These net worth comparisons don't mean anything unless you specify the location. 3 million in San Francisco is the equivalent of 1.4 million in Nashville.
I'd like to see the average savings for people in their 70s, 80s and 90s.
millennials have it so easy - economy more often at full employment, more people go to college, wages up, stock market remarkably strong, cheap mortgages etc.
They are truly the lucky generation. I mean there's not really been a recession in 14 years - they've started off their careers with a giant boost that Gen X sure didn't have. We used to have recessions every 6-7 years, now we go decades. Unemployment used to be 6% regularly now it's 4%. Inflation used to be 4-5% normally. It's been 2-3% for a long time before this year.
Although the rise in housing prices in 2020-2022 will hurt the millenials, I'll say that.
If someone who is going to inherit their parents home that is worth 3 million, that person is in a completely different situation than someone who has more money set aside but has to pay for long term care for their parents.
Still these numbers are low. Most people aren't saving nearly enough for retirement.
The rule of thumb is to live off 4% of your liquid assets in retirement. If you have say $500,000 that is only $20,000 per year. A million and you live off $40,000. And this is before taxes. So if your money is in a 401(k), you will pay income taxes on that $40,000 you take in distributions. Really you won't be paying a high effective tax rate on the $40,000 and you won't be paying FICA taxes but you won't get all the $40,000.
If your parents don't have a lot of assets, you mofos best start saving if you ever want to retire.
I am a late 30s academic postdoc still after his first "real" job, hopefully an academic position to run my own research lab. I live in the most expensive area in the country. I have that amount in cash saved. I have paid well into 6 figures worth of rent during my time as a grad student and now postdoc in this area. My question is, wtf are yall spending your money on?????????????????!!!!!!!! 😂 like maybe cook at home a night or two each week you broke bois 😂😂😂
For starters if you are highly successful at 40 you are ahead of the cub. The majority of people are finally able to relax financially and enjoy themselves around 50ish. At 40 you are still 20-25 years away from typical retirement so this is entering into the realm of your top financial years which are said to be 50 to retirement. So 63,000 seems normal. I would not say that is savings that is probably closer to the majority's Net Worth. I am 40 years Old Myself and my current Net Worth is $710,000 today but in fluctuates some months it is closer to a $1,000,000 and some it is closer to $600,000.
For starters if you are highly successful at 40 you are ahead of the cub. The majority of people are finally able to relax financially and enjoy themselves around 50ish. At 40 you are still 20-25 years away from typical retirement so this is entering into the realm of your top financial years which are said to be 50 to retirement. So 63,000 seems normal. I would not say that is savings that is probably closer to the majority's Net Worth. I am 40 years Old Myself and my current Net Worth is $710,000 today but in fluctuates some months it is closer to a $1,000,000 and some it is closer to $600,000.
Hard to believe. As was stated, somebody who worked from 22-40 putting $10 per day in theory 401k at equal match has $250k in theory 401k at 40 which doesn't count roth or savings or regular mutual funds, etc.
Hard to believe. As was stated, somebody who worked from 22-40 putting $10 per day in theory 401k at equal match has $250k in theory 401k at 40 which doesn't count roth or savings or regular mutual funds, etc.
The majority of 22 year old do not have a 401K and only 32% of all American citizens have a 401K. Also 8.3% of Americans will stay in a career long enough to receive some type of retirement pension. At 40 I already have a retirement pension from one career which was an early retirement. I am currently working on my second career and have a 401K and other retirement. My current career is attached to my last career and I will have enough time to retire at age 45 but will stick around until age 56 to 62 as my wife will still not have enough time and being that we work at the same organization there is no real point to retire super early.
I'd like to see the average savings for people in their 70s, 80s and 90s.
millennials have it so easy - economy more often at full employment, more people go to college, wages up, stock market remarkably strong, cheap mortgages etc.
They are truly the lucky generation. I mean there's not really been a recession in 14 years - they've started off their careers with a giant boost that Gen X sure didn't have. We used to have recessions every 6-7 years, now we go decades. Unemployment used to be 6% regularly now it's 4%. Inflation used to be 4-5% normally. It's been 2-3% for a long time before this year.
Although the rise in housing prices in 2020-2022 will hurt the millenials, I'll say that.
