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Message
re: The Average Retirement Savings By Age
Posted on 5/1/26 at 1:47 pm to Everyday Is Saturday
Posted on 5/1/26 at 1:47 pm to Everyday Is Saturday
quote:
However, without a doubt Millenials have had much higher education costs to contend with, that is an albatross for Millenials’ early career, unlike Boomers).
Millennial also bought into the theory that they needed a college education when they probably could go to trade school or get an apprenticeship and earn just as much without all the debt. There are a lot of useless degrees out there, that don't pay nearly as much as a trade would pay them, too.
How many people out there started college, dropped out, and now have a low paying job AND a couple of years of debt? If you arent sure if college is for you, or dont know what degree you want, start out with an associates degree at the local community College. Two of my kids did that and they both have 4 year degrees, now.
Look at all of the social media that is dedicated to food and travel. We didnt have that in my day. All of my kids travel more than I do and eat out more than I do, and they are in the 26-31 range with less income than me. None of them have bought a house, either, although my oldest will, soon.
This post was edited on 5/1/26 at 1:52 pm
2
Posted on 5/1/26 at 2:33 pm to Jax-Tiger
quote:
ook at all of the social media that is dedicated to food and travel. We didnt have that in my day. All of my kids travel more than I do and eat out more than I do, and they are in the 26-31 range with less income than me. None of them have bought a house, either, although my oldest will, soon.
opportunity cost
Posted on 5/1/26 at 2:38 pm to UltimaParadox
quote:
Basically most people save nothing
I can't speak for this article, but most of these charts/numbers are based on those WITH retirement savings. Those with out retirement savings (54% of households) are not included in the totals/averages.
Posted on 5/1/26 at 3:09 pm to TigerintheNO
I think we can all agree that we're tired of Millenials in general and their attitude that the world owes them something. Everywhere you go, they just walk around like they rent the place.
Posted on 5/1/26 at 3:59 pm to TigerintheNO
quote:
I can't speak for this article, but most of these charts/numbers are based on those WITH retirement savings. Those with out retirement savings (54% of households) are not included in the totals/averages.
They’re all based on net worth and equate that to “savings”.
How would any survey isolate retirement savings? Besides, applying that method would identify anyone with a pension failed to save for their retirement.
Posted on 5/1/26 at 4:07 pm to lsuconnman
quote:
They’re all based on net worth and equate that to “savings”. How would any survey isolate retirement savings?
I don't think any of them are based on net worth, debt isn't factor into retirement savings. The one's, I've seen in the past use the numbers from Fidelity and Vanguard, state/federal pensions balances are easy to track. Private pensions I'm not sure how they would get that data.
Posted on 5/1/26 at 5:23 pm to TigerintheNO
I agree with your sentiment. But, just looking at this article Kiplinger says the average retirement savings for someone between 45-59 is $300k-$550k
…they also just published another article that says the average 401k for that group is $150k-199k.
…they also just published another article that says the average 401k for that group is $150k-199k.
Posted on 5/1/26 at 5:46 pm to Jax-Tiger
quote:
when they probably could go to trade school or get an apprenticeship and earn just as much without all the debt.
The numbers don't bear this out at all.
The vast, VAST majority of tradesmen make absolute shite for wages.
Posted on 5/1/26 at 6:05 pm to JohnnyKilroy
quote:
The numbers don't bear this out at all. The vast, VAST majority of tradesmen make absolute shite for wages.
I wish we could all just come to the consensus that an undergrad is just this generation’s high school diploma.
It would certainly take the edge off every article that discusses the costs of higher education.
The absurdity that can never be overstated is every article highlighting the expense of college will interview someone with a master of social work from Columbia and a film studies major at NYU.
You never see a reporter compare the nursing major at ULL versus a nursing major at Tulane…
Posted on 5/1/26 at 6:35 pm to Jax-Tiger
When did John Stossel write this? 1995? While I agree with his thinking that young people expect more a lot of this just isn’t true anymore.
Posted on 5/1/26 at 6:56 pm to Saint5446
quote:
When did John Stossel write this? 1995? While I agree with his thinking that young people expect more a lot of this just isn’t true anymore.
Let him cook.
“my daughter, who does all of the things I mention in the article, pretty much, and complains that she can't buy a house. She's in her mid-20's and earns 6 figures.”
Think of the irony about boomers killing prosperity for America while twenty something daughters anre earning six figures.
…Imagine how pissed the boomer daughters must’ve been with their greatest generation parents.
This post was edited on 5/1/26 at 6:59 pm
Posted on 5/1/26 at 10:01 pm to Roy Curado
They are low but way above the median per age. Most 60 year old’s have less than 100k in a retirement account. Retirement is a pipe dream for 80% of the population. Less youth are buying homes and almost none of them are savings for retirement. Me and the wife will retire at 62 and already have our plan mapped out.
