Mrs. Dinero
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Post by Mrs. Dinero on Apr 28, 2011 12:58:27 GMT -5
How Much People Have Saved www.visualeconomics.com/retirement-planning-20/Four percent of people age 25-34 have saved more than $500,000. Two percent of people age 25-34 have saved $250,000 – $499,999. Two percent of people age 25-34 have saved $150,000 – $249,999 for retirement. Seven percent of people age 25-34 have saved $100,000 – $149,999 for retirement. Ten percent of people age 25-34 have saved $50,000 – $99,999. Nine percent of people age 25-34 have saved $25,000 – $49,999. Eighteen percent of people age 25-34 have saved $10,000 – $24,999. Fifty percent of people age 25-34 have saved less than $10,000. Four percent of people age 35-44 have saved more than $500,000. Four percent of people age 35-44 have saved $250,000 – $499,999. Nine percent of people age 35-44 have saved $150,000 – $249,999. Seven percent of people age 35-44 have saved $100,000 – $149,999 for retirement. Fourteen percent of people age 35-44 have saved $50,000 – $99,999 for retirement. Ten percent of people age 35-44 have saved $25,000 – $49,999. Sixteen percent of people age 35-44 have saved $10,000 – $24,999. Forty-one percent of people age 35-44 have saved less than $10,000 for retirement. Nine percent of people age 45-54 have saved more than $500,000. Twelve percent of people age 45-54 have saved $250,000 – $499,999. Ten percent of people age 45-54 have saved $150,000 – $249,999 for retirement. Nine percent of people age 45-54 have saved $100,000 – $149,999 for retirement. Fifteen percent of people age 45-54 have saved $50,000 – $99,999. Eleven percent of people age 45-54 have saved $25,000 – $49,999. Ten percent of people age 45-54 have saved $10,000 – $24,999. Twenty-nine percent of people age 45-54 have saved less than $10,000. Seventeen percent of people age 55+ have saved more than $500,000 for retirement. Eleven percent of people age 55+ have saved $250,000 – $499,999. Nine percent of people age 55+ have saved $150,000 – $249,999 for retirement. Eleven percent of people age 55+ have saved $100,000 – $149,999 for retirement. Eleven percent of people age 55+ have saved $50,000 – $99,999. Nine percent of people age 55+ have saved $25,000 – $49,999. Five percent of people age 55+ have saved $10,000 – $24,999 for retirement. Thirty-one percent of people age 55+ have saved less than $10,000. How are you doing? I'm doing better than 92% of people my age. Sad really.
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Gardening Grandma
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Post by Gardening Grandma on Apr 28, 2011 13:02:08 GMT -5
Eleven percent of people age 55+ have saved $250,000 – $499,999
Assuming that's individuals, not couples, DH and are are in this 11%
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Sum Dum Gai
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Post by Sum Dum Gai on Apr 28, 2011 13:04:00 GMT -5
At 29 I'm doing better than 87% of the people in the 25-34 age group. I'll take that. I can't believe 4% of that group already has over half a million though. Go Gen X/Y!
One question, that site says to include the net present value of your SS, how the heck would I figure that out, and does anyone here normally include that in your retirement total? I know I don't.
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Gardening Grandma
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Post by Gardening Grandma on Apr 28, 2011 13:05:45 GMT -5
At 29 I'm doing better than 77% of the people in the 25-34 age group. I'll take that. I can't believe 4% of that group already has over half a million though. Go Gen X/Y! One question, that site says to include the net present value of your SS, how the heck would I figure that out, and does anyone here normally include that in your retirement total? I know I don't. I don't include it either, but one way would be to take the figures from your PEBE statement and use that to find out how much a similar annuity would cost. I did that when figuring out the value of our pensions.
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❤ mollymouser ❤
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Post by ❤ mollymouser ❤ on Apr 28, 2011 13:06:00 GMT -5
We're doing equal to 10% of our age bracket, and better than 69% of our age bracket. BUT ... we already have a paid-off house, we're at the low end of our age range, and these figures don't really factor in the value or benefit of a military retirement.
