tonkatoys
maine
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Joined: 01/17/2007
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nowadays, having a 100 thousand in a savings acct. is this considered a fairly good savings to most or is it on the low end of most peoples savings?
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coolbreeze01
Redding, Ca
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Yesterday, today, and tomorrow 100K is certainly better than nothing, but sadly, not a lot. Keep saving and good luck.
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msmith1199
Central, CA
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tonkatoys wrote:nowadays, having a 100 thousand in a savings acct. is this considered a fairly good savings to most or is it on the low end of most peoples savings?
Having $100k in a savings account is considered bad financial planning. It should be in some better type of investment. But to answer your question, it's not enough to retire on unless you are used to living a really frugal life style.
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glock35ipsc
Colorado
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Depends, how old are you? $100k saved in your 20's is very good. But as mentioned already, $100k in a savings account is bad financial planning.
The thing that will determine whether or not your $100k is good savings is what you have it saved for, and where it is parked.
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Stressor
Milwaukee, Wisconsin
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Inflation being what it is, it appears to be sort of a losing proposition.
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glock35ipsc
Colorado
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Stressor wrote:Inflation being what it is, it appears to be sort of a losing proposition.
???? You mean you can't find an investment earning better than 4%??
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califasramsfan
Central California
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100K might not seem like much to some but the truth is most American families probably don't even have 10K in savings!
Some have retirement accounts building up or some equity in their home, assuming they didn't loose them in the sub-prime fiasco.
Today most people live on credit. I'm not saying its right, just a fact. Look around you at the people with all the toys, the beautiful homes and furniture. All credit. Many of them lost their homes, or going to loose them because they are so deep in overall debt they can't even refinance!
Sad.
califasramsfan
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coolbreeze01
Redding, Ca
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I see nothing wrong with money in the bank. Good feeling. There are investment folks that can and will help you with your financial planning, until you are broke 
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glock35ipsc
Colorado
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coolbreeze01 wrote:I see nothing wrong with money in the bank.
Except when it is earning an interest rate that is half (or less) the rate of inflation.
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houtrz
Lake Jackson Texas
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Its all relative. Mikesmith said its bad planning to have that much in a savings account as it wouldn't make much which is true but to someone with millions of dollars, they might keep a hundred grand in a safe at the house.
To some, retiring with $100k is more than enough while others couldn't get by on that for two years. Depends on you, how much you actually make annually now, what bills you have and how you plan on living after retirement.
What ever your saving for, don't wait until a few years out and think you'll play catch up because it will never work. Save early on and let it pile up over time.
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