Anonymous
10/24/2011 11:47
Subject: Re:How old are you and how much do you have saved in retirement?
We are 55 and 51 and between us have about $1M.
My mother passed away recently after spending many years in assisted living with monthly costs that boggled the mind. She had enough money for that, and I worry that we will not.
My mother passed away recently after spending many years in assisted living with monthly costs that boggled the mind. She had enough money for that, and I worry that we will not.
Anonymous
10/24/2011 11:44
Subject: How old are you and how much do you have saved in retirement?
27, about $6000.
BUT, I was making $22K and under for the last 4yrs, the last 2yrs I've been a single parent with no support from the ex, plus I've paid off about $10K in debt (from the divorce 2yrs ago) and have about $10K more to go, that's not too bad.
I also am building a $6000 emergency fund that is a higher priority right now.
I make just under $50K right now and am contributing 5% that's being matched. Once I get my consumer debt paid off and my emergency fund in the bank, I'll be contributing more.
BUT, I was making $22K and under for the last 4yrs, the last 2yrs I've been a single parent with no support from the ex, plus I've paid off about $10K in debt (from the divorce 2yrs ago) and have about $10K more to go, that's not too bad.
I also am building a $6000 emergency fund that is a higher priority right now.
I make just under $50K right now and am contributing 5% that's being matched. Once I get my consumer debt paid off and my emergency fund in the bank, I'll be contributing more.
Anonymous
10/24/2011 11:23
Subject: How old are you and how much do you have saved in retirement?
Anonymous wrote:
ITA - My opinion (not a financial advisor, so take it at face value) 529 is another way for the government to take away financial aid from students. .
That's how I feel. Take away financial aid from students, and also allow these financial companies to make even more money off consumers.
Money Magazine (I think) did a survey of all the state 529 plans, and some of them were charging unreasonable fees to put your money with them. Obviously the financial companies could see how much profit there would be in this, and lobbied hard. (probably under the guise of 'oh, this will be GREAT for the consumer!!'
Anonymous
10/24/2011 10:08
Subject: Re:How old are you and how much do you have saved in retirement?
Anonymous wrote:$4.9m, including the equity in our house (we have aggressively paid down our mortgage).
45 and 48.
We drive a 11 year sedan and a minivan. We have worked our butts off to get where we are. No trust funds in sight.
How much of the $4.9M in 401k? Where do you find you're getting the most bang for your buck? Real Estate, 401k or other method?
Anonymous
10/24/2011 10:02
Subject: How old are you and how much do you have saved in retirement?
Anonymous wrote:Anonymous wrote:31, 100K , plan to spend it on buying rental properties and use that as retirement income. I have put money in 401k stock market for the last yen years and it hasn't some shit. The only, people making money in 401k are the people managing them. There should be a guarantee cause the return s have been crap. I also don't follow their advice and sold in 2008 and in april this year and made out pottery good. Dick investment bankers , 401k will be one of the biggest scams of our lifetime.
I'm the PP, and I wonder about this quite a bit. Like I mentioned, we've also been investing regularly (dollar cost averaging, blah, blah, blah) for the past 10 years, and I monitor returns. Hasn't earned even the modest 3% that they say you can expect from the market.
I agree that it seems like the fund managers are the only ones making money. Why else would they be in the business, I guess?
It's actually kept me from opening a 529 for DC. I feel like the whole 529 thing could just be another scam that doesn't turn out as well as they promise. I thought I remember even reading that some states are having issues with their plans.
(Not to throw this thread off-topic, just wanted to add my 0.02 because it can be SO frustrating to work so hard to save and see your money do NOTHING......)
ITA - My opinion (not a financial advisor, so take it at face value) 529 is another way for the government to take away financial aid from students. I learned the hard way that any savings for college (investments, similar to 529) was subtracted from financial aid first, then from the bottom line. In addition to the loss from 2000 stock market plunge, my parents would have been better off stashing the money under a bed and paying for college with cash.
Anonymous
10/24/2011 09:59
Subject: Re:How old are you and how much do you have saved in retirement?
Anonymous wrote:$4.9m, including the equity in our house (we have aggressively paid down our mortgage).
45 and 48.
