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re: A quarter of Americans have no retirement savings. Zero.
Posted on 5/27/26 at 1:14 pm to WG_Dawg
Posted on 5/27/26 at 1:14 pm to WG_Dawg
quote:
This is shocking to me. These people have been paying into retirement for 50 years and bought a house for a soda and a pack of envelopes and this is all they have to show for it?
Disney World wasn’t built by itself
0
Posted on 5/27/26 at 1:17 pm to WG_Dawg
Not shocking to me if you really do a deep dive.
There are a tremendous amount of 65 yr. old who are poor, and have no savings, dragging the median down to $200k.
There are a tremendous amount of 65 yr. old who are poor, and have no savings, dragging the median down to $200k.
Posted on 5/27/26 at 1:17 pm to Deplorableinohio
quote:
Don’t confuse retirement savings with home equity.
Now do net assets.
Not sure what you think the difference is. A LOT of Boomers are like 10 years into a 30 year mortgage and don’t have enough to wealth to clear the lien on their home
Posted on 5/27/26 at 1:19 pm to Slippy
quote:
The median for folks aged 65 to 74 is $200,000
Damn, I'm doing much better than I thought.
It's fairly f'ing simple - all I've done is auto deposited $40-50 per paycheck for the past 35 years. Company matched up to 5% of my contributions.
I've done this with a less than $100k salary. How do so many people screw this up?
Posted on 5/27/26 at 1:20 pm to BPTiger
quote:
I wonder how many own a house free and clear.
I lurk the Personal Finance subreddit, and an astounding number of people come to that board with aging parents who own a home worth $500k+ outright, refuse to downsize it, and have like $30k in retirement. If even ANY retirement.
Posted on 5/27/26 at 1:20 pm to WWII Collector
Oh, you’ll get your money. They’ll just print you up some more!
Posted on 5/27/26 at 1:23 pm to WWII Collector
quote:
Being that my money was taken by the government for 45 years of my life, with the promise that I would have it. I think a lot of bad stuff might happen.
Sounds like you should've had a little personal responsibility. Have you tried skipping the avocado toast?
Posted on 5/27/26 at 1:23 pm to Snipe
quote:
They're going to vote democrat once the liberals get serious about raiding our 401K's and IRS's to redistribute the wealth. Obama and Biden have already floated the idea.
It won't be long.
This. I'm under 40 and I know they're going to screw me with social security. I'm worried in my 50s they'll screw me on my 401k and Roth IRA.
Posted on 5/27/26 at 1:27 pm to Shexter
quote:
all I've done is auto deposited $40-50 per paycheck for the past 35 years.
Well $50 from 35 years ago is like a million dollars now so you're good.
Posted on 5/27/26 at 1:27 pm to Slippy
quote:
So I guess the question is.... What are these millions upon millions of people going to do to support themselves when they get old? What happens if social security goes belly up?
I think the plan has always been to take the money that we have saved and sacrificed for and give it to those who were not responsible enough to do it for themselves.
Posted on 5/27/26 at 1:27 pm to Fun Bunch
quote:
Every time I think maybe I'm not doing enough I look at stuff like this and it puts it into perspective that I am doing fine
Yea, I talk with people I know and I feel way behind on retirement eventhough I am way above the 200k and 10 years to go to 65.
Posted on 5/27/26 at 1:28 pm to MAROON
Yeah, and really, is some 22 or 23 year old who's currently at their first post-college job really going to have retirement savings either?
I think these stats are only that incredible if they only apply to people over a certain age.
And of course the OP doesn't link to these stats, and the OP might be making up these stats off the top of his head.
I think these stats are only that incredible if they only apply to people over a certain age.
And of course the OP doesn't link to these stats, and the OP might be making up these stats off the top of his head.
This post was edited on 5/27/26 at 1:31 pm
Posted on 5/27/26 at 1:31 pm to Slippy
quote:
A quarter of Americans have no retirement savings. Zero.....
The median for folks aged 65 to 74 is $200,000. Those are your boomers.
The ones with nothing really skew the median down. I'm sure its much higher for responsible folks that made a decent effort for half their career.
There will be social upheaval if SS is ever eliminated or severely gutted because the bottom half of society could never retire without it.
It is supposed to replace about 30% of my income when I take it. I would have to tighten the budget if it goes away, but I wouldn't start a riot.
Posted on 5/27/26 at 1:32 pm to UFFan
Now do the percentage for new orleans east
Posted on 5/27/26 at 1:32 pm to Slippy
quote:
I'm more interested in the politics of this than the economics. Seems like we could be fricked on both fronts.
Coming from someone who sees these stats on the regular and it makes me feel better and better about my position.... who is this "we"?
Posted on 5/27/26 at 1:33 pm to Slippy
I feel like we just did this thread a week or so ago.
Posted on 5/27/26 at 1:34 pm to tigerinexile
quote:
I think the plan has always been to take the money that we have saved and sacrificed for and give it to those who were not responsible enough to do it for themselves.
Even though I can't stand most NYT media, there was a semi-decent episode of The Daily about the 401K. Don't get me wrong - it had plenty of leftist BS about those who can't save for retirement, but the discussion was interesting enough.
I don't recall for the life of me where they were saying they funds for this would come from, but the main idea was less handing people money without any contribution of their own, and instead government funds being used to match up to $X like a company would. Basically to incentivize people to contribute on their own, and then the "free money" aspect kicks in.
What's funny is their ultimate conclusion was that it is highly unlikely most people who don't save for retirement now would magically start doing it now even with government match. In their eyes, it is still money they're "losing" now. And I guess if you're poor enough, you also can't afford to part with it in the present.
Posted on 5/27/26 at 1:35 pm to Slippy
SS will never go belly up. If it does we have bigger problems in this country than retirees not getting checks. That would be hyperinflation and total collapse of the economy.
SS going away is nothing more than lies and scare tactics used by politicians to get votes.
SS going away is nothing more than lies and scare tactics used by politicians to get votes.
Posted on 5/27/26 at 1:37 pm to Shexter
quote:
I've done this with a less than $100k salary. How do so many people screw this up?
You ever see a lot of people with a 100k SUV, eat out 5 times a week, has this toy and that toy, always strut into work with their special coffee, and take all the "look at meeee!" Photos on Facebook and wonder how they afford it?
They can't.
Posted on 5/27/26 at 1:40 pm to Slippy
quote:
The median for folks aged 65 to 74 is $200,000. Those are your boomers.
That's the median average with retirement accounts, 20% of baby boomers do not have retirement accounts.
That 200K does NOT count the 1/5 of baby boomers with nothing in retirement. The number would be much lower.
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