I actually find the information in that info graphic a bit surprising. Everything I have been reading states that most people in their 30's to 40's are investing much less than they should be. The average number I saw was people having maybe half a million if they are lucky by the time they get to their retirement age. That million dollar marks just seems really high. I agree it should be the target number, but I don't feel like most people are on target to hit it.
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Most people (how do you define most is comlicated and variable) are not on target with $1M mark. But currently social security may still provide a $200K cushion, and lots of calculation are not factoring that. So, bottomline, statistics and sampling bias is a bitch! It depends on how you slice and dice the data.
Yeah, that is a good point. I don't really know the validity of the stuff I have read. I just remember reading it from multiple sources. Mostly MSM, so you kind of have to take it with a grain of salt. I do know that being in my mid 40's I am nowhere near the target mark in the infographic, but it is hard to tell because I also have a pension that I don't factor into my savings. Then like you said add SSI on top of that and I might be closer than I think.
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well you have to add your Pension (very few people have them these days, you are lucky) and SS and probably you are closer. Then you have to add in your crypto :)
Yeah, for sure! I don't honestly know how to figure all of that. I am getting close to retirement, so I should sit down with a financial planner at some point.
Considering more than half the US cant come up with $500 for an emergency bill without selling something and only a fraction of the workers max out their 401K contributions, I would say that few are even on track for the $200K.
I use to know what the retirement balances were but it is awful. I think the medium retirement is like $28K or something. A really horrific number.
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That would make sense. They have the equivalent to a mortgage payment walking out of college. When one is $120K in the hole and cant bankrupt out of it, that means we see a lot of people who cant afford much of anything.
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Yeah, I hear that. I knew a guy that went to Pratt in Brooklyn for his college. Came back to Michigan and couldn't make enough here to even put a dent in the debt. Ended up having to move somewhere with a higher income level.
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