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Poll: Social Security, 401k, retirement - how much have you saved?

Engineer

Engineer

Elite Member
Inspired by Ben Stein's (CNN interview) statement that Americans have not saved nearly enough for retirement, but added that 22% have $100k or more (which I think is overly optimistic). How much have you saved for retirement? Do you think you'll have enough? Will you need SS? How about pensions (considering that the insurance company for pensions is 22 BILLION in deficit now)?

Curious to see if 22% here have done so?

As me: Yes. I'm 35 and have about $130,000 in retirement/general savings.

(He also mentioned that the average citizen would need between 10 and 20 times his/her last earned salary to live comfortably...:Q )


Other info: I owe on my house and two cars (bought two last year with supplier incentives - working for an automotive supplier does have cheap rates - and besides, it does help support the company 😉 ). Will have house paid for between 2 and 2.5 years. Cars will follow quickly.

Currently place 13% in 401k but will not max out this year. Company no longer matches 401k because their profit margin is too low (4% right now - around 40 million dollars per year) 🙁 . Have Roth for both the wife and myself, but have decided to pay off the house in the short run and then work on Roth again.

My company also has a pension plan with 1 - 2/3% per year for 30 years and 2/3% after that. I could get 50% of my best last years salary after 30 years. I'm vested so I should get something if they survive.

I do not expect SS to give anything unless it is privitized.

alchemize, you seem to be about the same boat as I'm in financially (except the debt is just a tad different) (see below).
 
About 100K, 33. Most of this has been saved in the last 5 years. I was debt free until I got married 🙂

/me glares at his wifes massive student loans


I now put max into 401(k) - $14K + $3K match, $3,500 into roth IRA and am working on getting my wife's roth IRA going also. 2005 I should be putting in ~$25K.

I expect nothing from SS, anything will be a bonus. I don't currently work for a pension-company, but I'm interviewing at one 🙂 I do expect to have enough for retirement, especially once my wife gets back to work in a few more years and we can sock away her money.

I believe that most people would rather have an SUV, a big new house, or a big screen TV than invest in retirement. Some people are truly financially strapped, but they are the minority.
 
~1/4 million (retirement savings alone, not counting on SS for much of anything) between wife & I.

Just picked up 1.24% today😀
 
As I didn't see the Ben Stein discussion you're referring to, I'm gonna need some clarification.

Are we talking wealth here or strictly liquid savings? And if only savings, are you limiting that to funds explicitly earmarked for retirement?
 
Originally posted by: b0mbrman
As I didn't see the Ben Stein discussion you're referring to, I'm gonna need some clarification.

Are we talking wealth here or strictly liquid savings? And if only savings, are you limiting that to funds explicitly earmarked for retirement?
Click to expand...


It was liquid savings, and not wealth (i.e. Home value, etc). He didn't mention whether it was earmarked for retirement only, but seemed to suggest it. He said that the 40-60 year old baby boom generation was in trouble.
 
Originally posted by: Pliablemoose
Originally posted by: HombrePequeno
As of right now I only have about $2000 saved up in a roth IRA. Then again I am only 19...
Click to expand...

:thumbsup:

Just keep plugging away, trust me...
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Yes sir! :thumbsup:

I didn't start saving until I was 26. Even with the downturn of the last few years, all hasn't been too bad. 😉
 
Originally posted by: Engineer
Originally posted by: b0mbrman
As I didn't see the Ben Stein discussion you're referring to, I'm gonna need some clarification.

Are we talking wealth here or strictly liquid savings? And if only savings, are you limiting that to funds explicitly earmarked for retirement?
Click to expand...


It was liquid savings, and not wealth (i.e. Home value, etc). He didn't mention whether it was earmarked for retirement only, but seemed to suggest it. He said that the 40-60 year old baby boom generation was in trouble.
Click to expand...

I'm 44, and it seems as though everyone my age has a big house & $40K SUV's, massive loans on both, they're fvcked. If you talk to many of them about retirement, their eyes glaze over & they start to mumble.

