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Slightly more detailed info on how much American retirees have saved...
02-27-2016, 10:28 AM
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#1
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Thinks s/he gets paid by the post
Join Date: Oct 2009
Posts: 1,190
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Slightly more detailed info on how much American retirees have saved...
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02-27-2016, 10:32 AM
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#2
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,696
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A snippet or summary would be nice. 
__________________
In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could.”
― Rudiger Dornbusch
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02-27-2016, 10:44 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: Williston, FL
Posts: 3,925
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 Quote:
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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__________________
FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
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Slightly more detailed info on the how much does America retirees have saved...
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02-27-2016, 10:45 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Oct 2009
Posts: 1,190
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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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02-27-2016, 10:46 AM
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#5
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2006
Posts: 11,401
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The title is inaccurate. The average is not the median. $106,000 is the median.
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02-27-2016, 10:58 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Apr 2012
Location: Nashville
Posts: 2,506
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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....
__________________
OMY * 3 2ish Done 7.28.17
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02-27-2016, 11:44 AM
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#7
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2011
Posts: 8,368
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Quote:
Originally Posted by Meadbh
The title is inaccurate. The average is not the median. $106,000 is the median.
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To say the median is not average, is being mean.
__________________
"Exit, pursued by a bear."
The Winter's Tale, William Shakespeare
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02-27-2016, 07:44 PM
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#8
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Recycles dryer sheets
Join Date: Mar 2010
Location: Poway, CA
Posts: 441
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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.
Sent from my Nexus 4 using Early Retirement Forum mobile app
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02-27-2016, 08:59 PM
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#9
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,498
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Quote:
Originally Posted by LARS
MichaelB. That is a lot to ask of someone posting on treadmill! Witness bad grammar in title!
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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.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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02-27-2016, 10:12 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Nov 2009
Location: SF East Bay
Posts: 4,342
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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 
__________________
Contentedly ER, with 3 furry friends (now, sadly, 1).
Planning my escape to the wide open spaces in my campervan (with my remaining kitty, of course!)
On a mission to become the world's second most boring man.
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02-27-2016, 11:43 PM
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#11
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,078
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Quote:
Originally Posted by OrcasIslandBound
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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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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Slightly more detailed info on how much American retirees have saved...
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02-28-2016, 04:34 AM
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#12
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Dec 2008
Location: On a hill in the Pine Barrens
Posts: 9,711
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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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02-28-2016, 04:45 AM
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#13
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Recycles dryer sheets
Join Date: Mar 2010
Location: Poway, CA
Posts: 441
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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".
Sent from my Nexus 4 using Early Retirement Forum mobile app
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02-28-2016, 06:25 AM
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#14
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,340
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Quote:
Originally Posted by Nemo2
To say the median is not average, is being mean. |
But that often is the mode around here.
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02-28-2016, 09:42 AM
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#15
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Recycles dryer sheets
Join Date: Dec 2014
Location: The Desert
Posts: 311
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Quote:
Originally Posted by braumeister
But that often is the mode around here.
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Statistical humor! Love it - thanks for the laugh 
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02-28-2016, 10:23 AM
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#16
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Full time employment: Posting here.
Join Date: Aug 2013
Location: New Jersey
Posts: 942
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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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02-28-2016, 10:25 AM
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#17
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Thinks s/he gets paid by the post
Join Date: Oct 2009
Posts: 1,190
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Quote:
Originally Posted by W2R
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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Yes. Thank you.
Sent from my iPad using Early Retirement Forum
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02-28-2016, 10:33 AM
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#18
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Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Ventura County
Posts: 1,433
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Quote:
Originally Posted by OrcasIslandBound
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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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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02-28-2016, 10:36 AM
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#19
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Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Ventura County
Posts: 1,433
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Quote:
Originally Posted by Al18
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...
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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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Slightly more detailed info on how much American retirees have saved...
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02-28-2016, 10:44 AM
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#20
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Thinks s/he gets paid by the post
Join Date: Oct 2009
Posts: 1,190
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Slightly more detailed info on how much American retirees have saved...
Quote:
Originally Posted by stepford
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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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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