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

[boomhower]

30 and .67. I didn't start at all until I was almost 27 so I'm catching up. Hopefully have enough in my 401k to make and the pension will be gravy on top. House will be paid off in my very early 40's so that will also free up some extra cash. I have zero plans of moving until I retire, the for sale sign goes in the yard the day after.

 

[brianmanahan]

Wait, people actually have ANY trust in the stock market?

Thanks for good laughs....

i would trust in the stock market before i would social security

 

[Corporate Thug]

Not sure if serious...

If you're talking federal govt., that ship sailed a long time ago. The current pension (FERS) is only about 30-33% of your salary after working for 30yrs. You do get 401k matching but you'd have to dump in a lot to retire on 85% of your salary.

Some state governments may have better pensions than that but they also typically pay less.

yeah, exaggerating a little but CA still offers some NICE benefits even with the new 2013 changes. Even after the new changes, CA has 2 percent @ age 62. Assuming you work there from 30, that's 32 years of service = @ 2% = 64%. Most level 4 attorney's make between 150-160k so 64% of that is ~ 100k. That ASSUMES you don't get promoted to a supervisory/managerial position during all those years of service, which is very unlikely. The more likely scenario is that you will get promoted to supervisory/managerial at some point and cap out @ $113700 for retirement pay.

 

[Corporate Thug]

i would trust in the stock market before i would social security

why?

 

[Engineer]

i would trust in the stock market before i would social security

I said the same thing for many years....until I watched my 401k become a 201k and almost a 101k. I, like a good little soldier, bought and held while my account dropped a whopping 64% from 2007-2009.

It nearly broke my spirit at the very bottom and I almost just said "f..k it" and gave up. I had actually increased my contributions on the way down. I guess that paid off (by now anyway) but it sure hurt like hell watching it.

We have a nearly flat 15 year stretch in the markets right now (Nasdaq is still down 50% from it's bubble high). Hopefully, onward and upward from here. As for SS, it will be there....at least for my generation. I might not get 100% but I'll get something from it. Congress doesn't have the guts to try to take it out...they would be slaughtered in the elections right after they did and they know it.

 

[brianmanahan]

I said the same thing for many years....until I watched my 401k become a 201k and almost a 101k. I, like a good little soldier, bought and held while my account dropped a whopping 64% from 2007-2009.

i take it you didnt have any bonds at all? i generally follow the "age in bonds" rule, give or take a few percent. adds some stability, plus allows you to rebalance in the dips (though it is hard to make yourself do it when prices are dropping)

 

[Sho'Nuff]

We have a nearly flat 15 year stretch in the markets right now (Nasdaq is still down 50% from it's bubble high). Hopefully, onward and upward from here. As for SS, it will be there....at least for my generation. I might not get 100% but I'll get something from it. Congress doesn't have the guts to try to take it out...they would be slaughtered in the elections right after they did and they know it.

And if congressman were really patriots instead of spineless shills then they would address the social security problem DESPITE the fact that they would be slaughtered in the elections.

As a government official, their job is to put the interests of the country before their own interest in keeping a job.

FWIW - my retirement plans include absolutely zero reliance on social security. Because by the time I retire, it ain't gonna be there. At least not for me. So to whomever benefits from my hard earned dollars - spend em well.

 

[Sho'Nuff]

Yep if you want to save money then don't waste it.

Yep. Thats my view in a nutshell. If anything I would say that I am pragmatic when it comes to money. I spend it when its necessary or it makes sense. Otherwise I invest it.

That is not to say that I deny myself all earthly pleasures for the sake of saving every possible penny. My wife and I take vacations occasionally. I have a bad computer gaming habit. We have a camp in Maine where we spend most summer weekends, etc. But we don't go off the deep end and buy the most expensive stuff possible simply because we can.

