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

[cKGunslinger]

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. 🙁

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.

Yeah, that's what I've been doing now, usually socking away about 75% of my yearly raise into it. I hope to have it up to 7% by May.

 

[Red Dawn]

Originally posted by: shinerburke
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.

Wait until you have kids😉

 

[shiner]

Originally posted by: Red Dawn

Originally posted by: shinerburke
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.

Wait until you have kids😉

Yeah....I know. Still a while away from that though.....not until she gets out of school.

 

[Engineer]

Right now...15 less (or don't know) and 12 above. Seems the P&N crowd are a little better off than the general public. Anyone care to see the percentage in OT (of working adults) 😛

Maybe I should add 1 Million.....any millionaires out there?

 

[Riprorin]

About 330K between 401K and IRAs.

 

[drewshin]

🙁 27, but only 40k between my wife and i. need to put in more, i just put in the bare minimum that my company matches (3%).

i sure would like to see social security privatized, but ONLY if it it's done right. there's too many ways for corporations to get their greasy hands in the pie and muck things up. has anyone read this link?

http://www.cato.org/pubs/ssps/ssp-17es.html

 

[nageov3t]

23. I got nothing.

I'm a lot more concerned about saving money to pay for grad school.

 

[miketheidiot]

18, have about 10k that was in stocks (AMD!) until thursday morning when it hit an old sell point. Up about 20% since then 🙁. 4k in college debt so far, and the next 3-4 years should really suck me dry 🙁. Hopefully i'll have no more than 10k in college debt.

 

[Engineer]

For you young folks in here (mid 20's and down)...there is no need to fret over this. Most of what I have read in here is very good for people your age...if not great. Clark Howard would be proud (if you know who he is!? 🙂 ). Start early...even with a small bit....and let the average over time be a winner for you. The only thing in your way is a colapse of the economy...and it would not matter who you are in that case.

 

[Jadow]

I'm 26 and have 10,500 in my 401k. Going to start maxxing a Roth to go along with my 401K as soon as I pay off some debt.

 

[Jadow]

we're all smart though, and have much more for our age saved up than the average of the general population. We're going to rule this world in retirement, hahahaahhaahhahahaha.

Seriously though, even 40 years from now, 50% of americans will have NOTHING to live off.

 

[earthman]

I have no debts, no savings, and I own nothing. I don't really care, either, because I think the looming energy crisis will destroy the economy and stock market, and all your 401ks won't be worth the recycled Enron stock they are printed on.

 

[DPK]

I'm 26 and finally have a non BS job where I'm not dicked around by headhunters all the time. I work for a non profit and will be eligible to enroll in a 403b plan soon. I really need to study up on it. I don't make very much money but am thinking about putting in ~10% where it will be matched up to 50%. That is basically the extent of my knowledge on the 403b.

Does it matter how long I am with my company? I am in the process of changing my career to something that interests me more (GIS), so I don't plan on working here for more than 2-3 years, tops. Just long long enough to take some certification classes and get an internship or entry level job in my future field. Is there a minimum number of years I must remain at a company to be eligible to recieve those 401b savings when I retire? Please help my ignorant arse out.

How safe are retirement plans? Is there really any guarentee that my money will even be available in 30-40 years? Besides the matching funds, what is the benifit? Wouldn't it be better to invest in gold or something stable?

 

[imported_tss4]

I'm 26 and I'm not in that 22% yet but I'm on my way.

I put in 10% of my pay and the company matches 5%
My wife puts in 5% and company puts in 10%

I have 38k saved up and she has about 35k.

I get a pension of about 35-45% of my last years pay.

I think this is pretty good so I'm not too worried about maxing out what I can contribute. In fact if I put in more I'm concerned that I'd have too much in and that my tax bracket would go up significantly when I retire. I'm more concerned with paying my house down some and not incuring any other debts.

 

[ITJunkie]

Question....do any of you have kids?

I feel like I make pretty good money but there is no way I can afford to put the kind of money you all do into a 401K. I do put in as much as I can, however.

 

[Riprorin]

Originally posted by: ITJunkie
Question....do any of you have kids?

I feel like I make pretty good money but there is no way I can afford to put the kind of money you all do into a 401K. I do put in as much as I can, however.

Two and my wife stays home.

 

[OgreFade]

I'm totally screwed. I've got 5% headed for the company match of 50% but its only 25 a paycheck. I'm staying out of their stock plan for now. I've got a wonderful daughter and another on the way. I just turned 24 in sept. We have about 2k in credit debt, and about 15k in college debt. We own our single car (too small for where the family is going but it gets me to work(mustangs don't fit two kids very well)) its worth about 2k, and we own our house, (no land) its worth about 3k (single wide moble). I don't think its possible for me to make enough to survive off of, provide for our retirement, and provide the standard type living environment. (Presents at christmas that sort of thing.) There are so many mechanisms in place to keep poor people poor its sad.

I wish it were easier to find a decent job with my degree. 🙂

 

[KMurphy]

34 years old
$40K in company match, pre-tax account (8% mine, 7% company), pension at ~60% avg. last 3 yrs, lifetime company health insurance; no other retirement accounts
$20K in student loan debt, 0 car debt and $90K mortgage
Wife and 3 kids
Did not start contributing to savings until age 31
I will not pay my sons' college, will assist though and start their retirement accounts at age 5 each.

 

[b0mbrman]

Oops...should have said that I'm 24.

 

[Ozoned]

Originally posted by: b0mbrman
Oops...should have said that I'm 24.

In 40 years, you are going to need roughly $480,000 a year

























just to keep a roof over your head and food on the table.

 

[b0mbrman]

Originally posted by: Ozoned

Originally posted by: b0mbrman
Oops...should have said that I'm 24.

In 40 years, you are going to need roughly $480,000 a year

just to keep a roof over your head and food on the table.

Are you talking current dollars or year 2044 dollars?

 

[Ozoned]

Originally posted by: b0mbrman

Originally posted by: Ozoned

Originally posted by: b0mbrman
Oops...should have said that I'm 24.

In 40 years, you are going to need roughly $480,000 a year

just to keep a roof over your head and food on the table.

Are you talking current dollars or year 2044 dollars?

2044

A good money based plan now would have provisions for money loosing 1/2 of its purchasing value every 10 years. Your goal to be comfortable in retiring in 2044 would require you to have at a minimum $4,800,000 in the bank...

 

[Riprorin]

Originally posted by: Ozoned

Originally posted by: b0mbrman

Originally posted by: Ozoned

Originally posted by: b0mbrman
Oops...should have said that I'm 24.

In 40 years, you are going to need roughly $480,000 a year

just to keep a roof over your head and food on the table.

Are you talking current dollars or year 2044 dollars?

2044

A good money based plan now would have provisions for money loosing 1/2 of its purchasing value every 10 years. Your goal to be comfortable in retiring in 2044 would require you to have at a minimum $4,800,000 in the bank...

That sounds about right to me.