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Average Retirement Age?

14,408 Views | 170 Replies | Last: 1 yr ago by MAS444
CS78
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11:34p, 5/14/22
Is there a metric that tracks it?

I've been on the coast for the last few days and the number of $80k+ boats continues to explode. Crazy truck prices are nothing new. Seems we're working on a solid decade of me wondering how the hell people are affording this stuff. I know there's plenty of good jobs out there to support the payments. Just wondering if there's numbers that show the true cost in years? I consider myself to be "financially secure" and still feel too poor to afford a new boat.
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BenTheGoodAg
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8:25a, 5/15/22
AG
It can be staggering to see how many folks are driving $80k trucks out there, but it's not a good indicator of how much wealth they have. Check out The Millionaire Next Door.

I'm sure Google can drum up some specific data to your question, but other data that may be relevant:
- Net worth by age (and other net worth data)
- Retirement savings by age

Some of that data is shocking.
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HumpitPuryear
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8:39a, 5/15/22
AG
You can get 15 year financing on a boat. I had no idea until I bought a boat from a guy last month and paid his note.
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Yesterday
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In reply to HumpitPuryear • 8:50a, 5/15/22
AG
HumpitPuryear said:
You can get 15 year financing on a boat. I had no idea until I bought a boat from a guy last month and paid his note.


Yep. Debt is your answer. Some people have the income/savings and buy these toys with cash because they can. A lot borrow and put themselves in a deep hole for their one toy!
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ORAggieFan
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8:58a, 5/15/22
One goal we should instill in the youngsters is no debt other than house and student loans (depending on circumstances) by 40 (excluding 0% car notes, etc).

If you reach 40 you should be able to buy anything but a house with cash. If you can't, you can't afford it.
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Sully Dog
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In reply to BenTheGoodAg • 9:22a, 5/15/22
From the same book, even the people who are multi-millionaires don't retire so they are bad proxies for early retirement.

I know a lot of people who are doing the DINK F.I.R.E. method. Honestly they are pretty miserable people
Deplorable Neanderthal Clinger
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Sully Dog
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9:35a, 5/15/22
The average American eats out 4-5 times aways and spends over $3,000 a year on eating out. Our problem isn't wages. It's lifestyle.
Deplorable Neanderthal Clinger
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littlebitofhifi
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In reply to Sully Dog • 10:44a, 5/15/22
AG
Sully Dog said:
The average American eats out 4-5 times aways and spends over $3,000 a year on eating out. Our problem isn't wages. It's lifestyle.


Two things can be true.
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cmk10
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In reply to ORAggieFan • 11:20a, 5/15/22
AG
ORAggieFan said:
One goal we should instill in the youngsters is no debt other than house and student loans (depending on circumstances) by 40 (excluding 0% car notes, etc).

If you reach 40 you should be able to buy anything but a house with cash. If you can't, you can't afford it.


I agree, im more in the boat if you buy a $70k truck and up you gotta pay it off within 2 years.
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ORAggieFan
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In reply to cmk10 • 1:10p, 5/15/22
cmk10 said:
ORAggieFan said:
One goal we should instill in the youngsters is no debt other than house and student loans (depending on circumstances) by 40 (excluding 0% car notes, etc).

If you reach 40 you should be able to buy anything but a house with cash. If you can't, you can't afford it.


I agree, im more in the boat if you buy a $70k truck and up you gotta pay it off within 2 years.


Nearly everyone with a $70k vehicle has no business having them.
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Jet Black
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1:18p, 5/15/22
I'd assume $1,000 car notes aren't uncommon in 2022.
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AggieDruggist89
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In reply to ORAggieFan • 1:19p, 5/15/22
AG
every stay home soccer mom driving a $85k SUV has no business driving one.

Her ****y ain't that good....

/minivan
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MAS444
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1:33p, 5/15/22
AG
What am I missing? $3,000 /yr eating out isn't much at all - especially with a couple of kids.

