If you max out your retirement, what is your income?

[Anonymous]

I did it from the outset. Prioritizing retirement savings over current spending is the best path to a secure future, but many people prefer current consumption at a higher level over a more restrained lifestyle. IF you start maxing out retirement savings from your very first job, it becomes an accepted priority and practice, rather than something to eventually get around to. Given the time value of money, delaying the start of saving and investing is very costly.

[Anonymous]

Anonymous wrote:I did it from the outset. Prioritizing retirement savings over current spending is the best path to a secure future, but many people prefer current consumption at a higher level over a more restrained lifestyle. IF you start maxing out retirement savings from your very first job, it becomes an accepted priority and practice, rather than something to eventually get around to. Given the time value of money, delaying the start of saving and investing is very costly.

It's fine to share as the thread asks but the lecturing is unnecessary. I didn't even have access to an employer sponsored retirement account in my first jobs, not until I was 31. My spouse was in the same boat. We did save in Roth IRAs but the limit is much, much lower. Plenty of people do the best they can with what they have.

[Anonymous]

We make $265k and both max out, but started when HHI was about $130k.

[Anonymous]

Anonymous wrote:I've "maxed" ever since I was a 24 year old GS-7. Maxing was 10% of my salary not the $20K max.

I have always done 10%, I hit the max about 10-15 years ago.

I'm became a govt millionaire at around 50.

Congratulations on your savings. However, you weren't maxing as a GS-7.

[Anonymous]

I maxed out starting on Day One in the late 1980s and retired in my early 50s and it’s GREAT. No matter what else we were dealing with, we always contributed the absolute max. And here we are now . . .

[Anonymous]

Anonymous wrote:

Anonymous wrote:I've "maxed" ever since I was a 24 year old GS-7. Maxing was 10% of my salary not the $20K max.

I have always done 10%, I hit the max about 10-15 years ago.

I'm became a govt millionaire at around 50.

Congratulations on your savings. However, you weren't maxing as a GS-7.

Not PP, but I maxed out when I started working…the amount was much lower then. Like 12k or something.

[Anonymous]

Saving for retirement is so overrated. No one ever wants to question conventional wisdom.

You have a lot of say in your retirement. Move somewhere cheaper and control costs. You can even retire abroad andive like a king for a fraction of the cost.

1 out of 2 men, and 1 out of 3 women will get cancer in their lifetimes. Congrats, you were diligent saving your entire life.....now it is all wiped out with a single bad health issue and now you're poor again. Imagine if you spent a little more in your youth to enjoy the fruits of your labor rather than sock away like a pack rat only to get wiped out in old age. Who wants to be a rich corpse or have wealth buy only by the time you're able to crap in a diaper?

Also, there are soooo many people going to hit with a shocking dose of reality in old age when it comes to long term healthcare costs. Many of you are going to develop Alzheimer's, parkinson's, or age related dementia. Guess what? Medicare does not cover costs for long-term health care and nursing homes. They are absurdly expensive....something like $100-200k per year. Long term health insurance also get absolutely unaffordable as you age, so it isn't even a viable option for most people. You know how people afford long term care? Their kids have to sell off all of their parents assets until they are worth $0. Then the govt will come in pay via Medicaid.

Congrats, you saved for years, could have enjoyed life more, now you're an old fart with Alzheimer's and a 7 figure retirement account that's getting drained in 4 years to pay for long term health or has to be sold off to zero do your kids can afford care for you.

So overrated.

[Anonymous]

Anonymous wrote:Saving for retirement is so overrated. No one ever wants to question conventional wisdom.

You have a lot of say in your retirement. Move somewhere cheaper and control costs. You can even retire abroad andive like a king for a fraction of the cost.

1 out of 2 men, and 1 out of 3 women will get cancer in their lifetimes. Congrats, you were diligent saving your entire life.....now it is all wiped out with a single bad health issue and now you're poor again. Imagine if you spent a little more in your youth to enjoy the fruits of your labor rather than sock away like a pack rat only to get wiped out in old age. Who wants to be a rich corpse or have wealth buy only by the time you're able to crap in a diaper?

