America's Retirement Savings (2014, percentage, taxable, real estate)

[stoutboy]

This data drives home just how ill-prepared and financially unstable Americans are:

http://www.ebri.org/files/Final-FS.R....Age.FINAL.pdf

According to this study, 36% of Americans aged 55+ have less than $10k saved for retirement (see Figure 3). It lists data for various age groups, and none of the news is good. Check it out to see how you stack up.

[mathjak107]

that is an older survey.

correction. it is 36% of the 1,000 workers surveyed not 36% of the millions of americans out there ,although they would like you to believe that is the representation.

the data thrown about is all over the place depending who is putting it out on this topic.

those over the age off 55 who have been attempting to save have done pretty damn good in comparison . figures for 401k's/ ira's from the various families show those that are over 55 have done a pretty good job if they try. fidelity says they show the over 55 group to have an average combined 401k/ira balance of 262,000.

that does not include taxable accounts, real estate or anything else not with fidelity. fidelity alone has 12 million accounts vs the 1000 workers interviewed in the rcs survey above.

anytime you dilute anything by combining ,those who do with those who don't do something the results on average are quite poor for everyone.

my opinion is quite frankly to much space and hype goes in to all these 1/2 hearted attempts at guessing at what folks have . all that counts since you know the exact numbers is what you are doing.

until the financiaL survey is given as part of the general census to everyone to much attention is wasted on guessing what everyone does or does not have through random samplings..

any time you want to diminish the effects of those who do ,throw in those who don't do something. it will make everyone look far worse.

keep in mind half the country does not even earn enough to pay income taxes so why should their retiremt situation be any different? it is not and nothing is out of the ordinary for those folks. on the other hand diluting the savings and efforts by millions of americans by throwing them in to the mix is really a skewed view of just how we are doing*


Fidelity® Average 401(k) Balance Nearly Doubles Since Downturn
02/13/14

BOSTON – Fidelity Investments® - the nation’s largest 401(k) provider1 - today announced the average 401(k) balance continued its growth trend to end the fourth quarter of 2013 at a new record high of $89,300, up 15.5 percent from one year earlier, and nearly double what is traditionally considered the market low of March 2009 when it was $46,2002. For pre-retirees age 55 and older, the average balance is $165,200. While 78 percent of the year-over-year increase was due to positive stock market momentum, a full 22 percent of the growth came from employee and employer contributions, such as company matches, demonstrating the importance of continued participation and contributions, no matter the market conditions.

To provide a more complete picture of retirement savings, Fidelity also studied the combined balance for investors who hold both a 401(k) and Individual Retirement Account (IRA) with the firm. For these investors, the combined 401(k)/IRA average balance is $261,400, up 16 percent from the end of the fourth quarter 2012 when it was $225,600 (see chart).

other sources give different views on how folks are doing compared to the rcs survey

http://blogs.reuters.com/linda-stern...bad-after-all/

[mathjak107]

Originally Posted by stoutboy

This data drives home just how ill-prepared and financially unstable Americans are:

http://www.ebri.org/files/Final-FS.R....Age.FINAL.pdf

According to this study, 36% of Americans aged 55+ have less than $10k saved for retirement (see Figure 3). It lists data for various age groups, and none of the news is good. Check it out to see how you stack up.

only about 1000 workers are interviewed in the rcs studies, i would be very sceptacle of their results since actual brokerage accounts tell a different story about million folks out there . . ..

in my opinion far to much time spent trying to guess what is in someones pocket. ones time can be far better utilized learning how to do better yourself then reading stuff that attempts to guess how others are doing.

spending the time reading the papers by dr pfau or micael kitces will be far more helpful to someone and their own planning and success then reading any of these rags.


it is like you see folks on forums complaining and complaining about things day after day instead of looking for ways to play the cards they are dealt rather then blame the dealer.

do they like slanted stories and skewed surveys that show everyone is doing as poorly as them? perhaps , but far to much interest is spent trying to look at what others may have only no one really knows whats in your neighbors pocket..

i always say if someone wants to accomplish something they will find away, otherwise they will find an excuse.

this is *the 2014 report

http://www.ebri.org/pdf/surveys/rcs/..._Mar14.RCS.pdf


here is an interesting article that explains why trying to figure out what older americans have is so difficult.

http://assets.aarp.org/rgcenter/econ/dd143_wealth.pdf

[stoutboy]

The data in the new report paints largely the same picture. And it seems entirely plausible to me that those alarming figures are accurate. The statistics you provide speak of average holdings, which isn't very informative. Given wealth disparity in America, it is entirely plausible. And my own anecdotal information tends to back it up.

[mathjak107]

i disagree , to diluted down with folks who have nothing all through life regardless to mean a thing

[stoutboy]

That's the whole point of this kind of research: to figure out the financial situation of our citizens. The finding that the country is 'to [sic] diluted down with folks who have nothing all through life regardless' is very significant (or should be) if it is true, to policymakers.

Originally Posted by mathjak107

i disagree , to diluted down with folks who have nothing all through life regardless to mean a thing

[mathjak107]

a waste of time. if half the folks have had next to no income and savings their entire lives it only reasons they will be that way forever.

on the other hand studies from the fund families that support ira's and 401k's give a very different view of pre-retirees . there are millions of pre-retirees who are not only in far better shape but millions have 6 figure balances and that is based only on vanguard and fidelity. there are so many more custodians out there with millions more with the same story..

what good is diluting their results down going to tell you? nothing, all it does is make it look like no one has much of anything which is not the case at all.

millions of pre-retirees have way more than that survey shows .

useless studies if you ask me.

[stoutboy]

I have informed the scientists of your assessment.

Originally Posted by mathjak107

a waste of time. if half the folks have had next to no income and savings their entire lives it only reasons they will be that way forever.

on the other hand studies from the fund families that support ira's and 401k's give a very different view of pre-retirees . there are millions of pre-retirees who are not only in far better shape but millions have 6 figure balances and that is based only on vanguard and fidelity. there are so many more custodians out there with millions more with the same story..

what good is diluting their results down going to tell you? nothing, all it does is make it look like no one has much of anything which is not the case at all.

millions of pre-retirees have way more than that survey shows .

useless studies if you ask me.

[mathjak107]

thanks... in fact let them call the major fund families next time and get a view of millions of pretirees and how they are doing.

[stoutboy]

They will say they same thing I did: averages offer little insight in this kind of analysis. Median figures and percentages offer a more complete picture.

Originally Posted by mathjak107

thanks... in fact let them call the major fund families next time and get a view of millions of pretirees and how they are doing.