retirement savings

OriginalCallie (Aug 7, 2009 - 12:27 pm)

How much do you have saved up? I have zero right now. What did you invest your retirement funds in and at what age did you start?

Reply

---

OriginalFrankDux (Aug 7, 2009 - 12:30 pm)

now that i'm making significantly more money, i've started to finally put some money away for the future.

I have $2,500.00 saved. It's not much, but it's a start.

Reply

---

kickflipninja (Aug 7, 2009 - 12:38 pm)

I haven't personally saved my own coins toward retirement but I have had retirement plans through my employers since age 23.

Reply

---

kickflipninja (Aug 7, 2009 - 12:39 pm)

And, Callie, a non-relationship thread? What gives?

Reply

---

OriginalFrankDux (Aug 7, 2009 - 12:40 pm)

LOL

Reply

---

AlLordpwnsU (Aug 7, 2009 - 12:40 pm)

I have a hair over $50k and my old lady has about $53k. We started saving in 2006. My investments were mixed between stocks and bonds, but then I sold the bonds and now I am 80% S&P 500 and 20% international index funds.

Reply

---

OriginalCallie (Aug 7, 2009 - 12:44 pm)

Frank, did you put into a personal savings account or is it in a retirement plan through work?

What does everyone plan to do if they don't have enough money at retirement time? Do you have skills to fall back on or do you plan to be a lawyer until you die?

Reply

---

AssociateX (Aug 7, 2009 - 12:45 pm)

Only got into my firm's 401K/Retirement plan last year. I get a match as well but I only contribute 5% (will be increasing that to 10% once I get rental income coming in).

Right now, it says I have about $6,000 in my retirement account. Combined with savings, I'm at about $13K. Its not much but better than nothing. I'm still working on that 8 month emergency fund. I hate living paycheck to paycheck so I want to have cash in hand for rainy days.

Reply

---

OriginalFrankDux (Aug 7, 2009 - 12:54 pm)

i get paid as an independent contractor so i'm putting it into personal savings for now.

i plan on having a boat load of money by the time i retire, so i don't really worry about not having any money then. I'd rather focus on right now, and making as much money as i can right now so i can save it up.

Reply

---

kickflipninja (Aug 7, 2009 - 12:57 pm)

The longest funding rainy day fund I ever amassed was about one month's worth (rent, car/insurance payment, some food, etc) of monies. Then I dipped into that money for some summer travel. Now I'm back to a rainy day fund that will last me all of one rainy day. With it, I can probably afford to buy myself one of those overpriced college/university bookstore umbrellas.

Reply

---

OriginalCallie (Aug 7, 2009 - 1:09 pm)

Kick, did you make that up yourself? Enough to last "all of ONE rainy day". LOL. You're quite clever.

Reply

---

kickflipninja (Aug 7, 2009 - 1:11 pm)

I wouldn't say I made that up myself because that would suggest that it's a joke.

Reply

---

TexLaw (Aug 8, 2009 - 9:55 am)

What's that? I'm afraid I'll be working until I kick. I'm 43 and at one time had $20k saved in an IRA which I invested in a house that I lost when I lost my job(s). The prospect of no social security and no retirement terrifies me on a regular basis, but I don't make enough to save anything currently. Though I am teaching school and if I do that for another 20 years I might get a teaching pension that would be a little less than what I would have received from social security, but I definitely won't get ss if I go that route b/c that's part of the wonderful "deal" for teachers in Texas.

A brutally honest post, I might add.

Reply

---

KarlMarx (Aug 8, 2009 - 10:04 am)

What exactly are you teaching Tex?

Reply

---

LostSoul (Aug 8, 2009 - 10:37 am)

Having a disciplined approach to savings is very important. My first job paid $9.50/hr and within 4 years I had $30,000 saved up. I lived in a cheap apartment, and I kept my expenses under control. I make over $130,000+ per year now, and I have a rental unit on the side that brings in extra income. I'm looking at buying my second rental unit. My total cash savings is well over $250,000. The one word of advice I can give the young is this: Live within your means and keep your expenses sunder control.

Reply

---

jd2211.0 (Aug 8, 2009 - 10:57 am)

I save 15-20k a year of my 70k salary. My firm matches my 401k contributions. Im not buying a house because it makes more sense to rent in NYC than to buy. Condo fees + taxes make owning more expensive than renting. Why people buy units with $7-800 monthly condo fees and 5k in property tax is beyond me. You can rent the same unit for $1500 in most cases. I still have 60k in student loans, but they have interest rates of 5% and less so Im in no hurry to pay them off. I have 80k in savings.

Reply

---

AssociateX (Aug 8, 2009 - 12:06 pm)

how do you save 15-20K a year when you earn only 70K/year? Is your rent only like $800/month? how much are your basic monthly living expenses? How much money do you stick into savings each month? 80K in savings is pretty impressive - you're not even 35 yet right?

Reply

---

TexLaw (Aug 8, 2009 - 1:26 pm)

KarlMarx (think I like you already on basis of moniker) -- I'm teaching high school English. After practicing law for 10 years, I got laid off and couldn't find anything else or make it work financially so regrouped and got certified to teach. Don't like much about teaching. Especially English because it's all literature now, and I really don't like literature. I'm a nonfiction reader personally.

But thanks for askin. ;-)

As far as saving money, I have massive loans and bring home $1,169.00 two times a month.

