Interesting factoid: Here is the percentage of retirees with $1 Million dollars in savings.

[MarathonMike]

Ten percent. That surprised me, I thought it would be lower. Here is an excerpt from the article:

Rebecca Lake
Wed, September 6, 2023 at 8:39 AM MST

what percentage of retirees have a million dolllars
Saving $1 million (or more) for retirement is a great goal to have. Putting that much aside could make it easier to live your preferred lifestyle when you retire, without having to worry about running short of money. However, not a huge percentage of retirees end up having that much money. In fact, statistically, around 10% of retirees have $1 million or more in savings. The majority of retirees, however, have far less saved. If you’re looking to be in the minority but aren’t sure how to get started on that savings goal, consider working with a financial advisor.

 

[The Duke]

Ten percent. That surprised me, I thought it would be lower. Here is an excerpt from the article:

Rebecca Lake
Wed, September 6, 2023 at 8:39 AM MST

what percentage of retirees have a million dolllars
Saving $1 million (or more) for retirement is a great goal to have. Putting that much aside could make it easier to live your preferred lifestyle when you retire, without having to worry about running short of money. However, not a huge percentage of retirees end up having that much money. In fact, statistically, around 10% of retirees have $1 million or more in savings. The majority of retirees, however, have far less saved. If you’re looking to be in the minority but aren’t sure how to get started on that savings goal, consider working with a financial advisor.

I thought it would be more.

 

[DudleySmith]

Welfare bailouts of Wall Street always gets a lot of votes and makes stocks a lot more valuable. Of course if there were really 'free markets n stuff' they would have been worthless a long time ago and their bank deposits gone. Meanwhile probably 90% of them snivel over some homeless guy getting $50 a month in food stamps.

 

[White 6]

Ten percent. That surprised me, I thought it would be lower. Here is an excerpt from the article:

Rebecca Lake
Wed, September 6, 2023 at 8:39 AM MST

what percentage of retirees have a million dolllars
Saving $1 million (or more) for retirement is a great goal to have. Putting that much aside could make it easier to live your preferred lifestyle when you retire, without having to worry about running short of money. However, not a huge percentage of retirees end up having that much money. In fact, statistically, around 10% of retirees have $1 million or more in savings. The majority of retirees, however, have far less saved. If you’re looking to be in the minority but aren’t sure how to get started on that savings goal, consider working with a financial advisor.

I am surprise it is that low. They must be talking about a saving account or accounts, not investments and 401K retirement plans. But, you'd have to be a damned fool to keep that much in a savings account.

 

[Synthaholic]

But, you'd have to be a damned fool to keep that much in a savings account.

Why? Divide $1 million between 4 accounts and they are all Federally insured.

Not only that, but they will generate thousands of dollars in interest each month.

 

[Gracie]

Wish I had a mil. I'd buy a little 2 bedroom house on a large lot or acre in the outskirts of a quaint little town. Lots of trees shading it, bushes, flowers, fireplace, windows. Lots of windows.

Thusly:

 

[White 6]

Why? Divide $1 million between 4 accounts and they are all Federally insured.

Not only that, but they will generate thousands of dollars in interest each month.

Maybe different where you are, but here, compared to other choices available, savings accounts don't earn sht. For me, mostly a place to park money, I do not want connected to my checking account, as have had fraud, big time and found it a hassle, though I got my money back. Heck, when I was a kid, I made better return on my Christmas Club account than you've seen on standard savings account since my kids were born, and they are grown now.

 

[White 6]

Why? Divide $1 million between 4 accounts and they are all Federally insured.

Not only that, but they will generate thousands of dollars in interest each month.

Maybe different where you are, but here, compared to other choices available, savings accounts don't earn sht. For me, mostly a place to park money, I do not want connected to my checking account, as have had fraud, big time and found it a hassle, though I got my money back. Heck, when I was a kid, I made better return on my Christmas Club account than you've seen on standard savings account since my kids were born, and they are grown now.

 

[White 6]

Why? Divide $1 million between 4 accounts and they are all Federally insured.

Not only that, but they will generate thousands of dollars in interest each month.

Maybe different where you are, but here, compared to other choices available, savings accounts don't earn sht. For me, mostly a place to park money, I do not want connected to my checking account, as have had fraud, big time and found it a hassle, though I got my money back. Heck, when I was a kid, I made better return on my Christmas Club account than you've seen on standard savings account since my kids were born, and they are grown now.

 

[SweetSue92]

Ten percent. That surprised me, I thought it would be lower. Here is an excerpt from the article:

Rebecca Lake
Wed, September 6, 2023 at 8:39 AM MST

what percentage of retirees have a million dolllars
Saving $1 million (or more) for retirement is a great goal to have. Putting that much aside could make it easier to live your preferred lifestyle when you retire, without having to worry about running short of money. However, not a huge percentage of retirees end up having that much money. In fact, statistically, around 10% of retirees have $1 million or more in savings. The majority of retirees, however, have far less saved. If you’re looking to be in the minority but aren’t sure how to get started on that savings goal, consider working with a financial advisor.

