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

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

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

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