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

Gunslinger08

Lifer
Nov 18, 2001
13,234
2
81
I see varying figures online for the amount you should have saved for retirement by certain ages, so I'm wondering what most people here have. To keep it apples to apples, state your savings in multiples of your current salary. So if you make $50k/year now and you have $100k in retirement savings, state that you are [years] old and have 2x your salary in retirement savings.

As an example, this guy says you should have 1x your salary by 30: http://www.moneyunder30.com/how-much-in-401k-at-30. This seems kind of low to me, especially with the craziness of the market ups and downs in the past 5 years and the uncertainty going forward. I don't know if we'll see those "estimated" 8%+ returns that most 401k managers use as examples for the amount of money you should be saving.
 

xeemzor

Platinum Member
Mar 27, 2005
2,599
1
71
While guides like these are OK always remember to have a 3-6 month emergency fund before you invest. Do you really want all your money in a 401K/IRA when you lose your job? Nothing is worse than having to withdraw funds a significant penalty.
 

Exterous

Super Moderator
Jun 20, 2006
20,368
3,444
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If you are young multiples of salary can make sense as a very general guideline but as you get older you really need to start thinking in terms of multiples of expenses

And it may not seem like enough but its far more than most of us have. The average retirement account is ~$27,000

Almost 30 and almost 1x
 
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JM Aggie08

Diamond Member
Jan 3, 2006
8,156
789
136
History has shown that the majority of users on this board have pinched every penny possible. I'm interested in seeing some of these answers.
 

kedlav

Senior member
Aug 2, 2006
632
0
0
27, with about 50% of my base salary saved in retirement and a separate efund of about 10% of my salary. Alas, we're in a salary freeze, so this might be the first year I don't get a raise and the percentage of income saved for retirement should go up drastically (I'd rather get another raise :) )
 
May 13, 2009
12,333
612
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History has shown that the majority of users on this board have pinched every penny possible. I'm interested in seeing some of these answers.

You'd be shocked how quickly you can save up a decent sum of cash once you put your mind to it.
Also shocking is how cheaply one can live when saving is a priority. Use to I would find ways to spend. Now I have them pennies pinched tightly.
 

DaWhim

Lifer
Feb 3, 2003
12,985
1
81
28 y/o
$0

i am ready to move to a country that will let me feel rich with the social security payment when I retire.
 

Sho'Nuff

Diamond Member
Jul 12, 2007
6,211
121
106
35. 3.58x. Not including real estate equity. 17 years active participation in the stock market. Kudos to my Aunt, who taught me the value of money and the power of compounding interest/gains.

Edit: Until recently I was a real penny pincher. Kids make it hard. Thankfully I have enough saved already that I could invest nothing further and retire at 60, assuming annual 7.5% returns.
 
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May 13, 2009
12,333
612
126
35. 3.58x. Not including real estate equity. 17 years active participation in the stock market. Kudos to my Aunt, who taught me the value of money and the power of compounding interest/gains.

What kind of car do you drive? Just curious
 

JM Aggie08

Diamond Member
Jan 3, 2006
8,156
789
136
You'd be shocked how quickly you can save up a decent sum of cash once you put your mind to it.
Also shocking is how cheaply one can live when saving is a priority. Use to I would find ways to spend. Now I have them pennies pinched tightly.

Oh I know, I've already socked away ~25% of my annual in 8mos.

There's a good way to balance savings with living though ^_^
 

gorcorps

aka Brandon
Jul 18, 2004
30,737
448
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All I put in is the amount my company will match and no more yet. I'm 26, have been here a little over 2 years, and I have ~25% of my yearly gross in a 401k.

I don't consider my savings as part of retirement.
 

Jimzz

Diamond Member
Oct 23, 2012
4,399
190
106
I'm 37 and wife is 38 with about 750k net worth (house equity, 401k, CDs, savings, etc...)
We make pre tax around 170k total.
The 750k includes 20k for our sons college account. He's 4 so I think we are doing well there. The rest is "ours". :)
 

American Gunner

Platinum Member
Aug 26, 2010
2,399
0
71
I am 32 and am only sitting on about $21,000 in retirement. But the GF finally finished nursing school and now with both incomes I am upping the amount I am putting in, so it should grow quickly.
 

