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

[Anonymous]

You should always max out no matter what your income. If you need to earn more, earn more.

[Anonymous]

Anonymous wrote:

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.

exactly. ^^PP is using the excuse of "everyone will get cancer or dementia so why bother saving" as justification for not saving and not feeling bad about it.

good luck in your retirement.. oh wait, nvm.. you probably can never retire with your attitude.

[Anonymous]

Always max out, not high income.

[Anonymous]

I make $115k and I'm not maxxing out yet but close. Will probably do that within the next 5 years when I'm 40.

[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.

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.

Well, duh. Now let's get back to reality with taking a perspective relative to the median income of people in the US.

[Anonymous]

I started with my second job at $60k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

exactly. ^^PP is using the excuse of "everyone will get cancer or dementia so why bother saving" as justification for not saving and not feeling bad about it.

good luck in your retirement.. oh wait, nvm.. you probably can never retire with your attitude.

Or maybe I'm not a typical dumb American who thinks they need to retire in America. It's entirely possible to control costs by moving abroad. Holy crap, who knew the world could be your oyster.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

exactly. ^^PP is using the excuse of "everyone will get cancer or dementia so why bother saving" as justification for not saving and not feeling bad about it.

good luck in your retirement.. oh wait, nvm.. you probably can never retire with your attitude.

Or maybe I'm not a typical dumb American who thinks they need to retire in America. It's entirely possible to control costs by moving abroad. Holy crap, who knew the world could be your oyster.

LOL. Do you really think foreign countries are rolling out the red carpet for some deadbeat American retiree without a pot to piss in? Good luck with that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

exactly. ^^PP is using the excuse of "everyone will get cancer or dementia so why bother saving" as justification for not saving and not feeling bad about it.

good luck in your retirement.. oh wait, nvm.. you probably can never retire with your attitude.

Or maybe I'm not a typical dumb American who thinks they need to retire in America. It's entirely possible to control costs by moving abroad. Holy crap, who knew the world could be your oyster.

I've heard this from so many people: "I'm going to move to __________ and live like a king when I retire."

Exactly zero have actually done it.

I think most underestimate the importance of access to family/friends, the initial loneliness and alienation of living abroad, and the logistical hassle of making it work.

[Anonymous]

DH and I maxed out whatever we could whenever we were eligible.

Now at 58 and 62, we appear to have oversaved- even counting the past year’s lack luster results.

My advice is to max out until you are 40, then re-assess. And re-assess at 50.

[Anonymous]

I don’t Max out. I need the money today. I wouldn’t deny myself things today for overfunding retirement. I could get hit by a bus tomorrow or get cancer or some shit like that.

[Anonymous]

Anonymous wrote:DH and I maxed out whatever we could whenever we were eligible.

Now at 58 and 62, we appear to have oversaved- even counting the past year’s lack luster results.

My advice is to max out until you are 40, then re-assess. And re-assess at 50.

We're 40/41 and have achieved "Coast FIRE", meaning that if we don't contribute anything ever again and just let it ride we should be set at retirement time (assuming 7% returns). We'll still max out because I'd like to push the retirement timeline forward at least 5 years, but at 45 I will reassess and might consider shifting some funds to a vacation house or something since any additional retirement contributions are just gravy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

exactly. ^^PP is using the excuse of "everyone will get cancer or dementia so why bother saving" as justification for not saving and not feeling bad about it.

good luck in your retirement.. oh wait, nvm.. you probably can never retire with your attitude.

Or maybe I'm not a typical dumb American who thinks they need to retire in America. It's entirely possible to control costs by moving abroad. Holy crap, who knew the world could be your oyster.

LOL.. I'm the PP. Actually, I'm going to retire early to Europe because my spouse is a dual citizen. But even there, we are going to pay for medical care out of pocket because while general medical issues can be easily managed by their medical system, really big issues may be more difficult for their system to handle in a timely manner. Now, granted, medical care there is soo much cheaper than here (one of the reasons we want to retire abroad), however, you still need money to pay for that private care.

You can retire abroad where it's cheap, but do you have a network there to help you in your old age? kids? Siblings? Do you speak a foreign language to be able to communicate with the hired help who usually are not well educated or speak much English?

Do you know anyone who has actually retired abroad permanently, or are you basing your plan on some nerdwallet article you read? Also, a lot of countries require a minimum income for you to get permanent residency there. You might want to make sure you have enough social security credits before you plan on that retirement abroad. And of course, the minimum amount could change at any time.

We are in our 50s with siblings in their 60s, parents in their 80s and 90s. When one of them have serious medical issues, a sibling goes to help out. How is that going to work for you when you are retired abroad? Hire help because the labor there is so cheap?

When we both reach medicare age, we'll come back to the US.

Medical care is probably the #1 reason why people cannot retire early, if at all. So, good luck to you.

[Anonymous]

Anonymous wrote:I don’t Max out. I need the money today. I wouldn’t deny myself things today for overfunding retirement. I could get hit by a bus tomorrow or get cancer or some shit like that.

you could also end up in a medicaid facility because you thought you might get hit by a bus one day so why bother saving?

[Anonymous]

Anonymous wrote:DH and I maxed out whatever we could whenever we were eligible.

Now at 58 and 62, we appear to have oversaved- even counting the past year’s lack luster results.

My advice is to max out until you are 40, then re-assess. And re-assess at 50.

What amount did you consider “over”?