Another Bleak Retirement Savings Survey

Axtremus

https://www.barrons.com/articles/retirement-savings-baby-boomers-51656006852

... Less than half of those surveyed have saved $100,000 ... One in six say they have saved nothing. A third are currently making no contributions. ...
Respondents who are still working, with a median age of 60, have average savings of around $112,000.
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One quarter of those surveyed, and 30% of millennials, said they were planning to rely on “cryptocurrencies” to finance some of their golden years. ...

Mik

That may be, but a lot of boomers still have pensions coming. We had both plenty of saving/investments and pensions.

Copper

Ponzi schemes can work, for a while.

Although, in the long run, cryptocurrencies will cause a lot more trouble than a simple scam.

I expect that anyone willing to vote for Joe Biden is capable of falling for a cryptocurrency salesman's pitch. That is a lot of people heading for trouble.

LuFins Dad

OTOH, that 50% of people that have saved $100K will find out that it’s only worth the equivalent to $50K by the end of the Biden Administration, so the people that haven’t saved a dime are only $60K behind and have had a lot more fun.

Jolly

Save nothing.

The government will take care of you...

taiwan_girl

IF that survey tranlsates to the whole population, that is pretty sad.

... 30% plan on crypto currency.

OUCH!!

Jolly

I think that's about the savings level it's been for quite awhile.

How many people do y'all hang out with that make $20/hr or less? Let's say you are a FT employee at Walmart...You're making $18.75/hr, with benefits that include access to decent healthcare insurance, FSA, 401k, employee stock purchase plan and PTO.

Without OT, that puts you making $39k/yr, gross.

As a single person, how well can you live? How much money can you save?

As a married person...Let's say your spouse makes a little better than you, maybe $45k/yr. And our fictional couple have two children, ages 5 and 8. Again, how well can you live? How much money can you save?

Larry

Create multiple income streams, learn to live on one, and put all the others straight into the bank.

jon-nyc

@Jolly You make good points. Though there are avenues some will pull off to fund their own retirement it’s a simple empirical truth that most people won’t pull it off.

That was certainly true for all of human history, during most of which the concept of saving wasn’t even viable (how long could salted meat and root vegetables last, anyway?)

So it has always fallen to the younger generation to support the older. That used to happen on a family, tribe, or village level. Increasingly it happens at the level of the nation state.

Copper

Jacksonville Jaguars quarterback Trevor Lawrence denies losing $15m NFL signing bonus in crypto crash

https://www.the-sun.com/sport/nfl/5614618/jacksonville-jaguars-trevor-lawrence-15m-crypto-nfl/?utm_medium=social&utm_campaign=ussunsport&utm_source=facebook#Echobox=1655900133

Jolly

@Larry said in Another Bleak Retirement Savings Survey:

Create multiple income streams, learn to live on one, and put all the others straight into the bank.

That's beyond most people.

Many times, it takes money to make money.

89th

@taiwan_girl said in Another Bleak Retirement Savings Survey:

IF that survey tranlsates to the whole population, that is pretty sad.

... 30% plan on crypto currency.

OUCH!!

Well i think it said they would rely on crypto to finance "some" of their retirement. Heck in my case, I have less than 1% of my investment portfolio in crypto, but I guess it does finance "some" of my retirement presuming it doesn't go to zero.

taiwan_girl

@Jolly said in Another Bleak Retirement Savings Survey:

Many times, it takes money to make money.

This!!

I often think of the example. If someone has $1000 USD and gets a 10% return, he makes $100 USD

If someone has $1,000,000 and gets a 5% return, he makes $50,000 USD

And if that happens year after year..........