Median Retirement Savings of Pre-Retirees is $17,000

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So for my wife and I (54 & 51, respectively), our $350K doesn't look so bad.

Compared to normal, middle America -- nope, not bad at all. On DCUM -- OMG I don't know how you sleep at night bc these people had 350k saved up individually while single at age 30.

yea, and and the average american is a fat pig. Should I be proud that I'm a size 14 and not yet insulin resistant?

i'm not really thrilled to get the award for being the tallest midget.

So then go save up to make sure you have $3 million or $5mil or $10 mil at age 51. Leave the people alone who have only managed to amass 350k. You've already "won" compared to them. How insecure are you that you need validation after you already have much much more than them?

what are you even talking about? I'm 40 and have 500K, i will be no where near 3M by 51. And who exactly am I bothering? I don't give one single solitary fuck how much or little anyone else has. However, I'm not at all comforted by being an average American in any way shape or form.

An average American is a high school graduate, earning around $35,000, living in a modest $200k home (or renting), and maybe....just maybe....has $5,000 or $10.000 in the bank.

Those of us who are proud that they we have saved $350k or $500k are substantially above average. Be proud of your achievements, and don't let these DCUM elites talking about $2 million being typical in DC make you think you're pulling up the bottom.

Uh I don't you weirdo. Unlike YOU, I'm not obsessed about what others think. i'm happy where I'm at. Try focusing on yourself and not the "elites" as you call them and you will not be so miserably wretched.

Get a life, seriously. You sound pathethic.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So for my wife and I (54 & 51, respectively), our $350K doesn't look so bad.

Compared to normal, middle America -- nope, not bad at all. On DCUM -- OMG I don't know how you sleep at night bc these people had 350k saved up individually while single at age 30.

yea, and and the average american is a fat pig. Should I be proud that I'm a size 14 and not yet insulin resistant?

i'm not really thrilled to get the award for being the tallest midget.

So then go save up to make sure you have $3 million or $5mil or $10 mil at age 51. Leave the people alone who have only managed to amass 350k. You've already "won" compared to them. How insecure are you that you need validation after you already have much much more than them?

what are you even talking about? I'm 40 and have 500K, i will be no where near 3M by 51. And who exactly am I bothering? I don't give one single solitary fuck how much or little anyone else has. However, I'm not at all comforted by being an average American in any way shape or form.

An average American is a high school graduate, earning around $35,000, living in a modest $200k home (or renting), and maybe....just maybe....has $5,000 or $10.000 in the bank.

Those of us who are proud that they we have saved $350k or $500k are substantially above average. Be proud of your achievements, and don't let these DCUM elites talking about $2 million being typical in DC make you think you're pulling up the bottom.

Uh I don't you weirdo. Unlike YOU, I'm not obsessed about what others think. i'm happy where I'm at. Try focusing on yourself and not the "elites" as you call them and you will not be so miserably wretched.

Get a life, seriously. You sound pathethic.

^^^ Wow. There are some nasty people on DCUM is all I can say!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think this statistic is pretty useless. DC area residents are not anywhere near the median in terms of education, income, or housing costs. I'd be willing to bet that most people in NW DC or close-in suburbs have at least $2 million in net worth by the time they retire.

So the only people who count as DC area residents are the ones who live in NW, Arlington or Bethesda? Interesting view of the world. If you live in SE/SW or Alexandria or Falls Church or Rockville, you aren't a DC area resident? Bc I'm fairly sure you'll find LOTS of households in those areas where $2 million at retirement would be akin to hitting the lottery.

If you want to feel better about yourself, by all means compare yourself to the national median. But realistically you should benchmark yourself against people who have had the same economic opportunities. In this region, people who live in NW, Arlington, or Bethesda are the ones who are above median. People who live in SE/SW or Gaithersburg are below median. Just because you can find others who are in your financial situation doesn't mean that it's not below median for the region and any higher expectations are unrealistic.

Economic opportunities are determined by geographic location, really? So every person in Manhattan has astounding economic opportunity because Manhattan has hedge fund portfolio managers, so everyone has a shot to be a hedge fund PM bc they live in the same area? And a scientist at NIH has the same economic opportunity as someone who works Carlyle or a lobbyist bc they all live and work within a few miles of each other?

I don't need to feel better about myself thanks -- very secure in my saving/investing decisions. Unlike you I recognize however that not everyone has equal opportunities so faulting and mocking others is of no use.

