(02-08-2022, 06:09 AM)cemanuel Wrote: Just read an article today and supposedly 50% of boomers have next to no investment savings. Net worth under $200K, and a SS pension. Only about 1/3rd have employer pensions. Scary stuff.There are a number of common things that can wreck a retirement saving plan, that you may not have complete control over.
Any time I read something like that the spread between median and mean numbers are really bad. And if you have reasonable income, so unnecessary these days. A lot of tools out there. A lot of folks make different choices than planning for retirement during their working years.
There are people who had a devastating life event they couldn't get past, particularly medical with poor health insurance. I give those folks a pass. But for those with a decent middle-class income and no extreme events? No reason for it. Well, there's always a REASON; they tend not to be good ones.
As you mentioned medical can end it all and make you not even care. You'll be spending your time trying to figure out which program might help you enjoy your life just a little. My brother-in-law maxed out a good medical insurance plan's lifetime benefit. It was financial game over after that.
Divorce (with kids) is a big one. You often end up with two broke adults, that may kill some years getting their retirement plan back in order, if they don't give up.
Lack of financial education is a big problem for all generations. Many boomers were blissfully ignorant. I have a pension, and SS, so I'm probably good since I have a few $K in the bank. That game changed in the 80's when large companies started going BK and the pension fund often wasn't solvent when interest rates fell from crazy land. Then pension plans just went away. A lot of the younger generation just has no clue they are going to work until they die if they don't start saving early.
I had some early excuses to not bother. Lousy wage and economy ten years out of college. I did have a financial education so I knew I better find a way to get started.