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How are you financially for retirement?

Hoho for breakfast

Hoho for breakfast

Member
Just curious how people here compare.

I'm 40 and have 100K for retirement so not great but I know some people have nothing so it's a little at least. I still have a ton of debt as well so I just can't afford to put a whole lot into savings and probably won't be able to for at least another 5 years.

So, what is your situation? Do you have savings? Are you going to die working and broke?
 
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J

jsnake19

Member
megalaserLAWS said:
Never count savings when you have debt. Subtract it from the other and then see how you do.
Click to expand...
That's ridiculous. You can have both. If your company matches or partially matches your 401k investments, it's pretty stupid to not save using that avenue even if you are carrying a debt load. I have about $250k in debt between house, cars, student loans, and a few 0% interest payment plans. I also have over $350k for retirement, the house, the cars, all my belongs, an emergency fund and good old regular savings for cash on hand. It means my net worth is well in the black. In my late 30's so feel like I'm doing ok.
 
M

megalaserLAWS

Banned
jsnake19 said:
That's ridiculous. You can have both. If your company matches or partially matches your 401k investments, it's pretty stupid to not save using that avenue even if you are carrying a debt load. I have about $250k in debt between house, cars, student loans, and a few 0% interest payment plans. I also have over $350k for retirement, the house, the cars, all my belongs, an emergency fund and good old regular savings for cash on hand. It means my net worth is well in the black. In my late 30's so feel like I'm doing ok.
Click to expand...
So you should view that as roughly 100,000 savings. Though you will be paying back more than your debt through interest so it's less than that. If you run it like that in your mind you will never come up short.
 
FreedomOfSpeech

FreedomOfSpeech

Banned
Dunno about other countries (I live in Netherlands), but pensions here work like this: you pay NOW, for others to get money NOW.
You don't pay for yourself in the future. You have to hope that in the future the system will be still alive and other suckers put in money for you. I would not depend on this pension system.

I would also not put 'money in the bank'. Currently it works like this: you give the bank money, and it is 'an investment' in the bank. If the bank decides to keep your money, they can do that. They don't 'store' your money.

The system is very messed up and most people have outdated ideas about how it works.

Best thing to do would be to start a company and get a little ecosystem of flowing money and goods, centered around you.

Always look at the rich for clues on how to handle money, they are good at it and the average person is not. That's why the average person has worse health, worse living conditions etc etc.

But also remember that money is fake, it's an abstraction. The only reason you want money is because you hope that others want money as well.
 
bigsnack

bigsnack

Member
I'm 41, and me and my wife have both been putting in the federally allowed maximum into our 401k's for a very long time. I have a pension at work as well, however I would say it's small and couldn't carry the entire load.. We should be good if we stay employed, and we have slowly started exploring the idea of retiring in about 9 years. I'm making some sacrifices now to try and guarantee that I have freedom to choose when I'm 50. We still carve out a bit of cash for one vacation a year, as well as a little money for frivolous spending, because life is unpredictable and I could get hit by a bus tomorrow. Hopefully not though!
 
DESTROYA

DESTROYA

Member
Well I’m sort of unofficially retired now after selling my business about a year ago , still very young but got a great deal and now the problem is with boredom now more than money.
 
TheMan

TheMan

Member
Probably going to work until I die. By the time our generation is of retirement age I predict retirement will be a rare thing for most of the population.
 
teezzy

teezzy

Banned
I live fairly modestly. No debt of any sort. My house is outdated, and car is a 2011 Honda Civic clunker. I try and tuck away between $600 - $800 a month or so for whatever.

I have a 401k and some funds and stuff too. Frankly, I havent looked at it all in some time.
 
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Hoho for breakfast

Hoho for breakfast

Member
Mobile Suit Gooch said:
I just got a 401k last year at 27 years old so Idk.
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That's not too bad if you can start putting in a decent amount. I think in total I have around 13% going to my 401k. I don't remember when I started exactly but it was probably right around 29 or so for me.

I checked and in January 2013 I had 17K in my 401k and now 9-ish years later I have around 100K. So it can take awhile and depends greatly on the market, but it adds up especially over time with compound interest.
 
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JimiNutz

JimiNutz

Banned
Not good.
Rich enough for now but no real planning for the long term future.
State retirement age here is currently 68 for my generation!

My plan is to sell everything, get on the smack and crack around 65 (if I'm still alive) and live out the last years of my life on a beach somewhere (if beaches still exist), high as fuck listening to the sounds of the ocean.
 
Hoho for breakfast

Hoho for breakfast

Member
Amory said:
I'm 33 with something around $250k in retirement savings. Started day 1 of my first real job

Only around $35k of that is in a roth. I think my next step is to switch all future contributions over to a roth so I don't have to worry about future tax rates.
Click to expand...
That's extremely good for being so young. Congrats.
 
AetherMage

AetherMage

Member
I've got a decent amount for where I'm at in life. Pension, 401k with company match, and savings, but I don't take a comfortable retirement for granted. It's a pretty new concept and requires a level of stability I'm not sure we have to look forward to. Around half of the US is completely retarded and wants to abandon logic for emotion or just see us fail because they hate themselves. Can't say for sure they won't get their wish. No guarantee our money will be worth anything in the future.
 
Kev Kev

Kev Kev

Member
tenor.gif
 
AgentP

AgentP

Thinks mods influence posters politics. Promoted to QAnon Editor.
Doomed. My wife dropped out of the work force in 2011, she was making six figures. Now it's all on me and the kids are not even in college yet.
 
diffusionx

diffusionx

Gold Member
I am doing very well. I started my 401K from my first paycheck and put in for full match. I also have a pension.
 
fran.fernandez

fran.fernandez

Member
i have retirement savings at my home country for the time i work there.
Also retirement savings in Japan for 5 years, tax here is huge so i may have a lot (i pay around 2k monthly).
My private savings, not much, but ok (at least for not working 5-6 years).
Assets, only assets should give me a good amount of money.
No debts.

and that is i think.
My plan is to rent 3/4 houses and live from that money :/
Had a kid recently so i may be -99999999999999 now.
 
ZippyTheOtter

ZippyTheOtter

Banned
On track roughly. But those estimates assume there will be government assistance in its current form When I retire. Going to have to push a little harder because I can't count on that money being there in 40 years.
 
Brian Fellows

Brian Fellows

Pete Carroll Owns Me
I'll probably kill myself long before retirement age. Which for me will probably be like 75.
 
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TheContact

TheContact

Member
I have a pension where I'll get a bit less than 80% of my pay until I die (I can retire at 65) but I named a benefactor to continue to receive a smaller allocation of those funds as well after I'm gone. Also have a ROTH IRA I contribute to. When I retire I shouldn't have to work thankfully, blessed to be in that position as I know people in their 70s who are still working to survive.
 
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