37 and 39
about $250k in retirement.
$400K mortgage on a million dollar home
one federal pension.

we're behind. I really have no idea how we'll get to the numbers we're "supposed" too.

Outside of the mega wealthy (those who make a fortune selling a business or have salaries where they can just stash 200K/cash away per year), I have no idea how 95% (no, make that 98-99%) of our generation of Americans are ever going to retire. Those of us making anywhere <$400k and just putting away $30-40K/year are screwed.

And that is a TON of money compared to what most Americans can even dream of saving.

Guess retirement at 55 isn't happening.

Is anyone planning this? I have no idea how that happens for normal people (no big inheritance, no selling the wildly profitable company) with kids. If you start working around 20 and plan on living until 95 -- not that you will, but that's what you're supposed to plan for -- how do you do that? Save enough in 35 years to support yourself for 40?

Anonymous wrote:

I'm not the PP you quoted, but I think you're missing his/her point.

Just because you have a college savings plan, that doesn't automatically decrease the need for financial aid. It's not that simple.
If you have a college savings plan for your DC, it just means that you put a priority on saving for DC's education. Maybe you saved for college but didn't save for retirement.

<headtokeyboard> What the what? If you have a college savings plan it doesn't automatically decrease the need for financial aid? Of course it does! Yes, there are a lot of factors that go into the aid decision, but if there are two students in identical situations, except that one has $40,000 in a 529 and the other doesn't, the one with the 529 needs less aid. How can this be remotely controversial?

If you saved for college in a 529 and not retirement, you're an idiot, yes. But you don't need financial assistance for college (or as much, anyway). You need help with retirement. That's not the point of the financial aid.

Gimme a break. Of course I get that.

And, I think we're simply trying to make the same point. That it's ridiculous to save in a 529 and not save for retirement. That's what most of the PPs were trying to say.

Anonymous wrote:if the last poster feels behind, then we are WAY behind. 37 and 40, around $275k saved, HHI of about $170k (gross). Large mortgage (typical DC area, not $1MM house or anthing), paid off $60k in private student loans a few years ago, and not enough saved for 529s either.

We save a little more than the match for both of us, but we don't work for the govt and we don't max it out like we should. 2 daycares is expensive though too.

Part of the reason that I feel behind is that for the past 2 years, we've basically treaded water, despite contributing $30,000+ each year. Not that this is unique to me, obviously, but still frustrating, and leads to the conclusion that we're behind (and we ARE behind where we wanted to be at this age). Guess retirement at 55 isn't happening.

35 and 38 almost 500K.

if the last poster feels behind, then we are WAY behind. 37 and 40, around $275k saved, HHI of about $170k (gross). Large mortgage (typical DC area, not $1MM house or anthing), paid off $60k in private student loans a few years ago, and not enough saved for 529s either.

We save a little more than the match for both of us, but we don't work for the govt and we don't max it out like we should. 2 daycares is expensive though too.

39 and 42, about $600,000 in retirement savings (401k, IRA, Roth). About another $150,000 liquid savings. HHI of roughly $320,000 (predominantly one income), depending on the year.

We feel behind.

I'm not the PP you quoted, but I think you're missing his/her point.

Just because you have a college savings plan, that doesn't automatically decrease the need for financial aid. It's not that simple.
If you have a college savings plan for your DC, it just means that you put a priority on saving for DC's education. Maybe you saved for college but didn't save for retirement.

<headtokeyboard> What the what? If you have a college savings plan it doesn't automatically decrease the need for financial aid? Of course it does! Yes, there are a lot of factors that go into the aid decision, but if there are two students in identical situations, except that one has $40,000 in a 529 and the other doesn't, the one with the 529 needs less aid. How can this be remotely controversial?

If you saved for college in a 529 and not retirement, you're an idiot, yes. But you don't need financial assistance for college (or as much, anyway). You need help with retirement. That's not the point of the financial aid.

Anonymous wrote:

Anonymous wrote:36 years old. Zero dollars. I can barely pay my bills each month. One day when I am not underemployed, I will pay off my bills and start saving.

I'm in the same boat. Wake up in a cold sweat almost every morning. I repeat over and over in my head "I don't live in a tent city. I don't live in a tent city...." Sadly that doesn't help and neither do these threads. I don't know why I open them. I guess it's because I always hope there are more people like the two of us. Misery loves company.

[b]

36 year old here as well... $0 savings, $0 retirement, $12.56 in cheating account.

Hope this makes you feel good about yourself OP.

Anonymous wrote:

Anonymous wrote:just under $500K in Roth IRAs, plus a small pension 33 and 35.

And for those doubting how it is done. One maxed out $15K or so average for 9 years, the other maxed out $45K or so for 8 years. The market dropped a bit, so we have less than we put in (although it is almost what we put in). We did a Roth IRA conversion in 2010 to take advantage of the post tax growth.

This cannot be real! What is your HHI that you can put that much away? No student loans?

Its steadily gone up, but 9 years ago it was about $300K. this year it will be about $750-$850K

36 and 33. About $110k combined, plus one pension.

47 & 48 , $300k combined plus current military pension and future federal pension.

Both 35, 100k

Anonymous wrote:

Trust me, I've been through the ringer. They take away need-based financial aid if you have a college savings plan.

This is one of the more ridiculous statements I've read here. If you have a college savings plan, that decreases the need for financial aid. How is that not obvious? What the hell do you think need-based means? If you have substantial income/savings, your need-based aid SHOULD decrease. It sounds like you're disgruntled that schools are becoming more adept at discovering heretofore hidden assets that can be used to pay for school. Which makes you one greedy individual.

I'm not the PP you quoted, but I think you're missing his/her point.

Just because you have a college savings plan, that doesn't automatically decrease the need for financial aid. It's not that simple.

If you have a college savings plan for your DC, it just means that you put a priority on saving for DC's education. Maybe you saved for college but didn't save for retirement.

33 and 36, about $207,000. About $75k is in Roth IRAs and the rest is in TSP/401K. We haven't been maxing out the non-Roth savings as we were building savings for a house down payment, then renovations, but need to revisit them and bump them back up now. We did always make sure to put in enough to get the full match at least.

I'll also have a federal pension which will help.