Do you have enough retirement savings?

Baring a major shitstorm, such as divorce or Toronto becoming the new Baltimore and real estate collapsing, I've move to a low pressure part time job when I'm 50, in about 6 years

Maybe I'll work seasonally. One of those old dues working at Wal-Mart's garden centre!
 
150k in Quebec is oore than enough, if your pensions (Quebec and Canada combined) is even $1000 a month. That's assuming you're not in a retire home and spending hand over first. If you're getting combined about 1700, you could drop that to 50k savings and still live without much real worry. Again, it isnt going to be a party or anything, but youd be fine.

In the USA, I'd be scared without half a million or more.
 
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I'm totally behind those projections.

I'm close to 40 and have something like 2x my annual income (which is quite low for local standards). I'm paying off my appartment that will take me as much as half my current salary until I'm old enough to be pensioned, so no savings for the next years.

When I reach pension age (if pensions are still around), I'll maybe have the appartment paid off but no savings
 
Winter-John said:
I think the plan is to sell up and move to some quiet place in Maine. I don't know. I wonder what the fuck I'd do there. Buy a rowboat and a hat. Be one of those assholes. Grow vegetables. Be all excited about fuckin marrows. Become a Scout guy and molest kids. I'd probably molest the ugly ones just to give em a little ego boost. Somethin they can be traumatised by but also brag about in their later years. You never hear the parents of ugly kids warnin em not to accept candy from strangers. That's got to hurt. They see all their friend's parents tellin their good lookin kids to be careful, then go home and nothin. So yeah, I guess I'll move to Maine and become a charitable pedo.
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You don’t by any chance happen to direct Guardians of the Galaxy movies?
 
Queen B said:
My company matches the first 6% of your paycheck that you put in to 401k and I still havent put a dime.

They need to change the 401k rules because millennial dont stick around at 1 company for 6 years to get the full vestments
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If your company does a 6 year vesting, that means it's a step vesting so you'll get a portion of that 6% each year on your anniversary date. If it was a cliff vesting the max time is 3 years until the employee is 100% vested.

So, even if you stick around 3 years, you'll still get free money, stupid millenial.
 
Queen B said:
My company matches the first 6% of your paycheck that you put in to 401k and I still havent put a dime.

They need to change the 401k rules because millennial dont stick around at 1 company for 6 years to get the full vestments
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This is just stupid and you'll end up being poor when you're old if you don't start saving. You're throwing away a free 6% from your company. If you leave companies, just roll what you have into your new company's 401k.
 
therealdope said:
I hope none of you are counting property value in your calculation of 'savings' or net worth. Especially those in SoCal.
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loll I know but its hard. Under certain circumstances, I think its okay.
 
I don't think I'll ever retire.
 
I contribute just enough to max out my employers contributions (matching program up to a certain percent).
 
I'm not really too worried about it, as I don't see the hell in working when I'm old. I figure I'll enjoy it, working at Subway or some shit and being the quirky friendly guy who doesn't worry much. I much prefer to work less and enjoy the middle of my life, and save what I can. I don't have some great need to visit 5 different countries a year when I'm 65, tbh I don't get that at all.

Anyways I suppose it doesn't hurt that I married up, and teh wifey has a rich dad and he likes me. When he dies, my wife will prolly try to drag me to 5 countries a year, come to think of it.
 
LHWBelt said:
Just got married, bought a new house, bought a new car, and got a puppy this year. I cant afford to contribute 15 lol
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Get rid of the puppy. It’s pre-tax, so you won’t feel it that much.
 
I have a 401k with about 4x my annual salary plus I get a pension so as of right now I should be fine as long as I get my house paid off.
 
Nope, because if I had enough I would already be retired. Ok, getting back to reality for my age yes I do. Wife and I are definitely ahead of the pack, but compared to some hardcore savers (like some you see on boglehead), probably just average. Combined we put ~$30-40k/year ($11k of that is towards Roth IRA) towards retirement not including employer match for the past decade. Another ~$5k/year towards 529 college plans for the past 3 years. Wife has a pension. If I decide to switch from contractor to government employee I will have a pension too. We don't use a HDHP so we don't touch that route or investing. Ideally own 2 or more properties outright by retirement. Ideally continue to save fairly aggressive even when my kids hit college some day since the 529 probably won't be enough. Ideally live a long healthy life.

I can say this though, it's all about balance. You never know what can derail your life, which can happen in an instant. With that being said health is just as important as saving/preparing for retirement way in advanced. People downplay the importance of health and wellbeing, but that should be a top priority as quality of life when you do hit retirement is extremely important. So enjoy the ride too because shit happens.
 
bad seed said:
with an 80k salary, that is only 480k saved. Unless you want to live in destitute poverty in your senior years or expect to have wealthy children supporting you, then this is a requirement. Consider that we retire at 65 yet life expectancy is 80- can you live in comfort off for those decades?
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Yea I don't have enough saved. I don't plan on retiring at 65 and actually want to work into my 80's if possible. I love my job and I don't wan to sit around at home doing yard work and shit. I'd just end up at home doing what I do at work but at home for free.
 
If I work until I'm 68, I should get out around 42.000 dollars a year. Currently only saving through my job and instead using my earnings to pay off the debt on the house, which is worth 650.000 dollars on today's market and will hopefully increase in value. When we are older and the children have left, we can hopefully sell it and enjoy life.

But this thread got me a bit worried. Better start asking my coworkers how they are saving and what is going to be enough. Expenses decrease when you retire (children move out, transportation lessens, property debt is paid off etc.), but my pension figures to be half my current wage...
 
Those numbers seem high and funny.

Adding 3x your salary in your 40s is vastly harder than 2x in your 50s. Mainly because you have much more savings earning a return.

Also 10x is excessive under the Australian taxation system for retirement pensions. I will not go into detail but you don't need that much.

I'm 38 and have about 3x my take home.



bad seed said:
Brits dont have to worry about this. America's corporate overlords gutted pensions for the working man and left us to fend for ourselves. Only public sector jobs and those with powerful unions have pensions anymore.
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I was reading about Wisconsins unfunded pension liability. Since 1970 it's increased at about 20 times inflation.

Was something insane like 100 trillion for the whole USA.
 
MrPaigeVanZant said:
This is just stupid and you'll end up being poor when you're old if you don't start saving. You're throwing away a free 6% from your company. If you leave companies, just roll what you have into your new company's 401k.
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this.

that is hands down one of the dumbest posts in here. and thats saying a ton
 
Does home value count towards retirement?

I think I'm ahead of the curve.
 
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