Anonymous wrote:I would hope your kids would also help you. Keep saving and you will be okay.

I think most people would hope not to be a burden on their kids.

Anonymous wrote:

It’s never too late! That 100k will be 400k by the time you are 62. Keep adding to it as much as you can now. Don’t compare yourself to the DCUM posters - they are either really in the top 1 percent or just liars.


Is it really that big of an increase... I'm ahead of the OP, and am hoping that's true, but there is a lot of heavy propaganda constantly telling you that if you don't have 4x times your income when you 44 (or whatever) that you're basically going to live in a cardboard box in your old age.

Yes, it is certainly possible that the 100K will be 400K by the time OP retires, given the information OP has provided. Whether 400K in retirement savings is enough depends on a number of factors (expenses, where OP intends to retire, whether the SS fund can pay out 100 percent or something else occurs)

Actually, it’s extremely probable that op will have well over that amount. At a very conservative 7% average growth per year, if op just continues at his current contribution levels he’ll have ~685,000 at 62 and 1.1 million if he continues to work/invest until 67.

I would hope your kids would also help you. Keep saving and you will be okay.

It’s never too late! That 100k will be 400k by the time you are 62. Keep adding to it as much as you can now. Don’t compare yourself to the DCUM posters - they are either really in the top 1 percent or just liars.


Is it really that big of an increase... I'm ahead of the OP, and am hoping that's true, but there is a lot of heavy propaganda constantly telling you that if you don't have 4x times your income when you 44 (or whatever) that you're basically going to live in a cardboard box in your old age.

Yes, it is certainly possible that the 100K will be 400K by the time OP retires, given the information OP has provided. Whether 400K in retirement savings is enough depends on a number of factors (expenses, where OP intends to retire, whether the SS fund can pay out 100 percent or something else occurs)

I would work with a financial advisor to figure out a plan. I agree that DCUM's responses on retirement savings are not a benchmark for the typical American, and I don't think you are doomed, but I do think you need to work on increasing your savings.

If you are planning to continue working past age 65, as you indicate, why would you be doomed?

Anonymous wrote:

Anonymous wrote:It’s never too late! That 100k will be 400k by the time you are 62. Keep adding to it as much as you can now. Don’t compare yourself to the DCUM posters - they are either really in the top 1 percent or just liars.

Is it really that big of an increase... I'm ahead of the OP, and am hoping that's true, but there is a lot of heavy propaganda constantly telling you that if you don't have 4x times your income when you 44 (or whatever) that you're basically going to live in a cardboard box in your old age.

I just looked back at my balance history. In 2015 my 401k was at 131K and now, just 10 years later am currently at 784k (contributing the max each year with a 5% match)

Obviously its unlikely that the stock market will continue to grow at that pace indefinitely, but once you hit a certain threshold the power of compound interest really is amazing.

Anonymous wrote:Just keeping going, OP! I was terrified at your age -- certain that I was doomed to work forever and be destitute. I am now 57 and in pretty good financial shape for retirement.

I maxed out retirement contributions, even though it was so painful. I worked in a job that I didn't particularly want because of the money. And I found a way to buy my house. That has been a huge help given the rise in property values. I won't be wealthy in retirement, but very comfortable.

I can't go back and tell my 48 year old self, but I can reassure you. Make smart decisions and you'll be fine.

+1

Anonymous wrote:You have another 17-22 years to work. AND you will likely get social security. You've got this OP. Just save as much as you can.

This!

This board is dominated by very wealthy people that have millions saved by the time they are 35. The vast majority of this country will never save that much and will be ok.

As long you don't face unemployment between now and 60 you will be okay.

OP here I have the additional info above but forgot to Thank you all for the valuable info. I am sorry I didn't provide more details earlier, but you guys were still available to help with the limited information that I provided.

Here is more information. I make about $115k as an operations analyst. Per month, about $1800 goes into my 401k. My employer match is 3%. My monthly expenses are $2k for college, $2100 rent 1 bedroom/1 bath apartment. I take public transportation and Uber. I already contributed for this years Roth, my first time investing in Roth. I save $250 for emergency expenses. The rest goes into food, Uber rides when needed, utilities etc. I never really tracked my expenses until now. Never had a financial education not an excuse I had 27 years to learn it and never did so it's my fault.

I did ask for a raise every year for the past year and haven't gotten it. Now I regret not leaving at 46 but I felt too comfortable that I had a relatively secure job. Now at 48 that I am evaluating my life for the next stage I guess I realize I need to make more money especially when I read about people here complaining about making only $200k. I'll read some of the threads about people my age who took the risk and succeeded. If I can get a job making $160k in the next 2 years I'll be really happy.

Just keeping going, OP! I was terrified at your age -- certain that I was doomed to work forever and be destitute. I am now 57 and in pretty good financial shape for retirement.

I maxed out retirement contributions, even though it was so painful. I worked in a job that I didn't particularly want because of the money. And I found a way to buy my house. That has been a huge help given the rise in property values. I won't be wealthy in retirement, but very comfortable.

I can't go back and tell my 48 year old self, but I can reassure you. Make smart decisions and you'll be fine.

If it makes you feel any better, I am 54 and have less than $100K in retirement savings. I'm hoping to be over $100K by cye. It's a long story but I'm maxing out as much as I can now...

You are not too old to change careers if that's what you want. I changed careers twice in my 60s. And you have plenty of time before retirement to save a lot to add to your social security. Max out your 401k and do the catch up contributions when you are old enough. Make sure you launch your kids when they get done with school or that you make them pay you more than what it costs you if they boomerang back home.

Also, if you're planning to work until you can't anymore, you don't need that much savings. Don't collect social security until you are 70 so you get the max without paying anything back. You have options.