Top CEOs Have $4.9 Billion Saved Up for Retirement. Nearly 1/3 of Workers Have Nothing.

[portlander23]

Top CEOs Have $4.9 Billion Saved Up for Retirement. Nearly 1/3 of Workers Have Nothing.
Zoe Carpenter
The Nation

The pay gap between workers and their bosses is well-known, but it turns out that the disparity in retirement assets is even greater. Nearly one-third of Americans nearing old age have no retirement savings at all, according to a report published Wednesday by the Institute for Policy Studies and the Center for Effective Government. The median balance in 401(k) accounts in 2013 was $18,433, which would generate a monthly check of just $104.

The average nest egg for a top executive, on the other hand, is $49.3 million. That’s enough to ensure a $277,686 retirement check every month. The top 100 executives have $4.9 billion in retirement savings combined—the equivalent of what 41 percent of American families have saved up for later life.

[GreenPartyVoter]

1. What's retirement?

[hobbit709]

2. Death if you're in the 99%

[lonestarnot]

3. Isn't that the truth!

[hobbit709]

4. "The meek shall inherit the earth"

What isn't mentioned is that it's usually in two by six foot plots.

[ladjf]

5. Another of the many obscene situations prevailing in America.

It's difficult to be a "proud American".

[mnhtnbb]

6. A woman that we knew in St. Joseph, (MO)

married one of these guys--second marriage for both--they'd been high school
sweethearts--about 20 years ago.

He recently threw her out --with nothing--she can barely afford a room
in a retirement community in Kansas City and is divorcing her.

He "was one of the early franchisees of Pizza Hut and for several years was a Kentucky Fried Chicken franchisee. Today he owns and operates more than 100 restaurants in nine states, as well as several other significant enterprises."

In other words, he's loaded. But he does what he wants--provides for himself--and only thinks about himself.

Most of these guys are a$$holes. Real a$$holes.

[smirkymonkey]

7. That's disgusting. To not even allow her a basic standard of living is so

wrong, especially when he is worth millions/billions. What an effing arsehole.

[mnhtnbb]

8. It really is. They built a gorgeous house in Wichita, KS--which is where he lived

when they married--but they also had homes on Little Cayman and in the mountains
of Colorado (Aspen, I think). They let us use the house for a week's vacation on Little Cayman one
year. Fabulous. It was fabulous. Four bedroom, huge great room,
special scuba storage room, fabulous decks, right on the beach adjacent to Bloody Bay Wall.

You know he was stashing $$$ in the Caymans.

And he doesn't give her enough--after 20 years--to let her buy a house
or a condo in Kansas City that might have cost him $300k? $350k?

Really a true a$$hole.

[closeupready]

9. Kind of stupid, too, IMO.

I mean, did she talk with a divorce lawyer?

[mnhtnbb]

10. She was a very savvy realtor in St. Joe--we had bought our house

from her when we moved there--but she divorced her St. Joe husband who
also was a realtor (they owned the agency). I guess
when she started dating her old high school boyfriend, she did what too many
women do--trusted him. Signed a pre-nup. I don't know the details of it,
but my guess is she's not going to be able to fight it. She certainly has
seen an attorney. And she's no spring chicken at 75.

[MisterP]

11. ugh, why is Yum Brands at the top of the list? even Honeywell's runoff hasn't caused that much

GI distress