Are you serious? Boomers had it easiest. We bought our house for 760k from boomers who paid 265k in the early 90s which is 543k in 2022 dollars. So they still profited over 200k. They bought the house brand new under asking price and had their pick of the litter. We had to go into a bidding war. We spent over 150k for new floors, new boiler + hot water heater, new windows, new patio, new roof and more. They also own a house on the Cape which they paid nothing for, and is worth over a million today.
My Dad and uncles had full rides to grad school at Columbia, Cornell and Carnagie Mellon in the 70s. They said competition was much less back then and they would not be able to do that today. Meanwhile my wife and I each had over 100k in student loans.
I tell my boomer coworkers about the student loans I had, and they look at me dumbfounded and say "you had student loans?".
millennials have it so easy - economy more often at full employment, more people go to college, wages up, stock market remarkably strong, cheap mortgages etc.
They are truly the lucky generation. I mean there's not really been a recession in 14 years - they've started off their careers with a giant boost that Gen X sure didn't have. We used to have recessions every 6-7 years, now we go decades. Unemployment used to be 6% regularly now it's 4%. Inflation used to be 4-5% normally. It's been 2-3% for a long time before this year.
Although the rise in housing prices in 2020-2022 will hurt the millenials, I'll say that.
Are you serious? Boomers had it easiest. We bought our house for 760k from boomers who paid 265k in the early 90s which is 543k in 2022 dollars. So they still profited over 200k. They bought the house brand new under asking price and had their pick of the litter. We had to go into a bidding war. We spent over 150k for new floors, new boiler + hot water heater, new windows, new patio, new roof and more. They also own a house on the Cape which they paid nothing for, and is worth over a million today.
My Dad and uncles had full rides to grad school at Columbia, Cornell and Carnagie Mellon in the 70s. They said competition was much less back then and they would not be able to do that today. Meanwhile my wife and I each had over 100k in student loans.
I tell my boomer coworkers about the student loans I had, and they look at me dumbfounded and say "you had student loans?".
ok man you think it's better economically to grow up in a time of frequent recessions, lower wages, higher inflation, much harder to go to college (way more people go to college now), lower opportunity all around, etc. You got it.
Millennial's have had a red carpet laid out for them. They hardly know what a recession is. They think 4% unemployment is normal. You all think it's normal to be able to work when you want to work. That's not how it was for Gen X and earlier.
Sure, housing, esp in the big centers like LA, SF, NYC has become much more expensive. But on the other hand until this year Millennials could get a 3% mortgage while boomers had 10%, 15% or higher mortgages.
And student debt is a problem....but again, Millenialls pay much lower interest rates on their debt so their monthly nut to pay their loans isn't as different as you might think.
Are you serious? Boomers had it easiest. We bought our house for 760k from boomers who paid 265k in the early 90s which is 543k in 2022 dollars. So they still profited over 200k. They bought the house brand new under asking price and had their pick of the litter. We had to go into a bidding war. We spent over 150k for new floors, new boiler + hot water heater, new windows, new patio, new roof and more. They also own a house on the Cape which they paid nothing for, and is worth over a million today.
My Dad and uncles had full rides to grad school at Columbia, Cornell and Carnagie Mellon in the 70s. They said competition was much less back then and they would not be able to do that today. Meanwhile my wife and I each had over 100k in student loans.
I tell my boomer coworkers about the student loans I had, and they look at me dumbfounded and say "you had student loans?".
ok man you think it's better economically to grow up in a time of frequent recessions, lower wages, higher inflation, much harder to go to college (way more people go to college now), lower opportunity all around, etc. You got it.
Millennial's have had a red carpet laid out for them. They hardly know what a recession is. They think 4% unemployment is normal. You all think it's normal to be able to work when you want to work. That's not how it was for Gen X and earlier.
Sure, housing, esp in the big centers like LA, SF, NYC has become much more expensive. But on the other hand until this year Millennials could get a 3% mortgage while boomers had 10%, 15% or higher mortgages.
And student debt is a problem....but again, Millenialls pay much lower interest rates on their debt so their monthly nut to pay their loans isn't as different as you might think.
You speak as if millennials are able to even afford a mortgage. You realize that many can't even come up with a down payment right? There are millennials raising their kids in their parents house.
In the 80s it was normal for a father to raise a family while the mom stayed at home. Now you have two working spouses who can barely afford daycare to get by. I don't see how anyone can say boomers had it harder than millennials, sorry.