Also, there are soooo many people going to hit with a shocking dose of reality in old age when it comes to long term healthcare costs. Many of you are going to develop Alzheimer's, parkinson's, or age related dementia. Guess what? Medicare does not cover costs for long-term health care and nursing homes. They are absurdly expensive....something like $100-200k per year. Long term health insurance also get absolutely unaffordable as you age, so it isn't even a viable option for most people. You know how people afford long term care? Their kids have to sell off all of their parents assets until they are worth $0. Then the govt will come in pay via Medicaid.

Congrats, you saved for years, could have enjoyed life more, now you're an old fart with Alzheimer's and a 7 figure retirement account that's getting drained in 4 years to pay for long term health or has to be sold off to zero do your kids can afford care for you.

So overrated.

Not if you have a high paying job. If you do, you can have your cake and eat it too. I’m the poster above who retired in my early 50s. I worked in big law. I made plenty of money, lived well my below my means (not hard in big law) provided well for the fam, all the while maxing retirement, and retired early with several million in the bank. I didn’t have to move abroad to retire and I have plenty to cover long term care out of pocket.

Just make sure you have good medical insurance is all.

[Anonymous]

Anonymous wrote:I started maxing out at 55k when I graduated college. Currently at $230k salary and now added backdoor roth.

55k??

[Anonymous]

Anonymous wrote:Saving for retirement is so overrated. No one ever wants to question conventional wisdom.

You have a lot of say in your retirement. Move somewhere cheaper and control costs. You can even retire abroad andive like a king for a fraction of the cost.

1 out of 2 men, and 1 out of 3 women will get cancer in their lifetimes. Congrats, you were diligent saving your entire life.....now it is all wiped out with a single bad health issue and now you're poor again. Imagine if you spent a little more in your youth to enjoy the fruits of your labor rather than sock away like a pack rat only to get wiped out in old age. Who wants to be a rich corpse or have wealth buy only by the time you're able to crap in a diaper?

Also, there are soooo many people going to hit with a shocking dose of reality in old age when it comes to long term healthcare costs. Many of you are going to develop Alzheimer's, parkinson's, or age related dementia. Guess what? Medicare does not cover costs for long-term health care and nursing homes. They are absurdly expensive....something like $100-200k per year. Long term health insurance also get absolutely unaffordable as you age, so it isn't even a viable option for most people. You know how people afford long term care? Their kids have to sell off all of their parents assets until they are worth $0. Then the govt will come in pay via Medicaid.

Congrats, you saved for years, could have enjoyed life more, now you're an old fart with Alzheimer's and a 7 figure retirement account that's getting drained in 4 years to pay for long term health or has to be sold off to zero do your kids can afford care for you.

So overrated.

The vast majority of people don't get cancer or alzheimers. But, if *you* get alzheimer's, what will you do? Who's going to pay for your care?

What is *your* retirement strategy ? Work till you're 72 and hope you get enough social security so that you don't have to choose between paying for heat/food and rx drugs?

IMO, you are making an excuse to not save and will probably end up a burden on society.

Anything can happen. That's why people get insurance, and making sure you have a good amount in your retirement account is a type of insurance.

I hope you have a better strategy for your inevitable retirement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Saving for retirement is so overrated. No one ever wants to question conventional wisdom.

You have a lot of say in your retirement. Move somewhere cheaper and control costs. You can even retire abroad andive like a king for a fraction of the cost.

1 out of 2 men, and 1 out of 3 women will get cancer in their lifetimes. Congrats, you were diligent saving your entire life.....now it is all wiped out with a single bad health issue and now you're poor again. Imagine if you spent a little more in your youth to enjoy the fruits of your labor rather than sock away like a pack rat only to get wiped out in old age. Who wants to be a rich corpse or have wealth buy only by the time you're able to crap in a diaper?

