U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-26-2016, 02:53 PM
 
1,075 posts, read 1,118,445 times
Reputation: 1416

Advertisements

This will help you see where you stand financially speaking.
The Average American Household Approaching Retirement Has This Much Saved Up -- The Motley Fool
Reply With Quote Quick reply to this message

 
Old 02-26-2016, 03:19 PM
 
Location: Ohio
19,928 posts, read 14,242,533 times
Reputation: 16104
Quote:
Some couples feel the need to save up over $1 million to comfortably sleep at night, while others know that they'll survive, and thrive, just fine on Social Security alone.
That pretty much sums it up.
Reply With Quote Quick reply to this message
 
Old 02-26-2016, 03:41 PM
 
4,484 posts, read 4,745,031 times
Reputation: 9941
Again, nothing new. Its been reported over and over.
Reply With Quote Quick reply to this message
 
Old 02-26-2016, 04:33 PM
 
Location: Los Angeles area
14,018 posts, read 17,744,100 times
Reputation: 32304
Well, this reporting was a little more sophisticated than some, as they reported the percent of people with zero savings who had a defined benefit pernsion, a definite game-changer. Sometimes the implication is that people with zero savings will simply be destitute, and that is absolutely not the case for all, i.e., for those with that defined benefit pension and those with a life time of earnings under Social Security. A household with two SS recipients will be able to live decently but certainly not lavishly on SS alone if both of them had a normal working life of paying FICA taxes.
Reply With Quote Quick reply to this message
 
Old 02-26-2016, 04:43 PM
 
13,922 posts, read 7,416,674 times
Reputation: 25430
Quote:
Originally Posted by brava4 View Post
Again, nothing new. Its been reported over and over.
I've never seen the numbers broken out at this level of detail before.

It was the first time I'd seen the number that the 90% percentile of people who saved for their retirement is $730K. Since 40% have no savings at all, $730K is more like 95th percentile of the age group. That passes the sniff test. 5% will retire with something like $1 million plus their house.
Reply With Quote Quick reply to this message
 
Old 02-26-2016, 04:45 PM
 
1,075 posts, read 1,118,445 times
Reputation: 1416
I have read a lot of these types of articles, but I felt that this one really hit the mark.
Reply With Quote Quick reply to this message
 
Old 02-26-2016, 07:53 PM
 
Location: SoCal
13,236 posts, read 6,340,776 times
Reputation: 9854
This is pretty good, much more detail.
Reply With Quote Quick reply to this message
 
Old 02-26-2016, 08:30 PM
 
13,922 posts, read 7,416,674 times
Reputation: 25430
I'd love to read a good analysis about what kind of defined-benefit pensions the 55 to 64 bracket have coming to see the whole picture. I suspect that a lot of the pensions late-Boomers will be getting are quite low. A lot of public sector pensions have been scaled back and only the oldest workers have been grandfathered with more generous pensions.
Reply With Quote Quick reply to this message
 
Old 02-26-2016, 09:00 PM
 
Location: Columbia SC
8,980 posts, read 7,749,631 times
Reputation: 12182
While interesting and not that surprising, the really issue is me...me...me...living within my financial means.

A recession is when I am working and my neighbor is not. A depression is when I am not working........LOL
Reply With Quote Quick reply to this message
 
Old 02-26-2016, 09:27 PM
 
Location: San Francisco Bay Area
4,709 posts, read 2,549,517 times
Reputation: 9156
Quote:
Originally Posted by GeoffD View Post
I've never seen the numbers broken out at this level of detail before.

It was the first time I'd seen the number that the 90% percentile of people who saved for their retirement is $730K. Since 40% have no savings at all, $730K is more like 95th percentile of the age group. That passes the sniff test. 5% will retire with something like $1 million plus their house.
Is that nationwide? I'd like to see regional charts.

I'm in the top 5% in that chart, but I can't live wherever I'd like in the SF Bay Area.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top