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How ready are you for retirement? (Your Age + Total Savings)
- Thread starter Exellus
- Start date
Not at all.
And I doubt I'll actually get a government pension by the time I retire.
Although I do have older relatives that own property, and just one sibling that inheritance will be split between. Depends on what happens with property prices etc, but I think the rental income of the property I think I'll inherit would equate to a comfortable pension.
And I doubt I'll actually get a government pension by the time I retire.
Although I do have older relatives that own property, and just one sibling that inheritance will be split between. Depends on what happens with property prices etc, but I think the rental income of the property I think I'll inherit would equate to a comfortable pension.
26, around $50k in savings and 0 debt.
I still don't have a job for the long-term but what I'm doing now is fine enough until I find a career I enjoy.
I'll probably be working until 60-70 depending on my health then, and what the world is going to be like.
I still don't have a job for the long-term but what I'm doing now is fine enough until I find a career I enjoy.
I'll probably be working until 60-70 depending on my health then, and what the world is going to be like.
I only recently got a job that allows me to afford a retirement savings account, so not a lot. I started about 6 months ago and it's got just over $2k in it. About 14 percent of my salary goes into it between what I pay and my employer's contribution. I'm 25, so I've still got time.
The bright side is that I'm set to be able to retire in my early 60s! The goal now is to land a higher-paying job where I currently work and be able to put more into it after paying off my current debts (about $24k between student loans and my car). I don't own a home.
The not bright side is that my soon-to-be wife is a college student and doesn't have any of this figured out yet. She will eventually, though.
The bright side is that I'm set to be able to retire in my early 60s! The goal now is to land a higher-paying job where I currently work and be able to put more into it after paying off my current debts (about $24k between student loans and my car). I don't own a home.
The not bright side is that my soon-to-be wife is a college student and doesn't have any of this figured out yet. She will eventually, though.
I'm behind... made some mistakes, had some setbacks with great recession, but on the path.
Savings I'm just about 1 salary, but I intend to use some of that for a home purchase in the next couple years. In 401K, I'm only about 1/3 of salary... so I'm behind, but doing my best to catch up there and with a IRA.
I'm debt free, just balancing the idea of retirement with actually living my life... so I'd rather spend on travel now. Between savings account, investment account and 401K, I'm saving near 45% of monthly salary... it's just crazy trying to do much more than that at this point.
Savings I'm just about 1 salary, but I intend to use some of that for a home purchase in the next couple years. In 401K, I'm only about 1/3 of salary... so I'm behind, but doing my best to catch up there and with a IRA.
I'm debt free, just balancing the idea of retirement with actually living my life... so I'd rather spend on travel now. Between savings account, investment account and 401K, I'm saving near 45% of monthly salary... it's just crazy trying to do much more than that at this point.
OP
OP
I posted what I'm projected to have and not my dollar amount now because it seems less egotistical. Schwab plan has one built into my 401k. I have a similar investment strategy in my IRA and my wife's 401k so I just used a basic fraction multiplier
Just providing savings is not enough to provide a proper retirement outlook. Total assets, investments, life insurance policies, etc. are going to be driving peoples retirement capability.
Paid off my student loan a couple years ago, then saved all my money to buy a home. Now its time to start the retirement fund. I'm used to living a very modest life, so hopefully not to hard to take my extra income into retirement now.
Only around 15k saved as of now, but have 80k in home equity.
Only around 15k saved as of now, but have 80k in home equity.
Okay OP you almost got me. Retirement... Good one.
Seriously I'm 39 and my partner and I live paycheck to paycheck. No retirement for me anytime soon.
Seriously I'm 39 and my partner and I live paycheck to paycheck. No retirement for me anytime soon.
Age: 31
Savings: $30k between a 401k and Roth IRA
My net worth is still -$25k though, because I have $60k in student loan debt. I'll be happy just when I get to $0 net worth.
Savings: $30k between a 401k and Roth IRA
My net worth is still -$25k though, because I have $60k in student loan debt. I'll be happy just when I get to $0 net worth.
46 years old... home is paid off, zero debt, have a 2nd home (also paid off) that I'm renting out, little less than $100K in savings/investments.
Not so much planning on retiring soon, but I may have to close up my business if a recession hits, so it may be a forced retirement.
Not sure if I'll be able to get a new job being so close to 50, so I'll be able to survive alright, but it'll be tight, as I'm in So.Cal, where cost of living is insane, even if your home is paid off.
