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Posted: 1/17/2021 8:45:10 PM EDT
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  |
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Posted: 1/17/2021 8:48:35 PM EDT
[#1]
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Posted: 1/17/2021 8:49:17 PM EDT
[#2]
I feel like this will be my burden to bear, shortly.
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Posted: 1/17/2021 8:50:33 PM EDT
[#3]
Quote HistoryQuoted: I feel like this will be my burden to bear, shortly. Oh, it already is. |
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Posted: 1/17/2021 8:50:47 PM EDT
[#4]
The millenials will save us.
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Posted: 1/17/2021 8:51:05 PM EDT
[#5]
Quote HistoryQuoted: 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. |
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Posted: 1/17/2021 8:51:24 PM EDT
[#6]
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. |
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Posted: 1/17/2021 8:51:57 PM EDT
[#7]
Do boomers have pensions? May explain some of the missing account values.
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Posted: 1/17/2021 8:52:06 PM EDT
[#8]
imagine being that fucking stupid
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Posted: 1/17/2021 8:52:15 PM EDT
[#9]
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 for us too. |
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Posted: 1/17/2021 8:52:32 PM EDT
[#10]
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.
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Posted: 1/17/2021 8:52:59 PM EDT
[#11]
Yeah, but who cares about them.
How much does the average GDenizen have? There are guys here who have worked full time since age 5 and paid off houses and cars by 19. |
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Posted: 1/17/2021 8:53:06 PM EDT
[#12]
There must me more time the story.
Some income streams or savings not accounted for. If not, they won't be retiring. |
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Posted: 1/17/2021 8:53:12 PM EDT
[#13]
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. |
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Posted: 1/17/2021 8:53:26 PM EDT
[#14]
Quote HistoryQuoted: I feel like this will be my burden to bear, shortly. Dont worry our generation will make it worse and pass this burden to ppl that wont even be born for another 200 years. |
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Posted: 1/17/2021 8:53:54 PM EDT
[#15]
That's terrifying.
That median looks like my holdings when I was 25. |
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Posted: 1/17/2021 8:55:05 PM EDT
[#16]
And the coming generations will be worse. They won't have any property to steal. But they will have $15.00 an hour. So they can afford the SS tax.
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Posted: 1/17/2021 8:55:55 PM EDT
[#17]
50k harleys n matching vests tho
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Posted: 1/17/2021 8:56:28 PM EDT
[#18]
Wasted their money on avocado toast and Starbucks
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Posted: 1/17/2021 8:57:14 PM EDT
[#19]
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 8:57:50 PM EDT
[#20]
Quote HistoryQuoted: I bet they have a $1500 smartphone and $150 cellular plan though. Lol. I understood that reference |
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Posted: 1/17/2021 8:58:12 PM EDT
[#21]
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 8:58:34 PM EDT
[#22]
Quote HistoryQuoted: 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. I fail to see how gender programs in Pakistan was my problem as well. Problem is mother government tells you what your problems are. Paying for other people’s shit is everyone’s problem apparently. |
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Posted: 1/17/2021 8:58:54 PM EDT
[#23]
Bailout incoming.
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Posted: 1/17/2021 8:59:23 PM EDT
[#24]
No worries, the commi's will take care of them, using covid.
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Posted: 1/17/2021 8:59:23 PM EDT
[#25]
Quote HistoryQuoted: I feel like this will be my burden to bear, shortly. |
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Posted: 1/17/2021 8:59:42 PM EDT
[#26]
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Posted: 1/17/2021 9:00:04 PM EDT
[#27]
Quote HistoryQuoted: 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. 16 year old truck, over 20 years since last vacation, same 16' Jon boat since the '90s, McDs is a big night out. But 0 debt, and way more than average savings and investments. Choices. |
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Posted: 1/17/2021 9:00:23 PM EDT
[#28]
Op's article is from Apr 29, 2020. Situation is probably worse now for those that failed to plan for their retirement. Not really our problem since SS will be bankrupt by the time most of us can collect anyway? I not counting on it being there for me at age 53!
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Posted: 1/17/2021 9:01:08 PM EDT
[#29]
They must have spent all their money on Starbucks and cell phones.
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Posted: 1/17/2021 9:01:50 PM EDT
[#30]
Sucks to be them.
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Posted: 1/17/2021 9:01:55 PM EDT
[#31]
That can't be real life. I have that much (100k) for retirement at 35.