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cael
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Post by cael on Apr 28, 2011 13:07:58 GMT -5
Eighteen percent of people age 25-34 have saved $10,000 – $24,999.So... we have more money in our retirement accounts than 82% of people around our age?! (we both have about $12k I think - we're both 28) Guess I didn't realize that so many people at our ages don't think retirement savings is that important (or aren't in a position to do any saving for it)
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HoneyBBQ
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Post by HoneyBBQ on Apr 28, 2011 13:08:10 GMT -5
I'm in here: Two percent of people age 25-34 have saved $250,000 – $499,999. So, top 94% (in context). Not bad for not starting working until 25 (of course, more education usually means more salary) I have a lot more saved/invested that aren't in retirement accounts but I didn't count that.
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Post by illinicheme on Apr 28, 2011 13:09:16 GMT -5
The site is called visual economics put they have the stats listed in paragraph form? Seems like a strange choice. ;D
At 32, I'm supposedly doing better than 94% of my age group. (ETA: Not including SS, because I'm assuming I'll be means-tested out of it by the time 2047 or whatever rolls around.)
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HoneyBBQ
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Post by HoneyBBQ on Apr 28, 2011 13:10:17 GMT -5
Eighteen percent of people age 25-34 have saved $10,000 – $24,999.Guess I didn't realize that so many people at our ages don't think retirement savings is that important (or aren't in a position to do any saving for it) It's not just that age range... 29% in the age rages of 45-54 have basically nothing! Most people don't know you have to save for retirement. At my old University (all PhD's and MDs) only 50% of people were contributing to their 453/401. This was published by human resources.... even smart people don't save. Scary.
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Sum Dum Gai
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Post by Sum Dum Gai on Apr 28, 2011 13:11:05 GMT -5
Eighteen percent of people age 25-34 have saved $10,000 – $24,999.
So... we have more money in our retirement accounts than 82% of people around our age?! You're misquoting the statistics. 18% of people in that age range have the same amount as you, but some of the remainder have more, not less. You have more than 50% of people your age (add up the totals below the range you fall in).
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Mrs. Dinero
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Post by Mrs. Dinero on Apr 28, 2011 13:11:08 GMT -5
I included DH's retirement in my original post so without him I'm only better than 76% (I did not factor SS into it). Dang...31% of people age 55 + have less than $10,000 saved. Now that is scary!
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cael
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Post by cael on Apr 28, 2011 13:11:14 GMT -5
Personally I'd be scared shitless if I was 45-54 and had zero retirement savings. Do people actually count on social security?!
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spartan7886
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Post by spartan7886 on Apr 28, 2011 13:12:05 GMT -5
I won't fit into any of the brackets for another few months, although DH scrapes into the youngest by 2 months. Assuming a constant distribution across each bracket, if the numbers are individual, I am approximately 82nd percentile, and if the numbers are by household we are up to 94th percentile.
Some of it is frugality, but a good bit is luck too. In 2008 when we graduated, the job market in Houston was still running strong on the back of the oil prices that were killing the rest of the nation. Anywhere else or a year later and those numbers would be a lot lower.
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Deleted
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Post by Deleted on Apr 28, 2011 13:12:21 GMT -5
Personally I'd be scared shitless if I was 45-54 and had zero retirement savings. Do people actually count on social security?! People 45 to 54 sure do and for good reason.
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cael
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Post by cael on Apr 28, 2011 13:12:35 GMT -5
Eighteen percent of people age 25-34 have saved $10,000 – $24,999.
So... we have more money in our retirement accounts than 82% of people around our age?! You're misquoting the statistics. 18% of people in that age range have the same amount as you, but some of the remainder have more, not less. You have more than 50% of people your age (add up the totals below the range you fall in). Oh. Whoops. I am mis-thinking Having more than 50% is still a little scary to me!
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cael
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Post by cael on Apr 28, 2011 13:13:51 GMT -5
Personally I'd be scared shitless if I was 45-54 and had zero retirement savings. Do people actually count on social security?! People 45 to 54 sure do and for good reason. Ok. I'm wrong all over this thread, lol. If I was 45 I'm still not sure I'd count on it, one hundred percent at least. I know at my age I'm not counting on it at all.
