Hoosegow said:
54 here. 2 ag degrees, BS and Masters. Been in heavy manufacturing for the last 27 years at the same company. I pay more in taxes than I my take home pay. Can retire and can more than double my take home pay. Can walk away right now. Did it all by being fiscally responsible. First wife kept the house. I kept my retirement. She got all our non 401k investments as well. Bought my house with cash. Put my daughter through school and dental school. Im trying to stick around to let my egg grow. Want to buy a nice small ranch west of I35 and a place in the mountains. Figure if I stick around for another 2 years I should have 1-1.5 million to do this with.
Completely possible if you aren't stupid with your money. I see many people buy nice cars and nicer homes - way nicer than I have ever lived in who make more money than I do and are essentially broke.
Saving isn't a value anymore. I think these young kids under 25 get it, but seems like the last 40 years success meant having things. I always believed financial independence meant success.
I dont believe Im rich. I dont act or spend like Im rich. But, what I'm reading lately, people are in trouble. At the same time, I pull into our company parking lot in my bought used with cash 2013 vehicle. I see these kids and even people my age who I know what they make driving 100k vehicles.
Spot on! It's incredible how many people have such poor saving habits and the subsequent crisis many, who are close to retirement age, are about to face.
28-30% of Americans age 55-64 have $0 for retirement. But, 38% have undergraduate degrees and another 15% more have advanced degrees. Education doesn't even come close to being related to saving propensity just based on stats like these…
Unfortunately, only about 18% of individuals these days retire with a pension and most of that is likely govt or teaching jobs. This generation is in trouble. 30-40 years + ago, most had pensions but when 401ks were launched and pensions generally went away, most Americans, regardless of being educated, had no clue how to engage with 401ks.
I'm 57 and have fortunately been very disciplined throughout, but my current job that I started 8 years ago is the first time I've seen employees offered actual training on how to maximize 401k saving. There's a generational gap retiring right now! Between the pension generation and the smarter/young investor.
Kinda scary for lots of people!