I passed the point of needing to put $ into my retirement ~2 years ago.
 
I passed the point of needing to put $ into my retirement ~2 years ago.
Click to expand...

Meaning that your returns are now good enough that additional money is not necessary (small compared to gaines loses)? 😕
 
I'm part of that 22%. Have been contributing to my 403b since 1997. I max it out every year. I'm 34 now. Social Security? What's that? I pretend it doesn't even exist. My company also has a pension package. If I retire when I am 59(my plan) the pension plan will pay me about 70% of what I make now.

I have to say I'm in pretty good shape compared to a lot of people my age.

Bought a house in 2001. Own 3 cars, a boat, motorcycle, and I'm putting my wife through Grad school. Only debt is on the house and the new car.
 
Originally posted by: Engineer
I passed the point of needing to put $ into my retirement ~2 years ago.
Click to expand...

Meaning that your returns are now good enough that additional money is not necessary (small compared to gaines loses)? 😕
Click to expand...


Yes.

I still contribute, because I want to, & an afraid of downturns, etc.
 
Originally posted by: Engineer
I do not expect SS to give anything unless it is privitized.
Click to expand...

That's one of the reasons I'm starting to save now. Heck, by Kerry's own estimation (which I think was very generous) SS will be broke by 2042. Unfortunately I don't hit retirement age until like 2049. By Bush's estimation it's even worse. But I don't want to make this into a SS thread so I'll shut up about that now.

I plan on maxing out my IRA as often as possible and investing as much as possible. Sadly a lot of the guys I know find talking about the future right now is unimportant and boring. Sucks for them.
 
Originally posted by: ReiAyanami
only 100k? that's if you plan on living for less than 10 more years and in a cardboard box
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I think that was Stein's point. The people in this forum seem to be above average and doing quite well. It's the others, especially the 78% without 100k, that is in horrible shape. I feel like I'm not doing that good of a job after reading a few around here! 😛

Oh well, if I can be debt free by 38, I'll be "tickled". I can then max out Roth's and 401k as well as save for kids education (more at least).

I don't trust any retiement plan or SS....I just hope that the markets do well enough in the long run...and that the country deficits don't kill it all.....
 
Originally posted by: Engineer
Originally posted by: b0mbrman
As I didn't see the Ben Stein discussion you're referring to, I'm gonna need some clarification.

Are we talking wealth here or strictly liquid savings? And if only savings, are you limiting that to funds explicitly earmarked for retirement?
Click to expand...


It was liquid savings, and not wealth (i.e. Home value, etc). He didn't mention whether it was earmarked for retirement only, but seemed to suggest it. He said that the 40-60 year old baby boom generation was in trouble.
Click to expand...
Welp, then by those criteria, my retirement savings look pretty ugly 🙂

When I started earning, I put 10% into retirement savings initially but got the urge to invest in other long-term, high-yield (but higher risk) assets so I raised the percentage to 15% and split that into 7% to retirement savings and at least 8%* to other things; For now, "other things" means real estate or the stock market. In the future, it could include money to start a small business or to start a soy farm (wait, just kidding)

*In practice, I seem to put a lot more than 8% into this...but the 7% to savings is constant because I have it direct deposited

In conclusion, I've only got $15k in an account named "Retirement." But I have $10k in the stock market and own four rental properties that will effectively be used for retirement and will be very surprised if I don't have well over $100k stashed away decades before I hit 65.
 
Well, part of the key is not "how much", but "what percent". If you are investing 10% over a lifetime, you will be just fine. If you are 45 and contemplating opening your first IRA, you might be in more trouble.

We all tend to live to our incomes. I don't really need a 4 bedroom modest house. I could live in a trailer and get along just fine and save $800 a month. I don't need cable modem or cable TV. I don't need a telephone. I don't need 2 cars. I don't need all the christmas presents we buy every year. I don't need all the clothes I buy, I could buy from salvation army. I didn't need to go to Disney World, and I don't need to go to vegas every other year.