And none of it will matter a hill of beans under "Bidenomics"

 

[DudleySmith]

TSP Millionaire? It takes effort but you can do it

Federal employees who are members of the Thrift Savings Plan (TSP) have the potential of becoming a TSP millionaire, with a fat nest egg in addition to

www.fedweek.com

Federal employees who are members of the Thrift Savings Plan (TSP) have the potential of becoming a TSP millionaire, with a fat nest egg in addition to their CSRS or FERS annuity.


As of November 2022, there are 65,000 TSP millionaires.

This article claims there were 112,000, but there are now 88.000.

Number of seven-digit TSP accounts approaches six digits again

In today's Federal Newscast: President Biden nominates a replacement for outgoing Joint Chiefs Chairman Mark Milley. VA Nurses, numbering about 14,000, have reached an agreement with their union. And there's not quite a six-digit number of folks with seven-digit TSP accounts.

federalnewsnetwork.com

The number of Thrift Savings Plan millionaires is on the rise. There are now just over 88,000 TSP accounts totaling more than $1 million. That's about a 15% jump from the roughly 77,000 TSP millionaires that there were at the end of 2022. But it's still far below the highest-ever number of reported TSP millionaires. That was at the end of 2021, when there were almost 112,000 millionaire participants. Million-dollar accounts currently make up about 1.3% of all TSP accounts.

Sounds like they got private sector jobs writing up 10K's and 8K's. lol. So much for govt. stats on anything.

 

[Votto]

Ten percent. That surprised me, I thought it would be lower. Here is an excerpt from the article:

Rebecca Lake
Wed, September 6, 2023 at 8:39 AM MST

what percentage of retirees have a million dolllars
Saving $1 million (or more) for retirement is a great goal to have. Putting that much aside could make it easier to live your preferred lifestyle when you retire, without having to worry about running short of money. However, not a huge percentage of retirees end up having that much money. In fact, statistically, around 10% of retirees have $1 million or more in savings. The majority of retirees, however, have far less saved. If you’re looking to be in the minority but aren’t sure how to get started on that savings goal, consider working with a financial advisor.

$1 million dollars, when it takes $1 million to fill your Joe Biden gas tank?

I thought Joe Biden just took retirees into a field to shoot them these days.

Once you stop being a productive slave for the state, off you go!

But that's what democrats do best, slavery.

 

[Harpy Eagle]

And none of it will matter a hill of beans under "Bidenomics"

Shocking how many people on this forum are doing so poorly. Have you ever thought about doing something to better your situation instead of just whining all day long on an internet forum?

 

[Harpy Eagle]

I am surprise it is that low. They must be talking about a saving account or accounts, not investments and 401K retirement plans. But, you'd have to be a damned fool to keep that much in a savings account.

No, they are talking about 401k.

If you put 1000 dollars a month in 401k for 30 years you need 6% average growth to reach a million.

How many people do you think are doing that?

 

[SweetSue92]

Shocking how many people on this forum are doing so poorly. Have you ever thought about doing something to better your situation instead of just whining all day long on an internet forum?

"Pull yourself up by your bootstraps"--what an utterly Republican thing for you to say

 

[Harpy Eagle]

"Pull yourself up by your bootstraps"--what an utterly Republican thing for you to say

Put your chin to the grindstone and add in some elbow grease.

If your life is sucking, it is your own damn fault, not the person's sitting in the White House.

 

[SweetSue92]

Put your chin to the grindstone and add in some elbow grease.

If your life is sucking, it is your own damn fault, not the person's sitting in the White House.

My kids would like to buy houses. They both have very good professional jobs just out of college.

It's their fault the mortgage rates/rent is through the roof? Explain.

 

[1srelluc]

Wish I had a mil. I'd buy a little 2 bedroom house on a large lot or acre in the outskirts of a quaint little town. Lots of trees shading it, bushes, flowers, fireplace, windows. Lots of windows.

Thusly:

View attachment 825910

Better build it in a state that has good forest management practices or it will burn. I'd suggest a big pond too.

 

[Harpy Eagle]

My kids would like to buy houses. They both have very good professional jobs just out of college.

It's their fault the mortgage rates/rent is through the roof? Explain.

Anyone who is old enough to have bought a house before 2000 laughs at the "mortgage rates through the roof" comment.

As for rent prices, if you think the POTUS controls rent prices, you should not be a school teacher.

Perhaps the shortage of available/affordable housing is the cause of high rents. A shortage that has been growing for more than a decade.

Or perhaps landlords not being allowed to evict people for more than a year even if they did not pay rent that whole time is leading to higher rents.

 

[jbrownson0831]

$1 million dollars, when it takes $1 million to fill your Joe Biden gas tank?

I thought Joe Biden just took retirees into a field to shoot them these days.

Once you stop being a productive slave for the state, off you go!

But that's what democrats do best, slavery.

Soylent Green is peepol......its...peeee-polllllll!!!