re: Here's How 24% of Baby Boomers Are Solving Their Retirement Crisis

This is why I hold down a job with a 401k and pension as well as a part time job with both.

I don't want to be that guy.

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You dumbasses had better hope they work until they drop dead because if they retire, it will bankrupt all of us. Not just in the US but, world wide.

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You all better heed this mans words. It’s gonna hurt and we are not prepared for it at all.

Keep pointing your fat little judging fingers at each other instead of being proactive and solving real problems and you’ll all be blaming someone else till the day of your miserable deaths.

ETA: this is directed at both the greedy ill-prepared boomers and whiny bitch millennials

I’m a boomer who saved for my future. I have my 401K that is near a mil and a defined pension. I plan to work till 62. I also will collect my ss and any other government benefits I have paid into and earned.

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Let me explain: let's say I've worked at 3 places in my lifetime, having a 401k at each job. One is worth $ 400,000, another worth $20,000, and the 3rd worth $10,000.
I have $430,000 in 401ks, but my median is $20k. Big difference.

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I looked up the EPI study and it doesn't appear to have this issue. I'm pretty sure it contemplates aggregate retirement savings (401k, IRA, etc.) for each individual, not the median of all 401k accounts.

tldr; we are fricked lmao

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So they refuse to retire from their primary job because they have no savings and then they steal jobs from younger people by working a part-time second job?

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Are you really advocating for age discrimination? Good luck with that approach.

I wouldn't call 56-61 year old baby boomers

I don't understand some of the hate in this thread toward baby boomers. I'm part of the baby boomer generation, retired from the Air Force in 2013 after 30+ years of service and am drawing a modest retirement. Even though I am retired, I contine to work, not because I need to supplement my retirement income or rescue me from debt but because I enjoy what I do. I work for the FAA in the Aviation career field, love my job and will continue to be gainfully employed for the near future, at least 7-8 more years, maybe longer as long as I'm physically able. I don't feel like I'm stealing a job from anyone. I have one "major" bill which is my car payment. Hopefully, I'll pay that off within the next two years which will be about 36 months early. When I get to the age when I can draw Social Security, I really don't think I will.

Median of $17,000 with an overall average of $160k implies that there are as many somewhat prepared as there are woefully unprepared. I expect if surveyed the “woefully unprepared” group has had a long-held belief that by some miracle the gubmint would take care of them. Damn that’s pathetic.

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Has it been disclosed here that the median of $17,000 can be very misleading?

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The median of $17k means that 50% of all people in that age group have below $17k and the other 50% have above $17k.

The average was stated as $163,577. This means that a small number of people who have savings in the millions are compensating for those who have saved nothing, bringing the average up to $163k.

Both the $17k median and $163k average are pathetic numbers.

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Boomer gen gets appropriate blame for some things. But, retirement stuff is not one of them. They came around in the most radically transitional time period in the nation's history. WWII radically changed the course of the nation.

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wut?

They came up in arguably the most prosperous time and place in human history. There's zero excuse for these numbers.