Americans are terrible savers
- Thread starter The Dude
- Start date
According to the Federal Reserve’s most recent figures, the median family 55 to 64 had $98,000 in retirement accounts.
Wow... That's incredible. Seriously. I would be ashamed to have that much when I was thirty... let alone after a full work life.
Airstrip One
Completely Effed
Fuck, saving for retirement is probably the only thing I am capable of doing well financially. I am already investing into whole life (two plans, because I have one through the Catholic charitable fraternity, Knights of Columbus, and another through Northwestern), Roths, and a TSP account.
Billy the Great Khan
Uwaa OmO
I'm surprised by how good growth in my TSP has been. I haven't put a damned thing into is since I got out (I prefer money markets), and its doubled. Only about 3k, but still.
Mott the Hoople
Sweet Jane
Keep in mind that the median household income is like $46,000/year and that when adjused for inflation it has not gone up in nearly 30 years (except now it takes two earners instead of one) but that certain costs like housing and partiularly a college education are costs that have risen well above the rate of inflation (as have other costs) and that's a situation where putting money away for retirement becomes pretty difficult.
Then there's shit like divorce. That wiped out my first $100,000. Then there's shit like health problems. My brother has spent a large part of his retirement savings because of his cancer. You and Damo have been fortunate to have had the opportunity to put that kind of money away but I wouldn't go around making Rommnents If I was ya'll. You never know when disaster can strike. It only takes one sick kid to wipe a prosperous family out.
Not that I would wish that on anyone.
Then there's shit like divorce. That wiped out my first $100,000. Then there's shit like health problems. My brother has spent a large part of his retirement savings because of his cancer. You and Damo have been fortunate to have had the opportunity to put that kind of money away but I wouldn't go around making Rommnents If I was ya'll. You never know when disaster can strike. It only takes one sick kid to wipe a prosperous family out.
Not that I would wish that on anyone.
Damo must be rich I'm just wealthy. I lost 100,000 at 42 in a divorce as welll. You probably make more than me, it's what you invest no what you make.
Mott the Hoople
Sweet Jane
Oh I'm lousy at investing. You know the old saying, "stick with what you're good at"? I put about 15% of my income away in my 401K and my wife puts 10% in hers. That's not including company match but that's more than most people do. Honestly I don't see how a family with 2 or more kids and making anything less then $60,000/year manage to put anything away.
Airstrip One
Completely Effed
One of my life policies helps an institution to give millions to charity every year, so that one is a given, Top. I happen to like whole life policies. Meanwhile, should I happen to kick the bucket while in the military, a term life policy kicks in and someone inherits $400k.
Great charity, terrible investing.
You can by an index etf that will average 12 percent. Life insurance is to provide for wife n kids if you are poor. Your still single right?
Airstrip One
Completely Effed
Yes, but if I'm going to have life insurance, I might as well buy young and get into those 20 years ASAP.
Airstrip One
Completely Effed
I'm putting $300 per month into Roths (this will increase over time, but for now it stands at 300), plus $200 more out of my paycheck into a TSP. I'm not too concerned that whole life doesn't yield the same gains of an IRA/TSP or a Roth.
Proving the point americans are terrible savers. Sorry you have multiple life insurance policies and no dependents. Your killing your potential wealth. I've seen too many fast talking thieves in finance one banker who churned a nurse friend of my moms out of hundreds of thousands. I'm on a mission to out ripoff artist. Your agent is likely the one getting rich.
Airstrip One
Completely Effed
Look, I've started investing as young as I could. I'm not really worried about being "sapped" by life insurance. Once I've paid into it a ways, I'm going to dump more money into my Roth and TSP accounts, and whatever else comes along.
Airstrip One
Completely Effed
At least I'm not dumb enough to buy Term Life, excluding the mandatory premiums I pay into the Servicemembers Group Life Insurance each month that is a negligible amount...
Airstrip One
Completely Effed
Einstein declared that compound interest is "the greatest mathematical discovery of all-time." It's great for guys like me who won't (likely) ever have an income that makes me a millionaire, but can invest toward a retirement of millions. It's great that you have invested to the point where you ca discuss early retirement, and the older generations have taught me to invest now so I don't wind up struggling later on to have money to retire on.
I got my charitable whole life policy at 21 years old, and everything else since the end of this last year, so 25 years old.
I got my charitable whole life policy at 21 years old, and everything else since the end of this last year, so 25 years old.