Interesting factoid: Here is the percentage of retirees with $1 Million dollars in savings.

[SweetSue92]

Anyone who is old enough to have bought a house before 2000 laughs at the "mortgage rates through the roof" comment.

As for rent prices, if you think the POTUS controls rent prices, you should not be a school teacher.

Perhaps the shortage of available/affordable housing is the cause of high rents. A shortage that has been growing for more than a decade.

Or perhaps landlords not being allowed to evict people for more than a year even if they did not pay rent that whole time is leading to higher rents.

Mortgage rates were about 2.5% under Trump and are now upwards of 7%. You can make excuses all you like Mac, but the voters won't.

 

[wamose]

Put your chin to the grindstone and add in some elbow grease.

If your life is sucking, it is your own damn fault, not the person's sitting in the White House.

The guy sitting in the WH has very little to do with it. Obama and his Marxist butt boys in the Dem. party are sailing this sinking ship. Biden is just their convenient scapegoat.

 

[Harpy Eagle]

Mortgage rates were about 2.5% under Trump and are now upwards of 7%. You can make excuses all you like Mac, but the voters won't.

And the POTUS does not control mortgage rates, either for the good or for the bad.

Also, rates did not get as under 3% till COVID hit.

 

[SweetSue92]

And the POTUS does not control mortgage rates, either for the good or for the bad.

Also, rates did not get as under 3% till COVID hit.

He says he does. "Bidenomics", remember, Mac? He's doing a victory tour on it.

 

[Tom Paine 1949]

Anyone today who still has significant amounts of cash savings collecting less than 4 or 5 % is making a terrible mistake. If you previously put savings in a traditional savings account (or even CDs issued by your old bank and let them automatically be renewed as they expired) you are probably still earning next to nothing.

Even perfectly safe short term U.S. Treasury bills and CDs at internet banks now pay over 5% and if you have a brokerage account you can collect around 5% in cash accounts that are very liquid (and switchable quickly into stocks if the market goes down or you regularly buy stocks.)

Actually most ordinary Americans with “savings” of over a million or even several million dollars, let alone richer people, have greatly increased their value over time primarily by investing in the — over short time periods sometimes risky — stock market.

Especially if you are young and earning decent bucks at a good job you should definitely be investing in tax deferrable accounts (like IRAs) and learn some simple basics about the stock market. That is the best way to prepare for a more secure retirement in this country.

Of course we are all different, have different opportunities and make different mistakes in life … but making smart and responsible life choices is important too!

P.S.

Be grateful we still have Medicare and Social Security!
Don’t let any politicians threaten them!

 

[Harpy Eagle]

He says he does. "Bidenomics", remember, Mac? He's doing a victory tour on it.

So, now you think that Biden is honest and telling the truth.

You need to make up your mind

 

[The5thHorseman]

And none of it will matter a hill of beans under "Bidenomics"

Why is that?

 

[themirrorthief]

Anyone who is old enough to have bought a house before 2000 laughs at the "mortgage rates through the roof" comment.

As for rent prices, if you think the POTUS controls rent prices, you should not be a school teacher.

Perhaps the shortage of available/affordable housing is the cause of high rents. A shortage that has been growing for more than a decade.

Or perhaps landlords not being allowed to evict people for more than a year even if they did not pay rent that whole time is leading to higher rents.

shipping in millions of foreigners will make it all better.....sidewalks are a great place to live according Joey or it seems

 

[Harpy Eagle]

Why is that?

Their lives are sucking and they need someone to blame.

 

[Dekster]

No, they are talking about 401k.

If you put 1000 dollars a month in 401k for 30 years you need 6% average growth to reach a million.

How many people do you think are doing that?

It would be tough unless you maxed out every year. I suspect over time the numbers will dwindle down some as today's retirees will probably be the last ones that have significant pensions plus 401K's/IRA's.

These are the 401K numbers for 2023

Source: Average 401(k) Balance By Age - How Much Should You Have? | Bankrate

 

[HikerGuy83]

I am surprise it is that low. They must be talking about a saving account or accounts, not investments and 401K retirement plans. But, you'd have to be a damned fool to keep that much in a savings account.

Given that you can't see the inflation all around you, I get that you have no idea here too.

Here, take a read......all accounts....less than 100K on average.