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runewell
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Post by runewell on Apr 28, 2011 13:14:18 GMT -5
Looks like I'm about 93rd percentile. 4% were in a higher range, and 4% were in this range. And I'm on the low-medium end of the range.
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Sum Dum Gai
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Post by Sum Dum Gai on Apr 28, 2011 13:16:54 GMT -5
I could see a 45 year old being pretty certain they'll get it, it's whether or not they'd be able to live off it as their only income well into their 80s or 90s that would keep me up at night. Three decades worth of inflation and low COLA adjustments to SS could really kick your ass.
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Mardi Gras Audrey
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Post by Mardi Gras Audrey on Apr 28, 2011 13:19:22 GMT -5
Personally I'd be scared shitless if I was 45-54 and had zero retirement savings. Do people actually count on social security?! Most of my family and friends are these people. I have asked some of them about their opinions on retirement and most of them just say that they simply WON'T retire. When I have pointed out that they (or their SO) has a very physical job (Plumber, laborer, construction, etc) so they may be FORCED to retire when their body gives out, they get very quiet and say that they are relying on SS. It is sad. I have tried to help them by giving them small amounts of advice that they can use as well as giving them a perspective that they don't consider (It isn't always possible to work until the day you die). I also try to do stuff that they can benefit from. One relative wasn't putting anything into her 401k even though her company matched. She is scared of technology/computers and all of her HR stuff had to be done online. I first pushed her to work with her supervisor to get enrolled and get the match. Then I sat down with her and looked at the options she had (They were good T Rowe Price funds) and allocated them correctly for her age group. It has been a few years now and she has made some $$. She mentioned to me a few weeks ago about what she had in her 401k and was very proud of the amount. If only I could have gotten to her years ago...
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cael
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Post by cael on Apr 28, 2011 13:21:37 GMT -5
I had to practically force my brother (25) to sign up for the 401k at his new job when he got it last fall! I just kept telling him he won't regret it in 30 years and NOT to cash it out. He is happy he finally did it, I told him if he starts now he'll be in good shape and I think he got it.
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dancinmama
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Post by dancinmama on Apr 28, 2011 13:22:02 GMT -5
I wonder how many young people (in their twenties and early thirties) will change their money habits permanently (becoming avid savers) due to living through these economic times. I think that's what happened to some of the baby boomers' parents. My folks lived through the depression and were avid savers. I learned good money habits from them. DH are also in the top percentile regarding saving for retirement. It's a good thing cuz he's planning on taking early retirement in 2012.
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sapphire12
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Post by sapphire12 on Apr 28, 2011 13:23:35 GMT -5
Unfortunately there are people younger than 45 that are counting on SS. I have a friend, that had/has that as her goal. While she is smart enough to acknowledge this is NOT a good plan; she has done little to change the direction of this plan.
I never had this plan; never thought it was a good plan as it would require me to NEED to work until 65. I'd like to be working at 65 b/c it's optional and I'm taking a breather from traveling the world.
On the bright side, I am in the 4% of people aged 35 to 44 that have between $250K and >$500. I"m single no kids. Whew.
Sidebar: What would be the plan, if there were no SS? I'll probably get flamed for this, but I'm in favor of getting rid of SS for people under 55 and making employers put their portion of SS to their employees' retirement acct. I'm also in favor of making saving for retirement mandatory and I'm talking more than 3%. I"ll stop now.
Kudos to those who are doing well!
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dancinmama
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Post by dancinmama on Apr 28, 2011 13:24:03 GMT -5
At 29 I'm doing better than 77% of the people in the 25-34 age group. I'll take that. I can't believe 4% of that group already has over half a million though. Go Gen X/Y! One question, that site says to include the net present value of your SS, how the heck would I figure that out, and does anyone here normally include that in your retirement total? I know I don't. darkhonor: We're almost 55 and we never have. I wouldn't recommend it.
