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Posted: 1/17/2021 9:09:32 PM EDT
[#1]
Why would anyone 70 or older need 100K in savings, like you can't get buried with it ? Maybe because it is not uncommon to live past 75? Or, why does anyone "need" 100k? |
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Posted: 1/17/2021 9:11:07 PM EDT
[#2]
71 year old boomer. I $aved. Living the good life. Boohoo to the the non savers young and old.
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Posted: 1/17/2021 9:12:06 PM EDT
[#3]
Quote HistoryQuoted: 52k in equity. Boomers still have mortgages Quote HistoryQuoted: Quoted: Those numbers look suspect. $52k in real estate. How is that possible for a boomer? Plus the lifelong renters, the folks who sold the forever home to move into senior retirement centers and end of life assistant living centers. Then just the plain old dumb ones who smoked and drank their money away for 50 years. They bring the average down for the smart ones. |
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Posted: 1/17/2021 9:12:23 PM EDT
[#4]
Quote HistoryQuoted: Why would anyone 70 or older need 100K in savings, like you can't get buried with it ? Username is strangely accurate |
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Posted: 1/17/2021 9:13:03 PM EDT
[#5]
Quote HistoryQuoted: Those numbers look suspect. $52k in real estate. How is that possible for a boomer? That’s how averages work. Half of the population is living on uncle sugars tit. 0 income, 0 savings and 0 net worth. The other half are between the ages of 57 and 77 or so. Throw it all in a hopper and make the rest up to fit your narrative. |
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Posted: 1/17/2021 9:13:25 PM EDT
[#6]
SIL is living on about 1200//month SS, pays her mother 400/month for a small home. She inherits her mother’s home when she dies, but won’t be able to pay the property taxes on it. No savings.
The small home she lives in will go to her brother, for whom it is questionable as to whether or not he will get SS as he didn’t pay income taxes for 35 years- all cash jobs. He, too, has no savings except for a few thousand rounds of ammo. Meanwhile their mother makes 50k/yr from pensions, an annuity and survivor benefits. Owns her land free and clear. Has long term care insurance to pay for help. Her husband was quite responsible financially, too. Some things aren’t genetic. |
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Posted: 1/17/2021 9:14:53 PM EDT
[#7]
It is not their fault for having no or little savings. They were manipulated by banks with easy money, by big business with their manipulative marketing campaigns that made these people think that they could have it all. Remember it is always someone else's fault for your actions just like it was President Trumps fault for what happened at the Capitol. Like Big business he manipulated and incited these people to commit those crimes.
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Posted: 1/17/2021 9:15:45 PM EDT
[#8]
Who cares.
They got to live life. Most people past 60 spend the bulk of their savings, if any, on healthcare. They can’t do shit, can’t walk, can’t breath, and on ten different meds. People that work their entire life in hopes of enjoying it at the end are the real fools. |
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Posted: 1/17/2021 9:16:35 PM EDT
[#9]
Quote HistoryQuoted: That’s how averages work. Half of the population is living on uncle sugars tit. 0 income, 0 savings and 0 net worth. The other half are between the ages of 57 and 77 or so. Throw it all in a hopper and make the rest up to fit your narrative. Quote HistoryQuoted: Quoted: Those numbers look suspect. $52k in real estate. How is that possible for a boomer? That’s how averages work. Half of the population is living on uncle sugars tit. 0 income, 0 savings and 0 net worth. The other half are between the ages of 57 and 77 or so. Throw it all in a hopper and make the rest up to fit your narrative. 
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Posted: 1/17/2021 9:17:00 PM EDT
[#10]
Quote HistoryQuoted: Maybe because it is not uncommon to live past 75? Or, why does anyone "need" 100k? Quote HistoryQuoted: Why would anyone 70 or older need 100K in savings, like you can't get buried with it ? Maybe because it is not uncommon to live past 75? Or, why does anyone "need" 100k? 100K is nothing now days. Especially to retire on. You’d have maybe 3-4 years before it ran out. |
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Posted: 1/17/2021 9:18:13 PM EDT
[#11]
Quote HistoryQuoted: That's depressing. Everyone's been screwed over by our government and a few multinational conglomerates. Even though I authored a 10+ page thread on how bad millennials have it, this is an unhealthy attitude. We shouldn't root for our parents' failure. And remember the same things that came for their retirement are coming f Quote HistoryQuoted: That's depressing. Everyone's been screwed over by our government and a few multinational conglomerates. Quoted: But they ate out a lot. Drove nice cars. Had boats. Consumerism drove their spending habits with little regard for tomorrow or a rainy day. Now, it's sad, but I fail to see how this is my problem. Even though I authored a 10+ page thread on how bad millennials have it, this is an unhealthy attitude. We shouldn't root for our parents' failure. And remember the same things that came for their retirement are coming f |
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Posted: 1/17/2021 9:18:40 PM EDT
[#12]
Anyone who did save will be taxed heavily in short order.