Not so much planning on retiring soon, but I may have to close up my business if a recession hits, so it may be a forced retirement.
Not sure if I'll be able to get a new job being so close to 50, so I'll be able to survive alright, but it'll be tight, as I'm in So.Cal, where cost of living is insane, even if your home is paid off.
I'm pretty sure I'll die before I retire.
Current retirement age plans in the UK will mean no retirement for me until 2056. If they increase it further, and they totally will, I won't get to retire until I'm in my 70s.
So why even bother saving?
Current retirement age plans in the UK will mean no retirement for me until 2056. If they increase it further, and they totally will, I won't get to retire until I'm in my 70s.
So why even bother saving?
So you don't have to depend on them to decide when you retire.
Age 40 i have aprox 500k in rrsp and tfsa, my house will be paid off in 4 more years. As well i have a golden pension from job that i can collect at 55.
Basically my plan is to stay the course right now, keep saving and investing then sit down and discuss options with my wife when im in my fifties. I will probably pull the pin between 55-58 but i want to make sure im set up with something else to do. Even if its just going and working shutdowns for a few months out of the year.
Basically my plan is to stay the course right now, keep saving and investing then sit down and discuss options with my wife when im in my fifties. I will probably pull the pin between 55-58 but i want to make sure im set up with something else to do. Even if its just going and working shutdowns for a few months out of the year.
26, a little over 6k in savings after just buying my first home and paying off all debt except some student loans.
Goal is to have 1x salary by 33 but that also factors in some home improvement projects which will hopefully greatly increase my property value and also paying down my mortgage to have 50% equity.
Goal is to have 1x salary by 33 but that also factors in some home improvement projects which will hopefully greatly increase my property value and also paying down my mortgage to have 50% equity.
Could be motivating as well. I read an article that showed various illustrations on the power of compound interest and how much that invest balance can grow once you've hit 100K.
I know not everyone is as fortunate and obviously there are those in a very tough spot, but it's extremely important that people save/invest as much as possible even if very little if there's a slightest capability to. I spent the first 7 years out of school trying to tackle student debt. At the same time I was still able to contribute at least 13 to 15% of my income towards that. Now I see the opening at the other end of the tunnel and I don't feel any stress about the debt because the balance is low enough.
Focus now has been on just investing as much as possible for at least the next 3 years so that in event that something happens after that period and I can't contribute nearly as much for next 25 to 30 years, I would still have a big enough nest egg I can work with.
We're in our early 40's and working on the 2nd $M.
Learn to live modestly early and compound interest will take care of the rest.
Learn to live modestly early and compound interest will take care of the rest.
You hit your first million already? Damn, that's impressive.
How much did you invest/month?
26
About $6k in stocks
About $3k in IRA
I've never had a high paying job tho
Don't even work right now
About $6k in stocks
About $3k in IRA
I've never had a high paying job tho
Don't even work right now
I'm doing pretty good at 45 considering I was near enough broke in late 20's.
Major asset is house with about £700k equity that I can downsize. £150k mortgage to sort over 15 years. Wife and I have about £450k combined pension and say £150k other investments. So about £1.3m total less tax liability on pension.
It's good but there's plenty of future uncertainty as well so I need to keep going hard. Can't touch the pension until 58 so plan to ease off thereafter. Ideally want to finish age 65 in 2039 on house with no mortgage, combined pension of circa £1m and £500k savings (allowing for inflation). Sounds a lot but my wife's a financial advisor and it's pretty scary how much you need especially with the state of end of life care in this country. I also think your going to need more than conventional planning assumes in the future.
Major asset is house with about £700k equity that I can downsize. £150k mortgage to sort over 15 years. Wife and I have about £450k combined pension and say £150k other investments. So about £1.3m total less tax liability on pension.
It's good but there's plenty of future uncertainty as well so I need to keep going hard. Can't touch the pension until 58 so plan to ease off thereafter. Ideally want to finish age 65 in 2039 on house with no mortgage, combined pension of circa £1m and £500k savings (allowing for inflation). Sounds a lot but my wife's a financial advisor and it's pretty scary how much you need especially with the state of end of life care in this country. I also think your going to need more than conventional planning assumes in the future.
32 years old, around $43k in retirement, just a hair under current salary. Unfortunately my company match is laughably low. Contributing 10% of each paycheck, company is matching 1%.
We've been well employed and insured throughout, which definitely helped.
Current target is ~3K/month in cash, but we've always maxed our HSA, SPPs, and 401k matches.