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azphx1972
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Post by azphx1972 on Apr 28, 2011 13:24:12 GMT -5
Yeah, for a "visual" economics site that sure is a wordy way to present statistics. Anyway, there's something screwy about the numbers. See what I mean below. Unless I've made a typing or calculation error, those percentages don't add up to 100% Amount saved for retirement:Age 25-34>$500,000 - 4% $250,000 - $499,999 - 2% $150,000 - $249,000 - 2% $100,000 - $149,999 - 7% $50,000 - $99,999 - 10% $25,000 - $49,999 - 9% $10,000 - $24,999 - 18% <$10,000 - 50%Total % = 102% (rounding error?) Age 35-44>$500,000 - 4% $250,000 - $499,999 - 4% <--- yay me! ;D $150,000 - $249,000 - 9% $100,000 - $149,999 - 7% $50,000 - $99,999 - 14% $25,000 - $49,999 - 10% $10,000 - $24,999 - 16% <$10,000 - 41%Total % = 105% ( ) Age 45-54>$500,000 - 9% $250,000 - $499,999 - 12% $150,000 - $249,000 - 10% $100,000 - $149,999 - 9% $50,000 - $99,999 - 15% $25,000 - $49,999 - 11% $10,000 - $24,999 - 10% <$10,000 - 29%Total % = 105% ( ) Age 55+>$500,000 - 17% $250,000 - $499,999 - 11% $150,000 - $249,000 - 9% $100,000 - $149,999 - 11% $50,000 - $99,999 - 11% $25,000 - $49,999 - 9% $10,000 - $24,999 - 5% <$10,000 - 31%Total % = 104% ( )
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❤ mollymouser ❤
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Post by ❤ mollymouser ❤ on Apr 28, 2011 13:26:18 GMT -5
We know a fair number of people with government pensions (military, teachers, local government) who really aren't overly worried about specifically saving for retirement.... so they don't. I don't know if these sorts of statistics consider this scenario.
If my wonderful DH retired today, he would collect approximately $4,000 per month starting at about age 60. If my wonderful DH retired in 2014, he would collect approximately $4,000 per month starting right away. (age 48) If my wonderful DH retired in 2020, he would collect approximately $6,300 per month starting right away. (age 54) (Plus he'd be able to purchase relatively inexpensive health insurance for us under all these scenarios)
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azphx1972
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Post by azphx1972 on Apr 28, 2011 13:27:56 GMT -5
I'm shocked too that 4% of 25-34 year olds have managed to save over $500,000. Even if you are able to achieve the IRS limit for 401/457/etc. & IRA contributions, it takes a heck of a return to reach over $500k by age 34. If that statistic is true, color me impressed!
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CPWnyc
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Post by CPWnyc on Apr 28, 2011 13:30:54 GMT -5
Four percent of people age 35-44 have saved more than $500,000. We're in that group. The amount in our combined retirement accts- IRAs, 401k, 403b is approching 1 million mark. Sometime around fall or winter, it will hit a new milestone. I can't wait. it's great to see likeminded people. Keep saving guys!
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steph08
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Post by steph08 on Apr 28, 2011 13:32:17 GMT -5
Nine percent of people age 25-34 have saved $25,000 – $49,999
This is me. I am also only 25, so I have 9 more years before moving to the next age group! Hopefully I will have a lot more by then! I have saved more than 68% of my age group.
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azphx1972
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Post by azphx1972 on Apr 28, 2011 13:33:06 GMT -5
CPWnyc - are you counting both of you, or individually? I'm assuming the statistics are referring to individuals only. So since you have less than 1 million in your combined retirement accounts, at least one of you fall into the $250,000 to $499,999 group, no?
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qofcc
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Post by qofcc on Apr 28, 2011 13:42:06 GMT -5
I'm currently here... better than 57%
Fourteen percent of people age 35-44 have saved $50,000 – $99,999 for retirement.
But I expect to be here in 3 years... better than 65%
Nine percent of people age 45-54 have saved $100,000 – $149,999 for retirement.
Still not as good as I'd like. I'm aiming to get here...
Eleven percent of people age 55+ have saved $250,000 – $499,999.
Along with a paid off house and rental property.
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