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Median boomer retirement account $144,000

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No way thats true. Boomers have all the people younger than them to pay for their retirements. It's the rest of us that are ******.
 
CloniesForLife said:
At least they will get SS...
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Well that's also part of the whole deal. MANY of them knew they'd have this so they didnt sock away as much as some of us do now. I don't think a diversified approach was a popular (talked about) plan with that generation. At least with those that I have had experience with. Personally I don't factor that into my retirement plan, it'll be a nice perk come retirement if it's still available, but I'm not counting on it.
 
mtowncyclone13 said:
The median boomer retirement account value is only $144,000. That seems really, really low for folks 65+, especially when we hear how boomers have all the wealth in the country. And this is after an historic 11-year bull run. Really hits home for the younger folks on here to start saving early.

https://madison.com/business/investment/personal-finance/the-median-retirement-savings-balance-among-baby-boomers-is-shockingly-low/article_333016c3-5318-51cf-b17e-ad35f1055554.html#:~:text=The median savings balance among,amount of work to do.
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Contribution limits were between $1,500 to $2,000 up until 2002. Also non working spouse was allowed to contribute $250 until 1998. Not sure employers really matched IRA contributions back then either. IRA was first started in 1974. 1981 it started getting more popular. Not really surprised.

https://dqydj.com/historical-ira-contribution-limit/
 
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Stormin said:
Contribution limits were between $1,500 to $2,000 up until 2002. Also non working spouse was allowed to contribute $250 until 1998. Not sure employers really matched IRA contributions back then either. IRA was first started in 1974. 1981 it started getting more popular. Not really surprised.

https://dqydj.com/historical-ira-contribution-limit/
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i dont know. my parents are boomers are have multiples of that because my dad started saving early. he made me stat saving when i got my first job in middle school.
 
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Yeah, not an encouraging number, but hardly a comprehensive portrait of the financial condition of Americans early into or on the cusp of retirement.
 
People Age 65-75+ don’t have a ton in a 401k type plan bc a lot are getting a pension as well...

Now people under 60 are mostly 401k type retirement as Pensions went away or phased out. Companies (most) don’t do a defined pension anymore.

11 year Bull run sure..and then a massive swipe that’s occurring right now.

One of the biggest blows to a retirement is.....Divorce. Especially if your spouse isn’t working or stays home with kids etc...bc they don’t have much in retirement etc.. so when u get divorced half is gone.
 
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mtowncyclone13 said:
i dont know. my parents are boomers are have multiples of that because my dad started saving early. he made me stat saving when i got my first job in middle school.
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That’s great. For people who rely solely on SS they really do not have a lot to live on. Yes they will need more than SS. If your only asset is your home then it is an uphill battle. And if you still have a mortgage payment and car payment at retirement without a sizable monthly income you are kind of screwed.
 
Now do savings. My mom has like 135k in a 403b but also has IPERS and SS coming soon. She also has a savings account with over 100k in it and so many CDs with between 50-100k in them at any given time I can’t even keep track of them.
 
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Gunnerclone said:
Now do savings. My mom has like 135k in a 403b but also has IPERS and SS coming soon. She also has a savings account with over 100k in it and so many CDs with between 50-100k in them at any given time I can’t even keep track of them.
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She did well. Wish there were more like her.
 
Stewo said:
Keep in mind, several people within the boomer generation have jobs that provide a pension plan.
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My FIL is retiring this year. He's gotten to the point of hating his job so decided to retire early. They spoke to their finance guy and decided it would be tight, but they could make it work given their 401k savings and the house is paid off. Probably meant less vacations and fun stuff, but they could do it.

Then the finance guy looks over everything and says "What's this $1300/month pension from your work?" My FIL had a $16k/yr pension coming that he completely forgot about. Good times.
 
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Gunnerclone said:
Now do savings. My mom has like 135k in a 403b but also has IPERS and SS coming soon. She also has a savings account with over 100k in it and so many CDs with between 50-100k in them at any given time I can’t even keep track of them.
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Your mom is lucky to be getting the defined benefits package from IPERS, I know several former educators and city workers that once they turn 62 and can start drawing SS are making more being retired than when they are working minus insurance for health care. I plan to join them myself in another 3 years.
There has been a huge push from the state republicans to change IPERS from a defined benefits package to 401K type of system. Even though IPERS itself is very well funded as of today. States that got into trouble with underfunded public workers pensions, are those that cut back what the state was putting into the funds, and used that money for other items instead of raising taxes. Illinois and Kentucky are two examples of states that took this approach.

Most older Americans 70 and up saved very little for retirement, they were told and believed that the government would take care of them when they retired, and with shorter lifespans that was probley true, but is no longer the case today. Many people in the 80's and 90's are getting by with only SS and a little bit of savings, and that number is cut in half when one of them dies. Not a good situation at all.
 
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