Here's how much the average family in their 50s has saved for retirement

CNBC ^ | 04/22/2017 | Kathleen Elkins

[SeekAndFind]

By age 50, your golden years are just around the corner.

To be financially ready to retire by 67, retirement-plan provider Fidelity Investments says you should aim to have eight times your salary saved by age 60.

Are Americans on track?

According to a report from the Economic Policy Institute (EPI), many Americans have some catching up to do. The mean retirement savings of a family between 50 and 55 years old is $124,831. For families with members between 56 and 61, the mean retirement savings is $163,577.

But those numbers aren't representative of the state of American retirement. Since so many families have zero savings and since super-savers can pull up the average, the median savings, or those at the 50th percentile, may be a better gauge than the mean.

The median for families between 50 and 55 is only $8,000. For families between 56 and 61, it's $17,000.

[alexander_busek]

No, not me. But I did spend $45,000 sending my nieces to college.

My point exactly: One shouldn't "brag" about having had the savvy / self-discipline to amass vast savings without mentioning little extenuating circumstances like, "Never got married," "No kids," or "Was an only child - came into several lucrative inheritances (maiden aunts, gay uncles) in my late 20s."

$45,000 to send the nieces to college? Nice - but only a fraction of what it costs to raise even only a single son or daughter.

Regards,

[SkyPilot]

What the article does not say is the obvious: most people's retirements are whetted to the Stock Market.

The Stock Market is whetted to the banks, which have are leveraged beyond belief, and owe trillions in derivatives. Today, there is about 18 times the amount in derivatives held than the entire GNP of every country on earth combined. Derivatives are a time bomb.

When they implode, the entire world economy will go with them. And know this, the Big Banks are not going to pay these bills- you are.

The next collapse will of course, be global. Why has the Federal Reserve resisted an audit with such high pitch screaming and veracity?

Because they have used our pension funds and money invested (including even our checking and savings accounts) for other world banks to use as collateral. This allows them to write even more naked short derivatives, and then allows them to buy euro currency as to reduce the exposure and borrowing costs of the Central Banks.

The Stock Market, in turn, keeps inflating. It is both casino and Ponzi scheme.

It can't go on forever. The powers that be have propped up the whole enterprise for years now, but someday it will end.

[GailA]

While we don’t have that amount saved, we have a decent nest egg in annuities, and put them in Trust funds. We down sized the big house, carry the note, and the new smaller house will be paid off in 3 months. Van is paid off. Add in combining BD, Christmas, and Anniversary gifts for house fixing as you have most every thing you want or need and you’ve aced it. Last year we decided on the no clean gutters, and made arrangements to pay for them with gift cards at Lowe’s from Kroger’s saved on gas, Military discount, had it written in the contract. This year a new Recliner love seat, old one to go to Alpha Omega House so some Veteran can get some use out of it, still in good shape.

Next year replacing the Van if we can find what we want and go down to a 1 car family. And sell the still very good shape low mileage Corolla sedan to one of our 2 boys who can’t afford a new car. Car dealer won’t give us what it’s worth any way as it is a plain Jane car.

[proxy_user]

My savings through age 61 did not include any inherited money.

And between my mother and me, we sent my two nieces to college for only about $125K total.

[alexander_busek]

My savings through age 61 did not include any inherited money.

That is truly remarkable / unusual / exceptional.

And between my mother and me, [...]

Okay, I think that I get the picture now.

Regards,

[RooRoobird20]

Two income family up until 2015, husband retired early in 2015 following a stroke caused in surgery. He’s 99.9999 % recovered, but I convinced him that no job was worth the stress and potentially his life. Fortunately As a younger woman I decided, “I think being an engineer might be cool” and I ended up in an interesting and lucrative career.

[Mears]

Thanks,a most impressive retirement fund.

I also had a stroke 4 years ago-——it STUNNED me,because I never expected such a thing. I’m doing fine,as is your husband.

.

[Chgogal]

When they implode, the entire world economy will go with them. And know this, the Big Banks are not going to pay these bills- you are.

With what? They already have all our money.

I am scared to death of the trillions in naked derivatives.