Most people make the choice to be in debt to their eyeballs. I watch it happen every day. I don't feel sorry for them. Maybe making SS go away will wake people up to become fiscally responsible. Maybe the government too? Nah...
 
Eek! I've only ~$10K in my 401k right now and am *not* maxing out my contributions. (27yo, employer-matched funds) I'm so far behind, but our current budget is so thin, I just can't see putting more up right now. 🙁
 
Originally posted by: cKGunslinger
Eek! I've only ~$10K in my 401k right now and am *not* maxing out my contributions. (27yo, employer-matched funds) I'm so far behind, but our current budget is so thin, I just can't see putting more up right now. 🙁
Click to expand...


You are not in bad shape at all. Remember, I started at 26 and only placed about 6% (3% employer match then) in. 9 years later, it has all added up.

If you're invetested in the markets (as most are), the SS privitazition, if it occurs, should really give a short term boost as brokers look for places to place that extra infusion of money. Really like the explosion of 401k plans from the mid 80's. 🙂
 
Originally posted by: cKGunslinger
Eek! I've only ~$10K in my 401k right now and am *not* maxing out my contributions. (27yo, employer-matched funds) I'm so far behind, but our current budget is so thin, I just can't see putting more up right now. 🙁
Click to expand...


The trick is when it's raise time, to just automatically up the % you chunk into retirement, you get to the point where you don't even miss it.

I'm @ 13% now & just slowly worked up to it.
 
Originally posted by: Pliablemoose
Originally posted by: cKGunslinger
Eek! I've only ~$10K in my 401k right now and am *not* maxing out my contributions. (27yo, employer-matched funds) I'm so far behind, but our current budget is so thin, I just can't see putting more up right now. 🙁
Click to expand...


The trick is when it's raise time, to just automatically up the % you chunk into retirement, you get to the point where you don't even miss it.

I'm @ 13% now & just slowly worked up to it.
Click to expand...


That's exactly where I'm at. 🙂

I only wish to get the match back, but company (as do most automotive companies) doesn't want to match right now.
 
Originally posted by: Engineer
Originally posted by: Pliablemoose
Originally posted by: cKGunslinger
Eek! I've only ~$10K in my 401k right now and am *not* maxing out my contributions. (27yo, employer-matched funds) I'm so far behind, but our current budget is so thin, I just can't see putting more up right now. 🙁
Click to expand...


The trick is when it's raise time, to just automatically up the % you chunk into retirement, you get to the point where you don't even miss it.

I'm @ 13% now & just slowly worked up to it.
Click to expand...


That's exactly where I'm at. 🙂

I only wish to get the match back, but company (as do most automotive companies) doesn't want to match right now.
Click to expand...
Ditto 🙂

And when you are maxed on 401(K), then each year push your raise into an automatic withdrawl for Roth IRA. And when you are maxed on that...

 
Originally posted by: Engineer
Originally posted by: cKGunslinger
Eek! I've only ~$10K in my 401k right now and am *not* maxing out my contributions. (27yo, employer-matched funds) I'm so far behind, but our current budget is so thin, I just can't see putting more up right now. 🙁
Click to expand...
You are not in bad shape at all. Remember, I started at 26 and only placed about 6% (3% employer match then) in. 9 years later, it has all added up.

If you're invetested in the markets (as most are), the SS privitazition, if it occurs, should really give a short term boost as brokers look for places to place that extra infusion of money. Really like the explosion of 401k plans from the mid 80's. 🙂
Click to expand...

That's cool. I'm only getting like 4% in right now (equally matched with company stock that becomes vested and transferable after 5 years). The biggest problem was that i needed help with a down payment for a house, so I borrowed $5K from it a few years back. 🙁 I think I'll just stay out of it from now on - I've lost quite a bit of potential earnings from that withdrawal.

 
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