How old are you and how much do you have saved for retirement?

[shortylickens]

33. Should be able to retire at 55 w/ 37yrs service x 2% = 74% of salary.

May I ask what you do?

 

[dquan97]

May I ask what you do?

Manager for State of CA. I delve into welfare fraud every single day! (as a white hat)

 

[luv2liv]

im 34. assuming everything still averaging 10% annually till 65, i will be around 3.5million.

but as i found out, our 401k is not FDIC. so im really curious what would happen if my broker, JP Morgan, goes bankrupt? or just plain embezzlement??? scary thought

 

[tedrodai]

30 and have a hair under 1.5x salary saved for retirement in a 401k equivalent. But if you add my wife in the picture, only a total of 1x our combined salaries in retirement accounts. She had a late start because of a lot of schooling. We have a healthy bit saved up beyond that but the majority was unfortunately from a recent inheritance I'd rather not even have.

 

[Gunslinger08]

im 34. assuming everything still averaging 10% annually till 65, i will be around 3.5million.

but as i found out, our 401k is not FDIC. so im really curious what would happen if my broker, JP Morgan, goes bankrupt? or just plain embezzlement??? scary thought

Pretty sure investments are typically insured by SIPC, not FDIC.

 

[MaxPayne63]

Pretty sure investments are typically insured by SIPC, not FDIC.

Limit on SIPC is half a million, IIRC. If JPM goes under there will probably be far more immediate concerns than how many dollars a person has, since they're backstopped by the Fed and the taxpayer.

 

[Drekce]

Manager for State of CA. I delve into welfare fraud every single day! (as a white hat)

Don't you pay attention to the budget issues in your State? I hope you are saving on the side.