[RooRoobird20]

If you’ve ever read “the millionaire next door” book , it says that married couples who stay married and both agree on saving , investing, and living below one’s means are the ones much more likely to end up being millionaires. Divorce in general is very costly. Also one spouse being a spender while the other is a saver is problematic, the spender will blow up all dreams of growing rich.

[RooRoobird20]

We dodged a bullet for sure. Hubby came out of surgery completely paralyzed on his left side, stayed that way for six hours. That was the longest 6 hours of my life. I was prepared to retire early and take care of him full time, I did not want to put him in a nursing home even though we have nursing home insurance.

Then the little 26 year old ICU doctor decided to shoot him up with something that would raise his blood pressure really high, she thought maybe his brain wasn’t getting enough blood. Boom, within one minute he started thrashing around on his left side. We owe our lives to that brilliant little doctor who looked like she was twelve yesrs old. :0)

[DeFault User]

I have a life insurance policy, not worth much, just $100,000 (also have others of lesser amount). In my late 60s. The premiums keep going up every year, now at $165/month.

My wife and I were in a similar situation except the policy ($100k) was on her life. She was diagnosed with terminal cancer at 68. Just before that I was thinking of cancelling the policy. Glad I did not as that has contributed to a retirement in which I have absolutely no monetary worries. You never know what is going to happen. You might also want to contact an attorney to set up your estate as a trust for your heirs in order to reduce any burden at your passing.

[GailA]

Very true, we discuss every purchase pro and con, need vs want, how it will improve our lives, and will what we can do with what we discard benefit some one else.

We tied every thing up in Trust funds, so the spend thrifts in the family didn’t have access.

When we downsized, much of the good furniture we didn’t need went to Alpha Omega House for Veterans. Clothing went to Salvation Army. Little was wasted. Even our boys benefited and their friends who helped us move. Both boys are driving older car/van that would have brought $200 as trade in’s, so we sold it to them for $1, actually $100, but that way they paid no taxes and they had reliable transportation for 5-7 yrs. We take good care of our transportation. We are at the point 1 vehicle will be all we need. So we will get a high end one that will last out our life time and then go to the one of the boys that needs it the most, probably the youngest, as he will have the youngest grand...she will be here in Sept.

When the house is paid off in 3 months that money goes into another annuity that will grow.

[dfwgator]

Just how the government wants it.

[dfwgator]

Not to worry. Us suckers who actually decided to do the right thing and save will end up paying for the retirements of those who didn’t.

[RooRoobird20]

Actually what has worked for hubby and I is agreeing to save x amount, pay the monthly bills and large bills like semi-annual property taxes.......and whatever each one of us had left after each payday was our own “mad money.” Mad money expenditures have always been our own, we agreed not to micromanage each other on these.

We also have always had separate checking accounts. We saw other couples power-struggling over bounced checks etc. with joint accounts and we decided we didn’t want to do that.

[cherry]

we were in better circumstances but my husband had a big shop built plus a walk in meat shop and walk in huge cooler....we borrowed on our Home Eq line....

so while we had our house paid off at one time, now we have a 2nd mortgage, plus other bills...

my husbands work ended suddenly and the unemployment and then SS didn't equate to his pay...

I however still work my 24 hrs a week at age 63 and we have savings in our retirement accounts....

and despite our bills, I'm still able to save a bit more on my 403B....

[cherry]

govt workers?

[RooRoobird20]

No, absolutely not!! I have worked for two Fortune 500 companies (IBM and a large electric utility corporation), hubby was in sales and sales management for IBM.

[cherry]

"millionaire next door" is BS....the guy who wrote it basically made his money selling his book...btw...same with Dave Ramsey...his fortune comes from his advice books...

MND reads like a hateful diatribe...the guy dissed his own dad for being a hard working ethical man...the writer disses the vast majority of people as well...

nope...you got to be a "dealer"...you have to use other people's money and their work ethic for you to get ahead...

that is what I got from the book...

[alexander_busek]

With what? They already have all our money.

Yes, but at least - at present - you have a little bank book (or IRA, etc.) with a positive balance in it.

After the govt.-mandated "bail-in," you will have a balance of zero.

Regards,