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Your Take: How Much Savings & Investments?

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I saw an eye-opening statistic this week from a retirement confidence survey done by the Employee Benefit Research Institute, a survey they do each year, in which they learned that 60% of U.S. workers had less than $25,000 in savings and investments. That means the total value of their household’s savings and investment, excluding the value of their home and defined benefit plans like pensions, was less than $25,000. Retirement confidence was low, with only 14% being “very confident” and 38% as “somewhat confident.” The survey consisted of 20 minute interviews with 1262 people age 25 and older. 1,003 were active workers while 259 were retirees.

$25,000 is not a lot of money when you count savings and investments for people over the age of 25 and it’s a unfortunate to see that only 40% of respondents had that much. I won’t try to guess why the number is so low, I’m sure there is a variety of factors (the last few years has not been good on investments and job prospects, so it’s not incredibly surprisingly the percentage is so low), but I’m curious what the breakdown is among Bargaineering readers.

I’m 32 and I, thankfully, have more than $25,000 in savings and investments.

Do you have more than $25,000 in savings & investments and how old are you?

{ 46 comments, please add your thoughts now! }

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46 Responses to “Your Take: How Much Savings & Investments?”

  1. Monkeymonk says:

    I’m in my late 30s and I have a lot more than $25,000 in savings and investments.

    I’m always shocked by how low savings amounts in this country are. What’s going to happan as these workers get into retirement age and either have to work much longer or get forced out of work and be left with living off SS and their meager savings?

  2. Mike says:

    I only started working so not even close to 25000, but I’m working on it!

  3. Lisa says:

    It’s difficult to save nowadays and I bet the stock market has hurt a lot of people!

  4. tbork84 says:

    I have over $25000 in savings and investments and I am 27 years old. That being said I know that out of my friends I am one of the few actively saving and investing for retirement and my future.

  5. Frugal says:

    Mid forties and lot more in retirement account

  6. scdavid says:

    Late 30’s, yes over $25k

  7. Ron Mexico says:

    Early 30s w/ more than $25K in savings and investments. However, it’s getting harder to put money into both…and I still have a job.

  8. mannymacho says:

    28, more than $25000

  9. Courtney says:

    We are 30 and 31, and we have about $40K in non-retirement savings and $125K in retirement savings. The (free, via his workplace) financial planner hubs met with last year was shocked.

  10. Peter says:

    40s–and many times more than 25k; and even then I am always afraid it won’t be enough.

    • Frugal says:

      Just think of people who do not have job and are struggling and your “afraid” will go away. I am not suggesting that you stop what you do but it may help you enjoy what you have as well.

  11. Chris says:

    24 with zero debt and about 12k saved. Was unemployed for about 4 months which ate into my savings a lot (i didnt file for unemployment as I believe thats for people who really need it/have families)

    • Frugal says:

      “i didnt file for unemployment as I believe thats for people who really need it/have families”

      While that is a nice gesture, I would have taken it as I would have earned it and when employed again, give the same amount to charity (return to the society)

  12. idau85 says:

    26 and I have more than $25K in saving and retirement.

  13. Shorebreak says:

    Many people viewed their homes as their retirement fund. They figured on home values rising at an extraordinary pace year in, year out. Being part of the “ownership society” and cashing-out when one reaches retirement. Then downsize, or rent, and live happily ever after on Social Security and the net profit from the home sale. That bubble sure burst in 2007, didn’t it? If working people are not diverting at least 15 percent of their gross earnings into a retirement fund like an IRA they will be in poor shape later in life. Who wants to hire a 65 year-old? Myself, I’m very lucky in the lottery of life. I get a military retirement pension and Social Security which cover my expenses, and have no debt. In addition I have savings substantially more than $25k.

  14. Megan E. says:

    28, more than $25k in my investment accounts, plus more than that in savings and plus a bit more in husband’s retirement account.

    We are grad students and can do this – no excuses allowed for people.

  15. partee875 says:

    I’m 26 and including defined contribution plans (401k and roth ira) I have well over 25k. Not including those I am under 25k. I put most of any money I save in retirement accounts and currently don’t see the need to have anything close to 25k for savings.

  16. Bonnie says:

    46 and have well over 25k. But, lost my job at beginning of this year so not putting anything in now. Still making same house payment (extra towards principal) because I always have so saw no reason to change. Goal to have house paid for before 50 and should be able to do so. I’ll find some work soon I am sure!

  17. javi says:

    I am in my early thirties and I am so happy that I have much more than $25000. I have been trying to save as much as I can the past few years in my 401k and IRA.

  18. represso says:

    Mid 50’s and well over 25K….
    I am thinking that the people that do have money for retirement will have to pay for those that don’t. There will be too many without to let fall through the cracks and have family, churches or other groups pick them up. I hope that is not the case but…. what will happen to them?

  19. daenyll says:

    27 and better than 25k savings, working hard to pay off student loans so the net worth gets up there as well. then maybe looking into a home

  20. govenar says:

    I think it mainly depends on the kind of jobs you have… if your job pays just enough to pay your rent, you’re not going to have $25k regardless of how hard you try to save.
    But it seems strange to exclude pensions. I’m guessing that pensions explain why all these people aren’t homeless.

  21. Zanne says:

    We’re in our early 50s, and have well over $300k in retirement savings, plus being fully vested in a state pension plan. This is over and above our regular investments which are in excess of $200k. We are 3 years away from paying off the mortgage, and hope to then significantly increase our deposits into savings. We also have set aside enough to pay four years of college for our child. Both of us are employed, still, but have witnessed a significant drop in income over the last four years.

  22. Independent says:

    Two people working and living below means for my working life. It’s simple, not easy, but most people today don’t want to live below their means. We did educate our children. In my 50s now and having a very comfortable retirement.

  23. Shirley says:

    Thank goodness we lived frugally and saved during our 50-year workforce life. We are retired and live quite comfortably on SS and monthly distributions from our IRA. Yes, we still save, and we definitely have over 25k there.

  24. Michael says:

    28 and way over 25k savings.

    Somehow I feel I am going to get screwed for saving. When all of these people get old and unable to work the government will create additional programs to help them. I won’t qualify for them cause I saved my money.

    • Shirley says:

      But if you keep saving as you evidently are doing now, when you retire you will be sitting pretty. And you will have the satisfaction of knowing that it is because you created your own position, just as those trying to live solely on government programs did.

      Government programs are not, and will never be, even close to providing what you will have earned for yourself. Judge yourself by your own productive actions, not by what others have or get.

  25. imposter222 says:

    According to Rachel Maddow, most seniors are doing well.

    My wife and I are in our mid-seventies, and have done pretty well with our VANGUARD investment funds. My savings and social security has provided me with enough money to travel around the world – over 160 countries. I did six trips last year, and have done the “annual” wine cruise on Oceania’s new ship, Marina, in January. I’m going on a 16-day trip to the Dalmatian coast on March 28, then a National Parks tour with my wife in May.

    I transferred 50% of my intermediate term bonds into equities last June 30 (a little too early), and have been doing very well the first three month of this year, showing 8% gain. My wife is wealthy, because she doesn’t spend her money on travel – or anything else.

    My timing on rebalancing my investments have been pretty good. When the market was up to 14,000, I sold 37% of my funds and repurchased them when the market hit 8,500.

    The advise I give to people when we talk about investments is to just follow the principle rules of investment, and always have confidence in the US economy.

    It has served us well.

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