It's going to be this or some draconian firearm law that must become the line. |
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Posted: 1/17/2021 9:18:52 PM EDT
[#13]
My boomer dad left my mom with a equity line of credit that he rolled into a 30 year mortgage about 1/3 the value of the house. He also took out another line of credit and would have maxed that out too if he hadn't died
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Posted: 1/17/2021 9:19:26 PM EDT
[#14]
Quote HistoryQuoted: Why would anyone 70 or older need 100K in savings, like you can't get buried with it ? |
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Posted: 1/17/2021 9:19:48 PM EDT
[#15]
Quoted: Where did all the savings go? https://www.investopedia.com/articles/personal-finance/032216/are-we-baby-boomer-retirement-crisis.asp Research by the Insured Retirement Institute (IRI) also suggests trouble for many retiring Boomers. IRI found that 45% have no retirement savings. Out of the 55% who do, 28% have less than $100,000. This suggests that approximately half of retirees are, or will be, living off of their social security benefits. Median boomer net worth is $150k https://i.imgur.com/Pto2FNh.png TIL that my net worth is 3x higher than the median boomer and... I'm a millenial. |
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Posted: 1/17/2021 9:19:54 PM EDT
[#16]
Some boomers got schwacked in 2008 and never recovered. Same goes for the previous generation.
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Posted: 1/17/2021 9:20:25 PM EDT
[#17]
Quote HistoryQuoted: Quote HistoryQuoted: Quoted: Quoted: Those numbers look suspect. $52k in real estate. How is that possible for a boomer? That’s how averages work. Half of the population is living on uncle sugars tit. 0 income, 0 savings and 0 net worth. The other half are between the ages of 57 and 77 or so. Throw it all in a hopper and make the rest up to fit your narrative. Just to clarify, talking about the boomer population here, but the making things up for a story spans all generations. |
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Posted: 1/17/2021 9:20:52 PM EDT
[#18]
Quote HistoryQuoted: AOC will line them um, shoot them, and pay off young kids student loans. Quote HistoryQuoted: Quoted: I feel like this will be my burden to bear, shortly. AOC will line them um, shoot them, and pay off young kids student loans. My kids don't have any college loans, between scholarships and Mom and Dad's saving in Florida's prepaid tuition program they are debt-free. |
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Posted: 1/17/2021 9:21:25 PM EDT
[#19]
Quote HistoryQuoted: Or, why does anyone "need" 100k? You're kidding, right? Please tell me you're kidding. |
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Posted: 1/17/2021 9:21:50 PM EDT
[#20]
$40k in “pension funds”?
So does that mean TOTAL, or just the employee-contributed portion of defined benefits plans? Potentially huge difference there. |
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Posted: 1/17/2021 9:22:02 PM EDT
[#21]
My mother is 66. She has 100s of thousands in debt. Does this count?