Also, there are soooo many people going to hit with a shocking dose of reality in old age when it comes to long term healthcare costs. Many of you are going to develop Alzheimer's, parkinson's, or age related dementia. Guess what? Medicare does not cover costs for long-term health care and nursing homes. They are absurdly expensive....something like $100-200k per year. Long term health insurance also get absolutely unaffordable as you age, so it isn't even a viable option for most people. You know how people afford long term care? Their kids have to sell off all of their parents assets until they are worth $0. Then the govt will come in pay via Medicaid.

Congrats, you saved for years, could have enjoyed life more, now you're an old fart with Alzheimer's and a 7 figure retirement account that's getting drained in 4 years to pay for long term health or has to be sold off to zero do your kids can afford care for you.

So overrated.

The vast majority of people don't get cancer or alzheimers. But, if *you* get alzheimer's, what will you do? Who's going to pay for your care?

What is *your* retirement strategy ? Work till you're 72 and hope you get enough social security so that you don't have to choose between paying for heat/food and rx drugs?

IMO, you are making an excuse to not save and will probably end up a burden on society.

Anything can happen. That's why people get insurance, and making sure you have a good amount in your retirement account is a type of insurance.

I hope you have a better strategy for your inevitable retirement.

1:2 men getting cancer doesn't mean that the vast majority of adults don't get cancer. Literally half of all men will. Lol, you understanding of stats sucks.

Newsflash, it doesn't require age related dementia to wipe out savings. Just being old and frail and requireong term health will wipe you out. Sorry, but you're puny retirement account savings ain't gonna pay for long term health care and a nursing home.

Lmao, every single old person in this country is a burden on society. Wait until the boomers get old all st the same time in about 10-20 years. There is going be a crisis of epidemic proportions because there will not be enough care and nursing homes for them all, and no one can afford $200k per year in costs. Kids will spend down the assets to $0 and then need the govt to pay for the rest. It's so obvious you've never dealt with a parent or relative that's had to go through this process. Have fun getting wiped out.

[Anonymous]

i max it out, make 155k - but only started maxing out last year.

before then i was just doing enough to match... and contributing to a Roth but now i can't do that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Saving for retirement is so overrated. No one ever wants to question conventional wisdom.

You have a lot of say in your retirement. Move somewhere cheaper and control costs. You can even retire abroad andive like a king for a fraction of the cost.

1 out of 2 men, and 1 out of 3 women will get cancer in their lifetimes. Congrats, you were diligent saving your entire life.....now it is all wiped out with a single bad health issue and now you're poor again. Imagine if you spent a little more in your youth to enjoy the fruits of your labor rather than sock away like a pack rat only to get wiped out in old age. Who wants to be a rich corpse or have wealth buy only by the time you're able to crap in a diaper?

Also, there are soooo many people going to hit with a shocking dose of reality in old age when it comes to long term healthcare costs. Many of you are going to develop Alzheimer's, parkinson's, or age related dementia. Guess what? Medicare does not cover costs for long-term health care and nursing homes. They are absurdly expensive....something like $100-200k per year. Long term health insurance also get absolutely unaffordable as you age, so it isn't even a viable option for most people. You know how people afford long term care? Their kids have to sell off all of their parents assets until they are worth $0. Then the govt will come in pay via Medicaid.

Congrats, you saved for years, could have enjoyed life more, now you're an old fart with Alzheimer's and a 7 figure retirement account that's getting drained in 4 years to pay for long term health or has to be sold off to zero do your kids can afford care for you.

So overrated.

The vast majority of people don't get cancer or alzheimers. But, if *you* get alzheimer's, what will you do? Who's going to pay for your care?

What is *your* retirement strategy ? Work till you're 72 and hope you get enough social security so that you don't have to choose between paying for heat/food and rx drugs?

IMO, you are making an excuse to not save and will probably end up a burden on society.

Anything can happen. That's why people get insurance, and making sure you have a good amount in your retirement account is a type of insurance.

I hope you have a better strategy for your inevitable retirement.

1:2 men getting cancer doesn't mean that the vast majority of adults don't get cancer. Literally half of all men will. Lol, you understanding of stats sucks.

Newsflash, it doesn't require age related dementia to wipe out savings. Just being old and frail and requireong term health will wipe you out. Sorry, but you're puny retirement account savings ain't gonna pay for long term health care and a nursing home.

