Quote:
Originally Posted by Merch
Poeple 55+ have a net worth of 200K? Is that right? All of these values seem too low. .
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My mother is good friends with a financial adviser/ investment adviser in a town full of recent and upcoming retirees. She has said on several occasions that you would be shocked how many retirees enter into retirement with somewhere in the neighborhood of only $20K saved. She also says that many have tapped the equity in their houses and ultimately have little value there as well- and a mortgage payment to boot (is there a shaking my head icon?). This shouldn't be a town full of dummies either; these are highly educated people with good paying jobs.
I suppose it's an example of people living in the moment. There's a reason the national savings rate is something like -2%.
We are well above the average net worth for people our age and income, but I feel that what we have is still sadly low. As it's already been pointed out, just because it's higher than average, doesn't mean you're on the right track.