Most American are worth nothing or less than nothing (rate, credit, mortgage)

[jghorton]

Of course everyone has a right to their 'opinion' about preferences or any specific situation. But, when one starts offering 'opinions' about explicit dollar amounts or percentages (the OP), as though they were facts, without so much as a simple 'IMO', one loses all credibility. It sounds like one is simply 'ranting' about their own situation and blindly assuming that everyone else is the same.

OP: Please at least provide some type of statistics or data to support your generalizations. What are you basing your conclusion on? ... Otherwise, how can anyone intelligently respond to your rant?

[mathjak107]

so if i buy an immediate annuity that pays me 70k a year for life with my million bucks i am penny less in the op's eyes?

[stoutboy]

Originally Posted by Malloric

Doesn't include pensions. My mom has defined benefits of $1,600 from one employer, $400 from another, and is currently working for the county and will probably get $700 for them if she retires at 65. On top of that, she'll have $2,000 month in social security. So she's looking at $55k/year when she retires in defined benefits. Since the house is paid for that will be way more than enough to live comfortably on for her. Her 403b and IRA are just basically play money.

Pensioners are a dying breed. That fact makes this information all the more worrisome.

[mathjak107]

but annuity purchases have been soaring for the past decade.

[stoutboy]

Originally Posted by mathjak107

but annuity purchases have been soaring for the past decade.

What is the value of these annuities? Most are likely well less than $200k and paying garbage interest rates.

[mathjak107]

there is no value on immediate annuities they are insurance products. you give them money , they give you a yearly income as long as you live.

[Malloric]

Originally Posted by stoutboy

Pensioners are a dying breed. That fact makes this information all the more worrisome.

Really?

Everyone I know is forced to be in a defined benefit plan in this country. It's a lousy one too. I wish I could opt out.

[stoutboy]

Originally Posted by mathjak107

there is no value on immediate annuities they are insurance products. you give them money , they give you a yearly income as long as you live.

The point is you have to purchase them. And I highly doubt most people are able to purchase a significant annuity.

[mathjak107]

In the first half of 2013, more than $85 billion in annuity product transactions were processed by DTCC’s National Securities Clearing Corporation (NSCC) subsidiary for:
112 insurance company participants (representing 43 parent/holding companies)
128 distributors
3,236 annuity products.

there are huge amounts in annuity products today . many mom and pops gave up equities after 2008 forever. with more and more strategys today utilizing annuity products in combo with your own investing the market is growing like mad.

[lycos679]

Originally Posted by jghorton

Of course everyone has a right to their 'opinion' about preferences or any specific situation. But, when one starts offering 'opinions' about explicit dollar amounts or percentages (the OP), as though they were facts, without so much as a simple 'IMO', one loses all credibility. It sounds like one is simply 'ranting' about their own situation and blindly assuming that everyone else is the same.

OP: Please at least provide some type of statistics or data to support your generalizations. What are you basing your conclusion on? ... Otherwise, how can anyone intelligently respond to your rant?

The USA comes in at #27 in terms of median wealth.

http://www.thefinancialist.com/wp-co...lthReport-.pdf


__Country______ Median Wealth Per Adult

1. Australia------------ $193,653
2. Luxembourg------- $153,967
3. Japan---------------- $141,410
4. Italy------------------ $123,710
5. Belgium-------------- $119,937
6. United Kingdom---- $115,245
7. Iceland--------------- $ 95,685
8. Singapore------------ $ 95,542 (non-OECD)
9. Switzerland--------- $ 87,137
10. Denmark------------ $ 87,121
11. Austria-------------- $ 81,649
12. Canada------------- $ 81,610
13. France--------------- $ 81,274
14. Norway-------------- $ 79,376
15. Finland--------------- $ 73,487
16. New Zealand------- $ 63,000
17. Netherlands-------- $ 61,880
18. Ireland--------------- $ 60,953
19. Qatar----------------- $57,027 (non-OECD)
20. Spain------------------ $ 53,292
21. United Arab Emir.--- $ 47,998 (non-OECD)
22. Taiwan---------------- $ 45,451 (non-OECD)
23. Germany-------------- $ 42,222
24. Sweden--------------- $ 41,367
25. Cyprus----------------- $ 40,535 (non-OECD)
26. Kuwait----------------- $ 40,346 (non-OECD)
27. United States------ $ 38,786