Wealth Accumulation

[athena53]

It might not take into account those (like me) with multiple retirement accounts at Fidelity. It is possible those 45 million accounts are from less than half that number of people.

That always makes me view these numbers with skepticism as well. My retirement assets are in many "buckets"- 3 IRAs with Fidelity (Roth, traditional and inherited), a larger one at UBS and multiple after-tax accounts for various purposes at both firms. There are also plenty of households with 401(k)s at previous employers as well. Some with modest savings may have decent pensions coming to them. You can't get a good gauge of how well-prepared people are for retirement with only part of the picture.

 

[NW-Bound]

The above points are all valid.

I take the stats from Fidelity to mean that the average guy/gal is not as desperate as the poor people we read about. Stress on "average".

I know my parents long-term friends and acquaintances from 50+ years ago. I doubt that any of them, in their late 80s and 90s now, have ever been millionaires. They might not even have $100K in investable assets. But I know that none of them lived in the street, or in shelters. In my mother's circle, if any of them had such hardship, the words get out and she would know. They all seemed to live a normal, unexciting life.

 

[Koolau]

That always makes me view these numbers with skepticism as well. My retirement assets are in many "buckets"- 3 IRAs with Fidelity (Roth, traditional and inherited), a larger one at UBS and multiple after-tax accounts for various purposes at both firms. There are also plenty of households with 401(k)s at previous employers as well. Some with modest savings may have decent pensions coming to them. You can't get a good gauge of how well-prepared people are for retirement with only part of the picture.

I don't know if the multiple tIRAs/Roths, etc. are an issue or not. When I called Vanguard to change my accounts to e-mailings, they seemed to know exactly what I had - including a "minor" account that I can't get my daughter to change over (she has to initiate!)

 

[TheWizard]

You're not alone. I drive my 2012 Silverado (base model) that I bought new in 2012. 138,000 miles and runs like new. Some rust and character scratches, just like me. At the time it was the cheapest one on the lot. Just like me.

I had planned on buying a new one in 2022 but can't get myself to consider paying what new pickups are now. Its hard to find a simple pickup anymore.

You can always factory order a base model, if that's what you really want. In the Ford ecosystem, that's an F-150 XL, with an MSRP around $35k.

I purchased a new F-150 Lariat model the end of 2015 for considerably more than $35k and it's still going strong. My frugality is in keeping my vehicles for a dozen years or more.

It helps that I've only bought new vehicles going back to 1975...

 

[Car-Guy]

^^^^^
Other than collectables, I haven't bought a used vehicle since the late 90's. However, with the price of some of the new vehicles, and as often as I change my daily drivers, I'm beginning to rethink if I should always buy new. Maybe buying one or two year old models (still with some factory warranty) may be a better idea. Something to consider anyway. As I've mentioned before, I don't mind paying for what I want, I just don't like "feeling" like I'm being ripped off.

 

[TheWizard]

I would be curious how that compares to the other "big houses" like Vanguard. Because Megacorp stock has been on a tear, I would now be one of those over a mil in V. YMMV

I think a lot of folks have assets split between an employer plan and personal plans.
Even in retirement, I'm keeping my employer plan at TIAA while increasing my Roth and taxable accounts at Vanguard...