How old are you and how much do you have saved in retirement?

[Anonymous]

Anonymous wrote:37 and 39
about $250k in retirement.
$400K mortgage on a million dollar home
one federal pension.

we're behind. I really have no idea how we'll get to the numbers we're "supposed" too.

Outside of the mega wealthy (those who make a fortune selling a business or have salaries where they can just stash 200K/cash away per year), I have no idea how 95% (no, make that 98-99%) of our generation of Americans are ever going to retire. Those of us making anywhere <$400k and just putting away $30-40K/year are screwed.

And that is a TON of money compared to what most Americans can even dream of saving.

We all have to live someplace like Arkansas.

[Anonymous]

Honestly, I just plan to work until I can't anymore. I have no idea how anyone but the mega wealthy are going to be able to retire anyway. Our generation is completely screwed. To steal a phrase from our president "It's math"

[Anonymous]

Anonymous wrote:

Anonymous wrote:37 and 39
about $250k in retirement.
$400K mortgage on a million dollar home
one federal pension.

we're behind. I really have no idea how we'll get to the numbers we're "supposed" too.

Outside of the mega wealthy (those who make a fortune selling a business or have salaries where they can just stash 200K/cash away per year), I have no idea how 95% (no, make that 98-99%) of our generation of Americans are ever going to retire. Those of us making anywhere <$400k and just putting away $30-40K/year are screwed.

And that is a TON of money compared to what most Americans can even dream of saving.

If you're under 40, have $600,000 in equity in your home, $250K in retirement savings, and a pension, you're not behind.

We all have to live someplace like Arkansas.

[Anonymous]

Anonymous wrote:Honestly, I just plan to work until I can't anymore. I have no idea how anyone but the mega wealthy are going to be able to retire anyway. Our generation is completely screwed. To steal a phrase from our president "It's math"

Yep, this is pretty much my plan.

I'm 37 and I'm not sure how muich I've saved, but the jar seems kind of heavy and is nearly full.

[Anonymous]

Anonymous wrote:

36 year old here as well... $0 savings, $0 retirement, $12.56 in cheating account.

Hope this makes you feel good about yourself OP.

I don't think there's any reason to give the OP a guilt trip. You're unnecessarily assuming that her intentions were bad. I believe that she's genuinely curious, and wants to know if she's on the right track. No need to be obnoxious.

Personally, I find these threads useful. I started saving for retirement about 10 years ago. Before that, I had zero saved. But, I read posts like this (on another forum) and it got me thinking, and I made retirement a priority. I'm grateful that I saw how other people were able to save, because it gave me a kick in the pants to save for myself! And, I think of these kinds of thread when I'm at Target, and trying to talk myself out of buying another ridiculous wicker basket/picture frame/candle/piece of crap that I don't need.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

36 year old here as well... $0 savings, $0 retirement, $12.56 in cheating account.

Hope this makes you feel good about yourself OP.

I don't think there's any reason to give the OP a guilt trip. You're unnecessarily assuming that her intentions were bad. I believe that she's genuinely curious, and wants to know if she's on the right track. No need to be obnoxious.

Personally, I find these threads useful. I started saving for retirement about 10 years ago. Before that, I had zero saved. But, I read posts like this (on another forum) and it got me thinking, and I made retirement a priority. I'm grateful that I saw how other people were able to save, because it gave me a kick in the pants to save for myself! And, I think of these kinds of thread when I'm at Target, and trying to talk myself out of buying another ridiculous wicker basket/picture frame/candle/piece of crap that I don't need.

OP here. Thank you PP, this is exactly why I asked. This thread has been really helpful.

[Anonymous]

10/24 14:47 here ....

I've saved since I was 25 and planned since I was in my early 30s so that I could have the option of walking away from work when I'm 60-62, so I don't have to work til I drop... I have no desire to do that.

OTOH, I will keep working as long as I get something out of it other than just a paycheck.

Current projection = I can chuck it all at 60; I may or may not, but it's nice to know we can.

[Anonymous]

Anonymous wrote:

Guess retirement at 55 isn't happening.

Is anyone planning this? I have no idea how that happens for normal people (no big inheritance, no selling the wildly profitable company) with kids. If you start working around 20 and plan on living until 95 -- not that you will, but that's what you're supposed to plan for -- how do you do that? Save enough in 35 years to support yourself for 40?

Everyone needs to recognize that, when the retirement age was "set" at 62, the average life expectancy was 65. It's not hard to save enough money to live three, or even ten, at the outside, years. As you point out,the problem is saving for 20 or 30 years of income. Those who retired in the 1980's and 90's who got full pensions at 62 with the expectation that they could easily live another 20 (or more!) years just lucked out. This is also why most the pension plans (including Social Security) are going broke. When you think about it, it is ridiculous to believe that people, as a matter of right, should be able to live the last 20-30 years of their life without working. Yes, some people can do it, but then again, some people never have to work at all. Most people are going to just have to realize that they are not going to have the retirement their grandparents had (because it was an anomaly).

[Anonymous]

23 and 25 We have $35,000 in savings $1,650 other savings, $1,100 checking, and $200 in other savings. We owe $69,000 on the house and no other loans. We have both cars paid off and a daughter. We are saving at least $17,000 every year. We started saving January of 2011. I think we are doing pretty good for what we make.

[Anonymous]

50, $500K in total.

[Anonymous]

Anonymous wrote:

Everyone needs to recognize that, when the retirement age was "set" at 62, the average life expectancy was 65.

This may be technically true, but it's so irrelevant and misleading that it might as well be false. Life expectancy was shorter in the 20th century mostly because of infant mortality-- if you add a bunch of people who died before age 5 into the calculation then "average life expectancy" goes down. Life expectancy at 60 (how much longer people lived once they reach 60) has extended a few years, but not by that much.

[Anonymous]

51 with $1.5M in savings, another $1M+ in joint retirement investments, and a CSRS fed pension to look forward to.

[Anonymous]

I'm 28 and have $27K. Was in grad school for 2 years, and that is paid off.

[Anonymous]

Anonymous wrote:51 with $1.5M in savings, another $1M+ in joint retirement investments, and a CSRS fed pension to look forward to.

This is why I get upset that there is still a Federal pension. That money could be spent on feeding and educating children. And, I do value government workers. I just wish the model would change, now that our circumstances have changed. Flame away.

[Anonymous]

Anonymous wrote:

Anonymous wrote:51 with $1.5M in savings, another $1M+ in joint retirement investments, and a CSRS fed pension to look forward to.

This is why I get upset that there is still a Federal pension. That money could be spent on feeding and educating children. And, I do value government workers. I just wish the model would change, now that our circumstances have changed. Flame away.

So you cherry-pick the "richest" Fed on this thread to make your point? There are like less than 1% of Feds who have TSP accts of a 1 mil or more. OP probably made the bulk of their money in private sector and was smart enough to get into the govt for the stability and/or mission.