Dafuq: 35% of Gen Xers have < $10K in retirement savings, and 18% have $0???

[Tenacious E]

And, 46% won't have enough savings to be comfortable? I wasn't a math major, but that leaves 1% of my generation feeling good about things, which is shocking. I can't retire today at 48, but things are on track for when I would like to down the road a bit. Does the 1% all post here on HORT?

Dude, Gen X is totally unprepared for retirement, survey finds

Just over half of Generation X born between 1965 and 1980 have little to nothing socked away for retirement.

www.yahoo.com

 

[General Tso]

And, 46% won't have enough savings to be comfortable? I wasn't a math major, but that leaves 1% of my generation feeling good about things, which is shocking. I can't retire today at 48, but things are on track for when I would like to down the road a bit. Does the 1% all post here on HORT?

Dude, Gen X is totally unprepared for retirement, survey finds

Just over half of Generation X born between 1965 and 1980 have little to nothing socked away for retirement.

www.yahoo.com

**** Wisconsin

 

[QChawks]

yikes

learning on the SS money after all the boomer's retire is a bad idea

 

[HawkMachine]

Hey look buddy, it's hard to save for retirement after my house mortgage, truck payment, car payment, and boat payment!

 

[Tenacious E]

yikes

learning on the SS money after all the boomer's retire is a bad idea

More than that, by not saving earlier they are not letting their money work/compound.

 

[bhawk24bob]

Less than half of employees offer a 401k match, and only 70% of employees offer a 401k plan. The numbers shouldn’t be that surprising

Americans in general are terrible consumers, if they have money, they spend it. If they have access to credit that they can’t service the debt on, they still spend it

 

[praguehawk]

The biggest shift is going to be the folks that were shifted off the defined benefit plans. Most of the prior generations had a pension that they couldn't really screw up as long as they worked. If they have not chosen to put money in the 401k a person will likely be short. Unfortunately people haven't chosen to prioritize retirement at all. Gen X is also facing some massive increases as a % of income that tighten up the cash available to put in retirement: medical, cost of college for kids, housing, etc. Also, people are living longer and longer, so more is needed. SS is supposed to be there so that Grandma doesn't have to eat cat food, but there's a lot of people that will be relying on it in a major way. I keep hearing there is going to be a historically significant transfer of wealth from baby boomers to Gen-X, but I have a hard time believing that can fill this gap.

 

[Capital1Hawk]

And, 46% won't have enough savings to be comfortable? I wasn't a math major, but that leaves 1% of my generation feeling good about things, which is shocking. I can't retire today at 48, but things are on track for when I would like to down the road a bit. Does the 1% all post here on HORT?

Dude, Gen X is totally unprepared for retirement, survey finds

Just over half of Generation X born between 1965 and 1980 have little to nothing socked away for retirement.

www.yahoo.com

I'm an X'er and retiring at 50 next year and of course one of the 1% HROT's. I don't believe those stats. X'ers are independent latch key kids coming from 50% divorced parents. We had to do everything on our own. I walked home solo from school as early as 4th grade with no baby sitter until parents came home from work.

 

[BustingNarratives]

More than that, by not saving earlier they are not letting their money work/compound.

Exactly right. The eighth wonder of the world is the power of compounding.

 

[Whiskeydeltadeltatango]

@alaskanseminole


Gen x.... amirite?

 

[BrunoMars420]

Is this worst or better then the Boomers?

 

[Capital1Hawk]

Is this worst or better then the Boomers?

Has to be worse, the boomers had/have pensions + SS.

 

[ParkerHawk]

I retired at 54. Thanks Jobama care!

 

[HawkMachine]

X'ers are independent latch key kids coming from 50% divorced parents. We had to do everything on our own. I walked home solo from school as early as 4th grade with no baby sitter until parents came home from work.

This is me but I'm 46.

Yes I know, CSB.

 

[Hawk_4shur]

I'm an X'er and retiring at 50 next year and of course one of the 1% HROT's. I don't believe those stats. X'ers are independent latch key kids coming from 50% divorced parents. We had to do everything on our own. I walked home solo from school as early as 4th grade with no baby sitter until parents came home from work.

I don't really buy these surveys either. According to their results, 53% have less than $10,000 saved. These are folks that are between age 42 - 58, and they have almost nothing in their retirement plan?

I agree the financial IQ and savings discipline in this country is badly lacking, but it can't be that bad.

