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Slightly more detailed info on how much American retirees have saved...
Old 02-27-2016, 11:28 AM   #1
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Slightly more detailed info on how much American retirees have saved...

The Average American Household Approaching Retirement Has This Much Saved Up -- The Motley Fool


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Old 02-27-2016, 11:32 AM   #2
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A snippet or summary would be nice.
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Old 02-27-2016, 11:44 AM   #3
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The 59% who have saved
The financial situation of this group was a much wider range, with 7% having less than $10,000 and 9% have more than a half-million dollars. Of this group:
  • The median net worth per household is $337,000.
  • 87% are homeowners, but only 27% own their home outright.
  • 45% have a defined benefit plan.

For those who are competitive, the authors also took into account all of the households with some retirement savings, and broke them down into percentiles. As a refresher, being in the 10th percentile means you have a nest egg bigger than 10% of all those with some saved up; the 90th percentile means you have more than 90% of those with some savings.

Here's how it all shook out.

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Slightly more detailed info on the how much does America retirees have saved...
Old 02-27-2016, 11:45 AM   #4
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Slightly more detailed info on the how much does America retirees have saved...

MichaelB. That is a lot to ask of someone posting on treadmill! Witness bad grammar in title!


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Old 02-27-2016, 11:46 AM   #5
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The title is inaccurate. The average is not the median. $106,000 is the median.
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Old 02-27-2016, 11:58 AM   #6
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Thanks, LARS. Interesting piece.

Rounding from the table in that article, and including the roughly 40% who have no "retirement savings," [roughly] indicates that having 106,113 in "retirement savings" put you in at the 70th percentile of all people age 55 to 64. (Note that the GAO report distinguished between retirement savings and non-retirement savings.)

Yet more proof that the demographics of the active posters here and on Bogleheads are not quite representative of the population at large.

But we all kind of knew that....
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Old 02-27-2016, 12:44 PM   #7
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The title is inaccurate. The average is not the median. $106,000 is the median.
To say the median is not average, is being mean.
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Old 02-27-2016, 08:44 PM   #8
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The way I see this, at least 3/4 of the population of imminent retirees don't have much, if any, retirement savings. We of this forum would like to think that this is not our problem. For a while, I think it is unlikely to be our problem. However, eventually, if there is some sort of Arab spring here, it might become our problem. I hope it doesn't come to that.

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Old 02-27-2016, 09:59 PM   #9
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MichaelB. That is a lot to ask of someone posting on treadmill! Witness bad grammar in title!
I fixed the grammar, I think? If it isn't what you meant to say, then just contact me or any mod or admin and we can change it to what you meant.
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Old 02-27-2016, 11:12 PM   #10
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Oh, The Motley Fool. They keep sending me e-mails telling me that I have until midnight to sign up for their latest investment newsletter/scheme at an outrageously low introductory price. Then the next day, they send another e-mail extending the offer again, until midnight again. Then, amazingly, they extend the offer once more, for one last time.

Then a week or so later, the whole shenanigans begin all over again
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Old 02-28-2016, 12:43 AM   #11
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Originally Posted by OrcasIslandBound View Post
The way I see this, at least 3/4 of the population of imminent retirees don't have much, if any, retirement savings. We of this forum would like to think that this is not our problem. For a while, I think it is unlikely to be our problem. However, eventually, if there is some sort of Arab spring here, it might become our problem. I hope it doesn't come to that. ....
Yes, sort of in line with television and audiences rewarding poor choices like Biggest losers, hoarders, We owe What, type of television.

Spend, don't save, and when you retire the gov't will fix it for you

Lack of personal responsibility..
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Old 02-28-2016, 05:34 AM   #12
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Slightly more detailed info on how much American retirees have saved...

Here is a link to the original GAO report. I'm sure this has been discussed previously.

http://www.gao.gov/assets/680/670153.pdf

It's a svelte 51 page pdf.
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Old 02-28-2016, 05:45 AM   #13
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Sunset, bailing out the people who haven't bothered to save wasn't even remotely what I was thinking. More like the DW and I will finally have to get around to learning more about what everyone else is talking about regarding 2nd amendment rights and take self defense classes. Get to know the neighbors, etc. I think this is called "prepping".

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Old 02-28-2016, 07:25 AM   #14
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To say the median is not average, is being mean.
But that often is the mode around here.
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Old 02-28-2016, 10:42 AM   #15
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But that often is the mode around here.
Statistical humor! Love it - thanks for the laugh
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Old 02-28-2016, 11:23 AM   #16
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Note this information is based on survey taken by our Federal Government. I'd guess most of us have a certain amount of distrust in our government, and those that have saved diligently have probably low-balled their reported retirement savings. Anyone can lie on a survey. I put more faith in the 401K/IRA retirement saving account numbers reported by Fidelity.
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Old 02-28-2016, 11:25 AM   #17
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I fixed the grammar, I think? If it isn't what you meant to say, then just contact me or any mod or admin and we can change it to what you meant.

Yes. Thank you.


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Old 02-28-2016, 11:33 AM   #18
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The way I see this, at least 3/4 of the population of imminent retirees don't have much, if any, retirement savings. We of this forum would like to think that this is not our problem. For a while, I think it is unlikely to be our problem. However, eventually, if there is some sort of Arab spring here, it might become our problem. I hope it doesn't come to that.
If we end up in some kind of violent revolution then it will suck for everyone - an even better argument to enjoy ER now while we can.
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Old 02-28-2016, 11:36 AM   #19
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Note this information is based on survey taken by our Federal Government. I'd guess most of us have a certain amount of distrust in our government...
I wouldn't just make this as a blanket assertion. I think one's level of trust/distrust in gov't figures depends a lot on one's political persuasion.
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Old 02-28-2016, 11:44 AM   #20
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If we end up in some kind of violent revolution then it will suck for everyone - an even better argument to enjoy ER now while we can.

You know I can see many very serious problems on the horizon for America. Indeed, if I let my Investment Banker trained mind run free, I can envision a complete meltdown of the financial system, but even in that instance I find it hard to see a violent revolution. Too much physical force is concentrated in the hands of the federal and state authorities for that to happen: and, the tradition of law and order runs very deep in the fabric of America. Just my opinion.


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