As I write this it’s still Thursday, which means Josh and I had lunch at Mom’s, or Grandma’s, depending upon who’s doin’ the talkin’. Though retirement didn’t come up in conversation, something she said reminded me of data I ran across about a year ago. It was both surprising and an impending nightmare for a large and ever growing segment of the country.
The average Joe/Jane arrives at their 58th birthday with a 401(k) valued at less than $60,000 give or take.
Read that sentence again, and let it sink in.
58 today? Have $1,000 for every year you’ve been breathin’ on the planet, saved up for your glorious retirement?
Ever heard of the colloquialism ‘up the creek without a paddle’? Happy Birthday!
There are millions of ‘Boomers in their 40′s and 50′s. There are thousands and thousands who’ve recently realized they own a water born vessel, but without any visible means of locomotion.
Mixin’ metaphors like a banshee, it’s time to switch horses, even though yer in the middle of the stream.
These folks, about to be involuntarily drenched, have other assets available to them. They own homes with equity. Maybe they have that classic car Uncle Elmer left them. Whatever. They’re gonna be workin’ ’till they physically can’t if they don’t change their ways. They may anyway, who knows?
BawldGuy Axiom: ‘Bout the time the farmer got the old mare to work without eatin’? She died.
The mare didn’t have a choice. You do — so let’s cut to the chase here.
Don’t mean to go all Dr. Phil on ya here, but how’s yer current strategy been workin’ for ya so far?
Yep, know what ya mean. Ready for a change?
Call me, write me, send a carrier pigeon if ya have one. We’ve got horses for ya, just waitin’ to take you farther than that old nag on which you’ve been ridin’ to nowhere fast. They’ve all got the same name though — My Purposeful Plan. D’oh. Have a good one.
Related posts:
- Some Definitions For Beginning (or not) Real Estate Investors
- San Diego Real Estate Investors Are Beginning To Get It — They’re Seeing The Truth
- Beginning Real Estate Investors — Stop Lookin’ Forward To April’s IRS Refund
- Hard Times? How ‘Bout A Little Perspective?
- Prediction — Let’s Review — How ‘Bout Now? The Real Estate Correction
About BawldGuy
I think many people are starting to realize this. But, they can’t get over their fear at this point. I know I have been preachin this for a while now. Can’t tell you how many folks want to talk about it, but won’t do anything about it!
For the record, David was the one who shared the data about how much money the average worker has in their 401(k) upon reaching 58 or so.
Scary. I just talked to one of my side-business customers and she is in that boat. I honestly tried to get her to contact you Jeff but she said she had found some “advisor” in Colorado that she believes can help her.
I’m thinking it’s a scam but I couldn’t get her to take the chance to at least call you or David one time. I feel sorry for her, not for her situation, but her inability to act. Oh well, back to me.. I’m still working hard.. things are SOOO much tougher now. But, I don’t know how to quit.. not with smart guys like y’all out there to help me.
Like you said.. no growth where I am and the inventory has gone to poo. I’ve saved up a lot of cash since I first met you and am taking this slowly but surely. We’ll see what happens.
Joshua — Keep saving, your time will come. This is when you apply patience.