Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wow, that’s eye opening. I knew the numbers were low, but didn’t realize it was that low. Easy to forget the number of people living paycheck to paycheck.

OP here. Yes, we have a real problem facing us, as a nation. The vast majority of people are unprepared for retirement, and with the disappearance of pensions in the private sector, they will have nothing but social security - and that's not enough.

People have been living on just their social security checks for a long time. It isn't fun but this isn't a new thing, either.

How can they live on $1200 a month? Even if their home is paid off, they can have property tax of $500 a month. And then there's food, utilities, gas money and car expenses, Medicare premiums, household stuff, and more.

we can save that much in less than two months.

Anonymous wrote:I seem to remember that most of these surveys and such only look at retirement savings in a 401K or IRA. They don't consider social security, pensions, home equity, or other assets.

Also for the typical 40 year old DCUM posters, retirement might look very different in 26 years than it does for people about to retire now.

That's true, but remember.....only 20% of people (excluding government) even have pensions, and SS averages something like $1200 a month. As far as home equity, the average is pretty low around the country - something like $150,000 or thereabouts. The fact remains that most people in their 50s are not prepared for retirement.

I foresee a future in which SS is asset-tested. Those with little assets will get a full check, and those of us who have saved diligently for retirement (living below our means to do so ) will in effect be penalized for it. Still, I'd rather have the assets and will keep on building my nest egg.

Anonymous wrote:

Anonymous wrote:Wow, that’s eye opening. I knew the numbers were low, but didn’t realize it was that low. Easy to forget the number of people living paycheck to paycheck.

OP here. Yes, we have a real problem facing us, as a nation. The vast majority of people are unprepared for retirement, and with the disappearance of pensions in the private sector, they will have nothing but social security - and that's not enough.

People have been living on just their social security checks for a long time. It isn't fun but this isn't a new thing, either.

I seem to remember that most of these surveys and such only look at retirement savings in a 401K or IRA. They don't consider social security, pensions, home equity, or other assets.

Also for the typical 40 year old DCUM posters, retirement might look very different in 26 years than it does for people about to retire now.

Anonymous wrote:Wow, that’s eye opening. I knew the numbers were low, but didn’t realize it was that low. Easy to forget the number of people living paycheck to paycheck.

OP here. Yes, we have a real problem facing us, as a nation. The vast majority of people are unprepared for retirement, and with the disappearance of pensions in the private sector, they will have nothing but social security - and that's not enough.

Anonymous wrote:

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.

Yeah. That "flushing money down the toilet" comment pissed me off. But then I remember that it comes from an elitist snob and all is right with the world again.

Thanks again. You must be the "normal" one on that other thread. I started this one to see if I could get feedback from the "real" people, and I did. I just need to put things in better perspective, as you did, and remember that people making those comments are elitist snobs indeed. Feeling better now!

Wow, that’s eye opening. I knew the numbers were low, but didn’t realize it was that low. Easy to forget the number of people living paycheck to paycheck.

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.

Yeah. That "flushing money down the toilet" comment pissed me off. But then I remember that it comes from an elitist snob and all is right with the world again.

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.

eh, this isn't all that new. People have been losing pensions when companies fold (or never earn them to begin with) for a long time.

People start out putting money into their 401Ks and then wind up tapping into that money when they get overwhelmed by debt or some other major life expense.

That isn't a reason to ignore your own savings though. If you want to have a little (or a lot) extra when you retire, you have to put away a little (or a lot) extra. Otherwise, you will be living on a very fixed income like the rest of the non savers.

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

That's OK, the government and Social Security will take care of everyone.

Thank you for adding a reality check.

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