I've been working since I was 12, been putting away this whole time. Have a 401k I'm leaving put while I do a Roth index fund.

I won't have a whole lot if I make it to retirement, but I'll do OK. Years of ironworking and construction mean I'll probably be worn out by 65. Or 67, 70, whatever.

If you aren't putting away, start. If your company matches, max that shit.

Question:
What percent of your income do you put towards your retirement?

Choices:
0%
1-4%
5-7%
8-10%
11-15%
16-20%
21-100%

 

Some, but not near enough. And I started late, and the divorce didn’t help. The ex was the fund manager so guess what happened to “our” money when she decided to leave? And now the kids are getting older (vehicles, insurance, etc.)
But I’m getting there.
First, out of debt, than start really socking it away.

10% into a company fund, and a few dollars here and there in a private fund. Plus some tree money one day, maybe...and those leather bound wallets walking around in the pasture....

Since my second stroke I retired early and get a pro-rated retirement from the state of NC...they are in charge of cops,teachers,firemen retirements...so my income pays our house payment....everything Mrs Mike earns pays bills and goes toward retirement....

We only owe on our home and it’s now under 150k...we expect to have it paid off by the time the Tomminator gets out of school.

I've liquidated it twice. Once in the crash of '08. Once again 4 years ago when the wife got laid off. Both times I started a company with it and rebuilt.

I've never had an employer match or contribute, if I had that I would not waste it.

Currently, my company is my retirement. It'll either get run by one of my children or sold. I have a couple of small investments off the market which are appreciating nicely, but aren't always easy to sell. I'm working a few small real estate deals, but not the sort of investments that will provide a retirement. In short...we're still rebuilding. Again. I'm nearly debt free again. My emergency fund right now equals my debt. If I had a regular paycheck, I'd probably pay it off...but the Alaskan economy is crap and profits are thin these days.

So we're still scraping. Not in need or want though, which is a nice place to be. I may never retire...but at least I've transitioned to a place where I make money with my mind and my computer, and not from my hands, knees, and back.

I do the 16%-20%. I am doubtful about medical insurance because Medicare is going to be insolvent. Health insurance is the big ? for me. We are going to have a sufficient amount of money taking health insurance out of the equation. FYI, I don't plan on retiring until I am 70 since the wifey is 5 years younger than me. I know robbing the cradle, but that was 35 years ago

Its all a big scam I tell you. If you put away as much as the "experts" tell you, you'll be broke and unhappy the whole time. We've only had 3 houses in our married life. Today is my wife's 49th anniversary. We've paid off all 3 houses just because I hate debt. We even went to a few seminars and came away thinking it was put on so we'd fund the companies that were putting the things on. They're all crooks. Brokers, insurance companies and anyone trying to get you to invest in their great idea of the week.

We enjoy our SS deposits, or I do. I consider my IRA required withdrawls to be a pain in the ass. I flattened my Roth accounts and used the money for fun things. I've got to take my required amount again this year. This is the first year my wife has to take it too. I won't cry when mine is all used up.

Everyone should do their own financial statements. Then study them. You can project things forward to see where you'll be when you're 65 and 70.

I max out the contributions, irrespective of employer match.

As a result, I have quite a bit stashed away.

I am also celebrating my mortgage principal falling below $60K. I stand a good chance of paying it off in the next two years.

I'm in the barely over 10% crowd, wife does a little more. It's not enough since I sold everything for my divorce and just started over again recently. I'd really like to have what I put away early on back, compounding and all...

Increases it an extra percent two weeks ago. Every little bit adds up.

I retired at 63 and we live comfortably now. I pay cash for everything and haven't indebted us a dime since then.

My employer offered a 401k where he matched 100% up to 3% and 50% up to 6%. The last 10 years I maxed out my limit plus some into an IRA. That's all it took plus being debt free in that time frame. I was shocked how many employees weren't jumping on all that free money. They'll be working still when they are 75 I'm sure.

Ark is right when he says to take advantage of your 401K's.

Jim

I’m putting away a good amount now but I started late. I may never be able to fully retire but my plan is that when I’m 56 I can quit my current line of work and be able to get a much less stressful and probably part time job. I shouldn’t have car payments or a mortgage by then and my kids will be gone. Depending on property values and where my kids decide to live I might sell my house and move to a cheaper area where I can bank some of the money from the sale of my home as well.

I bust my butt to max mine out every year. I’m 58 the house is paid for and if I could figure out the medical I’d retire tomorrow. I really want enough to do what I want to do when I retire, which is a little travel and money for my hobbies.

I'm putting away only 3%. It was a lot less, like 0-1 when I was married to a spender. So at 50 years old I only have about $240K.

But then again I'm not eating right and don't get enough exercise, so I got that going for me.

I'm already retired, but prior to that was putting the maximum (15%) into my company 401K fund, plus buying a little precious metal on the side; I also bought company stock in their profit sharing program. (I answered 16-20%.)

flashguy

quote:

Originally posted by rburg:
Its all a big scam I tell you. If you put away as much as the "experts" tell you, you'll be broke and unhappy the whole time.

There's actually some truth to that. The notion that you "need" to set aside enough money to support a certain level of spending inflated at 4% up to age 90+ is ridiculous. There have been several studies that show the level of spending drops pretty dramatically after about 75. Those major trips are done, new cars seem like more trouble than they are worth, there are no new guns that you lust after.

I'm not discounting the idea of saving. I'm at about 50% right now, but that's only in recent years with the house paid off. I'm giving serious contemplation to the balance between an extra year of "security" at age 90 vs a year of freedom in my late 50s.

I am now at 16% with a company match 6%. I have increased it as my pay increased over the years to get to this point. I will probably be at 18% by the end of the year.

But I started late. I retired from the Navy at 20 yrs but I have no idea how my Navy retirement pay relates to 20 yrs of contributions to my 401K. I also have a retirement plan from my current job that I will have 20+ yrs into.

The wife contributes to her 401K but I don't know how much.

You don't want to live on beanie weanies to be rich at retirement.

quote:

Originally posted by RHINOWSO:
You don't want to live on beanie weanies to be rich at retirement.

Dave Ramsey thinks you should. I think he's a goofball.

We are in the 1-4% now. Close to retirement. More conservative in our retirement investments at this point. For us things are pretty much like they will be going forward. I would not call it ideal. But not terrible either. SS will help.
But having low debt is almost as important as having enough money to live out our retirement time. In my mind anyways.

I would not obsess about pouring every penny you can muster into your retirement savings. Do what you can every month. If matching funds are part of the equation, certainly take advance of that. Monitor what you are doing. In time it will do what you needed it to do.

This message has been edited. Last edited by: old rugged cross,

quote:

Dave Ramsey thinks you should. I think he's a goofball

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
I agree. When somebody mentions money and his name in the sentence I tune out. This stuff is simple math and the study of business principles. Anybody who thinks they are some kind of financial guru is best ignored.

quote:

I am doubtful about medical insurance because Medicare is going to be insolvent. Health insurance is the big ? for me.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
I rather doubt that Congress will allow Medicare to go broke. The program will be funded by increasing contributions from those still working.