Of course economic opportunities are correlated with geography! How many people in WV even know what a hedge fund is or have ever met a NIH research scientist? $17K in retirement savings is admirable if you live in a low COL area. It's pathetic if you ever broke $100K in HHI and indicates poor financial planning.

Why compare WV with Manhattan or DC? Why not compare the people who live WITHIN Manhattan with each other or people in DC with each other? Does it not help your theory of "oh economic opportunities are the same for everyone living in the same places, those people were just too lazy or dumb to grab the opportunities, while I saved up $2 mil by age 32"?? Bc from a net worth perspective, most NIH scientists will never be up to the level of a Carlyle PM . . . .

Aren't you just proving my point? I am comparing people within DC to each other. People in the DC area who can't accrue $2 million in assets before retirement are likely below the median, regardless of what the national stats are. Do you really think most NIH scientists will never reach $2 million in household net worth? I think you live in a bubble if you think that $2 million in assets is so stratospheric that only top people in finance can reach that level.

Your perspective is so skewed I can't believe you can't see it! You think people who don't have $2 million in assets (in the DC area) are below the median?! OMG. No wonder middle-income Americans are so fed up with the "elites." Now you're actually claiming that people in this area who don't have $2 million are in the bottom half?

Even in DC, the median for those approaching retirement is only $270,000. You're so clueless. And, that was for white families, who have a higher net worth. The median for black families is a few thousand, if that. (Not to argue why in this thread; it's just the article I found.)

https://www.washingtoncitypaper.com/news/housing-complex/blog/20839309/white-dc-area-households-have-a-net-worth-81-times-greater-than-black-ones

Sure, why not compare yourself to the average American who is fat, divorced, and uneducated? Some of us are only interested in comparing ourselves to peers who have the same drive and educational and job opportunities. And learn to read. The article you cited states that the median net worth for whites approaching retirement was over half a million, and that's across all educational levels. It's not a skewed perspective to think that $2 million in net worth by retirement is fully attainable by people with progressional and graduate degrees.

+1

Dont be poisoned by the poors here. I didnt realize there were even people with this self-defeating outlook living here in the DMV. I would love to know how someone gets this grim worldview.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think this statistic is pretty useless. DC area residents are not anywhere near the median in terms of education, income, or housing costs. I'd be willing to bet that most people in NW DC or close-in suburbs have at least $2 million in net worth by the time they retire.

So the only people who count as DC area residents are the ones who live in NW, Arlington or Bethesda? Interesting view of the world. If you live in SE/SW or Alexandria or Falls Church or Rockville, you aren't a DC area resident? Bc I'm fairly sure you'll find LOTS of households in those areas where $2 million at retirement would be akin to hitting the lottery.

If you want to feel better about yourself, by all means compare yourself to the national median. But realistically you should benchmark yourself against people who have had the same economic opportunities. In this region, people who live in NW, Arlington, or Bethesda are the ones who are above median. People who live in SE/SW or Gaithersburg are below median. Just because you can find others who are in your financial situation doesn't mean that it's not below median for the region and any higher expectations are unrealistic.

Economic opportunities are determined by geographic location, really? So every person in Manhattan has astounding economic opportunity because Manhattan has hedge fund portfolio managers, so everyone has a shot to be a hedge fund PM bc they live in the same area? And a scientist at NIH has the same economic opportunity as someone who works Carlyle or a lobbyist bc they all live and work within a few miles of each other?

I don't need to feel better about myself thanks -- very secure in my saving/investing decisions. Unlike you I recognize however that not everyone has equal opportunities so faulting and mocking others is of no use.

Of course economic opportunities are correlated with geography! How many people in WV even know what a hedge fund is or have ever met a NIH research scientist? $17K in retirement savings is admirable if you live in a low COL area. It's pathetic if you ever broke $100K in HHI and indicates poor financial planning.

Why compare WV with Manhattan or DC? Why not compare the people who live WITHIN Manhattan with each other or people in DC with each other? Does it not help your theory of "oh economic opportunities are the same for everyone living in the same places, those people were just too lazy or dumb to grab the opportunities, while I saved up $2 mil by age 32"?? Bc from a net worth perspective, most NIH scientists will never be up to the level of a Carlyle PM . . . .