Reply

---

jd2211.0 (Aug 8, 2009 - 1:42 pm)

I live with my parents :-(

Reply

---

Ninja4hire (Aug 8, 2009 - 1:59 pm)

As it stands today, I am 31 years old. Have about $5K in IRA, $2.5K in Savings, $500 in personal acct, $14K in business acct. Have house worth about $150K and investment property which I co-own worth $800K. Own 2001 Audi TT worth $10K. No wife or kids. I'm a cheap bastard when it comes to anything and won't buy anything if I need to.

I would like to retire but am afraid will be working till I die. I hear Costa Rica is great for retirees. Cheap to live and little or no taxes.

Reply

---

jd_loser (Aug 8, 2009 - 6:43 pm)

I'm sure most of you guys have inheritances coming. A family member has probably named you on a life insurance policy. You guys have nothing to worry about!

Reply

---

.exe (Aug 8, 2009 - 6:54 pm)

It helps if you're an only child. But if you come from a large working class family, you might only get like 10 grand or something.

Reply

---

cowgod (Aug 9, 2009 - 2:18 am)

I'm with Tex. I'm not making any attempt to save for retirement because I know that I'll never be able to retire. If you don't already have a considerable nest egg by the time you're 30, you never will. I'm already 28 and have nothing, so the game's pretty much up for me.

Reply

---

HofstraMagna (Aug 9, 2009 - 6:05 am)

Author: AlLordpwnsU
Time: August 7, 2009 - 12:40 pm

I have a hair over $50k and my old lady has about $53k. We started saving in 2006. My investments were mixed between stocks and bonds, but then I sold the bonds and now I am 80% S&P 500 and 20% international index funds.
________________________________
Once I get my MBA from Zarb, you can invest your money with me.

Reply

---

.exe (Aug 9, 2009 - 6:18 am)

Law is one of the few professions you can keep practicing (theorectically anyway) for the rest of your life, as long as you can avoid Alzheimer's or a bad stroke or something.

And a lot of people, especially solos, do. Though I suspect this is more because they're too broke to retire rather than any love for the law.

I don't plan to retire, partly because I get really depressed if I go even a week without working. What would be the point of living if you sat around and did nothing all day? That's a depressing ways to live. Sure, you could take vacations and stuff, but there would be no escaping the fact that you'd be a non-productive member of society, and that's not terribly fulfilling.

Reply

---

the-peeb (Aug 9, 2009 - 6:53 am)

I have saved up about 10K this year. I'm focusing more on paying down my (modest) loans. There is nothing out there that pays as much as those are costing me right now.

Frankly, I don't want a family or kids, don't care if I ever live in a mansion, and will probably die at my desk before I turn 60.

I'd much rather die penniless than rich. I'm saving for retirement, but it grates on me to do so. Never understood what joy people get from dying on top of a big pile of money.

Reply

---

00001 (Aug 9, 2009 - 8:06 am)

yea neat

Reply

---

frugal_and_puzzled (Aug 9, 2009 - 8:23 pm)

> Why people buy units with $7-800 monthly condo fees and 5k in property tax is beyond me. You can rent the same unit for $1500 in most cases

You overlook capital gains. In the 90s/00's boom, apts in NYC went from $100k to $800k. That boat set sail years ago, however.

Reply

---

frugal_and_puzzled (Aug 9, 2009 - 8:25 pm)

exe, I'm with you. But do not overlook the joy of hobbies, and after 30 years of work, you might not care about being a productive member of society anymore. Already put in your dues.

peeb, people save for retirement, but also for rainy days, and mental security in the NOW. It's not about dying with unused money. There is a sense of comfort and security by having a massive chunk of money saved. The FU money, etc.

Reply

---

.exe (Aug 9, 2009 - 8:41 pm)

exe, I'm with you. But do not overlook the joy of hobbies, and after 30 years of work, you might not care about being a productive member of society anymore. Already put in your dues.

IMHO, hobbies are not quite the same thing as going out and forcing yourself to do a job that you really don't feel like doing, and then coming home and enjoying your free time that you can spend however you want.

With hobbies, no one is forcing you to finish building that tiny ship inside the bottle or whatever by Friday at 5:00pm, so it's really not the same. Plus, no one is paying you and that makes a difference too, in that you don't have the same sense of urgency with a hobby as you do with your profession.

I've spent enough time being out of work to know it's not much fun, and gets old really fast. Having a lot of money might help, but I think I'd probably still feel like a pretty useless person at the end of the day.

Reply

---

SallieMae (Aug 13, 2009 - 8:45 pm)

I wouldn't worry too much about saving for retirement. I heard once Obama gets everybody into his single payer system and starts offing imbeciles like Palin's kid and people over 65, he's gonna tackle the pension and social security mess. I heard he and Emanuel already have a plan, they are going to confiscate everybody's pension, profit sharing plan, IRA, 401K, SEP, all of it and throw it into the social security kitty and you all get one basic payment. It will be illegal for companies to have pension plans and for private citizens to have retirement accounts, or any bank account over 100 bucks. This will encourage people when they want to retire and have to have that mandatory meeting with the physician every five years to just get it over with in the first meeting and save the time, trouble and expense of meeting every five years. So my advice to you is to spend your money, all of it. We are in a recession and you would be doing the patriotic thing. Spend money you don't have too. Get credit cards and run them to the max. We are on the highway to hell and we ain't ever going back. So, thank God Findcj is back so he can tell us all how to buy GOLD and hide it from Obama.

Reply

---