Edit: Of course it's 401k and could disappear overnight with how shit goes these days. |
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Posted: 1/17/2021 9:02:03 PM EDT
[#32]
Don't worry. AARP will see to it that the government confiscates their kids' money and gives it to them.
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Posted: 1/17/2021 9:02:22 PM EDT
[#33]
Sniff sniff
Does anyone smell Universal Basic Income? It smells like someone just put some UBI in the oven |
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Posted: 1/17/2021 9:02:25 PM EDT
[#34]
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.  Attached File |
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Posted: 1/17/2021 9:02:43 PM EDT
[#35]
Not surprised. You have any idea how little jobs paid most of their working lives? I'm a Gen X and I remember minimum wage below $3.
Average salary was less than $10k year in 1970 |
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Posted: 1/17/2021 9:03:20 PM EDT
[#36]
The 40% of boomers in the lower classes skews that quite a bit.
Also, do a search between male boomer and female boomers, single or single/divorced and retirement funds. [single females are FAR worse off then single males are] |
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Posted: 1/17/2021 9:03:26 PM EDT
[#37]
Quote HistoryQuoted: The millenials will save us. |
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Posted: 1/17/2021 9:03:58 PM EDT
[#38]
Quote HistoryQuoted: Not surprised. You have any idea how little jobs paid most of their working lives? I'm a Gen X and I remember minimum wage below $3. Average salary was less than $10k year in 1970 |
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Posted: 1/17/2021 9:04:20 PM EDT
[#39]
I am 50 and I have 87 dollars....(In chANGE) Is that good?
 |
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Posted: 1/17/2021 9:04:54 PM EDT
[#40]
Shit. I'm doing better than I thought, relatively.
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Posted: 1/17/2021 9:05:02 PM EDT
[#41]
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 for us too. 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 for us too. Bad decisions and low standards? |
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Posted: 1/17/2021 9:05:44 PM EDT
[#42]
Those numbers look suspect. $52k in real estate. How is that possible for a boomer?
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Posted: 1/17/2021 9:06:14 PM EDT
[#43]
Have they tried pulling themselves up by the bootstraps?
Perhaps getting a part-time job - if it was enough to pay for an apartment while they paid their own way through college then that should cover everything. Quoted: 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 for us too. I get where you're coming from - but surely you understand a bit of enjoyment about the delicious irony? Quoted: 16 year old truck, over 20 years since last vacation, same 16' Jon boat since the '90s, McDs is a big night out. But 0 debt, and way more than average savings and investments. Choices. Yup. |
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Posted: 1/17/2021 9:07:07 PM EDT
[#44]
Quote HistoryQuoted: 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. Exactly. Don't forget the cash out refi's that paid for vacations and home improvements. |
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Posted: 1/17/2021 9:08:32 PM EDT
[#45]
I have more than that.
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Posted: 1/17/2021 9:08:47 PM EDT
[#46]
Quote HistoryQuoted: Do boomers have pensions? May explain some of the missing account values. Very few in the private sector have pensions. I am an early baby boomer and pensions where being phased out shortly after I started working. The only people with pensions were unions and government workers. I do have a small pension that I earned after 12 years of working for a major retailer. I did work for a company with a profit sharing plan and contributed to the 401k when we got one. I also had savings and investments so I am doing fine. I was in senior management at the company I worked for last and we tried very hard to get people to invest in their retirement. Putting in the 401k was very hard because even middle management did not want to participate. They only reason we got a plan was because our sister company wanted it and we had a common plan. We had to put in a safe harbor so that the plan would not be “top heavy”. The money for the safe harbor reduced the company’s profit sharing plan contributions. |
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Posted: 1/17/2021 9:08:54 PM EDT
[#47]
Quote HistoryQuoted: Those numbers look suspect. $52k in real estate. How is that possible for a boomer? |
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Posted: 1/17/2021 9:09:17 PM EDT
[#48]
Quote HistoryQuoted: Not surprised. You have any idea how little jobs paid most of their working lives? I'm a Gen X and I remember minimum wage below $3. Average salary was less than $10k year in 1970 That 10% interest on a savings account though... |
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Posted: 1/17/2021 9:09:24 PM EDT
[#49]
Quote HistoryQuoted: imagine being that fucking stupid I find this is amusing, but it's the God's honest truth. |
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Posted: 1/17/2021 9:09:29 PM EDT
[#50]
Quote HistoryQuoted: Those numbers look suspect. $52k in real estate. How is that possible for a boomer? a lot of people look at their houses as slush funds and refi numerous times, especially when house values rise. |
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