Anonymous
09/08/2025 16:23
Subject: Re:Are we really far behind on savings?
Anonymous wrote:Anonymous wrote:Anonymous wrote:That sounds like a great pension — what sector do you work in?
I wouldn't count on a pension 15+ years away, especially if private sector. Many things can happen.
I think OP is behind for their income, but it depends how much they want to spend.
OP - not the private sector. This is with the state. However agree it is hard to count on pensions nowadays.
And when I saw we are behind - I mean I see posts on here all the time with people being 45 years old and having $3 million in retirement. We are far from that. Also we were paying $2500 a month for student loans and $3500 a month for daycare for approximately a decade in case people were wondering where all of our money went. FWIW we didn't start making this much money until recently. Income has steadily gone up over the past decade.
Are you seriously measuring your wealth based on comments on an anonymous message board? Honestly, it does sound like you have a spending problem.
Anonymous
09/08/2025 15:55
Subject: Are we really far behind on savings?
Many of us who do not make $650k, also paid for student loans and 10+ years of daycare. You have a spending problem and are well behind your peers.
Is this what you wanted to hear OP?
Is this what you wanted to hear OP?
Anonymous
09/08/2025 15:36
Subject: Re:Are we really far behind on savings?
Anonymous wrote:Anonymous wrote:That sounds like a great pension — what sector do you work in?
I wouldn't count on a pension 15+ years away, especially if private sector. Many things can happen.
I think OP is behind for their income, but it depends how much they want to spend.
OP - not the private sector. This is with the state. However agree it is hard to count on pensions nowadays.
And when I saw we are behind - I mean I see posts on here all the time with people being 45 years old and having $3 million in retirement. We are far from that. Also we were paying $2500 a month for student loans and $3500 a month for daycare for approximately a decade in case people were wondering where all of our money went. FWIW we didn't start making this much money until recently. Income has steadily gone up over the past decade.
Anonymous
09/08/2025 15:32
Subject: Are we really far behind on savings?
Anonymous wrote:Anonymous wrote:Anonymous wrote:How can a person make that much and still be so stupid that they ask this on DCUM?
Never mind that. Who the heck told so many of you that 529 and 401k are good accounts. Question the motives of government and companies offering them. Nobody seems to understand what they give up putting money into those account.
Match and tax deduction do not make up for the long term loss of money and knowledge.
What long term loss of money? Our 529s have provided 20+ years of tax free growth, it was invested in excellent stock mutual funds until our kids turned 15/16, then we started pulling it back (it was fully funded already for 4 years at $90K and most of grad school by then) to prevent major losses. I will take the tax free benefits any day. And if we "overfund" oh well. It will continue to grow for our grandkids. One kid has been out of college for 5 years, their "left over $75K" is now $125K+ and there are no grandkids even yet.
Agree. We have hundreds of thousands in tax-free growth in 529 plans. The poster you are responding to is whack.
Anonymous
09/08/2025 15:30
Subject: Are we really far behind on savings?
Anonymous wrote:Anonymous wrote:How can a person make that much and still be so stupid that they ask this on DCUM?
Never mind that. Who the heck told so many of you that 529 and 401k are good accounts. Question the motives of government and companies offering them. Nobody seems to understand what they give up putting money into those account.
Match and tax deduction do not make up for the long term loss of money and knowledge.
What long term loss of money? Our 529s have provided 20+ years of tax free growth, it was invested in excellent stock mutual funds until our kids turned 15/16, then we started pulling it back (it was fully funded already for 4 years at $90K and most of grad school by then) to prevent major losses. I will take the tax free benefits any day. And if we "overfund" oh well. It will continue to grow for our grandkids. One kid has been out of college for 5 years, their "left over $75K" is now $125K+ and there are no grandkids even yet.
Anonymous
09/08/2025 14:39
Subject: Are we really far behind on savings?
Anonymous wrote:Anonymous wrote:How can a person make that much and still be so stupid that they ask this on DCUM?
Never mind that. Who the heck told so many of you that 529 and 401k are good accounts. Question the motives of government and companies offering them. Nobody seems to understand what they give up putting money into those account.
Match and tax deduction do not make up for the long term loss of money and knowledge.
Match is a 100% (or sometimes 50% depending on your plan) return. Please don't tell people to forego any employer match money. Not that I agree with anything else you wrote either, but that's egregious.
Anonymous
09/08/2025 14:36
Subject: Are we really far behind on savings?
Anonymous wrote:How can a person make that much and still be so stupid that they ask this on DCUM?
Never mind that. Who the heck told so many of you that 529 and 401k are good accounts. Question the motives of government and companies offering them. Nobody seems to understand what they give up putting money into those account.
Match and tax deduction do not make up for the long term loss of money and knowledge.
Anonymous
09/08/2025 13:45
Subject: Are we really far behind on savings?
How can a person make that much and still be so stupid that they ask this on DCUM?
Anonymous
09/08/2025 13:42
Subject: Are we really far behind on savings?
Anonymous wrote:DH and I are in our early 40s with young kid (finally out of daycare). We have spent our 30s paying off student loans and having young kids in daycare. Now just trying to catch up with savings, retirement, etc. Current HHI is around $650,000 (give or take a year depending on bonuses). Currently have around $1 million in savings/retirement and a pension worth $6700 per month upon retirement (at age 58). House equity is around $500,000 (just purchased but put large down payment down). We have some savings in 529 for kids but need to catch up. Just paid off $200,000+ in student loans in the past 10 years plus paying $48,000 per year on daycare.
Will we be able to do a big catch up in our 40s? Is that typically when net worth is gained?
Catch up to whom? You are perfectly fine. You can cash flow college with that HHI. You probably should have more saved but this post is evidence you are terrible with money. We make less than half of your HHI and live very comfortably so I don't understand how it took ten years to pay your loans!
Anonymous
09/08/2025 13:32
Subject: Are we really far behind on savings?
It's posts like this that get people like Trump elected.
Anonymous
09/08/2025 13:19
Subject: Are we really far behind on savings?
Gee, OP, I’m 52, my husband is 60, kid in college and we have $1.5 million in retirement and no pension. Are we okay? Will we be okay? Are we behind???
You are rich and you will remain rich. Good for you. Please, for the love of all that is holy, please have some self awareness and recognize how well off you are, and then ask appropriate questions about how to maximize wealth or whatever your real question is.
You are rich and you will remain rich. Good for you. Please, for the love of all that is holy, please have some self awareness and recognize how well off you are, and then ask appropriate questions about how to maximize wealth or whatever your real question is.
Anonymous
09/08/2025 13:15
Subject: Are we really far behind on savings?
These are the people that will be homeless by 2028.
Anonymous
09/08/2025 13:14
Subject: Re:Are we really far behind on savings?
Anonymous wrote:Anonymous wrote:That sounds like a great pension — what sector do you work in?
I wouldn't count on a pension 15+ years away, especially if private sector. Many things can happen.
I think OP is behind for their income, but it depends how much they want to spend.
yes they are behind for their income, but should be able to rectify that within 2 years and be on the right track.
And I agree that I woudlnt' count on a pension 15+ years away. Save for retirement and be surprised if you have extra and a pension.
Anonymous
09/08/2025 12:57
Subject: Re:Are we really far behind on savings?
Anonymous wrote:That sounds like a great pension — what sector do you work in?
I wouldn't count on a pension 15+ years away, especially if private sector. Many things can happen.
I think OP is behind for their income, but it depends how much they want to spend.
Anonymous
09/08/2025 12:16
Subject: Are we really far behind on savings?
Troll post. I’m getting tired of this. Of course, $650K HHI for DCUM is par for the course.