, your safe and predictable nice little life centered on avoiding heartbreak or inconvenience to your schedule. — Sarah Bessey

Since Social Security faces a large gap between what it promises younger workers and what it can afford to pay them, private savings will likely need to play a larger role in retirement planning for younger workers. — Ron Lewis

LUKEWARM PEOPLE do not live by faith; their lives are structured so they never have to. They don't have to trust God if something unexpected happens - they have their savings account. They don't need God to help them - they have their retirement plan in place. They don't genuinely seek out what life God would have them live - they have life figured and mapped out. They don't depend on God on a daily basis - their refrigerators are full and, for the most part, they are in good health. The truth is, their lives wouldn't look much different if they suddenly stopped believing in God. — Francis Chan

Yes, your kids should go to school. No, you shouldn't bankroll their degree whatever the cost. You've spent your life creating a sound financial plan; don't upend it by suspending your retirement savings or taking out a home equity line of credit to pay for a pricey college. — Suze Orman

The Retirement Savings Drain: The Hidden & Excessive Costs of 401(k)s, — Anthony Robbins

Use visual cues to prompt yourself to put away more. A photograph of the beach house where you and your husband can envision spending your retirement will remind you to bump up the contribution to your 401(k); a snapshot of your child in a college sweatshirt can encourage you to put more into a 529 college savings plan. — Jean Chatzky

I do not function too well on emotional motivations. I am wary of them. And I am wary of a lot of other things, such as plastic credit cards, payroll deductions, insurance programs, retirement benefits, savings accounts, Green Stamps, time clocks, newspapers, mortgages, sermons, miracle fabrics, deodorants, check lists, time payments, political parties, lending libraries, television, actresses, junior chambers of commerce, pageants, progress, and manifest destiny. — John D. MacDonald

But there was something telling about that photograph, I thought; our protective glass frame shattered and now here we were, punctured with microscopic holes that might one day tear. Those holes all had names: mortgage, adolescent child, lack of communication, retirement savings, cancer. — Mary Kubica

There's been a lot said about Social Security reform. What has been left out of the debate is the double tax on Social Security benefits. I believe it's time to get rid of a tax that punishes seniors and discourages work and retirement savings. — Rob Simmons

There is a new wave of interest in exploring how to frame choices so that people make better decisions. Richard Thaler and Cass Sunstein, professors of economics and law, respectively, teamed up to write Nudge: Improving Decisions About Health, Wealth, and Happiness, which advocates using defaults to nudge us to make better choices.9 Even when we are choosing in our own interests, we often choose unwisely. When employees have the option of participating in a retirement-savings scheme, many do not, despite the financial advantages of doing so. If their employer instead automatically enrolls them, giving them the choice of opting out, participation jumps dramatically — Peter Singer

Social Security is not a retirement savings plan; it is a social insurance program. It's a contract that says, as a society, we will look out for you and your family when you can no longer work. — Jeff Bingaman

A: 10% savings 10% donation 35% housing and living expenses 25% food 5% entertainment 6-10% retirement (more if you're older) 3-5% college fund for children — Celso Cukierkorn

No one anticipates divorce when they're exchanging vows, and it can be devastating emotionally and financially. To ease the financial side of the blow, you need to maintain your financial identity in your relationship. That means having your own credit history - you need your own credit card - and your own savings and retirement accounts. — Jean Chatzky

[On retirement savings:] Gone today, here tomorrow. — Catherine Crook De Camp

People clinging to job security, savings, retirement plans, and other relics will be the ones financially-ravaged from 2010-2020, the most volatile world-changing decade in history. — Robert Kiyosaki

Though Congress continues to explore possible solutions to ensure social security solvency, everyone must take personal responsibility to prepare their own retirement savings accordingly. — Ron Lewis

