A comparison of retirement savings vs peers - cougarguard.com — unofficial BYU Cougars / LDS sports, football, basketball forum and message board

SteelBlue · 09-18-2007, 10:51 PM

This is similar to one I posted last year. It's from money Magazine's Aug. 2007 issue page 113.

Age group/ Income/ Retirement Savings

Under 35
Top Earners $246,236 $131,791
Upper income $103,658 $40,855
Upper Middle $67,750 $22,627

35-44
Top Earners $263,475 $182,884
Upper Income $107,509 $83,242
Upper Middle $68,760 $44,685

45-54
Top Earners $293,577 $291,566
Upper Income $106,652 $163,177
Upper Middle $70,157 $90,937

55-64
Top Earners $345,149 $481,925
Upper Income $108,412 $272,155
Upper Middle $70,990 $112,792

65-74
Top Earners $339,356 $716,891
Upper Income $103,925 $281,710
Upper Middle $67,894 $143,920

Notes: All figures are averages. Savings include retirement plans and the value of pensions and are among people who have saved. "Top earners" refers to households that place at the 90th percentile and higher for income. "upper income" refers to households that place at the 80th to 89.9th percentile for income. "Upper Middle" refers to households that place at the 60th to 79.9th percentile for income.

Source: Federal REserve Survey of Consumer Finances, 2004

Clark Addison · 09-19-2007, 01:27 PM

Wow, I consider myself someone who started too slow and is trying to catch up, but for the group that matches up closest to me, I have about 50% more in savings than the average.

It doesn't make me feel any better for my own situation, but worse for everyone else.

SteelBlue · 09-19-2007, 02:17 PM

Quote:

Originally Posted by Clark Addison

Wow, I consider myself someone who started too slow and is trying to catch up, but for the group that matches up closest to me, I have about 50% more in savings than the average.

It doesn't make me feel any better for my own situation, but worse for everyone else.

And remember, these are the averages among people who are actively saving. The true numbers are likely even lower.

SteelBlue · 09-19-2007, 07:13 PM

Do any of you financial gurus find it odd that the only one of these averages that is above a half million is in the Top Earners category for 65-74 year olds? I realize that these are averages, but I would think that most top earners (who are savers) have over 1 million by that age. What gives?

09-18-2007, 10:51 PM	#1
SteelBlue Senior Member Join Date: Aug 2005 Location: Norcal Posts: 5,821	A comparison of retirement savings vs peers This is similar to one I posted last year. It's from money Magazine's Aug. 2007 issue page 113. Age group/ Income/ Retirement Savings Under 35 Top Earners $246,236 $131,791 Upper income $103,658 $40,855 Upper Middle $67,750 $22,627 35-44 Top Earners $263,475 $182,884 Upper Income $107,509 $83,242 Upper Middle $68,760 $44,685 45-54 Top Earners $293,577 $291,566 Upper Income $106,652 $163,177 Upper Middle $70,157 $90,937 55-64 Top Earners $345,149 $481,925 Upper Income $108,412 $272,155 Upper Middle $70,990 $112,792 65-74 Top Earners $339,356 $716,891 Upper Income $103,925 $281,710 Upper Middle $67,894 $143,920 Notes: All figures are averages. Savings include retirement plans and the value of pensions and are among people who have saved. "Top earners" refers to households that place at the 90th percentile and higher for income. "upper income" refers to households that place at the 80th to 89.9th percentile for income. "Upper Middle" refers to households that place at the 60th to 79.9th percentile for income. Source: Federal REserve Survey of Consumer Finances, 2004

09-19-2007, 01:27 PM	#2
Clark Addison Senior Member Join Date: Jul 2007 Location: North Carolina Posts: 638	Wow, I consider myself someone who started too slow and is trying to catch up, but for the group that matches up closest to me, I have about 50% more in savings than the average. It doesn't make me feel any better for my own situation, but worse for everyone else.

09-19-2007, 07:13 PM	#4
SteelBlue Senior Member Join Date: Aug 2005 Location: Norcal Posts: 5,821	Do any of you financial gurus find it odd that the only one of these averages that is above a half million is in the Top Earners category for 65-74 year olds? I realize that these are averages, but I would think that most top earners (who are savers) have over 1 million by that age. What gives?