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Most U.S. Workers Expect to Fall Short of $1.1M Retirement Savings Goal. 64% of Millennials and 62% of workers aged 45 and older said their workplace

Posted by decline (aka Decline) Apr 12 '23, 06:54

retirement plan will not reach the level they hope for.

https://www.planadviser.com/u-s-workers-expect-fall-short-1-1-million-retirement-savings-goal/ (www.planadviser.com)

Responses:

I'll be working until I drop dead. $0 towards retirement so without hitting the lotto I'm working forever. -- nm - Krusty Apr 12, 08:06 1
- I have a retirement account but I am still in the same boat as you -- nm - decline Apr 12, 08:07
*updates his spreadsheet* -- nm - znufrii Apr 12, 08:00
How can I plan for the future when I cannot afford the present? -- nm - Qale Apr 12, 07:31
I am surprised by that. I started my 401k in my late 20’s and expect with only 10% ROI to comfortably clear that. - Will Hunting Apr 12, 07:13 7
- When I started working out of grad school, my father was like "you should max your contributions to your 401k while you are young" - ty97 Apr 12, 07:18 6
  - In my 20s I was penniless. -- nm - loosilu Apr 12, 08:18
  - That advice should always come with a big caveat: "After you have saved everything you need first." - Max Apr 12, 07:47 4
    - The r/personalfinance flowchart lays everything out fairly well, I think. - znufrii Apr 12, 07:55 1
      - The flowchart -- (link) - znufrii Apr 12, 07:56 [Image]
    - Good advice with the caveat to never ever ever leave matching funds on the table. -- nm - ty97 Apr 12, 07:52 1
      - I'd still say $100+$100 per month locked up in a 401k is not as good as $100 per month in your checking/CD account. -- nm - Max Apr 12, 07:54
Y'all are gonna make me go check my 401k balance (which I've been avoiding checking) -- nm - ty97 Apr 12, 07:12
I don't even know *what* my hope for my retirement plan number is. I just know it stresses me. -- nm - ty97 Apr 12, 07:09
$1M? LOLOLOL -- nm - JaxSean Apr 12, 07:08 6
- Don't mock us Jaxy McRichbucks! -- nm - ty97 Apr 12, 07:23 5
  - Pfft. We don't save, we enjoy life. We'll be broke by the time we get to retirement age. We'll be Walmart greeters I'm sure. -- nm - JaxSean Apr 12, 07:40 4
    - I have got to get better at this. I stress about the costs of things when I need to be experiencing life. - Pippy the Gifted Apr 12, 07:45 3
      - I try to strike a balance. Not sure if I've found the healthy balance or not, but I try. - ty97 Apr 12, 07:49 2
        
        This has been a constant theme of discussion in our house. We landed on “travel now” for the most part. -- nm - znufrii Apr 12, 08:18
        
        True to the IM -- nm - Pippy the Gifted Apr 12, 08:13
The good news for (some) millennials is that they are still young and have time. - ty97 Apr 12, 07:06
I mean I am one of those people. - tRuMaN Apr 12, 07:05 2
- I perfectly understand and went through something similar - decline Apr 12, 07:07 1
  - yea to the im -- nm - tRuMaN Apr 12, 07:32
That goal feels low? -- nm - ty97 Apr 12, 07:05 2
- *shrug* It's a very subjective number. My mother is retired on much, much less than that and she lives ok - decline Apr 12, 07:33 1
  - I do agree with the IM. I'm just curious how that target number was determined? -- nm - ty97 Apr 12, 07:36
That number isn't enough to retire on, so we're already starting off with people not understanding money. -- nm - MDH Apr 12, 06:57 5
- $1M should be plenty to continue the quality of life (with mortgage paid off) of a median income American for their average life expectancy. -- nm - Max Apr 12, 08:01 2
  - You just used 'median' and 'average' in the same sentence which must violate some rule of the universe. -- nm - ty97 Apr 12, 08:08 1
    - Don't be mean. -- nm - Max Apr 12, 08:17
- $40,000/year isn’t lavish, by any means, but seems livable in many places, assuming that includes a paid off mortgage, and doesn’t even account for social security. -- (edited) - znufrii Apr 12, 07:44
- Depends party (I think) on your needs, where you plan to retire, your plans for retirement, if you already have a paid off home. -- nm* - ty97 Apr 12, 07:07

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Most U.S. Workers Expect to Fall Short of $1.1M Retirement Savings Goal. 64% of Millennials and 62% of workers aged 45 and older said their workplace

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