Posted on 5/1/26 at 10:16 pm to tigerbacon
quote:
Most 60 year old’s have less than 100k in a retirement account.
That is unreal. I cant imagine being 60 and in that situation.
Posted on 5/1/26 at 11:06 pm to DrrTiger
quote:
I absolutely expect the “live for today only” crowd to incessantly whine about their self-induced predicaments in the years to come.
A lot of people are just struggling. I'm way ahead of those numbers but I still enjoy my youth and have a lot of fun. But none of my friends can afford to come on trips with me and it's sad. I wish they could, it would be a lot more fun and I miss having them around. They're not living for today but they're also not saving for the future, they're barely scraping by. Even my parents seem to be in worse situations
This post was edited on 5/1/26 at 11:08 pm
Posted on 5/2/26 at 12:18 am to Jax-Tiger
quote:
complains that she can't buy a house. She's in her mid-20's and earns 6 figures.
House hacking is a cheat code. I rented a room out to a friend for 4 years when I first bought my house. Didn't kick him out until I got married
Posted on 5/2/26 at 6:11 am to Jax-Tiger
quote:
Priorities change, and young folks today believe that everyone needs a newer model car, needs to eat in restaurants 4 or 5x per week, needs expensive vacations, and a house that looks like what their 50+ year old parents live in. They aren't willing to give up any of the other things in order to buy that dream home.
This is just false. Sure there are some like that, but there are a lot who earn good incomes and don’t spend frivolously and still struggle to put together enough money for a starter home in a neighborhood that isn’t ghetto and then pay for childcare. Those small data points don’t take away from the actual equation that says it’s harder for younger generations to buy a house, have a family, and build wealth
quote:
sent to my daughter, who does all of the things I mention in the article, pretty much, and complains that she can't buy a house. She's in her mid-20's and earns 6 figures. Needless to say, she is not getting the sympathy from her old man that she expected.
One single data point that your daughter didn’t learn personal economics
Most of the article you posted just explain reasons for things to cost more, and lacks real data
Home ownership by generation compared to boomers as a baseline across ages. Look at age 30 for millennials vs boomers
Posted on 5/2/26 at 6:14 am to lsuconnman
quote:
Think of the irony about boomers killing prosperity for America while twenty something daughters anre earning six figures.
6 figures buys less than ever before. This has been discussed in depth before on this board. But when we can colloquially use it to put down Gen Z…
Posted on 5/2/26 at 7:01 am to Jax-Tiger
quote:
You have a lot of people who move down her when they retire. A lot of couples living in golf communities and driving Mercedes are living better than they ever have in their life. She was a teacher and he was a cop, up north. They raised there kids in New York and had a 4 BR/2 BA home that they sold for $1M in NY. They move to Florida, buy a $500K home on a golf course down here, and live well off their pensions. The $500K they have left over from the home sales is fun money for golf club membership or travel.
My dad has a house in Blue Ridge and we see this a lot. The next door neighbor was a police officer in Los Angeles. His pension is almost $200k a year. Sold over a million dollar home paid cash for house in Blue Ridge and still had $300k left over. These people moving from California, New York, New Jersey, etc to the south for retirement are flush with cash from selling their homes.
Posted on 5/2/26 at 7:03 am to Roy Curado
quote:and yet, it is AVERAGES, not median. Median is a far more indicative number when looking at this stuff. In this instance the picture ain't pretty.
This seems way too low...
Posted on 5/2/26 at 7:09 am to Everyday Is Saturday
Two additional points:
The ‘birthday lottery’ is a real thing. I entered corporate life just as HSA’s became a thing. I’ve maxed mine every single year and have it all invested in S&P Index and it’s probably worth more than many people’s 401K my age despite the low contribution limit.
The Great Wealth Transfer is a very real thing. GenXers and Millennials will be inheriting Trillions in cash and retirement accounts from their Baby Boomer parents, Aunts, Uncles etc. along with in some cases a paid off house they can live in, sell, or rent out fir income. It’s going to be a very wild time when all that liquidity starts flowing into the economy.
The ‘birthday lottery’ is a real thing. I entered corporate life just as HSA’s became a thing. I’ve maxed mine every single year and have it all invested in S&P Index and it’s probably worth more than many people’s 401K my age despite the low contribution limit.
The Great Wealth Transfer is a very real thing. GenXers and Millennials will be inheriting Trillions in cash and retirement accounts from their Baby Boomer parents, Aunts, Uncles etc. along with in some cases a paid off house they can live in, sell, or rent out fir income. It’s going to be a very wild time when all that liquidity starts flowing into the economy.
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