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Posted: 1/17/2021 9:22:45 PM EDT
[#22]
Quote HistoryQuoted: If that's all you have @ 70 then you are FUCKED.... |
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Posted: 1/17/2021 9:24:12 PM EDT
[#23]
Quote HistoryQuoted: Some boomers got schwacked in 2008 and never recovered. Same goes for the previous generation. They only got schwacked if they pulled their money out like an idiot and missed the recovery period. And yet thousands of boomers are driving all over the country in RVs slowly going broke "living the good life". |
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Posted: 1/17/2021 9:24:17 PM EDT
[#24]
Quote HistoryQuoted: Some boomers got schwacked in 2008 and never recovered. Same goes for the previous generation. |
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Posted: 1/17/2021 9:24:36 PM EDT
[#25]
Quote HistoryQuoted: Do boomers have pensions? May explain some of the missing account values. I have a little one from the company that I worked for for the first 17 years and my wife has a pretty good one from her employer of 41 years. But we also have well in excess of a million dollars, our house paid for , our motor home paid for, and our truck paid for. |
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Posted: 1/17/2021 9:24:49 PM EDT
[#26]
Quote HistoryQuoted: I feel like this will be my burden to bear, shortly. Soon, it won't matter how much you have saved up. |
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Posted: 1/17/2021 9:24:58 PM EDT
[#27]
Quote HistoryQuoted: Plus the lifelong renters, the folks who sold the forever home to move into senior retirement centers and end of life assistant living centers. Then just the plain old dumb ones who smoked and drank their money away for 50 years. They bring the average down for the smart ones. Quote HistoryQuoted: Quoted: Quoted: Those numbers look suspect. $52k in real estate. How is that possible for a boomer? Plus the lifelong renters, the folks who sold the forever home to move into senior retirement centers and end of life assistant living centers. Then just the plain old dumb ones who smoked and drank their money away for 50 years. They bring the average down for the smart ones. My parents fall into this category. Neither own a home and probably have a net worth of less than 10k. |
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Posted: 1/17/2021 9:25:04 PM EDT
[#28]
Quote HistoryQuoted: Boomers and millennials are always fighting each other because they are two sides of the same fiscally irresponsible shit stick. Meanwhile Gen Xers get to continue to pay the way with higher and higher taxes to cover the growing gap.  "...here I am, stuck in the middle with you!" |
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Posted: 1/17/2021 9:25:16 PM EDT
[#29]
Certainly gives an interesting perspective on all those Arfcom threads with guys claiming they'll have $5 million - $10 million at retirement.
Either Arfcommers are WAY above average financially or are WAY more full of shit than average. I know where my vote goes. |
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Posted: 1/17/2021 9:26:31 PM EDT
[#30]
I feel like all the boomers with no savings are the ones who keep saying "oh no the government will take it away from you anyway".
As if it justifies the lack of savings. |
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Posted: 1/17/2021 9:27:55 PM EDT
[#31]
Huh, guess I m doing pretty good ????
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Posted: 1/17/2021 9:28:34 PM EDT
[#32]
Quote HistoryQuoted: Maybe because it is not uncommon to live past 75? Or, why does anyone "need" 100k? I saw way too many, if not all coworkers save up not make it to the finish line. I plan on spending most of my kids inheritance. |
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Posted: 1/17/2021 9:29:14 PM EDT
[#33]
Quote HistoryQuoted: Are you FUCKING serious? How did the government make people not save for emergencies and for their future?? My son (18) just starting working last year while GOING to school and he has more than 10k invested so far.. with no help! ($12/hour job)... The real answer is the media/education/parents making expectant fucking soy boy/girl retards! Inflating the currency, doing their very best to try to tax people into poverty, destroying the economy through regulations, H1B visas, whatever hand they had in the collapse of manufacturing in this nation. I’m sure I’m missing some. Some people do better than others. I’ve been fortunate, but to think the government does not fuck people is foolish. 2 years of my fed, state, and local taxes would just about pay off my mortgage. If that isn’t confiscatory then I don’t know what would be. |
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Posted: 1/17/2021 9:30:17 PM EDT
[#34]
Quote HistoryQuoted: 100K is nothing now days. Especially to retire on. You’d have maybe 3-4 years before it ran out. Steady income, like pensions is lost to some. |
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Posted: 1/17/2021 9:32:13 PM EDT
[#35]
Quote HistoryQuoted: I bet they have a $1500 smartphone and $150 cellular plan though. Edit. I'm obviously joking, they spent their money on beanie babies and longaberger baskets. Most of my fellow Boomers that I know hardly use a cell phone. They may have one but they only use it to talk to the kids and grandkids and for emergencies. They don't use for all the highfalutin stuff that the youngins use it for. |
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Posted: 1/17/2021 9:32:40 PM EDT
[#36]
Quote HistoryQuoted: Who cares. They got to live life. Most people past 60 spend the bulk of their savings, if any, on healthcare. They can’t do shit, can’t walk, can’t breath, and on ten different meds. People that work their entire life in hopes of enjoying it at the end are the real fools. Going to be real fun when Medicare goes kaboom. |
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Posted: 1/17/2021 9:33:04 PM EDT
[#37]
The situation is like this because people believe they have social security and that's what they need. They also start collecting at age 62.
