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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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. [/quote]

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.[/quote]

[b]If you want to feel better about yourself, by all means compare yourself to the national median. [/b][b]But realistically you should benchmark yourself against people who have had the same economic opportunities.[/b] 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.[/quote]

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.
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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. [/quote]

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 . . . .[/quote]

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.[/quote]
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[/quote]

Sure, why not compare yourself to the average American who is fat, divorced, and uneducated? :roll: 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. [/quote]

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. [/quote]
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"![/quote]

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