Lmao, every single old person in this country is a burden on society. Wait until the boomers get old all st the same time in about 10-20 years. There is going be a crisis of epidemic proportions because there will not be enough care and nursing homes for them all, and no one can afford $200k per year in costs. Kids will spend down the assets to $0 and then need the govt to pay for the rest. It's so obvious you've never dealt with a parent or relative that's had to go through this process. Have fun getting wiped out.

What exactly are you arguing in favor of? Should we create some dystopian society where people are put to death once they reach a certain age?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Saving for retirement is so overrated. No one ever wants to question conventional wisdom.

You have a lot of say in your retirement. Move somewhere cheaper and control costs. You can even retire abroad andive like a king for a fraction of the cost.

1 out of 2 men, and 1 out of 3 women will get cancer in their lifetimes. Congrats, you were diligent saving your entire life.....now it is all wiped out with a single bad health issue and now you're poor again. Imagine if you spent a little more in your youth to enjoy the fruits of your labor rather than sock away like a pack rat only to get wiped out in old age. Who wants to be a rich corpse or have wealth buy only by the time you're able to crap in a diaper?

Also, there are soooo many people going to hit with a shocking dose of reality in old age when it comes to long term healthcare costs. Many of you are going to develop Alzheimer's, parkinson's, or age related dementia. Guess what? Medicare does not cover costs for long-term health care and nursing homes. They are absurdly expensive....something like $100-200k per year. Long term health insurance also get absolutely unaffordable as you age, so it isn't even a viable option for most people. You know how people afford long term care? Their kids have to sell off all of their parents assets until they are worth $0. Then the govt will come in pay via Medicaid.

Congrats, you saved for years, could have enjoyed life more, now you're an old fart with Alzheimer's and a 7 figure retirement account that's getting drained in 4 years to pay for long term health or has to be sold off to zero do your kids can afford care for you.

So overrated.

The vast majority of people don't get cancer or alzheimers. But, if *you* get alzheimer's, what will you do? Who's going to pay for your care?

What is *your* retirement strategy ? Work till you're 72 and hope you get enough social security so that you don't have to choose between paying for heat/food and rx drugs?

IMO, you are making an excuse to not save and will probably end up a burden on society.

Anything can happen. That's why people get insurance, and making sure you have a good amount in your retirement account is a type of insurance.

I hope you have a better strategy for your inevitable retirement.

1:2 men getting cancer doesn't mean that the vast majority of adults don't get cancer. Literally half of all men will. Lol, you understanding of stats sucks.

Newsflash, it doesn't require age related dementia to wipe out savings. Just being old and frail and requireong term health will wipe you out. Sorry, but you're puny retirement account savings ain't gonna pay for long term health care and a nursing home.

Lmao, every single old person in this country is a burden on society. Wait until the boomers get old all st the same time in about 10-20 years. There is going be a crisis of epidemic proportions because there will not be enough care and nursing homes for them all, and no one can afford $200k per year in costs. Kids will spend down the assets to $0 and then need the govt to pay for the rest. It's so obvious you've never dealt with a parent or relative that's had to go through this process. Have fun getting wiped out.

All of the people I know who retired with substantial financial security are enjoying much better lives than those who retired with little or no savings. But you do you I guess.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I did it from the outset. Prioritizing retirement savings over current spending is the best path to a secure future, but many people prefer current consumption at a higher level over a more restrained lifestyle. IF you start maxing out retirement savings from your very first job, it becomes an accepted priority and practice, rather than something to eventually get around to. Given the time value of money, delaying the start of saving and investing is very costly.

It's fine to share as the thread asks but the lecturing is unnecessary. I didn't even have access to an employer sponsored retirement account in my first jobs, not until I was 31. My spouse was in the same boat. We did save in Roth IRAs but the limit is much, much lower. Plenty of people do the best they can with what they have.

Maximizing retirement savings need not mean "only to the extent I get a tax break for doing so". You spend it, it's gone. Many people earmark savings for retirement beyond whatever tax-advantaged vehicles they happen to have access to.