Do you have enough retirement savings?

[bad seed]

Nearly half of all Americans will retire broke (less than 10k in retirement savings).

What you SHOULD have at a bare minimum:

• By 30: Have the equivalent of your salary saved
• By 40: Have three times your salary saved
• By 50: Have six times your salary saved
• By 60: Have eight times your salary saved
• By 67: Have 10 times your salary saved
  

At 40, I have less than 3x salary in my retirement accounts because I barely contributed to them in my 20's. Huge mistake but I am trying to catch up by maxing out employer plan and a Roth IRA. But reaching 6x salary by 50 will be difficult without some sacrifices.

How are you guys faring?​

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[Turkleton]

considering my lifestyle I highly doubt I will get older than ~30 so I don't have to worry about that

 

[VulcanNervPinch]

More than anything on the chart, but 6x my salary?
That's ridiculous.

 

[bad seed]

More than anything on the chart, but 6x my salary?
That's ridiculous.

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?

 

[Hoof Hearted]

I'm on track. Don't want to still be working in 10 years. Life's too short to spend most of your life in an office.

 

[Which Doctor]

 

[looktwice]

 

[Deleted member 220895]

In my field I'm not going to be in a position to save for at least 5 years. I'm still freelancing and barely getting by. I guess I'll have to start in my late 30s.

 

[CWMMA]

I currently have zero debt, a gov pension and a new career.

Although I only put in what my employer matches because free money... so I won’t hit 10x salary.

 

[DarkneT]

Do I fuck
I will most likely have my house paid off, im doing pretty well with it
Which with inflation will probably be worth I dunno.. half a mill by the time I'm 60?

But that's it, no pension or any other investments, will obviously get a state pension but it's chump change

 

[Krixes]

The problem is most Americans think they've got to have the newest shit. Everyone has to have a new car or truck, a super nice house, the newest smart phone every-time it comes out etc... Don't get me started on these poor as people having multiple kids....

 

[Grassshoppa]

All Sherdoggs have 1 mil in the bank.

 

[LHWBelt]

Im 28 and the answer is fuck no. I contribute 5% of my salary to retirement though and the government matches that.

 

[Jkillah]

I think there is an argument for enjoying the majority of your life and when you are young enough to still physically be able to do things and not worry about being poor when you already have dementia and arthritis anyway. I hope I die before I have to worry about getting into the best nursing home or having the best sitter around.

 

[bad seed]

Do I fuck
I will most likely have my house paid off, im doing pretty well with it
Which with inflation will probably be worth I dunno.. half a mill by the time I'm 60?

But that's it, no pension or any other investments, will obviously get a state pension but it's chump change

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.

 

[bad seed]

I think there is an argument for enjoying the majority of your life and when you are young enough to still physically be able to do things and not worry about being poor when you already have dementia and arthritis anyway. I hope I die before I have to worry about getting into the best nursing home or having the best sitter around.

Everyone thinks this when they're young but regret it when they find themselves lucid and healthy at 70 while completely broke.

 

[DarkneT]

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.

Mhmm you'd be suprised, Brits have the exact same worry, a state pension is all I'm entitled to and it's honestly fuck all, probably won't pay to keep the gas and electric on

 

[tmnpothead]

I'm about 13,000 in debt

 

[Jesus X]

I'm probably not going to live to be 65 with my lifestyle. I'm a thrill junkie and a glutton. I'm not planning for retirement

 

[Headkicktoleg]

I'm 31 and I'm currently putting in 12% between my 401k and Roth IRA with my company contributing 5% into the 401k. I also do 5% in employee stock purchase plan.