The Investment Thread
The most useful data from this is the savings rate. Fidelity is including balances but I'm skeptical about how accurate those numbers would be for a person like myself who has accounts with multiple service providers. So age 20-40 are saving 7.4% which is 1-2% above match on average, Gen-X is saving about 9%, and age 60-70 are saving 11.2% in their "oh no I didn't save enough" years.
I think the TransAmerica survey is interesting. Millennials are saving 10% of their salary and started at age 24. Gen-X is saving 8% and started at age 30. Boomers started saving at 35 and are saving 10%. Almost 1/3 of Millenials and Gen-X have taken a withdrawal from their retirement account. Boomers will benefit from pensions and higher SSA rates.
These savings rates for Gen-X are scary. This group should be at a 13-15% rate. They are going to struggle if during their peak years they can only put aside 8%.
I'm going to throw this in here for now. Interesting stats.
https://www.investopedia.com/articl...m_source=yahoo&utm_medium=referral&yptr=yahoo
Then the link to Fidelity has this added information.
The most useful data from this is the savings rate. Fidelity is including balances but I'm skeptical about how accurate those numbers would be for a person like myself who has accounts with multiple service providers. So age 20-40 are saving 7.4% which is 1-2% above match on average, Gen-X is saving about 9%, and age 60-70 are saving 11.2% in their "oh no I didn't save enough" years.
I think the TransAmerica survey is interesting. Millennials are saving 10% of their salary and started at age 24. Gen-X is saving 8% and started at age 30. Boomers started saving at 35 and are saving 10%. Almost 1/3 of Millenials and Gen-X have taken a withdrawal from their retirement account. Boomers will benefit from pensions and higher SSA rates.
These savings rates for Gen-X are scary. This group should be at a 13-15% rate. They are going to struggle if during their peak years they can only put aside 8%.