We drive a 11 year sedan and a minivan. We have worked our butts off to get where we are. No trust funds in sight.
OP didn't ask for net worth, asked for funds saved for retirement.
Anonymous
10/24/2011 09:57
Subject: Re:How old are you and how much do you have saved in retirement?
46 and 48. $1.1 million.
Anonymous
10/24/2011 08:10
Subject: How old are you and how much do you have saved in retirement?
DH and I are both 32 and combined we have 250k. We max out every year (16,500 per account).
Anonymous
10/24/2011 08:02
Subject: How old are you and how much do you have saved in retirement?
You certainly need to look into all the fees before you start investing. I only invest in buying shares directly through a low-cost brokerage because I don't want any of these bastards getting rich off me. Despite this, of course, returns over the last decade have been low, but that is largely because shares were so overvalued 10 or 11 years ago, and the impact of the recent (and ongoing) crisis. I think if you start investing now, invest wisely in good companies with decent dividends, you should certainly be making 3-6 percent a year over the next decade, and for a lot less hassle than dealing with a rental property.
Anonymous
10/24/2011 07:50
Subject: How old are you and how much do you have saved in retirement?
Anonymous wrote:31, 100K , plan to spend it on buying rental properties and use that as retirement income. I have put money in 401k stock market for the last yen years and it hasn't some shit. The only, people making money in 401k are the people managing them. There should be a guarantee cause the return s have been crap. I also don't follow their advice and sold in 2008 and in april this year and made out pottery good. Dick investment bankers , 401k will be one of the biggest scams of our lifetime.
I'm the PP, and I wonder about this quite a bit. Like I mentioned, we've also been investing regularly (dollar cost averaging, blah, blah, blah) for the past 10 years, and I monitor returns. Hasn't earned even the modest 3% that they say you can expect from the market.
I agree that it seems like the fund managers are the only ones making money. Why else would they be in the business, I guess?
It's actually kept me from opening a 529 for DC. I feel like the whole 529 thing could just be another scam that doesn't turn out as well as they promise. I thought I remember even reading that some states are having issues with their plans.
(Not to throw this thread off-topic, just wanted to add my 0.02 because it can be SO frustrating to work so hard to save and see your money do NOTHING......)
Anonymous
10/24/2011 07:45
Subject: Re:How old are you and how much do you have saved in retirement?
Anonymous wrote:I'm calling bs on some people... 200k in 10'years?!
For the record $1000 ...won't be saving until stop 'training' at 28 ish. But I agree with a PP I might as well stash money under my mattress than put it in a 401k gambling ring.
We've got the $200K, but I'm the PP who mentioned considering Net Worth.
Yes, we have the $200K in retirement, but we have Zero saved for DC's college and we have a $300K mortgage and are still paying off student loans for both DH and me. Our HHI is $130K and we live pretty cheaply.
We made retirement a priority early on, so we've maxed out our 401Ks, but I'm actually not even sure this has been the best idea. We've been putting in 20K every year for 10 years (between me and DH) which comes out to 200K, even with zero percent return. Honestly, I feel like it should be more. We'd have been better off just putting the money in a CD or something, versus the 401K where we're paying fees and not getting a good return.
I think 28 is still young. We're 40.
Anonymous
10/24/2011 00:00
Subject: Re:How old are you and how much do you have saved in retirement?
$4.9m, including the equity in our house (we have aggressively paid down our mortgage).
45 and 48.
We drive a 11 year sedan and a minivan. We have worked our butts off to get where we are. No trust funds in sight.
45 and 48.
We drive a 11 year sedan and a minivan. We have worked our butts off to get where we are. No trust funds in sight.
Anonymous
10/23/2011 23:37
Subject: How old are you and how much do you have saved in retirement?
Anonymous wrote:42 and not sure how much is left after losing over $100K in the last quarter thanks to the market tanking.
Does this make your heart hurt?
Anonymous
10/23/2011 23:24
Subject: How old are you and how much do you have saved in retirement?
35/36-about $350k in accounts and $300k in house equity at this point.
Anonymous
10/23/2011 23:23
Subject: How old are you and how much do you have saved in retirement?
33 and 38...
35k and 250k
But at least 100k upside down on our house right now.
35k and 250k
But at least 100k upside down on our house right now.