Sho'Nuff

Diamond Member
Jul 12, 2007
6,211
121
106
What kind of car do you drive? Just curious

2003 toyota corolla LE. ~120k miles on it. Runs good. No need or desire to replace it. Car is not representative of my income level, but rather my view that cars are a poor investment. I'd like a nicer car and I could afford one, but I can't justify buying one when my current car works fine and a new one will rapidly depreciate in value.

I do have a life, if that is what you are getting at.
 
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madoka

Diamond Member
Jun 22, 2004
4,344
712
121
I know this sounds perverse, but the more money I make, the less inclined I am to save it. I feel like I'll just make more.
 

Jimzz

Diamond Member
Oct 23, 2012
4,399
190
106
2003 toyota corolla LE. ~120k miles on it. Runs good. No need or desire to replace it.

I like nice cars, but can't justify the buying one because of the depreciation.

I do have a life, if that is what you are getting at.


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

Me and my wife make good money but have pay go cell phones (less than $10 a month), only buy used cars, no cable TV, etc... Why spend it on something that does not give as much joy for what it cost. Now for each that may be differant but me and my wife plan for the worst and know that even if me and her lost our jobs today we could still pay our bills for years.
 

Vdubchaos

Lifer
Nov 11, 2009
10,411
10
0
I don't ever see myself retiring....seems way too boring and I can't imagine EVER being able to save enough money to support my retirement.

I do have 401k and all, but I mostly treat it as emergency fund.....
 

Tweak155

Lifer
Sep 23, 2003
11,448
262
126
28 and $0 specifically in a 401k / investment account. However I have a lot of cash on hand, own outright 2 of our 3 2010 vehicles ($60k cash spent) and put down over $50k on our house in September with more than that still in the bank.

I didn't see the point in a 401k when I first had the opportunity as that was exactly when the stock market started going to the crapper. I instead lowered all my interest being paid to other debts by paying them off (I eventually was debt free in that process). Then as things began to level off in the market I lost that job and haven't had a good 401k opportunity since (or steady source of income) then (I should in the next few months).

So yeah, I've never had money problems and likely never will, bar unforseen circumstances that insurance won't cover.
 
May 13, 2009
12,333
612
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Oh I know, I've already socked away ~25% of my annual in 8mos.

There's a good way to balance savings with living though ^_^

I've not found much things to do that are fun that cost a lot money. Most everything I enjoy is either free or minimal costs. So what am I missing by not pissing away my dollars?
 

Tweak155

Lifer
Sep 23, 2003
11,448
262
126
2003 toyota corolla LE. ~120k miles on it. Runs good. No need or desire to replace it. Car is not representative of my income level, but rather my view that cars are a poor investment. I'd like a nicer car and I could afford one, but I can't justify buying one when my current car works fine and a new one will rapidly depreciate in value.

I do have a life, if that is what you are getting at.

Yeah I had the same view for a while, but then I thought what will I do with money when I'm dead? Might as well enjoy it. $300k-$500k for example over a lifetime for vehicles isn't really much in the grand scheme of things. I guess it all depends on your goals.
 

Imp

Lifer
Feb 8, 2000
18,829
184
106
$0

Ideally, I don't plan to ever "retire". I'll always be working some odd job, and my investments will provide continuous income versus being a source of buried loot that runs out at a certain point.

Ideally... Let's see how many divorces I end up going through.


I've not found much things to do that are fun that cost a lot money. Most everything I enjoy is either free or minimal costs. So what am I missing by not pissing away my dollars?

Same. I am so soooooo "low stimulus". An internet connection, cable and a computer I upgrade every 4-5 years is all I need for entertainment.
 

Baked

Lifer
Dec 28, 2004
36,152
17
81
Aside from putting money in my IRA, I don't save any money. It's all going to blow and hoes.