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permabull
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1:48p, 5/15/22
AG
Not uncommon for a dual income house to pull down $200-300k a year even without climbing too far up the corporate ladder. Spending most of that and saving very little for retirement would allow the lifestyle OP described. Very few people who live that lifestyle while they are young will be able to maintain it in retirement, but they might love their job and never plan to stop working or they might figure when they are older they won't be able to physically do as much so they want to do it now.

I am not saying there is anything wrong with that if that is how they want to live, but I personally would be too stressed to live like that just as they probably think I am saving too much when tomorrow isn't even guaranteed. Different strokes for different folks.
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Spaceship
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In reply to MAS444 • 1:49p, 5/15/22
AG
MAS444 said:
What am I missing? $3,000 /yr eating out isn't much at all - especially with a couple of kids.


It's $57/week. That's basically one outing per week which actually seems below average.
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Cyp0111
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In reply to Spaceship • 1:52p, 5/15/22
That eating out total is way low. More like most people are at 1K month minimum at current inflation levels. A night out at most Tex-mex places for a family of 4 is going to cost $100
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Sully Dog
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In reply to MAS444 • 2:00p, 5/15/22
MAS444 said:
What am I missing? $3,000 /yr eating out isn't much at all - especially with a couple of kids.

I said American, not family.
Deplorable Neanderthal Clinger
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Sully Dog
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2:04p, 5/15/22
https://www.businessinsider.com/average-restaurant-takeout-spending-generation-united-states-2018-9?op=1

https://i.insider.com/5ba01fb40ce5f591208b5299?width=800&format=jpeg&auto=webp

https://i.insider.com/5ba020c2b354cdbd228b52c3?width=800&format=jpeg&auto=webp
Deplorable Neanderthal Clinger
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MAS444
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In reply to Sully Dog • 3:01p, 5/15/22
AG
That's still not that high.
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BoDog
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4:42p, 5/15/22
AG
Most biz owners drive super nice cars for the simple reason is they would rather enjoy the ride than pay most of the difference to the IRS. If you are an average small biz owner and on paper you are making 250-400k you probably aren't doing it right.
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AgsMyDude
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In reply to Sully Dog • 5:02p, 5/15/22
AG
Sully Dog said:
The average American eats out 4-5 times aways and spends over $3,000 a year on eating out. Our problem isn't wages. It's lifestyle.


Wages haven't exactly kept up with other major expenses like housing

https://kinder.rice.edu/urbanedge/2019/07/25/gap-between-income-growth-and-housing-cost-increases-continues-grow


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ttuhscaggie
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6:51p, 5/15/22
AG
I drive around in a 2012 Acura TSX and when I see nothing but fancy cars and trucks all over Houston I just assume everyone else must have an onlyfans page.
No material on this site is intended to be a substitute for professional medical advice, diagnosis or treatment. See full Medical Disclaimer.
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A New Hope
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In reply to ORAggieFan • 7:46p, 5/15/22
ORAggieFan said:
cmk10 said:
ORAggieFan said:
One goal we should instill in the youngsters is no debt other than house and student loans (depending on circumstances) by 40 (excluding 0% car notes, etc).

If you reach 40 you should be able to buy anything but a house with cash. If you can't, you can't afford it.


I agree, im more in the boat if you buy a $70k truck and up you gotta pay it off within 2 years.


Nearly everyone with a $70k vehicle has no business having them.
Always amazes me what kind of cars people drive. I made $400-500k a year my entire career and ALOT of the people ($50-75k) I worked with drove cars worth way more than mine.
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utah, get me two
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In reply to A New Hope • 7:56p, 5/15/22
you made at least 400k/yr your entire career?
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YouBet
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8:27p, 5/15/22
AG
Damn, i wish we only spent $3k per year eating out. That's 2-3 months for us. And thats a dramatic drop off of what we were spending pre-COVID.
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topher06
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In reply to Sully Dog • 9:19p, 5/15/22
I eat out almost every meal.
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ORAggieFan
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In reply to YouBet • 9:22p, 5/15/22
YouBet said:
Damn, i wish we only spent $3k per year eating out. That's 2-3 months for us. And thats a dramatic drop off of what we were spending pre-COVID.