Aren't you just proving my point? I am comparing people within DC to each other. People in the DC area who can't accrue $2 million in assets before retirement are likely below the median, regardless of what the national stats are. Do you really think most NIH scientists will never reach $2 million in household net worth? I think you live in a bubble if you think that $2 million in assets is so stratospheric that only top people in finance can reach that level.

Your perspective is so skewed I can't believe you can't see it! You think people who don't have $2 million in assets (in the DC area) are below the median?! OMG. No wonder middle-income Americans are so fed up with the "elites." Now you're actually claiming that people in this area who don't have $2 million are in the bottom half?

Even in DC, the median for those approaching retirement is only $270,000. You're so clueless. And, that was for white families, who have a higher net worth. The median for black families is a few thousand, if that. (Not to argue why in this thread; it's just the article I found.)

https://www.washingtoncitypaper.com/news/housing-complex/blog/20839309/white-dc-area-households-have-a-net-worth-81-times-greater-than-black-ones

Sure, why not compare yourself to the average American who is fat, divorced, and uneducated? Some of us are only interested in comparing ourselves to peers who have the same drive and educational and job opportunities. And learn to read. The article you cited states that the median net worth for whites approaching retirement was over half a million, and that's across all educational levels. It's not a skewed perspective to think that $2 million in net worth by retirement is fully attainable by people with progressional and graduate degrees.

+1

Dont be poisoned by the poors here. I didnt realize there were even people with this self-defeating outlook living here in the DMV. I would love to know how someone gets this grim worldview.

The sock- puppet woke up.

I'll stick with my measly $1 million, thank you. It's comfortable down here with the other millionaire "poors"!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think this statistic is pretty useless. DC area residents are not anywhere near the median in terms of education, income, or housing costs. I'd be willing to bet that most people in NW DC or close-in suburbs have at least $2 million in net worth by the time they retire.

So the only people who count as DC area residents are the ones who live in NW, Arlington or Bethesda? Interesting view of the world. If you live in SE/SW or Alexandria or Falls Church or Rockville, you aren't a DC area resident? Bc I'm fairly sure you'll find LOTS of households in those areas where $2 million at retirement would be akin to hitting the lottery.

If you want to feel better about yourself, by all means compare yourself to the national median. But realistically you should benchmark yourself against people who have had the same economic opportunities. In this region, people who live in NW, Arlington, or Bethesda are the ones who are above median. People who live in SE/SW or Gaithersburg are below median. Just because you can find others who are in your financial situation doesn't mean that it's not below median for the region and any higher expectations are unrealistic.

Economic opportunities are determined by geographic location, really? So every person in Manhattan has astounding economic opportunity because Manhattan has hedge fund portfolio managers, so everyone has a shot to be a hedge fund PM bc they live in the same area? And a scientist at NIH has the same economic opportunity as someone who works Carlyle or a lobbyist bc they all live and work within a few miles of each other?

I don't need to feel better about myself thanks -- very secure in my saving/investing decisions. Unlike you I recognize however that not everyone has equal opportunities so faulting and mocking others is of no use.

Of course economic opportunities are correlated with geography! How many people in WV even know what a hedge fund is or have ever met a NIH research scientist? $17K in retirement savings is admirable if you live in a low COL area. It's pathetic if you ever broke $100K in HHI and indicates poor financial planning.

Why compare WV with Manhattan or DC? Why not compare the people who live WITHIN Manhattan with each other or people in DC with each other? Does it not help your theory of "oh economic opportunities are the same for everyone living in the same places, those people were just too lazy or dumb to grab the opportunities, while I saved up $2 mil by age 32"?? Bc from a net worth perspective, most NIH scientists will never be up to the level of a Carlyle PM . . . .

Aren't you just proving my point? I am comparing people within DC to each other. People in the DC area who can't accrue $2 million in assets before retirement are likely below the median, regardless of what the national stats are. Do you really think most NIH scientists will never reach $2 million in household net worth? I think you live in a bubble if you think that $2 million in assets is so stratospheric that only top people in finance can reach that level.

Your perspective is so skewed I can't believe you can't see it! You think people who don't have $2 million in assets (in the DC area) are below the median?! OMG. No wonder middle-income Americans are so fed up with the "elites." Now you're actually claiming that people in this area who don't have $2 million are in the bottom half?

