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Reply to "50 year olds - how much retirement $ do you have saved?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Retirement age is 70 so 50 plenty of time and RMDs not till 73. Given 50 is when 401k catch’s ups happen [b]you have 20 years[/b] to ramp up the 401k. Most people never even touch their retirement money principal other than RMDs. [/quote] you have *upto* 20 years. 50s and later is also when layoffs happen and getting re-hired is not that easy, especially not at the same level. So don't count on it.[/quote] I am pushing 62. I have no problem getting jobs. In fact as kids older with catch up in 401k starting at 50 and perhaps spouse can rejoin workforce at 55 if she stayed at home then 55-65 you really can increase 401k savings. I put at 61 not the max but I do 24k in 401k and I get a 24k match. My wife does not work. So I put 48k in 401k. I plan to retire at 70. That is max SS. To be honest my two brother in laws and brother are kaput, but they have no mojo or kept current. [/quote]
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