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- May 31, 2024
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There are many people who share the gift of good parents.
Unfortunately there are many people with parents, that have poor parenting skills.
Average 401(k) balance for 65 and older is $272,588. median $88,488.
- Thread starter SC Maintenance
- Start date
Unfortunately there are many people with parents, that have poor parenting skills.
If it existed it would honestly be foolish to do, IMHO. If you have $80K to save a year, odds are you don't need it. Better to pay the taxes now, invest, and when you die your heirs grab it tax free with a new basis. Only reason would be a one time bonus or something you knew was coming, so you could stack up.
Not advice, simply my opinion. Past gains don't guarantee future success, and so on...
It is in our district, or sort of. I think its half a portion of a required "business 101" class or something like that. I looked at it. Honestly I think its over the heads of someone that is 16. Until you have to support yourself, the whole finance thing is fantasy.
Maybe a required course at 30 in order to keep your drivers license or something?
My wife’s parents manage with zero in their retirement living off social security with their oceanfront beachfront home in MA and home in top ski town owned outright also.
The most expensive vehicles they have purchased in their entire lives was $6500.
Not for me.
The most expensive vehicles they have purchased in their entire lives was $6500.
Not for me.
No one should get outta 8th grade without an understanding of bank accounts and time value of money. Get them thinking.
No one should get outta HS without an understanding of markets, retirement issues, etc.
Yes a sad reality, but not a good excuse imo. Financial responsibility should be a requirement in HS.
Now that's something we totally agree on.
The best lesson I ever got about $$ was being drunk, broke and homeless. And that was the best I could do at the time. Luckily, things have changed.Now that's something we totally agree on.
There are many things that should be a requirement for life skills. Some should include a smack to the head of the parents that complain to school board and teachers for bad grade of the kids that didn't do homework because they "didn't feel like it/want to". Those same parents complain later that the kids are playing video games and don't want to get jobs at 3o0 years old.Now that's something we totally agree on.
That's off-topic for another thread. My wife works in an elementary school and the stories are horrendously sad even there.
My niece teaches Special Ed kids in Brooklyn. The stories she tells about parents is sickening, but you're right that's another topic.
Good to see lots of BITOG members are taking retirement very seriously and planning for their future.
Long time ago I knew someone driving a 10 year old Mercedes and was only putting $15 per paycheck ($390 yearly) towards his 401K. LOL
I told him to get rid of Mercedes cause it was causing him problems and expensive to repair, he said you only live once and he couldn’t drive a Corolla or Civic.
True story that I’ll never forget.
Long time ago I knew someone driving a 10 year old Mercedes and was only putting $15 per paycheck ($390 yearly) towards his 401K. LOL
I told him to get rid of Mercedes cause it was causing him problems and expensive to repair, he said you only live once and he couldn’t drive a Corolla or Civic.
True story that I’ll never forget.
"I'll save for my retirement when I get older."
My house just went up another $50K. Gonna pull some out and buy a new car...
Regardless of one's strategy, the key thing is, the gravy train does not go on forever.
Pipefitters local 562 started March 7, 1912. Started in 1973 and a pension was part of my package.
Several posts have brought up interesting insight.
Are the title's numbers for individual 401K accounts or are they summed by owner?
Net worth, both liquid and including real estate would add clarity.
Numbers by state, region, etc. would be helpful.
Regardless, the numbers tell a bleak story. And the gap between the haves and the have nots continues to grow; expect worse.
I've been on both sides of money and I can tell you it is a lot better to be the one who gives a little than to be the one who needs a little. Just my experience.
Are the title's numbers for individual 401K accounts or are they summed by owner?
Net worth, both liquid and including real estate would add clarity.
Numbers by state, region, etc. would be helpful.
Regardless, the numbers tell a bleak story. And the gap between the haves and the have nots continues to grow; expect worse.
I've been on both sides of money and I can tell you it is a lot better to be the one who gives a little than to be the one who needs a little. Just my experience.
Given that it's the 65 and older people, it's reasonable to assume that they have pensions and own their house. So, of course their 401K balance is going to look low.
Triple_Se7en
$50 Site Donor 2024
If that's mine and I die tomorrow, how much of that $272k would my daughter bequeath after 100% withdrawal and taxes?
Regretfully, I believe you are wrong.
Yeah, no make sense.
I think she would be subject to minimum required annual distributions which would be taxable under whatever laws are in effect.
It's like you live on, but in her name.
A nice problem to have, IMO. Beats the snot outta nothing.
All good things come to an end.
Jeff is correct.
She has to pay taxes on distributions and has 10 years to drawdown the balance.
Obviously she doesn’t want a lump sum distribution….
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