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This is based on one of the websites called "How much should I have saved at age 30"
And in the comment section, the average poster was the range I gave for where you should be at age 35
Many with the $850,000 non-pension retirement are people age 27-ish living in Minnesota and Iowa. They will have more than the amount I described, by age 35 actually. And these are not people born from wealth, these are smalltown raised people who took to working through college and pursuing careers starting at 22 with salaried ranging from $95,000 on the low end to $375,000 on the high end.
They are frugal, Max out their 401k, take advantage of married filing jointly, buy only with coupons and bargains, travel in course of business and use reimbursements to the point they can't remember the last time they just booked a trip not with some Priceline deal.
You gave the impression that this was the case for your parents in the mid-eighties. No exceptions. Remember that?
Would you like to provide a link to the article, so we can have a discussion about the financial health of thirty-somethings with realistic salaries, including what is actually possible in retirement savings given prudent money management rather than just pie-in-the-sky fantasy?
Many with the $850,000 non-pension retirement are people age 27-ish living in Minnesota and Iowa. They will have more than the amount I described, by age 35 actually. And these are not people born from wealth, these are smalltown raised people who took to working through college and pursuing careers starting at 22 with salaried ranging from $95,000 on the low end to $375,000 on the high end.
The median household income in Minnesota is around $57,000. For Iowa, it is $49,000.
Not sure what's up with 2015 and in the region I live, but when my parents born in the 1950s, were in their mid-30s in the 1980s, this was by far the average....without exception:
Assets
2 fully owned automobiles (1 may be a voyager van, the sedan for daddy)....paid in full with title
Fully owned house with master bedroom and a bedroom for each child, kitchen, family room, living room, backyard, garage, patio, lawn, driveway, organized and clean, fully furnished....with
(no more than 7 years left on the mortgage till fully paid off mortgage)
IRA fund: $650,000 at least
401k: $550,000
Other fidelity savings:$250,000-$900,000 somewhere in there
$40-50,000 in liquid money market fund
$15,000 debit card ...
$500 cash on hand in wallet or home lock container
2-3 kids well fed, in gifted schools, music lessons, dance, ballet, soccer practice, tee-ball
No debt: perfect credit report
Happily married
This is where you SHOULD be at age 35. If not, you need to figure out where you went wrong. Is this correct?
Are you being serious? 1.1-2 million in retirement and savings by 35 was average in the mid 80s? Where was this at?
Not sure what's up with 2015 and in the region I live, but when my parents born in the 1950s, were in their mid-30s in the 1980s, this was by far the average....without exception:
Assets
2 fully owned automobiles (1 may be a voyager van, the sedan for daddy)....paid in full with title
Fully owned house with master bedroom and a bedroom for each child, kitchen, family room, living room, backyard, garage, patio, lawn, driveway, organized and clean, fully furnished....with
(no more than 7 years left on the mortgage till fully paid off mortgage)
IRA fund: $650,000 at least
401k: $550,000
Other fidelity savings:$250,000-$900,000 somewhere in there
$40-50,000 in liquid money market fund
$15,000 debit card ...
$500 cash on hand in wallet or home lock container
2-3 kids well fed, in gifted schools, music lessons, dance, ballet, soccer practice, tee-ball
No debt: perfect credit report
Happily married
This is where you SHOULD be at age 35. If not, you need to figure out where you went wrong. Is this correct?
I'm thinking that this is one of those posts that fall under the explanation of " never let the truth get in the way of a good story."
BTW, My parents also walked barefoot to work and it was uphill both ways !
The OP must be trolling. Far, far from the norm now, let alone the 80s.
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