Even in DC, the median for those approaching retirement is only $270,000. You're so clueless. And, that was for white families, who have a higher net worth. The median for black families is a few thousand, if that. (Not to argue why in this thread; it's just the article I found.)

https://www.washingtoncitypaper.com/news/housing-complex/blog/20839309/white-dc-area-households-have-a-net-worth-81-times-greater-than-black-ones

Sure, why not compare yourself to the average American who is fat, divorced, and uneducated? Some of us are only interested in comparing ourselves to peers who have the same drive and educational and job opportunities. And learn to read. The article you cited states that the median net worth for whites approaching retirement was over half a million, and that's across all educational levels. It's not a skewed perspective to think that $2 million in net worth by retirement is fully attainable by people with progressional and graduate degrees.

+1

Dont be poisoned by the poors here. I didnt realize there were even people with this self-defeating outlook living here in the DMV. I would love to know how someone gets this grim worldview.

poisoned? seriously? get a life.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So for my wife and I (54 & 51, respectively), our $350K doesn't look so bad.

Compared to normal, middle America -- nope, not bad at all. On DCUM -- OMG I don't know how you sleep at night bc these people had 350k saved up individually while single at age 30.

yea, and and the average american is a fat pig. Should I be proud that I'm a size 14 and not yet insulin resistant?

i'm not really thrilled to get the award for being the tallest midget.

So then go save up to make sure you have $3 million or $5mil or $10 mil at age 51. Leave the people alone who have only managed to amass 350k. You've already "won" compared to them. How insecure are you that you need validation after you already have much much more than them?

what are you even talking about? I'm 40 and have 500K, i will be no where near 3M by 51. And who exactly am I bothering? I don't give one single solitary fuck how much or little anyone else has. However, I'm not at all comforted by being an average American in any way shape or form.

An average American is a high school graduate, earning around $35,000, living in a modest $200k home (or renting), and maybe....just maybe....has $5,000 or $10.000 in the bank.

Those of us who are proud that they we have saved $350k or $500k are substantially above average. Be proud of your achievements, and don't let these DCUM elites talking about $2 million being typical in DC make you think you're pulling up the bottom.

Uh I don't you weirdo. Unlike YOU, I'm not obsessed about what others think. i'm happy where I'm at. Try focusing on yourself and not the "elites" as you call them and you will not be so miserably wretched.

Get a life, seriously. You sound pathethic.

^^^ Wow. There are some nasty people on DCUM is all I can say!

Well the poster is correct and probably the only sane one. Who are you people who are so obsessed with how much you do, or do not measure up? Are you that unhappy with yourself that you fixate on what other people are doing with their money?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So for my wife and I (54 & 51, respectively), our $350K doesn't look so bad.

Compared to normal, middle America -- nope, not bad at all. On DCUM -- OMG I don't know how you sleep at night bc these people had 350k saved up individually while single at age 30.

yea, and and the average american is a fat pig. Should I be proud that I'm a size 14 and not yet insulin resistant?

i'm not really thrilled to get the award for being the tallest midget.

So then go save up to make sure you have $3 million or $5mil or $10 mil at age 51. Leave the people alone who have only managed to amass 350k. You've already "won" compared to them. How insecure are you that you need validation after you already have much much more than them?

what are you even talking about? I'm 40 and have 500K, i will be no where near 3M by 51. And who exactly am I bothering? I don't give one single solitary fuck how much or little anyone else has. However, I'm not at all comforted by being an average American in any way shape or form.

An average American is a high school graduate, earning around $35,000, living in a modest $200k home (or renting), and maybe....just maybe....has $5,000 or $10.000 in the bank.

Those of us who are proud that they we have saved $350k or $500k are substantially above average. Be proud of your achievements, and don't let these DCUM elites talking about $2 million being typical in DC make you think you're pulling up the bottom.

Uh I don't you weirdo. Unlike YOU, I'm not obsessed about what others think. i'm happy where I'm at. Try focusing on yourself and not the "elites" as you call them and you will not be so miserably wretched.

Get a life, seriously. You sound pathethic.

^^^ Wow. There are some nasty people on DCUM is all I can say!

Well the poster is correct and probably the only sane one. Who are you people who are so obsessed with how much you do, or do not measure up? Are you that unhappy with yourself that you fixate on what other people are doing with their money?

debatable.

