And probably don't underestimate how long you might live unless you have a family history that clearly indicates a likely shorter life expectancy or if you have really bad habits.
Median boomer retirement account $144,000
- Thread starter SoapyCy
- Start date
- Status
And probably don't underestimate how long you might live unless you have a family history that clearly indicates a likely shorter life expectancy or if you have really bad habits.
I pissed my wife off when I told her how much we are projected to leave to our kids. She wants to kick up our lifestyle to spend it, but we pretty much do what we want, buy what we want and still do well saving and investing. The secret is to live below your means and not have extravagant tastes to begin with. Each kid should get a hefty amount which will set the family tree into a good position for future generations, but hopefully not for awhile . . . I guess I could always have a building named after us at ISU
QWERTY HALL
As someone who is in the retirement world(not financial adviser), a few observations:
The people borrowing against their 401k are very rarely the ones with high balances. You don't know how many times I heard "Well I'm paying myself back the interest".
Income, occupation, location, etc. rarely have anything to do with balance. Of course super low earners usually have low balances but there are a LOT of high earners with very little saved. There are also a lot of middle income people with 7 figure 401k's.
Just because their 401k balance looks modest doesn't mean they don't have a lot of other assets. You also have to take into account dual income/dual 401k/IRA's.
A LOT of people don't even do enough to get employer match, which is borderline criminal. Companies defaulting new employees to a certain percentage as soon as their hired helps a lot.
Usually the people we hear the least from, do the best. They are not calling about loans, divorce, changing investments, etc. They set it, look at it, but leave it alone.
The people borrowing against their 401k are very rarely the ones with high balances. You don't know how many times I heard "Well I'm paying myself back the interest".
Income, occupation, location, etc. rarely have anything to do with balance. Of course super low earners usually have low balances but there are a LOT of high earners with very little saved. There are also a lot of middle income people with 7 figure 401k's.
Just because their 401k balance looks modest doesn't mean they don't have a lot of other assets. You also have to take into account dual income/dual 401k/IRA's.
A LOT of people don't even do enough to get employer match, which is borderline criminal. Companies defaulting new employees to a certain percentage as soon as their hired helps a lot.
Usually the people we hear the least from, do the best. They are not calling about loans, divorce, changing investments, etc. They set it, look at it, but leave it alone.
I was flabbergasted the first time I had someone tell me they borrowed against their 401k. They owned a house in another state that they couldn't sell due to the 2008 crash. But they were purchasing a house in Minnesota. Someone mentioned "Boy, that's awesome that you had enough in savings to cover the down payment for the new place without selling the old place."
To which the husband said "Oh, no, we just borrowed against our 401k. It was super easy, and you're paying yourself back, so it evens out in the end." I had to restrain my palm from slapping my face in that moment.
Not to mention I don't have to beat my body up outside in the hot sun or cold winter.
I've decided I won't live in a nursing home. If I get that bad it's time to go the Dr. Jack route.
My grandmother lived in rural Missouri and had to go to the county nursing home there before she died. Visiting her there was shocking. The level of care was substandard, to put it lightly. The sounds of elderly people just wailing and crying in the halls still makes my stomach churn.
Take me out behind the barn before ever putting me in a place like that.
Exactly. I've visited enough to see I don't want that and not to mention how they treat you financially.
He could buy a 10-year-old Corvette (not the Z06/ZR1) for $20k or less and it will likely have less than 50,000 miles. Add a couple thousand if he wants a convertible. These things are Chevrolets, not exotic supercars. Best performance per $ you could buy. Make him get one and enjoy it.
If my wife and I die at the same time, there are going to be some very surprised people in my family.
#1 I refuse to leave money to people who have been irresponsible with their money forever.
#2 Didn't have kids
#3 Our 5 year old niece doesn't know it now but she should be very nice to us.....
#1 I refuse to leave money to people who have been irresponsible with their money forever.
#2 Didn't have kids
#3 Our 5 year old niece doesn't know it now but she should be very nice to us.....
General Petraeus generally supports higher education for folks in the armed forces, and his main reason is that if often takes higher education for people to realize that there are a bunch of other people out there that are smarter than them. Some people may not need that lesson, but considering we live in DunningKrugerStan I think he makes a good point. The leader of the Good Judgement Project wrote about what may be considered a lack of confidence is actually a trait of people who are what they label superforecasters.
When I reference people without college degrees I am referring to people in trades, hauling and factory/warehouse type work.
- Status
