How old are you and how much do you have saved in retirement?
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Anonymous
| 37, $130K. I started contributing seven years ago (when I just got out of my PhD), and my employer matches 10%. |
Anonymous
| 29 and 31, about $220k in our 401ks. We've maxed it out every year we've both been working and it's taken a major hit the past few years. Also wondering if 401ks and 529s are really the best option. We also put a bit into our kids' 529s every month, but mostly because that's what you're "supposed to do." |
Anonymous
I'm hoping we can get there! We are 40/41 and have a combined $500K in retirement accounts. We contribute about $70K/yr to our employer-sponsored plans ($49K for DH, $16.5 + match = almost $12K for me) so I think we have a pretty good shot at reaching $1M in 5 yrs. |
Anonymous
529s cannot be counted against financial aid. And some funds are managed by cheapskate firms like Vanguard or TIAA-CREF, so they're a thrifty way to invest if you're doing it directly. However, if you invest in equities, as I did, the sock under the bed plan looks pretty good right now. My financial statements might as well be photos of pitchers of warm spit. Oh, and supposedly I will have $1.3 million saved at retirement. As another one with parents in a continuing care facility, I hope that's enough. |
Anonymous
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We are 40 and 39, and probably have around 130K. There's no way we'll be able to save enough, and we put in as much as we can. We get no match because we're self employed. When the market tanked this last quarter, we lost the last two years' worth of contributions - I agree, we may as well be burying cash in the backyard. We'll be working till we drop.
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Anonymous
| 30 y/o and 30K |
Anonymous
Nice. I like that very apt analogy. Definitely how I feel. |
Anonymous
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Both 36. Somewhere around $400K, maybe a bit more. I have heartburn just getting the statements these days.
The only reason why we continue to maximize our 401(k) contributions is for the tax savings. Otherwise, I'm fairly certain we've gotten close to a zero percent return over the past 15 years! |
Anonymous
Ok, but it doesn't change the fact that it's true for some of us. We've been hit hard by the market over the last few years, but still have around $350k in our mid-30s. That's from $0 starting in our mid-20s. |
Anonymous
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56 & 51 ... ~$2M + $400k home eq.
Have saved regularly and vigorously since mid-20s... |
Anonymous
| 750K, both 40. we will also have military pension/health care |
Anonymous
You should always read the fine print: "Example Here is a simplified example of how this all works: You file the FAFSA aid application when your child is a senior in high school. Let's say you have a 529 savings account with $20,000 in it, of which $10,000 represents your original contribution and $10,000 is earnings. Year 1: Your child's eligibility for federal financial aid this year will decrease by no more than 5.64% of the account value, or $1,128 ($20,000 x 5.64%). Assume there is no further appreciation in the account and you withdraw $5,000 in the fall to pay for the first semester college bills. Year 2: You have $15,000 left in the account when your child applies for aid for sophomore year, and it will again be assessed up to 5.64% of the account value or $846 ($15,000 x 5.64%). The $5,000 withdrawal brought $2,500 of excluded earnings with it, but as indicated above, none of the withdrawal is counted as financial aid income. The federal aid formula is more complicated than what is described here, but this gives you a general idea of how to calculate impact. Be Prepared! Sound complicated? It is. And we are only talking about the federal financial aid rules here -- each school can (and most will) set its own rules when handing out its own need-based scholarships, and many schools are starting to adjust awards when they discover 529 accounts in the family. Also consider that the federal financial aid rules are subject to frequent change. Finally, remember that most financial aid comes in the form of loans, not grants, and so you end up paying it back anyway." Trust me, I've been through the ringer. They take away need-based financial aid if you have a college savings plan. |
Anonymous
This is one of the more ridiculous statements I've read here. If you have a college savings plan, that decreases the need for financial aid. How is that not obvious? What the hell do you think need-based means? If you have substantial income/savings, your need-based aid SHOULD decrease. It sounds like you're disgruntled that schools are becoming more adept at discovering heretofore hidden assets that can be used to pay for school. Which makes you one greedy individual. |
Anonymous
 Yes my $135K in loans is proof I'm greedy. Because clearly we could pay in cash. I earned 10K in outside scholarships and was rewarded by having financial aid taken away. It's a great system...
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Anonymous
| Isn't the right answer to OP's question "Too old and not enough"? |