I agree with you. This number sounds fishy. I suspect that most Americans have a couple hundred thousand saved for retirement plus their house. You would have to be incredibly unlucky to be in your 60s and only have $1,000 saved; that would classify you as poverty level. Or it would mean that you have a good job and burn through all your income every year, which would classify you as incredibly stupid.
I think there a lot of people that have a couple hundred thousand in savings. But, if you start with the following statistic you can see there is a wide gap;
“There are 70 million Americans Medicaid eligible and probably another 20 million who would be eligible but for citizenship issues.
Medicaid total net worth must be less than $2,000 per person.
I agree. There are people that waited tables and worked Walmart that know and were bragging how they have $400k or more in their retirement accounts. Made me think that should have done a better job at saving.
Or it would mean that you have a good job and burn through all your income every year, which would classify you as incredibly stupid.
Many high-income people simply spend every dime they make and can borrow. Sad, but fairly common.