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.
I assume the ones with no savings are trying to keep from retiring, but that may not be so easy. Anyone here in that boat, or know people who are, how and what are they doing?
Well the breakdown is that 32% of boomers have less than $10K saved.
Also..did you see the methodology for that survey at the bottom of the article ?
They surveyed individuals and asked for their best estimate on how much they have saved.
What if they have cushy pensions ? That was not asked.
You've got better studies coming from the likes of Fidelity and the Federal Government.
We have no retirement savings but my husband will be getting a pension (although I wouldn't call it a 'cushy' pension). Social Security plus the pension should make our average income about what it is now with him working, a little more actually. We feel like it will work out okay, even without significant savings. Plus we'll own our home outright, so low housing costs.
Our retirement outlook is not as bleak as having 'no savings' would suggest.
Things are rarely so cut-and-dried as the linked article would have people believe. There are SOO many possible "no savings" scenarios, such as:
Boomer with no savings and no income except Social Security at the national average ($1400/mo) or below
Boomer with no savings and no income except Social Security above the national average for FRA ($1400 - $2900)
Boomer with no savings and no income except Social Security at max for delayed benefit to 70 (about $3700)
Boomer with no savings but has income from a 401K or pension or some other "numbered" retirement income vehicle, plus average or lower Social Security
Boomer with no savings but has income from a 401K or pension or some other "numbered" retirement income vehicle, plus above average Social Security
Boomer with no savings, just Social Security in whatever amount, and owns a mortgage-free house on which they would easily realize profit of several hundred thousand dollars if/when sold.
In fact one could add several possible categories simply based on whether the no-savings Boomer owns no real estate at all; or owns a house free and clear on which they would realize a profit ranging from small to several hundred thousand in current market; or owns a house with a mortgage that would reduce said profit; and so on and on.
There are a lot of people living in poverty. It's a pretty bleak existence. I have done volunteer work and seen the squalor people live in when they have almost no money first hand. Most people are doing better than that, but I have seen a lot of elderly people living in poverty. The median amount in all savings, retirement or otherwise when you include people with no savings is $17,000 at around age 60. https://www.thestreet.com/retirement...vings-14881067
In housing it's very popular now to have MIL suites for the parent to live with the kids like so many cultures do.
Those that must and have kids may have to take that route.
What about those Boomers with no savings and no pension who are living with an aged parent who does collect a pension but is deeply in debt. The parent dies, the pre-retiree Boomer has no home, no household goods, no savings, no pension, half of SS income, no credit history, etc.
My wife has four siblings while I have two. Of those six siblings, four are in the no savings, no pension, minimal SS, and no real property ownership category.
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.
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.
