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Posted on 1/23/18 at 9:17 pm to VABuckeye
quote:a significant portion have a lot saved... but the other half have next to nothing. this is a big problem.
The average boomer has over $160k saved.
LINK
quote:
It's no secret that Americans are woefully unprepared for retirement, and those inching closer to it by the day are no exception. The average household aged 56 to 61 has just $163,577 set aside for the future, according to the Economic Policy Institute -- but that's not a particularly healthy number, especially if we follow the well-established 4% rule. If we apply a 4% withdrawal rate to that average sum, we arrive at just $6,543 in annual income, at least initially. And that's nowhere close to enough money to live off, even if we factor in Social Security.
Another thing: While that $163,577 represents the average savings balance among baby boomers nearing retirement, the median savings balance for that age group is just $17,000. And when you have a median that's well below the average, it means a greater number of people have less than the average than more.
LINK
quote:
Last year, GoBankingRates published research conducted with 1,504 adults over the age of 55 (4.3% margin of error). About 30% of the respondents age 55 and over claimed to have no retirement savings. An additional 26% reported less than $50,000 saved for retirement.
LINK
quote:
Indeed, 45% of boomers have zero retirement savings, according to the report. And of those who have saved, only a little more than half have as much as $100,000 stashed away. All of which suggests that few boomers had significant amounts invested in stocks during a record bull market run.
Even those who did well, didn't do well enough...
quote:
Baby boomers, or those born between 1946 and 1964, expect they’ll need $658,000 in their defined contribution plans by the time they retire, but the average in those employer-sponsored plans is $263,000, according to a survey of 900 investors by financial services firm Legg Mason. Older boomers, who are 65 to 74, have an average of $300,000. Their asset allocation for all of their investments are also conservative, according to QS Investors, an investment management firm Legg Mason acquired in 2014, with 30% in cash, 24% in equities, 22% in fixed income, 4% in non-traditional assets, 8% in investment real estate, 2% in gold and other precious metals and 8% in other investments.
“They have less than half the assets they hope to have in retirement,” said James Norman, president of QS Investors. “That’s a pretty big miss.”
obviously many boomers did very well for themselves, but as a group, they are a disaster.
Posted on 1/23/18 at 9:18 pm to DCtiger1
quote:
Oh well they say they have 100k saved so this study is valid. What a joke. 16% say they graduated from Ivy League schools. See how easy that was?
Fwiw, the majority of these studies are done the same way. People aren't handing out statements to folks asking these questions.
Regardless, 8% said they had, $100k or more 10 years ago, now 16% say they do.
Posted on 1/23/18 at 9:19 pm to YoungManOldMan
quote:
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.
You effing rock. Nice job. But I doubt you represent 1 in 6. More like 1 in 100.
Posted on 1/23/18 at 9:20 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.
You are full of shite. Like every group there are plenty of people ignorant of finances. A lot of boomers got caught in the switch from social security/ pension retirements to 401k plans with no idea of how to use them let alone how to invest in the stock market. I just read today millennials don’t invest most hold money in savings accounts. That’s the 2nd fastest way to go broke.
Posted on 1/23/18 at 9:21 pm to Lou Pai
quote:
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
Just tell these mongrols how it is. Drive a big truck with extra large nuts or retire at a reasonable age.
Drive a jallopy and save that $711 a month in retirement and retire a millionaire.
Posted on 1/23/18 at 9:22 pm to agdoctor
quote:
You are full of shite.
quote:
45% of boomers have zero retirement savings,
k
Posted on 1/23/18 at 9:23 pm to Mingo Was His NameO
I’m in the retirement industry and that’s probably not far off
Posted on 1/23/18 at 9:25 pm to VABuckeye
quote:
It was also a disingenuous number to throw out. The average boomer has over $160k saved
That's not the way averages work. If you plucked a boomer off the street, half the time he/she will have less than $17k saved.
Posted on 1/23/18 at 9:26 pm to slackster
If this is true, congrats to those millennials for saving their money. Helluva job. Hopefully they don’t get hammered in the markets and can unload some of their debt- if they have any. That’s impressive regardless of how they got it.
Posted on 1/23/18 at 9:28 pm to TJGator1215
Lots of butthurt baby boomers in here I see...
Posted on 1/23/18 at 9:30 pm to Mingo Was His NameO
I interned with a financial planning company back in my junior and senior years.
We never advised clients to base their retirement income on any real property with income to be gained. Market fluctuates too much. You sell the house, you still got to live somewhere.
I interned in 2005-2007.
We never advised clients to base their retirement income on any real property with income to be gained. Market fluctuates too much. You sell the house, you still got to live somewhere.
I interned in 2005-2007.
Posted on 1/23/18 at 9:30 pm to Thib-a-doe Tiger
quote:
I’m in the retirement industry and that’s probably not far off
Did most of them lose their money in the crash or were they just irresponsible?
Posted on 1/23/18 at 9:31 pm to tigerinthebueche
You don't lose money in a crash if you don't sell....
Posted on 1/23/18 at 9:31 pm to tigerinthebueche
Irresponsible/ living paycheck to paycheck
Also, $250k saved seems low.
Also, $250k saved seems low.
Posted on 1/23/18 at 9:33 pm to Stevo
Nah man. Any person who has a 401K with a decent match after first 10 years working should have at least $75K if they contribute just 5-7%.
I’m actually behind. I should be at $125K without wife’s contribution.
I’m actually behind. I should be at $125K without wife’s contribution.
Posted on 1/23/18 at 9:33 pm to tigerinthebueche
Obviously this is total investments, retirement savings etc. Also there is a huge difference between a 25 year old and a 35 year old. I would say large majority of that 16% are people in their 30s.
Posted on 1/23/18 at 9:33 pm to YoungManOldMan
Is that $250k per person or per couple?
Posted on 1/23/18 at 9:34 pm to tigerinthebueche
quote:
Did most of them lose their money in the crash or were they just irresponsible?
Irresponsible. If you held onto everything, you likely made your money back in 12-18 months, and would have now more than doubled it
Most of them spent it all or couldn’t afford to save much
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