Quote:
Originally Posted by DM5PAV
Is that actually true that 95% of the country have less than $50k assets / cash?
|
I was a bit off. Non-retired US adults, as a whole, have a median retirement savings of around $65K. That includes assets like a home. Scary. That means there are loads of near retirement age people with less than $100K to retire on. A monthly SS check and $100K or less won't last long.
Thanks to companies no longer offering pensions in the 1980s/1990s and shifting the retirement burden on employees through 401ks, the government has allowed for a very dangerous situation for the Baby Boomer generator and those that follow it. Weak ass company 401K matches are pennies compared to what they had to cover with pensions. Employees are to blame as well as very few even enroll in 401Ks and many spend now rather than plan and save for the future.
Sure, many say they don't ever see themselves not working, but I find that rather amusing when it's coming from a 20 to 40 something. You'd best be prepared in the event you can't work into your 60s+ because of an unforeseen health issue. Age catches up with you quick, even if you're healthy. The reality is most of us are living into our 70s.