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Posted on 5/27/26 at 6:38 pm to Slippy
quote:
savings across all age groups is $87,000.
I’m FINALLY above average at something!
Posted on 5/27/26 at 6:41 pm to Defenseiskey
quote:How could we ever fund the coming reparations if we do something sensible like this?
I've always said there should be a Nationally mandated retirement account. Put about $2500 into a broad stock market/bond fund that makes 6-8% a year when kids are born. Put about $60 out their paycheck every month. Can't take the annuity payments until they turn 65.
Posted on 5/27/26 at 6:43 pm to Defenseiskey
quote:
I've always said there should be a Nationally mandated retirement account. Put about $2500 into a broad stock market/bond fund that makes 6-8% a year when kids are born. Put about $60 out their paycheck every month. Can't take the annuity payments until they turn 65
Instead of tax refunds they should put it in a Roth account that you have to set up
Posted on 5/27/26 at 7:45 pm to Slippy
Curious how this compares to past decades.
Were people in the 70s, 80s, 90s way more set for retirement than now?
Were people in the 70s, 80s, 90s way more set for retirement than now?
Posted on 5/27/26 at 7:47 pm to Slippy
For some, the retirement plan is to enjoy shite while they're here and able to, and die not too long after actually retiring.
Posted on 5/27/26 at 7:52 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?
Now you know why they lose their minds when you mention any changes to social security
Posted on 5/27/26 at 7:54 pm to Slippy
Been dumping 15-20% of my check into savings for quite a while. I will be 100% comfortable in retirement. Im in my mid 40s and well into the six figures saved already.
This post was edited on 5/27/26 at 7:55 pm
Posted on 5/27/26 at 7:55 pm to andwesway
quote:
For some, the retirement plan is to enjoy shite while they're here and able to, and die not too long after actually retiring.
I don't think I will ever stop working. Even if I step down in my current career, to more of a part time consulting position. I just think men are meant to have a purpose. There is only so much traveling you can do and golf you can play. Have to keep some money coming in..
Posted on 5/27/26 at 7:57 pm to LouisianaLady
quote:
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.
Reverse mortgage industry about to explode
How do I invest in this?
Posted on 5/27/26 at 8:01 pm to Slippy
quote:
What happens if social security goes belly up?
It’s a federal program. It’s can run a deficit just like every other federal program. I do think it will be reformed with the retirement age increased or the payouts reduced. You can also increase the cap so higher earners pay more.
As for the 401K numbers I wonder how many people still have pensions.
Posted on 5/27/26 at 8:02 pm to Slippy
quote:hopefully the food stamp program can be cut and those moneys used for people that actually worked
What happens if social security goes belly up?
Posted on 5/27/26 at 8:03 pm to Slippy
quote:
The median for folks aged 65 to 74 is $200,000. Those are your boomers.
Just curious if these stats include the NPV of a pension plan? If not, these numbers go up significantly. 30 to 40% of Boomers have pension plans as part of their retirement savings.
Posted on 5/27/26 at 8:04 pm to Major Dutch Schaefer
quote:
They think Social Security is their retirement.
I assume a lot of older folks were banking on this. The younger gen should know you can't.
Posted on 5/27/26 at 8:05 pm to AUIH1
quote:
Yep. As I posted in the “Boomers are Satan” thread,
It did morph into that fairly quickly. Maybe I should not have created that thread. LOL
Posted on 5/27/26 at 8:06 pm to armytiger96
quote:
30 to 40% of Boomers have pension plans
Must be nice
Posted on 5/27/26 at 8:08 pm to Auburn80
quote:
As for the 401K numbers I wonder how many people still have pensions
According to Google AI 30 to 40% of Boomers are part of a pension plan.
30% of Americans working today have a traditional pension plan.
Only 15% of the private work force still has access to traditional pension.
Posted on 5/27/26 at 8:18 pm to CarRamrod
quote:
imagine the riots with a crowd of geriatrics with walkers and canes.
Don't forget the electric scooters and motorized wheelchairs! Think George Constanza.
Posted on 5/27/26 at 8:59 pm to TejasHorn
quote:
Were people in the 70s, 80s, 90s way more set for retirement than now?
They lived frugally and saved. They paid off their house as soon as they could. They didn't buy new stuff if the old stuff still worked.
It was also common for older generations to be partially supported by their community and family.
My grandmother lived to be 95-96 and she was working poor her whole life. But she had 4 kids, three of whom still lived near her. They would divide up the tasks of taking care of her. One would pay bills, one would take her to the doctor, one would fix things. She also had people from her church that would bring her food and stuff. Neighbors would check in on her, etc.
People nowadays don't seem to have those social bonds that pay dividends when you need help.
Posted on 5/27/26 at 9:11 pm to WG_Dawg
quote:
These people have been paying into retirement for 50 years
They have not. I am a back-end boomer, I'm 64 and did not have a 401 K available to me until I was in my mid to late 30s. I was late getting my degree, and companies were just starting to offer this as a default, but I am in a good place now. And I have taught my kids to take advantage of retirement vehicles at a young age, so they should buck this trend as well.
Older boomers got caught in that transition period, where they thought in terms of pensions, rather than retirement savings. A lot of them got screwed by that. I was never in that position. But I did live check to check for a while until I got out of college and got my career rolling.
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