Case in point is the camp. I could have raided my investments and bought a lake house for $400k, but I didn't. Rather, I park a travel trailer that I bought for $20k permanently on a campground that has lake access and a beach for $2400/year. So, for less than one mortgage payment a year, I get almost all of the benefits of a lake house, AND all of the social aspects of the campground, without all the real estate taxes that come with waterfront property. Win win win.

It pays that I grew up in a house hold where money was extremely tight all the time. Growing up like that gave me an appreciation for the simple things in life.

That said, you might ask why I am socking away money like a squirrel stores nuts for the winter. The reason is that I don't want to retire at 60 or 65. I want to retire at 50 and do whatever the hell I like. Would it suck if I die before then? Maybe, maybe not. I do know that I won't care if/when that happens. And I am not sacrificing anything (in my opinion) by saving for that goal and enjoying simpler/less expensive things.

 

[Fingolfin269]

Mid-30s and I'm at around 0.8. That gap is due to me actually playing catch up to some pretty significant salary increases I've been lucky enough to get through promotions over the past 2-3 years.

I'd much rather have the problem of a rapidly increasing yearly income as opposed to worrying about what that raise just did to my current income:401k balance ratio though.

 

[skyking]

I have less than 15 years to go to retirement, and a couple of pensions that don't really measure up in the sense of the topic. They amount to about a 50% retirement at current level, with no further contributions.
In addition to that we have maybe 3x in other investments.

 

[Engineer]

i take it you didnt have any bonds at all? i generally follow the "age in bonds" rule, give or take a few percent. adds some stability, plus allows you to rebalance in the dips (though it is hard to make yourself do it when prices are dropping)

Yes, I had 25% bond funds in the mix. EVERYTHING fell!

 

[ChambersMonroe]

27 yrs
0.5x salary in 401k

I don't think about retirement as much as I probably should, but I'm trying to start. Mainly because I just don't look forward to it. I hope to keep working as long as I can...

Please tell me I'm not the only one who gets a depressing feeling and secretly thinks "So what if you have more free time?? YOU'RE OLD AS F***."

Don't get me wrong. I understand how crucial it is to not be old AND broke.

 

[shadow9d9]

27 yrs
0.5x salary in 401k

I don't think about retirement as much as I probably should, but I'm trying to start. Mainly because I just don't look forward to it. I hope to keep working as long as I can...

Please tell me I'm not the only one who gets a depressing feeling and secretly thinks "So what if you have more free time?? YOU'RE OLD AS F***."

Don't get me wrong. I understand how crucial it is to not be old AND broke.

When people say this, I have to believe it is in a futile attempt to justify and rationalize their poor ability to save. The ability to relax, without having to worry about money, and to plan your day around your own enjoyment is ideal. There are very few jobs where you would choose to work every day if you could afford not to. You could always volunteer or offer your services for free if you had the money to retire young.

 

[PowerEngineer]

27 yrs
0.5x salary in 401k

I don't think about retirement as much as I probably should, but I'm trying to start. Mainly because I just don't look forward to it. I hope to keep working as long as I can...

Please tell me I'm not the only one who gets a depressing feeling and secretly thinks "So what if you have more free time?? YOU'RE OLD AS F***."

Don't get me wrong. I understand how crucial it is to not be old AND broke.

"OLD AS F***" and ~24x. Maybe I should retire now!

The rule of thumb is to save ~15% throughout your working years.

 

[brianmanahan]

"OLD AS F***" and ~24x. Maybe I should retire now!

The rule of thumb is to save ~15% throughout your working years.

ive been saving %50 for the last few years

im so sick of work, hoping to be able to retire at 50 or so

 

[ChambersMonroe]

When people say this, I have to believe it is in a futile attempt to justify and rationalize their poor ability to save. The ability to relax, without having to worry about money, and to plan your day around your own enjoyment is ideal. There are very few jobs where you would choose to work every day if you could afford not to. You could always volunteer or offer your services for free if you had the money to retire young.

