If your HHI is less than 100k

[Anonymous]

What is your HHI? 95k
Do you rent or own? Own
What is your monthly rent/mortgage payment? $2700
How much of a mortgage did you take out? 375k
How much did you pay for your house? 650k

[Anonymous]

Anonymous wrote:That is not the norm. On a small salary most do not have large amounts in 401k or houses paid off. Ss will be a life saver for me

I hope that you are old enough to count on it. I'm 30 and not feeling as secure. But you're right, its not the norm.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My question to those of you making less than 100K - are you planning to live off anything but SS in retirement? I can't see how you can amass enough money to throw off retirement income.

My company (where I have worked for 15 years) makes a 7.5% non-elective contribution to my 401k annually. We also have considerable savings/investments from my spouse's former job before becoming a SAHP. So no, we're not relying on SS.

We make $125k HHI. I have a retirement plan at work (401k) with employer matching, which I make full use of. DH and I also have about $300k in IRA accounts we rolled over years ago when leaving prior jobs. The funds took a beating during the last decade's recession, but they are coming back now. DH and I plan to work for at least another 15 years, so I'm hoping we accumulate more of a nest egg between now and then. Still in the process of putting kids through college at the moment, so we'll see.

125k is not less than 100k so I am bored. I know you couldn't resist chiming in but zzzzzzzz. If it said 50k then I would be interested in your comments.

And to the pp that asked, why do you assume that people plan to retire? If you can barely afford today, are you really thinking about 30 years from now when you may or may not be on this earth? That is why the pp I quoted is a bore, same old same old yadda yadda.

Sorry, but I don't understand you. Are you saying that "poor" folk don't care about saving for retirement?

I am saying that people with "pea" brains make huge assumptions when it comes to retirement. The first assumption being that most people plan to retire. Some people will work until they die, or come close to it.

Secondly, if you were truly poor, and 70k is not poor, retirement would probably not be a priority, depending on the cost of living where you live. If I am in a low cost area then maybe 20k is enough to live ok and think about retirement. If my HHI IS 30K and I live here, then no. My main concern would probably be eating and not getting evicted. Why give myself a heart attack worrying about both today and tomorrow? Your life would be miserable and nothing but working to panic.

[Anonymous]

Anonymous wrote:Why give myself a heart attack worrying about both today and tomorrow? Your life would be miserable and nothing but working to panic.

So ignoring it is a solution? What if you hit 70 and can't find a job ... andd you have a grand total of $10,000 to your name, I think *that* life would be miserable. Far more miserable than "Hey, let me try to squirrel away 10% now."

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why give myself a heart attack worrying about both today and tomorrow? Your life would be miserable and nothing but working to panic.

So ignoring it is a solution? What if you hit 70 and can't find a job ... andd you have a grand total of $10,000 to your name, I think *that* life would be miserable. Far more miserable than "Hey, let me try to squirrel away 10% now." [/quote

You're missing the point. Many people love hand to mouth, with nothing to save for retirement after the bills are paid and food is bought. Of course they don't want to be 70 and out of a job, but there is nothing more they can do right now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why give myself a heart attack worrying about both today and tomorrow? Your life would be miserable and nothing but working to panic.

So ignoring it is a solution? What if you hit 70 and can't find a job ... andd you have a grand total of $10,000 to your name, I think *that* life would be miserable. Far more miserable than "Hey, let me try to squirrel away 10% now."

Hello "pea".

If all of your money has been spent on rent, utilities, and food for your family- where is the 10% going to come from? Perhaps they should starve their kids and call it a low food diet. Or maybe they should live in a van and then they wouldn't have to worry about rent. Sorry kiddo, you will have to sleep in the backseat but at least I will have a 401k to impress others who don't give a flip about our situation.

Who gives a shit about finding a job at 70, when your ass is barely survivng at 35? Get a clue and some compassion moron.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:About 85k for me and 10k for husband. 95k combined usually, but more like $65k this year because of maternity leave.

We own.
Mortgage is $1400 and something, right now we pay $1500 (extra principal).
Current mortgage balance is $190k, originally borrowed about $245k in 2003 - that includes some money borrowed for construction loan (house was a foreclosure). House cost $225k. (Now worth about $650k).

Not sure your motivation in asking this question, but I think we live well. I normally save about $600 a month, plus the max for retirement accounts, save for kids college, eat out a lot (probably too much) and go on vacation/trips several times a year. We tend to be frugal when we can and have no childcare costs or debts.

This was me and you would be "betting" wrong. I live in NW DC.

you got lucky, the next generation will never experience doubling of their house value in a a few years.

That is what we were told in 1988 - at the end of another run up. It flat lined for 10 or so years and then went up agan. My parents sold in 1997 (before the last run up) and their house value had increased 11 times since they bought it in 1969. Everything is cycylical. Just wait for inflation to come back.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why give myself a heart attack worrying about both today and tomorrow? Your life would be miserable and nothing but working to panic.

So ignoring it is a solution? What if you hit 70 and can't find a job ... andd you have a grand total of $10,000 to your name, I think *that* life would be miserable. Far more miserable than "Hey, let me try to squirrel away 10% now."

Give me a solution?
My salary is not going to double anytime soon. I have to get by as it is with what I have. There are no large sums that I can sneak from my budget into a 401k. Tax free shelters are for the rich.

[Anonymous]

Anonymous wrote:That is not the norm. On a small salary most do not have large amounts in 401k or houses paid off. Ss will be a life saver for me

"Under 100k" is not a "small salary". Our income is just under $100k and we do very nicely and are doing just fine for retirement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I bet most don't live in the DC area.

Walmart, Target, Whole Foods, hotels, associations, etc all have employees and managers. Where do you think they live......in Delaware? Get real.

Plus non-profits.

And dancers, writers, journalists, editors, musicians, teachers, firemen, DC government workers, waitresses (gasp!), librarians, administrative assistants, janitors, retail salespeople. Etc.

Easy killer. Associations ARE non-profits.

A couple of those you mentioned have some of the best befefits packages out there. Gasp!

[Anonymous]

Anonymous wrote:What is your HHI?
Do you rent or own?
What is your monthly rent/mortgage payment?
How much of a mortgage did you take out?
How much did you pay for your house?

HHI $99k
Own
Mortgage payment $2100 a month
Mortgage was $351,000 after the refi
We paid $393,000

[Anonymous]

Anonymous wrote:

Anonymous wrote:What is your HHI?
Do you rent or own?
What is your monthly rent/mortgage payment?
How much of a mortgage did you take out?
How much did you pay for your house?

About 90k
Own
Including escrow, $1450
$250k (originally) - $190k remaining
$230k in 2002

[Anonymous]

bump