Are you serious? Boomers had it easiest. We bought our house for 760k from boomers who paid 265k in the early 90s which is 543k in 2022 dollars. So they still profited over 200k. They bought the house brand new under asking price and had their pick of the litter. We had to go into a bidding war. We spent over 150k for new floors, new boiler + hot water heater, new windows, new patio, new roof and more. They also own a house on the Cape which they paid nothing for, and is worth over a million today.
My Dad and uncles had full rides to grad school at Columbia, Cornell and Carnagie Mellon in the 70s. They said competition was much less back then and they would not be able to do that today. Meanwhile my wife and I each had over 100k in student loans.
I tell my boomer coworkers about the student loans I had, and they look at me dumbfounded and say "you had student loans?".
ok man you think it's better economically to grow up in a time of frequent recessions, lower wages, higher inflation, much harder to go to college (way more people go to college now), lower opportunity all around, etc. You got it.
Millennial's have had a red carpet laid out for them. They hardly know what a recession is. They think 4% unemployment is normal. You all think it's normal to be able to work when you want to work. That's not how it was for Gen X and earlier.
Sure, housing, esp in the big centers like LA, SF, NYC has become much more expensive. But on the other hand until this year Millennials could get a 3% mortgage while boomers had 10%, 15% or higher mortgages.
And student debt is a problem....but again, Millenialls pay much lower interest rates on their debt so their monthly nut to pay their loans isn't as different as you might think.
I don't know what a recession is?? I graduated college in 2006 with an engineering degree and got laid off during the 2008 recession. Had to start over in another field and take out another 150k in student loans. Took me 3 years to pay off my loans after that which delayed marriage, having kids etc another 3 years. Ok Boomer.
Missed out on the biggest stock market bull run in history from 2008-2016 cause I was either a student or put every cent I made into my student loans during that time. Boomers saw their net worth go up by 2-10x during that time.
ok man you think it's better economically to grow up in a time of frequent recessions, lower wages, higher inflation, much harder to go to college (way more people go to college now), lower opportunity all around, etc. You got it.
Millennial's have had a red carpet laid out for them. They hardly know what a recession is. They think 4% unemployment is normal. You all think it's normal to be able to work when you want to work. That's not how it was for Gen X and earlier.
Sure, housing, esp in the big centers like LA, SF, NYC has become much more expensive. But on the other hand until this year Millennials could get a 3% mortgage while boomers had 10%, 15% or higher mortgages.
And student debt is a problem....but again, Millenialls pay much lower interest rates on their debt so their monthly nut to pay their loans isn't as different as you might think.
I don't know what a recession is?? I graduated college in 2006 with an engineering degree and got laid off during the 2008 recession. Had to start over in another field and take out another 150k in student loans. Took me 3 years to pay off my loans after that which delayed marriage, having kids etc another 3 years. Ok Boomer.
ok man you think it's better economically to grow up in a time of frequent recessions, lower wages, higher inflation, much harder to go to college (way more people go to college now), lower opportunity all around, etc. You got it.
Millennial's have had a red carpet laid out for them. They hardly know what a recession is. They think 4% unemployment is normal. You all think it's normal to be able to work when you want to work. That's not how it was for Gen X and earlier.
Sure, housing, esp in the big centers like LA, SF, NYC has become much more expensive. But on the other hand until this year Millennials could get a 3% mortgage while boomers had 10%, 15% or higher mortgages.
And student debt is a problem....but again, Millenialls pay much lower interest rates on their debt so their monthly nut to pay their loans isn't as different as you might think.
I don't know what a recession is?? I graduated college in 2006 with an engineering degree and got laid off during the 2008 recession. Had to start over in another field and take out another 150k in student loans. Took me 3 years to pay off my loans after that which delayed marriage, having kids etc another 3 years. Ok Boomer.
"Had to start over in another field and take out another 150k in student loans."
Did someone hold a gun to your head and make you take out 150k in student loans?
I've been in sales since the day I got my DD214 and have done fairly well for myself to date. I have 4 other salesmen under my prevue, none of they have a degree and the lowest earner in the bunch made just over $150,000 in 2021. I also have 4 full time machinist that all make deep six figures and everyone has been aggressive with their 401K's maxing out every year. Good workers do well regardless of education status and if you are smart enough to to be a good worker you are more than likely good with your money. $63,000 by 40 in cash is a very solid number but if you are lumping in retirement with that IMO you are about 1/2 of what you should have set aside by 40...as written by a 39 year old.