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Started By
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re: 1 in 6 millennial: $100k saved in bank
Posted on 1/23/18 at 8:57 pm to GreatLakesTiger24
Posted on 1/23/18 at 8:57 pm to GreatLakesTiger24
quote:
Spin it how you want... 17k is pathetic. Anything less than 250k is pathetic.
250k for a retiree can last a hell of a long time. With SS, You could stretch that 250k a longggg way. Not to mention the interest it’s gaining.
6
Posted on 1/23/18 at 8:58 pm to The Pirate King
Posted on 1/23/18 at 8:59 pm to djmicrobe
quote:
This article makes it sound like millennials are financial wizards
They may not be wizards, but they're a hell of a lot better than Boomers by just about every objective measure.
quote:
They are reaping the benefits of Trump's economy.
Boomers could be realizing the same gains, but the dumbasses neglected to save for retirement for the last 40 years.
quote:
Also, many mills live with their parents and DO NOT PAY RENT or other bills most people have to pay.
As always, this is true, but overstated. The number of 18-34 year olds living at home has increased 5% since 1970 so it's not like were talking about astronomical differences.
Posted on 1/23/18 at 9:00 pm to VABuckeye
Exactly, the amount of money saved up in home equity is a joke compared to retirement needs of an aging couple. And when downsizing, obviously they are also using the bulk of the proceeds to buy a new house unless their kids send them off to a home.
Posted on 1/23/18 at 9:00 pm to TJGator1215
I can believe it even if it sounds off. I mean it's not crazy for a 35 year old to have 100k in their 401k. And they are calling millenials up to 37 years old.
Posted on 1/23/18 at 9:01 pm to TJGator1215
quote:
t Millennials — Americans between the ages of 23 and 37
shite, I’m 37
Posted on 1/23/18 at 9:02 pm to The Pirate King
That’s $10,000 a year at 4% withdrawal rate. That’s beans dude.
I’m 32 and just married. We have about $105K between us. 25K in cash on hand.
My father impressed upon me on saving for retirement from the moment I got a real job.
My retirement income is projected to be $24K a month plus whatever the wife scrapes together. That’s 401K, Pension and SS if it exists.
Max your 401ks, people. Start early. Working to 65 is now the expected norm.
I’m 32 and just married. We have about $105K between us. 25K in cash on hand.
My father impressed upon me on saving for retirement from the moment I got a real job.
My retirement income is projected to be $24K a month plus whatever the wife scrapes together. That’s 401K, Pension and SS if it exists.
Max your 401ks, people. Start early. Working to 65 is now the expected norm.
This post was edited on 1/23/18 at 9:19 pm
Posted on 1/23/18 at 9:02 pm to The Pirate King
quote:
Spin it how you want... 17k is pathetic. Anything less than 250k is pathetic.
It was also a disingenuous number to throw out. The average boomer has over $160k saved. Sure, there’s a large number who will have to rely on social security but they’re no different than the generations before them that did the same.
Posted on 1/23/18 at 9:03 pm to The Pirate King
quote:
250k for a retiree can last a hell of a long time. With SS, You could stretch that 250k a longggg way. Not to mention the interest it’s gaining.
Until you have a terminal illness/stroke/heart attack and are hospitalized, and your wife becomes widowed. Not to mention if we experience a reversion to the mean in inflation.
This post was edited on 1/23/18 at 9:04 pm
Posted on 1/23/18 at 9:03 pm to GreatLakesTiger24
quote:
quote:
Wait till Millennials start putting their kids through upper schools and college.
don't worry, I'll call them losers when they have a similar amount of money saved in middle age
I suppose you will, but how will a person who doesn't have any ambition such as you ever have any money?LINK /
Posted on 1/23/18 at 9:05 pm to Mingo Was His NameO
quote:
Boomers could be realizing the same gains, but the dumbasses neglected to save for retirement for the last 40 years.
Let’s just ignore the fact that 2008-2009 wiped out a lot of people or at least set them way back in their retirement plans. Add the fact that interest rates for investing cash absolutely suck and it’s not hard to see why things are the way they are.
quote:
U.S. homeowners lost a cumulative $3.3 trillion in home equity during 2008, according to a report from Zillow. (MortgageWire.) One in six homeowners is now underwater on their mortgage. The stock market erased $6.9 trillion in shareholder wealth in 2008.
Report was from 2009. Home equity has rebounded at least some in most areas.
This post was edited on 1/23/18 at 9:07 pm
Posted on 1/23/18 at 9:07 pm to TJGator1215
And 100% of boomers think social security is enough to retire on
Posted on 1/23/18 at 9:07 pm to djmicrobe
Who are all these people that are living with their parents? I'm in my 30s and I don't know anyone that lives with their parents.
Posted on 1/23/18 at 9:08 pm to TJGator1215
As usual, baby boomers ruined our generation.
Posted on 1/23/18 at 9:09 pm to VABuckeye
quote:
The fact that investments are crushing it right now has nothing to do with this.
You think market performance is the reason 16% of millennials have “$100k in the bank”?
Posted on 1/23/18 at 9:09 pm to TJGator1215
If I lived at home I would be saving a ton of money as well.
Posted on 1/23/18 at 9:11 pm to TJGator1215
I can't believe I am a millennial. And yes, I am the 1 in 6
Posted on 1/23/18 at 9:11 pm to Pat Sajak
I don’t believe it’s “in a bank”. If it is then they’re dumber investors than the boomers they love to bash.
Posted on 1/23/18 at 9:13 pm to The Pirate King
quote:
250k for a retiree can last a hell of a long time. With SS, You could stretch that 250k a longggg way. Not to mention the interest it’s gaining.
Yeah if you live off 17k a year
Posted on 1/23/18 at 9:14 pm to VABuckeye
quote:
Let’s just ignore the fact that 2008-2009 wiped out a lot of people or at least set them way back in their retirement plans. Add the fact that interest rates for investing cash absolutely suck and it’s not hard to see why things are the way they are.
Equity isn't "real." It only really matters at the point of sale. Example: If I bought a house in 2005 for 200k. Now let's say in '08 the house was only worth 125k because of the economic downturn. I'm out exactly $0 if I don't sell the house. Present day that same home is worth 300k due to appreciation. Until I sell it I've realized $0 in gains.
Don't take me as discrediting equity. Trust me I understand the concept and realize its importance, but it's just like someone that wants to sell their car because they're "upside down" on the payments. If they keep it for 10 years it's really irrelevant that they were upside down in year 3.
You can try to spin this anyway you want. Boomers are around 60 years old. If they saved for retirement in 1990 they would have significantly appreciated stocks despite the recession, but they didn't.
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