Well you're usually probably right, but I can assure you I'm not disguising anything. I have an ok amount in my 401k, no debt (except for my mortgage) and a good amount of auxiliary savings. I'm very good at saving. I guess I was just ranting immaturely a bit, I dont know.....I would rather volunteer than work when I'm old as you suggested. That was a good point.

 

[WackyDan]

wow, look at all those who have "0" savings.. and this folks is why we have Social Security, it is the one thing, the one investment that government has given you to fall back on when you do retire. Someday you will be glad you have that SS income!

It has been proven time and time again over the years people just don't save. (very few do if at all).

*I'm willing to bet a larger percentage DON'T save because of Social Security. I've heard too many people refer to SS as "my retirement" which to be honest is a very bad plan. It is a safety net though I wonder if ditching it and just letting those people be on welfare would be better in the end than taking the payroll tax from them now.

 

[WackyDan]

42 almost .90

Career didn't really take off until age 30, came out of revolving debt at 33, married at 34.... Started 401k at 46 -Playing catch up. Hoping the wife goes back to work in a few when our daughter starts school and we can really save far more. Make over 6 figures so as long as that holds out and continues to grow I think we'll be ok by 60 or 62.

 

[WhoBeDaPlaya]

31, 1.8x

 

[Engineer]

"OLD AS F***" and ~24x. Maybe I should retire now!

The rule of thumb is to save ~15% throughout your working years.

Damn, that's awesome!

I would retire in a heartbeat (maybe before it finished) if I were in that shape!

Congrats!

 

[Vdubchaos]

i would trust in the stock market before i would social security

Understandable, but Social security is not as big of a stake. We all know it will not be there......even though they keep taking our money.

Stock Market is the biggest pile of BS right next to........well, ask George Carlin.

 

[Jimzz]

$0...I'm gonna get a government job and retire at 85% of my salary at 55 though so it's all good.

Not Fed Gov you are not.

And many cities are defaulting on their pensions so good luck with the states now. :awe:

 

[Doppel]

I said the same thing for many years....until I watched my 401k become a 201k and almost a 101k. I, like a good little soldier, bought and held while my account dropped a whopping 64% from 2007-2009.

It nearly broke my spirit at the very bottom and I almost just said "f..k it" and gave up. I had actually increased my contributions on the way down. I guess that paid off (by now anyway) but it sure hurt like hell watching it.

We have a nearly flat 15 year stretch in the markets right now (Nasdaq is still down 50% from it's bubble high). Hopefully, onward and upward from here. As for SS, it will be there....at least for my generation. I might not get 100% but I'll get something from it. Congress doesn't have the guts to try to take it out...they would be slaughtered in the elections right after they did and they know it.

Yes it was hard to watch and I almost did some stupid shit, actually I did to a degree but backed out of it before much damage done. I'm glad it happened now instead of when I was 55 and the stress of watching it fall caused major and irreparable harm. Hopefully next time I can just shrug it off.

Given that the market is basically at its high the only reason a person should have less in their 401k now is if they screwed up and pulled money out. If it was left in there it went down and now back up so no damage done.

i generally follow the "age in bonds" rule

People live longer now so a 30 year old having 30% in bonds probably doesn't make any sense; it may be smarter to use different math to figure what a decent mix of bonds is.

Social Security will be around, 100% guaranteed, but it may not pay much. There will be *something*, though.

 

[soulcougher73]

40 in a few days and 1x retirement

I was never taught the value of money/savings growing up. Ive actually learned more here than i ever did anywhere else. In a few months i hope open a Roth IRA since my 401k is already employer matched.

 

[Tweak155]

I prefer hard numbers like this table -
http://www.financialsamurai.com/2012/01/09/how-much-should-one-have-in-their-401k-at-different-ages/
Sadly I'm not near even the low end.

What a ridiculous article. Socking away $17k / yr is impossible for some people (probably most people if I had to guess).

Then at the end of the article it makes it sound like your 401k is the only money you'll have available to live off of (if you have the capability to send off $17k to just your 401k/yr, this just sounds stupid). This guy isn't very samurai like.