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do these people plan to work forever?
Posted on 1/19/19 at 4:14 pm
Posted on 1/19/19 at 4:14 pm
I was reading an article about social security and saw these numbers? LINK
These are the youngest of the baby boomers and they have no retirement savings. Even those baby boomers who are saving for retirement aren't socking enough money away. The median savings of a baby boomer is just $127,000. It will be interesting the impact on the future workforce.
quote:
As we’ve mentioned before, 91% of workers in their 50s don’t have a pension, and nearly half—46%—don’t participate in a retirement plan at work—not an IRA or 401(k), nothing.
These are the youngest of the baby boomers and they have no retirement savings. Even those baby boomers who are saving for retirement aren't socking enough money away. The median savings of a baby boomer is just $127,000. It will be interesting the impact on the future workforce.
11
Posted on 1/19/19 at 4:25 pm to TigerintheNO
I mentioned in a recent Money Board post how I can’t not stress about unknowns as they relate to retirement saving. This is another big worry of mine. What’s going to happen to the value of retirement accounts of those of us who save responsibly?
Posted on 1/19/19 at 4:35 pm to lnomm34
I'm in my late 30s and have some regret about not putting more into 401k and Roth IRA sooner. I can't imagine being in my 50s and having 0 retirement savings. That sounds horrible.
Posted on 1/19/19 at 4:50 pm to TigerintheNO
They will be dependent on their kids or still working.
Posted on 1/19/19 at 5:03 pm to TigerintheNO
There are many parts of the US where one can live off social security and medicare. Medicaid too, if need be.
No, it isn't an especially comfortable life but it can be done.
I thought it would be lower, honestly.
No, it isn't an especially comfortable life but it can be done.
quote:
The median savings of a baby boomer is just $127,000.
I thought it would be lower, honestly.
Posted on 1/19/19 at 5:31 pm to TigerintheNO
quote:
The median savings of a baby boomer is just $127,000.
I gonna call bs on that. Median? I’d put that at around $40k. The OP describes my wife. She has zero retirement other than SS. Luckily, I’ve done plenty to secure our golden years...I hope.
Posted on 1/19/19 at 5:43 pm to TigerintheNO
Ignoring the last 5 months of the market, I have caught up on savings in the last 15 years. I was behind in my younger years, and didn't understand the value of invested money.
I still always shy away from retirement threads on here, because most are still saying you need $3-4M to retire, and even with my efforts I'm not going to be close to that, and I'm hoping to retire late 50's.
I still always shy away from retirement threads on here, because most are still saying you need $3-4M to retire, and even with my efforts I'm not going to be close to that, and I'm hoping to retire late 50's.
Posted on 1/19/19 at 5:58 pm to lnomm34
quote:
What’s going to happen to the value of retirement accounts of those of us who save responsibly
Government will tap it to pay for the lazy
Posted on 1/19/19 at 7:15 pm to TigerintheNO
And with the way money works with regards to inflation the savings gap seems to be on the wrong track.
For example... let’s assume living expenses per month run about $8,000 for the average retiree. That number will jump to $16,000 around 2050 (inflation adjusted).
The gap between the cost of living and savings base is worsening and what is going to make up that gap?
It’s going to be a second generation of adults taking care of parents and children. It’s going to be Americans working later in life. It means the wealth gap is on track to increase. SSI surely isn’t the solution.
As poorly as pension funds were managed, they forced flows to help support retirees and those plans are long gone.
We need a massive culture shift & Personal Finance needs to be taught in grade schools, nationwide. Not only do savers need to do more, the average American doesn’t think past the next paycheck and is unprepared, and it needs to be emphasized at an early age.
For example... let’s assume living expenses per month run about $8,000 for the average retiree. That number will jump to $16,000 around 2050 (inflation adjusted).
The gap between the cost of living and savings base is worsening and what is going to make up that gap?
It’s going to be a second generation of adults taking care of parents and children. It’s going to be Americans working later in life. It means the wealth gap is on track to increase. SSI surely isn’t the solution.
As poorly as pension funds were managed, they forced flows to help support retirees and those plans are long gone.
We need a massive culture shift & Personal Finance needs to be taught in grade schools, nationwide. Not only do savers need to do more, the average American doesn’t think past the next paycheck and is unprepared, and it needs to be emphasized at an early age.
Posted on 1/19/19 at 7:17 pm to HailToTheChiz
quote:
Government will tap it to pay for the lazy
Get your tin foil hat out of here.
Posted on 1/19/19 at 8:17 pm to TigerintheNO
My father in law is 63, my mother in law is 60 and hasn’t worked since she was 20, so her social security is basically nothing.
They have $8000 in savings, re mortgaged their home like three years ago, and at Christmas they were talking about retirement.
They believe wrongly that social security will replace their income.
They have $8000 in savings, re mortgaged their home like three years ago, and at Christmas they were talking about retirement.
They believe wrongly that social security will replace their income.
Posted on 1/19/19 at 8:27 pm to anc
That is much more typical than the $127k.
Posted on 1/19/19 at 8:28 pm to anc
quote:
They believe wrongly that social security will replace their income.
Yup. It was never intended to do so either.
Posted on 1/19/19 at 8:35 pm to LSUcam7
quote:
For example... let’s assume living expenses per month run about $8,000 for the average retiree.
My god how the hell do you spend that monthly????
Posted on 1/19/19 at 8:41 pm to LSUcam7
I know that. But their age believes that it is. If they didn’t have a mortgage, it would be tight, but doable. But with a mortgage, no way.
They do at least have a piece of property that if they sell it, it will help tremendously.
They do at least have a piece of property that if they sell it, it will help tremendously.
Posted on 1/19/19 at 8:44 pm to anc
that post is much more in line with reality Posted on 1/19/19 at 8:47 pm to LSUcam7
quote:
let’s assume living expenses per month run about $8,000 for the average retiree.
Wouldn't $4K be much more reasonable? I don't have 8K in expenses monthly today.
Posted on 1/19/19 at 8:55 pm to kywildcatfanone
Use whichever numbers you wish. The point is the principal of inflation vs the missing principal of saving. It gets worse as inflation ramps.
$4k is potentially $8k in 2050. Same problem for those who thought they would “plan later.”
$4k is potentially $8k in 2050. Same problem for those who thought they would “plan later.”
Posted on 1/19/19 at 9:47 pm to TigerintheNO
quote:
It will be interesting the impact on the future workforce
What is going to happen is that there will be an outcry that it’s not fair, these poor people have to work in their golden years, those evil corporations didn’t give enough in wages to even give them the option to save, and that 401ks are a failed experiment, and we need to have a drastically expanded SS supported by increased taxes.
Dems will dovetail the SS solvency issues with this, and will push to add needs based calculations so that there is no tax cap, but you’ll get significant diminishing returns after a certain (probably low for mid classers) amount of replacement income.
Brace yourselves for bullshite.
Posted on 1/19/19 at 10:00 pm to anc
quote:
My father in law is 63, my mother in law is 60
quote:
They have $8000 in savings
I truly don't understand how this happens.
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