 

[praguehawk]

I'm an X'er and retiring at 50 next year and of course one of the 1% HROT's. I don't believe those stats. X'ers are independent latch key kids coming from 50% divorced parents. We had to do everything on our own. I walked home solo from school as early as 4th grade with no baby sitter until parents came home from work.

That is very cool. I'm about the same age, but a long way from being able to retire. I believe the numbers are possible. I also agree with what you say about our generation. Lots of good stuff comes from having lived both pre and post technology waves. Maybe our independence will lessen the impacts, but there's going to be a lot of people with short budgets.

 

[Tenacious E]

Less than half of employees offer a 401k match, and only 70% of employees offer a 401k plan. The numbers shouldn’t be that surprising

Americans in general are terrible consumers, if they have money, they spend it. If they have access to credit that they can’t service the debt on, they still spend it

Good points.

 

[Derekd3408]

yikes

learning on the SS money after all the boomer's retire is a bad idea

Anyone under 50 leaning on SS after retirement deserved everything coming their way.

 

[ConvenientParking]

A lot of Gen X was early in the front half of their mortgages in 2008 which is different but another place a lot of equity or credit was shit all over.

 

[joelbc1]

Has to be worse, the boomers had/have pensions + SS.

Boomers had pensions for part of their employment. Defined benefit plans were passé for the most part by the 1990’s and being replaced by 401/403. Plans...I had a defined plan until about 1991, when it ended but was “managed” by my employer until I retired/ rolled it over. And I was a lucky one!

It’s not easy and takes discipline to save. The vast majority of my retirement is from my individual savings/ investment acts. Social Sevurity, is crucial to my retirement planning.

 

[Dirt Boy 2]

This is me but I'm 46

Yes I know, CSB.

And, 46% won't have enough savings to be comfortable? I wasn't a math major, but that leaves 1% of my generation feeling good about things, which is shocking. I can't retire today at 48, but things are on track for when I would like to down the road a bit. Does the 1% all post here on HORT?

Dude, Gen X is totally unprepared for retirement, survey finds

Just over half of Generation X born between 1965 and 1980 have little to nothing socked away for retirement.

www.yahoo.com

I think that 35% is accurate and that number would correlate to the poverty line. I’m in good shape to retire early unless we have another lost decade. I have tried to contribute 5% more to retirement than was recommended at the time. I’m aided by a pension though.
Every generation has had its challenges to succeed. This generational victimhood is stupid and does nothing but harm. Make the most of your opportunities. Cause they will come around if you pay attention.

 

[HawkMachine]

I don't really buy these surveys either. According to their results, 53% have less than $10,000 saved.

You'd be surprised.

I do a lot of tax returns, and there are a lot of people that make GOOD money and have zero interest income. Zero.

Yes they might be funding 401k's and IRA's but no interest shows me zero in an emergency fund. Which tells me they have very little disposable income.

That's scary.

 

[JRHawk2003]

Yeah Dude. I am working until 70 to Max SS and already started downsizing on the cost side.

I will never really have a retirement date. I will stop working at some point.

Divorce in middle age is a hell of a thing

 

[noleclone2]

I am not sure some of you realize how many people there are barely scraping by on the money they make. Not surprising at all to see these numbers to me. Add to it the aforementioned pension loss and sprinkle in some dot.com bubble, Great Recession, Covid-19 and now inflation and it has not been a fun go of it for Gen X. Makes me grateful for what I have.

 

[Tenacious E]

You'd be surprised.

I do a lot of tax returns, and there are a lot of people that make GOOD money and have zero interest income. Zero.

Yes they might be funding 401k's and IRA's but no interest shows me zero in an emergency fund. Which tells me they have very little disposable income.

That's scary.

What are their dividends though? We have very little interest income over the past 10 years or so because interest rates were low to negligible, and we had our money parked in stocks/funds. Now that interest rates are going up we might change some of that...

 

[HawkMachine]

I am not sure some of you realize how many people there are barely scraping by on the money they make.

I truly feel sorry for hard working people that have a difficult time making ends meet.

With that being said, I do NOT feel sorry for those that can't delay gratification and are terrible with their money.

 

[Hawk_4shur]

You'd be surprised.

I do a lot of tax returns, and there are a lot of people that make GOOD money and have zero bank interest income. Zero.

Yes they might be funding 401k's and IRA's but no interest shows me zero in an emergency fund. Which tells me they have very little disposable income.

That's scary.

Agreed. I was also a tax preparer (among other things) in my working days - I was responsible for about 200 individual returns a year.