Few societies have come to grips with the new demography. We cling to the notion of retirement at sixty-five - a reasonable notion when those over sixty-five were a tiny percentage of the population but increasingly untenable as they approach 20 percent. People are putting aside less in savings for old age now than they have at any time since the Great Depression. More than half of the very old now live without a spouse and we have fewer children than ever before, yet we give virtually no thought to how we will live out our later years alone. — Atul Gawande

The median savings of households 10 years from retirement is a paltry $12,000; nearly one-third of those 55-64 have no savings. — Anonymous

Obviously, people with low or even moderate incomes could not afford such savings rates, and even diligent savings from their low wages would not be enough to pay for either retirement or healthcare. — William Greider

During the Enron debacle, it was workers who took the pounding, not bankers. Not only did Enron employees lose their jobs, many lost their retirement savings. That's because they were at the bottom of the investing food chain. — Robert Kiyosaki

When top executives get huge pay hikes at the same time as middle-level and hourly workers lose their jobs and retirement savings, or have to accept negligible pay raises and cuts in health and pension benefits, company morale plummets. I hear it all the time from employees: This company, they say, is being run only for the benefit of the people at the top. So why should we put in extra effort, commit extra hours, take on extra responsibilities? We'll do the minimum, even cut corners. This is often the death knell of a company. — Robert Reich

The system is not intended as a substitute for private savings, pension plans, and insurance protection. It is, rather, intended as the foundation upon which these other forms of protection can be soundly built. Thus, the individual's own work, his planning and his thrift will bring him a higher standard of living upon his retirement, or his family a higher standard of living in the event of his death, than would otherwise be the case. Hence the system both encourages thrift and self-reliance, and helps to prevent destitution in our national life. — Dwight D. Eisenhower

SHE'D DUMPED HIM. That's all. It wasn't that bad. It shouldn't have been. It's not like they were married. It's not like she abandoned him at the altar, or made off with his best friend and their retirement savings.
People get dumped all the time. — Rainbow Rowell

Retirement security is often compared to a three-legged stool supported by Social Security, employer-provided pension funds, and private savings. — Sander Levin

Personal savings accounts to me are one of the most powerful things, not necessarily in saving, solvency, or bankruptcy of the program, but in guaranteeing, the words I used a few minutes ago, a safe and secure retirement for our seniors. — Bill Frist

Automate your savings so that you have money taken directly from each paycheck and deposited into a 401(k) or other workplace retirement account. If that's not an option, automatically have money transferred out of checking into savings each time you get paid. — Jean Chatzky

Cash - in savings accounts, short-term CDs or money market deposits - is great for an emergency fund. But to fulfill a long-term investment goal like funding your retirement, consider buying stocks. The more distant your financial target, the longer inflation will gnaw at the purchasing power of your money. — Suze Orman

There are basically two ways to help people get sufficient money to fund their entire retirement. The first is to get people to save more money, and to start saving at a younger age. The second approach is to get people to die at a younger age. The easier approach, by far, is getting people to die younger. And how might we achieve this? By allowing citizens to smoke. By subsidizing sugary and fatty foods. By limiting access to preventive health care etc. When we think about retirement savings in these terms, it seems that we're already doing the most we can on this front. — Dan Ariely

The simple index fund solution has been adopted as a cornerstone of investment strategy for many of the nation's pension plans operated by our giant corporations and state and local governments. Indexing is also the predominant strategy for the largest of them all, the retirement plan for federal government employees, the Federal Thrift Savings Plan (TSP). The plan has been a remarkable success, and now holds some $173 billion of assets for the benefit of our public servants and members of armed services. — David F. Swensen

President Roosevelt, the author of Social Security, was the first to suggest that, in order to provide for the country's retirement needs, Social Security would need to be supplemented by personal savings accounts. — John Doolittle

Retirement savings is probably behavioral economists' greatest success story. It is a prototypical behavioral-economics problem because saving for retirement is cognitively hard - figuring out how much to save - and requires self-control. — Richard Thaler