Median boomer retirement account $144,000
- Thread starter SoapyCy
- Start date
- Status
So you're going to be Dave Ramsey? That was a trick to get me to write his name, wasn't it?
Alone I'm about 4 years ahead of my age not sure where we are if I combine spouse. Probably worse actually cause he started a year behind me and got a couple nice bumps the past couple years. Generally though we are saving around 20% when you include company match.
Awkward but I was banking on you for the whole thing
I have no idea what my parents finances look like as I have never poked around for specifics but I would literally fall to the floor in shock if they were anywhere near that $144k in that article. My dad is about as frugal as it comes with spending money and will find any way to stretch a penny when it comes to savings and investments as well as his spending habits. I'm 17 years into my career and at least 25 more years till I retire and already surpassed that mark in my 401k and knowing how he has managed his money I would bet he probably should be spending more during his retirement than he is. I always joke with him that he worked his butt off all those years to provide for his family that he should enjoy his retirement as I don't need him to leave us with a big inheritance.
I question just how many sources and amount of research the author of this article used too. Seems like most of it is based off 1 survey and a lot of assumptions. Everyone has a different story but this article leaves a lot to be desired I think.
I question just how many sources and amount of research the author of this article used too. Seems like most of it is based off 1 survey and a lot of assumptions. Everyone has a different story but this article leaves a lot to be desired I think.
That actually sounds a bit high--and it'[s based on a survey. I know, median, but there are a hell of a lot of people with no savings.
This thread's convinced me I should have spent more money on hookers and blow when I was younger.
Never to late to start
.These are just retirement account balances. Regular taxable investment accounts, CDs, real estate, businesses, etc wouldn’t count towards that number.
I’m sure it’s still not great but those other assets would help make retirement easier too.
I’m sure it’s still not great but those other assets would help make retirement easier too.
Surprising I know
, this thread has veered from the original topic, but it has been a very interesting read.
You going to give up racing?
Not until I'm 65 or 70. But as I told my wife, the only reason I work is so I can race.
Good on ya....as was I during my near decade in Florida....unfortunately, there has been a shunning of this career path by many in education & a negative stigma attached to choosing that path.
When entire segments of the education system, government, & society in general repeat the mantra to all students that the only way to success is a college degree, it is going to have a profoundly negative impact.
Also, I would agree regards to the 'hard work' mentality.
Looking at this as a variety of things but getting students more involved in their local communities through legitimate volunteer opportunities; understanding & engaging in local communities & governments, greater education on civic responsibilities / issues / duties; ethics coursework of some kind (stealing that one from the Korean education system); etc.
It may not be 'sexy' to understand politics, governance, legislation, etc. but showing students the impact they can have on a local level is a good start.
Agreed with job / personal satisfaction....seems that chasing the money is, infinite economic growth, & greed have underscored so much of the messaging in many facets of life.
Thanks, I'm sure, like everything, it may not be received the same way by everyone but my hope is that it at least sparks a conversation to shift the priorities of modern education to develop the whole student on a variety of levels, not just preparing them for 40+ years of making companies lots of money without also considering the negative consequences that can have on individuals, communities, societies, etc.
Last edited:
Realized this same thing when my dad passed three years ago & mom had already paid off a couple outstanding balances that she was, in no way, attached to.
I was hearing that in the 1980s. Very common belief. Someday it may come true. If the right things happen to individuals, maybe there will be those who dont need it. Credit is the biggest thief of dollars. Second would be living beyond your means.
I was going to say....should I be doing more than panhandling for my retirement fund?
I've specifically told my parents to not leave me anything. It's their money, they've worked hard for it, so spend it.
- Status