Yeah, same. We usually have 1-2 meals in the year that total that. And I eat out 5-10 meals/week.
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RangerRick9211
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In reply to utah, get me two • 12:22a, 5/16/22
AG
utah, get me two said:
you made at least 400k/yr your entire career?


Barnes upgrade his account again?
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Sully Dog
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In reply to BoDog • 12:25a, 5/16/22
BoDog said:
Most biz owners drive super nice cars for the simple reason is they would rather enjoy the ride than pay most of the difference to the IRS. If you are an average small biz owner and on paper you are making 250-400k you probably aren't doing it right.
except the average small business owner isn't making $250K
Deplorable Neanderthal Clinger
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Sully Dog
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In reply to MAS444 • 12:28a, 5/16/22
MAS444 said:
That's still not that high.
Read the links from the 2nd post. $3,000 is a lot when it's more than the median 35 year old has in savings.

Add to it the trucks everyone else is talking about and the boats financed for 15 years and it's a **** ton
Deplorable Neanderthal Clinger
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BoDog
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In reply to Sully Dog • 6:14a, 5/16/22
AG
Sully Dog said:
BoDog said:
Most biz owners drive super nice cars for the simple reason is they would rather enjoy the ride than pay most of the difference to the IRS. If you are an average small biz owner and on paper you are making 250-400k you probably aren't doing it right.
except the average small business owner isn't making $250K
Ok pick any number above say $175k...
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bmks270
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9:19a, 5/16/22
AG
Understand that most people think and act differently than you.

Most are full of vanity and cannot think very far ahead into the future.
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Guppy
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9:53a, 5/16/22
AG
I recently turned 40 and think I'm finally starting to stash away the % of income I want for retirement. I've paid off all student loans, lived a somewhat frugal lifestyle and slowly built up my savings. I also hope to retire by 60 but will be forced to retire from my industry by 65 due to current regulations.

With that said many if not most of the adults I know who are my age or younger than me - in their 30s - don't believe they will be able to retire, or certainly not at age 65. Therefore many "live for today". They put in 5% for a company matching 401k and blow the rest. They claim they would rather enjoy life now when they are young than when they are too old to enjoy it. Their plan is to just significantly downsize and cutback when they finally do retire (in their 70s I assume).

Part of me envy's them. But part of me is also very fearful that I'll be footing their retirement bill one way or another.
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TommyGun
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10:33a, 5/16/22
AG
Keep in mind there are a lot of overtime hogs down on the TX/LA coast chasing turnarounds and picking up extra shifts in their operations schedules. I know a lot of guys with no more than a high school diploma making $75/hr with 1000+ hours of OT and per diem each year working as planner/schedulers in industrial projects and maintenance. Those guys blow a lot of cash when they aren't working and I don't really blame them too much given the hours they put in. Of course, I hope they have some kind of plan when the hours dry up or their bodies break down from years of energy drinks, breakfast tacos, and graveyard schedules.
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LMCane
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In reply to CS78 • 10:37a, 5/16/22
CS78 said:
Is there a metric that tracks it?

I've been on the coast for the last few days and the number of $80k+ boats continues to explode. Crazy truck prices are nothing new. Seems we're working on a solid decade of me wondering how the hell people are affording this stuff. I know there's plenty of good jobs out there to support the payments. Just wondering if there's numbers that show the true cost in years? I consider myself to be "financially secure" and still feel too poor to afford a new boat.
Youtube "The Money Guys" show metrics by 5 year increments on average and median savings for all age groups

The median for those age 55 was like $300,000
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