average savings

[Sam]

Quote:

Originally Posted by MrsSmartyJones Did I say something offensive? That wasn’t my intention. What I meant was that that 80% of Americans aren't doing squat about their financial futures. The average balance in most 401(k) accounts upon retirement is only $60k. I know that people rely on SS benefits, especially the ones who draw it today, like my grandparents, parents, and the new up and coming baby boomers. But, for us, late boomers, Gen X’s, we think of SS as a perk we might get when we retire...More like a bonus check...We don't plan our retirement around it. We can't do that to ourselves.

No, you did not.

I'm not Nords, but I'm pretty sure it was meant to be sarcastic and funny. The logic being like this: With the SS fund at risk of running empty in the future, we, the ER minded group would like nothing more than seeing "others" to keep working longer, beyond the normal retirement age resulting in two benefits for us: 1) They don't use up the SS fund and 2) They grow the fund by paying SS tax.

It's just a joke. You're fine. Welcome to the board, btw.

[Nords]

Quote:

Originally Posted by MrsSmartyJones Did I say something offensive? That wasn’t my intention.

Sorry, I'm running late. What Sam said.

It's a running joke that the Boomers are either going to retire en masse and crash the market when they cash in their stocks for Treasuries... or else they're going to work until they can no longer remember how to find their way to the cubicle. Luckily the magazines are all telling them that if they retired early they would've been bored & unfulfilled anyway.

I think that enough consumptive Americans have so badly neglected their financial planning that they'll be supporting Social Security & Medicare with their payroll taxes for many more years.

Funny how neither the government nor the popular media seem to have picked up on that theme...

[mathjak107]

With the average baby boomer having about 50,000 in total investments i wouldnt worry about them crashing the market. most will keep working or if retiring will still need the gains of the markets to help them make ends meet. besides with emerging market countries finally having some dough to invest there should be enough money coming in from overseas to more than compensate.
about 80% of the markets in america i believe are owned by the 12% richest people. They can just live off the income most likely and not have to liquidate much.

[dmpi]

I talk to a lot of my fellow boomers at work. Their plan is to just keep working forever. Despite of what everyone says, I think they will have a giant labor surplus for older workers in the future. Bottom line... it'll be hard to find/keep your job and the pay will be low.

[Khan]

Quote:

Originally Posted by dmpi I talk to a lot of my fellow boomers at work. Their plan is to just keep working forever. Despite of what everyone says, I think they will have a giant labor surplus for older workers in the future. Bottom line... it'll be hard to find/keep your job and the pay will be low.

A lot of Boomers are not going to be able to keep working because of physical and mental deterioration.

For every heart-warming story of a sprightly, fiesty, marathon-running, full-time employed, 80 year old; there's a not often mentioned 60 year old with early onset Alzheimers/arthritis/stroke/injury unable to do the cooking and cleaning, let alone be employed.

[Mr._johngalt]

Quote:

Originally Posted by Khan A lot of Boomers are not going to be able to keep working because of physical and mental deterioration. For every heart-warming story of a sprightly, fiesty, marathon-running, full-time employed, 80 year old; there's a not often mentioned 60 year old with early onset Alzheimers/arthritis/stroke/injury unable to do the cooking and cleaning, let alone be employed.

And, (lest we forget) millions never even make 60. I think a
lot of folks (even here) lose sight of that.

JG

[youbet]

Quote:

Originally Posted by Nords I think that enough consumptive Americans have so badly neglected their financial planning that they'll be supporting Social Security & Medicare with their payroll taxes for many more years.

Sadly, most unconsumptive Americans have also badly neglected their financial planning.

[Southpaw]

I put 15% of my pre-tax salary in the 401K. Company match varies from 1-9% depending on the financial results of the year. Put about 50% of my after-tax $ into the ER fund.

On Boomers...yes, I think it's true. There are many of them who have wandered into their 60+ years as deluded as they were in their 20's. Readers of this post excluded, of course. Growing up in the 1980's, boomers were always telling me not to worry about money. We'll see if they follow their own advice as they realize they haven't saved enough to retire on.

[Patrick]

Quote:

Originally Posted by Southpaw On Boomers...yes, I think it's true. There are many of them who have wandered into their 60+ years as deluded as they were in their 20's. Readers of this post excluded, of course. Growing up in the 1980's, boomers were always telling me not to worry about money. We'll see if they follow their own advice as they realize they haven't saved enough to retire on.

Yeah, I had some neighbors who were like that: spending $40K to remodel the kitchen in their 2-year old house, buying a boat, buying 2 quads, buying a toyhauler for the quads, a new truck to haul the boat and the toyhauler, a Harley for weekend rides, and a new pool (that's all I can remember right now). When I asked them if they were maxing their 457 plan they said no, they were gonna depend on their pensions for retirement but for now they were "living large!" They're still working.