The national average for retirement savings varies depending on age, but according to the Economic Policy Institute, the median retirement savings for all working age households in the US is around $95,776. This figure includes both employer-sponsored retirement accounts and individual retirement accounts (IRAs). It is important to note that this number does not include social security benefits, which are not considered retirement savings.

How Your Retirement Savings Compare To The National Average

The national average for retirement savings varies depending on age, but according to the Economic Policy Institute, the median retirement savings for all working age households in the US is around $95,776.

www.forbes.com

 

[Toddsterpatriot]

I thought it would be more.

It's harder to save when the government takes 12.4% of your salary for SocSec.

 

[Tom Paine 1949]

One significant reason overall purchasing power is holding up in the U.S. today despite the many problems coming from inflation and the disruptions of war in Europe and a partially de-coupling Cold War world economy — besides the unusually strong labor market — is that for relatively wealthy middle-class retired baby boomers with considerable savings (and a generally conservative attitude toward protecting their homes and life savings) interest rates for the first time in many decades are actually now beating inflation.

This means that at least for this section of the nation even without risking anything in the stock market old timers and really all “savers” have a “safe harbor.” They are no longer forced into the stock market casino just to maintain the value of their savings (their homes at least for now are also highly valued) and so they feel a bit richer and more secure.

This of course is a situation that may not last, but I believe should be normalized. Historically, ordinary savings rates that at least match inflation have had positive effects for society at all levels — over time they can lower general insecurity, encourage thrift, and discourage greed and speculative hysteria as well.

It is important to acknowledge that different sections and population groups of society are effected differently by economic change, and for working people to have common goals … beyond just electing one or another personality or party to “lead” them into hating other groups or sections of society

 

[bdtex]

I am surprise it is that low. They must be talking about a saving account or accounts, not investments and 401K retirement plans. But, you'd have to be a damned fool to keep that much in a savings account.

I took it to mean a total portfolio of checking, savings, CDs, 401Ks, IRAs, annuities etc.

 

[MarathonMike]

I am surprise it is that low. They must be talking about a saving account or accounts, not investments and 401K retirement plans. But, you'd have to be a damned fool to keep that much in a savings account.

I'm sure the article used "savings" in the general, not literal sense. There would be very few people with a 1 million net worth keeping it all in a low interest savings account.

 

[Winco]

And none of it will matter a hill of beans under "Bidenomics"

It matters when you have a Million.
My net worth is WELL over a Million, and I earned it.
We, my wife and I, earned all of it.
No help from anyone but me and my lovely wife.
40+ years of hard work.
Thank You for the support.

My kids would like to buy houses. They both have very good professional jobs just out of college.

It's their fault the mortgage rates/rent is through the roof? Explain.

I have ONE Married daughter to a Male, she's 30.
We haven't given them anything $$$$, except advice.
They own a house in NV and a house in TX.
Yes, they have a mortgage on both, but collect rent on the NV home.
They have it figured out.

She went to trade school, she is a successful businesswoman.
He is in the Military......Thank you for your Service.

 

[MarathonMike]

It is important to acknowledge that different sections and population groups of society are effected differently by economic change, and for working people to have common goals … beyond just electing one or another personality or party to “lead” them into hating other groups or sections of society

The politics of division will lead to collapse. We had a much more honest political discourse up until the 60s where we had a "blue collar" party and and "white collar" party. When the focus was on the working man, the goal was "how do we improve the lives of citizens?" be they white or blue collar. That has been replaced by a complete disaster of two parties trying to out-lawyer each other, the US Justice System blown up, a re-inflamation of racial division, the Constitution turned into a footwipe and ultimately giving the middle finger to US citizens.

 

[White 6]

I took it to mean a total portfolio of checking, savings, CDs, 401Ks, IRAs, annuities etc.

I find that hard to believe, but of course I am more familiar with people my age and military people, so of those two groups it is unlikely if looking at the totality of savings and investment. While working and not drawing, I am not even sure how 401K accounts would show up.

 

[bdtex]

I'm sure the article used "savings" in the general, not literal sense.

My thought too.

 

[Harpy Eagle]

I find that hard to believe, but of course I am more familiar with people my age and military people, so of those two groups it is unlikely if looking at the totality of savings and investment. While working and not drawing, I am not even sure how 401K accounts would show up.

It would show up by the amount currently in the 401k.

If you put $1000 a month into a 401k and get 6% return annually it would take 31 years to reach a million in it.

How many people in the US do you think are putting a grand a month in their 401k? And how many are getting 6% growth on that?