Few had any investment income at all. (Of course, they had a ton of mortgage interest and very little in charitable contributions, but that's for another thread).

My fellow tax client servers and I would discuss this often.

But a lot of them did put away quite a bit into their 401k's and many maxed out. A pretty heft % had some sort of investment in a pass-through, like rental property or small business ownership, but few seemed to have any sort of liquid savings.

Of course, I was in a CPA firm and our fees were high. The 53% that had no savings probably didn't come to us for tax services.

 

[HawkMachine]

What are their dividends though? We have very little interest income over the past 10 years or so because interest rates were low to negligible, and we had our money parked in stocks/funds. Now that interest rates are going up we might change some of that...

Oh yeah that's different.

The people that I'm talking about don't have interest or dividends.

But they have big new homes, vehicles, etc.

 

[Dirt Boy 2]

Yeah Dude. I am working until 70 to Max SS and already started downsizing on the cost side.

I will never really have a retirement date. I will stop working at some point.

Divorce in middle age is a hell of a thing

Sympathies. That is always in the back of my mind. My wife would be fine, she will have a sizeable inheritance and half my retirement. I would have half my retirement and have to start over on half an income with little compounding power.

 

[Fan In Black]

this is why I live fast to die young.

 

[Formerly Rockymtnole]

I think many are counting on their parents’ home and investments as the retirement plan.

 

[Dirt Boy 2]

I think many are counting on their parents’ home and investments as the retirement plan.

A cousin of mine is a middle aged Iowa City socialist with a civil engineering degree and various job plans and zero saved. The government was his plan. His parents were professionals so as long as they don’t spend too much time in the nursing home he has a solid plan B.

 

[millah_22]

And, 46% won't have enough savings to be comfortable? I wasn't a math major, but that leaves 1% of my generation feeling good about things, which is shocking. I can't retire today at 48, but things are on track for when I would like to down the road a bit. Does the 1% all post here on HORT?

Dude, Gen X is totally unprepared for retirement, survey finds

Just over half of Generation X born between 1965 and 1980 have little to nothing socked away for retirement.

www.yahoo.com

wait till you see millenial and gen z numbers when they get to that age.

 

[millah_22]

The biggest shift is going to be the folks that were shifted off the defined benefit plans. Most of the prior generations had a pension that they couldn't really screw up as long as they worked. If they have not chosen to put money in the 401k a person will likely be short. Unfortunately people haven't chosen to prioritize retirement at all. Gen X is also facing some massive increases as a % of income that tighten up the cash available to put in retirement: medical, cost of college for kids, housing, etc. Also, people are living longer and longer, so more is needed. SS is supposed to be there so that Grandma doesn't have to eat cat food, but there's a lot of people that will be relying on it in a major way. I keep hearing there is going to be a historically significant transfer of wealth from baby boomers to Gen-X, but I have a hard time believing that can fill this gap.

Some just straight up couldn't. No choice.

 

[millah_22]

I don't really buy these surveys either. According to their results, 53% have less than $10,000 saved. These are folks that are between age 42 - 58, and they have almost nothing in their retirement plan?

I agree the financial IQ and savings discipline in this country is badly lacking, but it can't be that bad.

Nearly 60% of millennials have less than $1000 in their savings right now.

 

[Obviously Oblivious]

I can’t speak for Gen-X but a lot of boomers
missed the boat when preparing to retire. I’ll likely work until I’m 65 as my wife will be working a couple of years past my retirement date due to health insurance
coverage. We fully expect to have a higher income in retirement than we do now, so we intend to enjoy our senior years and likely will pass down a sizable estate to our sons when we pass.

 

[Tenacious E]

On a tangent, I get that some won't be able to retire when they want but I don't get working to work, or waiting for maximum SS benefits. Tomorrow is not promised, let alone the age of 70. We only get an unknown number of trips around the sun. As soon as I hit the savings number I have in my mind I'm pulling the ripcord. Hopefully we will have grandkids and we will be able to spend time with them and our kids.

 

[Jan Itor]

yikes

learning on the SS money after all the boomer's retire is a bad idea

This boomer is retired with a pension, hefty IRA, hefty savings, and everything paid off. You’re welcome.

 

[Tenacious E]

This boomer is retired with a pension, hefty IRA, hefty savings, and everything paid off. You’re welcome.

Thanks? I'm assuming then you are going to turn down SS benefits?

 

[Jan Itor]

Thanks? I'm assuming then you are going to turn down SS benefits?

Nope. If you’d like, I’ll take your future SS when you turn it down.