[Anonymous]

Anonymous wrote:OP- you should have titled this post: “Come in Poors Seeking Validation.” The poors have a defeatist mentality, which is why they are poor to begin with. The fact that many pps feel good by comparing themselves to the national average is reflective of this mentality. Who does that? My parents who had gov jobs have $2 million in liquid savings- just by not spending all of their money every month. If you live in DMV - not out in Poorsville or Manasshole and you dont have $2 million by age 50, you are an abject economic failure imo.

You sound horrible and completely lacking in empathy. Who refers to people as "the poors?" That's just gross. I am middle class with a college degree and am very thankful that my parents are reasonably intelligent and I grew up in a household where education was promoted. If I had grown up in poverty with uneducated parents I most likely would be in different situation. To say that all individuals who are impoverished have a defeatist mentality is very unfair. There are many people who work hard but don't have the intellectual capability for professional jobs. That's not their fault. Yes, we have free will, but to a large extent we are products of our biology/genetics and environment.

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP- you should have titled this post: “Come in Poors Seeking Validation.” The poors have a defeatist mentality, which is why they are poor to begin with. The fact that many pps feel good by comparing themselves to the national average is reflective of this mentality. Who does that? My parents who had gov jobs have $2 million in liquid savings- just by not spending all of their money every month. If you live in DMV - not out in Poorsville or Manasshole and you dont have $2 million by age 50, you are an abject economic failure imo.

You sound horrible and completely lacking in empathy. Who refers to people as "the poors?" That's just gross. I am middle class with a college degree and am very thankful that my parents are reasonably intelligent and I grew up in a household where education was promoted. If I had grown up in poverty with uneducated parents I most likely would be in different situation. To say that all individuals who are impoverished have a defeatist mentality is very unfair. There are many people who work hard but don't have the intellectual capability for professional jobs. That's not their fault. Yes, we have free will, but to a large extent we are products of our biology/genetics and environment.

+ 1 And he refers to Manassas as Manasshole? And people who don't have $2 million by age 50 as abject economic failures? He's the biggest snob on this forum, and I've seen a lot of them. (He also is extremely insecure and builds himself up by putting others down. It's well-know that those who appear to have a superiority complex suffer from feelings of inferiority.)

[Anonymous]

I see a lot of old retires in casinos and on cruises. All the time. So they can't be that broke.

[Anonymous]

Anonymous wrote:The thread in which some wealthy DCUMers are claiming that responsible college-educated couple should be worth $2 million by their 40s (!!) made me realize how out-of-touch with reality the DC elite really is.

The median retirement savings for people between 55 - 61, on the cusp of retirement, is only $17,000. That's a more accurate measure than the mean, which skews upward with a minority of wealthy people with advanced degrees (like DCUMers), but even then, the average amount saved is less than $170,000.

That's it! Half the people in their late 50s have LESS than $17,000 saved for retirement. And remember, this figure includes the 1/3 of all Americans who have college degrees and, presumably, professions that require an education. It's time for DCUMers yapping about $2 million as if it is an everyday occurrence to realize that they are in the upper 5% of all households, and that most people! including college grads will never accumulate even half that amount.

Time to get real, folks, and face the fact that we have an impending crisis on our hands, with the vast majority of Baby Boomers staring down retirement with a relative pittance saved for it.

https://www.cnbc.com/2017/04/07/how-much-the-average-family-has-saved-for-retirement-at-every-age.html

Half of the people in the US don’t pay federal taxes. Why would anyone be surprised they also aren’t saving for retirement?

[Anonymous]

I see a lot of old retires in casinos and on cruises. All the time. So they can't be that broke.

??? Do you have any statistics outside of what you see in casinos and on cruises?

Did you graduate from college?

[Anonymous]

I've seen a lot of foreigners on cruises. Not Americans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:we can save that much in less than two months.

May Poppins throws shade at you.

LOL. Great. I love Mary Poppins.

Best response ever.

[Anonymous]

Anonymous wrote:Thanks. OP here. I posted this as a result of an annoying parallel thread in which people are insulting college graduates who havent amassed $2 million by age 40 as being irresponsible and "flushing money down the toilet."

Nice to know there are some normal people on DCUM, too.

Ugh OP I agree. Most of my questions about finding afforfable daycare, or asking advice on saving money there is always at least one person saying "cheap cheap cheap". Sorry I am not as financially well off, sheesh