Many of this crowd also believe a person retires from work after 20 years because that is how this all works. Medicaid alone is no problem when they are essentially indigent, no one will let them go without healthcare, including extraordinary treatment. |
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Posted: 1/17/2021 9:34:07 PM EDT
[#38]
Quote HistoryQuoted: You're kidding, right? Please tell me you're kidding. Not kidding, sorry if you have no pensions as a steady income. |
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Posted: 1/17/2021 9:34:11 PM EDT
[#39]
Quote HistoryQuoted: Sniff sniff Does anyone smell Universal Basic Income? It smells like someone just put some UBI in the oven It's funny how maximum Social Security is about the same as $15 an hour. |
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Posted: 1/17/2021 9:34:48 PM EDT
[#40]
Quote HistoryQuoted: My kids don't have any college loans, between scholarships and Mom and Dad's saving in Florida's prepaid tuition program they are debt-free. Quote HistoryQuoted: Quoted: Quoted: I feel like this will be my burden to bear, shortly. AOC will line them um, shoot them, and pay off young kids student loans. My kids don't have any college loans, between scholarships and Mom and Dad's saving in Florida's prepaid tuition program they are debt-free. That doesn’t negate the push for the Dems to forgive people’s loans. Any of us who paid our way through, already paid off loans, or had family help get the shaft. |
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Posted: 1/17/2021 9:34:51 PM EDT
[#41]
Quote HistoryQuoted: Steady income, like pensions is lost to some. Meanwhile in places like Illinois, they're more concerned about the diversity of the pension managers than they are about the actual sustainability of the pension funds.  https://www.commercial-news.com/news/illinois-investment-funds-pressed-on-management-diversity/article_8788534e-3667-11eb-aa59-2f1fc210cda2.html |
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Posted: 1/17/2021 9:36:41 PM EDT
[#42]
Quote HistoryQuoted: I feel like this will be my burden to bear, shortly. Wait till you younger people (and probably me too) have to pay for the rice rabies bailout. |
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Posted: 1/17/2021 9:38:30 PM EDT
[#43]
I see the people here.
Living on SS after a lifetime of saving nothing, and wasting $$$ on bar sign ins and Packer gear. After 40 years of stamping out the same widget on the same machine. They were everything they were ever going to be by age 35. After that, life was a routine to be tolerated. They live to go out for that Friday Night Fish Fry and 2 old fashioneds each once or maybe twice a month, with a $2 tip built in. They sit there with lap blankets, praying their property tax on their never updated 1960's home doesn't go up. Its scary sad. And makes me glad I always paid into my future first, no matter how little I had. I know many who never saved a dime. I never want to live like that. Sitting around waiting to die. |
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Posted: 1/17/2021 9:38:56 PM EDT
[#44]
Quote HistoryQuoted: Only if they made poor choices. But many probably did. Panic and sold and never got it back. Exactly, a lot of people became too scared to get back into the market. And they missed the recovery in their 401k's. 
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Posted: 1/17/2021 9:39:20 PM EDT
[#45]
The ones that voted for Biden, I imagine.
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Posted: 1/17/2021 9:39:32 PM EDT
[#46]
Imagine screwing up a 40 year run that saw the Dow Jones go from 800 to 30,000.
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Posted: 1/17/2021 9:39:55 PM EDT
[#47]
1. They spend like money is water.
2. Their time was stolen with the amount of money printing and inflation that's occurred since the time they started working for a couple bucks an hour all those years ago. |
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Posted: 1/17/2021 9:40:12 PM EDT
[#48]
1/2 of the population is dumber than the rest so these types of reports are usually nonsense. Also, these stats are generally garbage because they come from firms measuring the size of 401k and ages but fail to realize people have multiple 401ks, accounts, etc.
https://www.cnbc.com/select/average-net-worth-by-age/ https://dqydj.com/net-worth-by-age-calculator-united-states/ I’m in the high 80 percentile with a realistic plan to be in the 90s percentile in 5 years. The worst decision a man can make is getting married. You risk your life’s work to someone who benefits from breaking the contract. |
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Posted: 1/17/2021 9:40:17 PM EDT
[#49]
Quote HistoryQuoted: Boomers and millennials are always fighting each other because they are two sides of the same fiscally irresponsible shit stick. Meanwhile Gen Xers get to continue to pay the way with higher and higher taxes to cover the growing gap. How many Baby Boomers with no savings can you fit inside a gas chamber? Asking for a friend . . . |
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Posted: 1/17/2021 9:41:03 PM EDT
[#50]
Quote HistoryQuoted: Exactly, a lot of people became too scared to get back into the market. And they missed the recovery in their 401k's. Yeah, the Fed is probably going to keep propping the market up, probably even buying more equities, but at what cost? |
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