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Maybe 10% of americans are close to retirement age, and have been saving all their life in something called a 401k, which happens to be stock. That would be ..
by chmod600 5y ago
Maybe 10% of americans are close to retirement age, and have been saving all their life in something called a 401k, which happens to be stock.
That would be ... not very outragous.
Sure, you can say 89% of stocks is too much and there must be other factors at work. But I refuse to be outraged until we control for the non-outragous factors, and see what remains.
- Thrymr 5y agoThe median 55-64 year old has <70k balance in their 401k, and that is of people who even have a 401k (many don't). Source: https://www.personalcapital.com/blog/retirement-planning/average-401k-balance-age/ https://www.personalcapital.com/blog/retirement-planning/ave...
- chmod600 5y agoThank you for providing numbers. But it takes a bit more effort to combine this number with what the article offers into a coherent point. If the top 10% has a lot of older workers-and-savers in it, then it's not very outragous. Your numbers don't answer that very clearly. Are those people who have worked for 40 years? Does it include spouses who may have worked for less time? And how does the median (50th percentile) translate into the 10th percentile, and what's the wealth cutoff for the 10th percentile?