Do you have enough retirement savings?

[michal001]

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?

Depends. If house paid off and don’t drive much it’s doable. Most old people spend a lot less.

Each year you should save 10-20% take home in mixed investments. You should put 10% of that into something high risk high yield if it works.

 

[Jkillah]

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

I'll worry about it then.

 

[Strange King]

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

Bro i can count on one hand how many healthy 70 year olds ive met

 

[SugarKrok]

No point living to be an 9od geezer if you didnt LIVE while you were young.

 

[FierceRedBelt]

By your case statement I'm doing well.

 

[nostradumbass]

This seems to be running on the assumption that people's salary stays the same their whole career. My salary is 3 or 4 times what it was like 5 years ago in my 20s. I have probably double what I used to make saved up, and might have 3 times my current salary by the time I'm 40. I have no debt, no wife or kids and don't buy a bunch of expensive shit.

I'm thinking about buying a house in the next few years and dumping my "retirement savings" to buy it outright to avoid paying a shitload of interest. Savings will climb back up quickly with no mortgage or rent payments and no car payment, so I'll probably put away about 80k/year for the following 10 years. Plus, my mom has about 1.2 million in investments that will go me my sisters and I when she dies, so I'll probably retire mid 50s and just have a few investment properties to keep some money coming in and sandblast prostitutes with the remainder.

 

[Klippy1991]

I plan on being dead before I retire so I don't really worry

 

[heavyarms21]

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?​

I'm going to have close to a million by the time I'm 60. Based on what I'm putting away . Don't know what the actual value of that will be relative to the market in 30 years though .

 

[michal001]

I had cash business all my life. I own three homes outright and saved a million in cash. But not ready to retire yet. Really need like 5 million to check out.

 

[gonads20]

I will have a enough when I reach retirement. But for me putting away 15 percent of my paycheck for retirement is sacred. Too many dickheads in the U.S. are like "I won't live to be that old" and guess what? These same dick heads live to 90 relying on other people to take care of them. These are also the same dick heads who drive nice cars while I ride around in my paid off Nissan Sentra.

I don't have kids yet but its also setting up my family tree for success. Money doesn't buy happiness but it does buy you options. When I die my kids and their families will be set up for success. They're not going to have to rely on student loans for the best education.

 

[Omegaboy13]

In my 30s and I’m on track. I plan to retire at 55 since my retirement allows me to start drawing at 50. I contribute to a retirement and a Roth. My wife does the same. I do have student loans, once they’re paid off I’ll contribute more to the Roth.

 

[TeTe]

Not even close, but I do have a lot in savings in case I need some liquid asap.

 

[MMA since 1993]

All Sherdoggs have 1 mil in the bank.

Cue weezy's song "A millie"

 

[ralphc1]

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

I always figured I'd be dead by age 30 and I tried hard but one day I realized I was twice that age. I have always taken advantage of retirement plans and never spent a lot of money anyway. I kept working longer than I needed to. Once I retired, I realized I would spend even less money. Two years in and I haven't touched any of my savings or retirement accounts.

 

[JAEGERX]

i have savings but i aint gonna have golden years and shit, no way

 

[My name is]

I'm sitting very pretty. I could technically retire now at 33

 

[neverwas]

going on my past experiences,im gonna die before i retire.

 

[Midnighter]

I have enough for a shotgun and ammo.

 

[Long Dark Blues]

I've got about $60k in my pension right now, after 10 years in the government technology sector. I can retire after 25 years of service, start collecting at 55.

I'm sitting on about 25 ounces of gold, and almost 2000 ounces of silver.

I'm doing alright.

 

[drstrangelov]

I put away 3 grand a month into various accounts, so I should catch up to trend by 40, I was way behind at 30, but mostly because my salary went up very rapidly between 27 and 30.