Do you have enough retirement savings?

[Chesten_Hesten]

Americans toss IRA comfortably while every euro's brain is trained to spot that acronym out of a line-up across the internet while picturing James Coburn in a dynamite vest

 

[kahiljabroni]

My wife has always maxed her 401.....I'm putting in about 10k a year plus I'll get a pension at retirement.

Rest of yall are on your own idgaf

 

[looktwice]

I had 89 bucks in my checking account before I got paid today which goes all to bills.

 

[Omegaboy13]

I had 89 bucks in my checking account before I got paid today which goes all to bills.

Are there any bills you can do without?

 

[kensei]

I didn't save shit while working.
I also didn't put anything in deferred comp while working.
BUT I have a great pension and make $108K a year to NOT work anymore.
That also includes full medical coverage (but not dental).
The downside of course is that I'm old as fuck.

That is awesome! What did you do when you worked?

 

[Graves The Elder]

law enforcement.
great contract.

 

[bufetadanacara]

I'm 40 and only have about 0.75 with of a year's salary saved.

I spent money on other properties that generate money though.

I'm not worried.

 

[Deus Ex Machina]

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

I actually just checked the amount we get, the basic is 155.65 a week. Its not a lot but if your house is paid off or if your in council housing it should keep you in tea, bourboun biscuits and mince rounds.

 

[xANDREWPx]

I’m 31 and have about 1.5x my salary currently. Just upped my weekly contributions to 9% and my company does a yearly 6% match.

 

[Deus Ex Machina]

When i read these threads i am so confused by how american finances work and how complicated your lives are where money is concerned.

You guys constantly start threads about tax season, roths, ira's etc and i have no idea what this stuff means. I'm sure that there are benefits but being a brit i don't get why your finances are so complicated.
Here is how the average brit sees finance
Tax - don't think about it, it comes out of our wages
Healthcare - don't think about it, we all pay a bit of our wages then all healthcare is paid for
Pension - our taxes pay for that
Education - unless you want to go to a top uni its a few grand a year because its subsidised through tax.

I suppose that the self dependant mindest means that some people can be better off and you dont feel like you are subsidising the poor but somehow in the UK we can subsidise the poor while still making our own life easier and cheaper.

It does seem a bit like these threads are little more than people bragging about how rich they are, in my country that is considered vulgar.

 

[boingyman]

law enforcement.
great contract.

That's a nice pension! My buddy has a pension just like yours. Has 31 years of being a Napa County sheriff which means 3% x 31 years = 93% of his pay. No medical benefits though. I use to work at a state hospital and got 2.5% since it's a safety position. When you hit 20 years and retire you also get to keep your health benefits, which is really good. I think some of the military officers have a good gig. My old boss retired as a Lt Colonel with I think almost 30 years in. She also got 100% disability. Thats like $10k/month ($3200 of that untaxed) plus free healthcare for the rest of her life. She also bought a really nice house during the market crash back in 2010. Talk about being set in your low 50s. I know she use to invest in her TSP and IRA too so who knows what she has in there as well.

 

[LHWBelt]

Get rid of the puppy. It’s pre-tax, so you won’t feel it that much.

Fuck you lady

 

[Grassshoppa]

I always wonder why some people think they can't afford to save. To me, that means they need to scale back their present lifestyles.

My partner and I (own all things jointly) have about 6.75x income put away in our mid-forties and I feel far behind in saving. I think the numbers in the first post are actually low if you want anything like the same income you enjoy prior to retirement.

I also think the savings curve is wrong. Like another poster earlier said, it is really damn hard to do the most saving in your 30s. That's when you likely have the most costs. When you are young, you can survive on ramen and a bicycle. When you are older, you might have paid off the house and any kids are grown. In the middle is rough even if you are disciplined.

Gay much?

 

[bad seed]

When i read these threads i am so confused by how american finances work and how complicated your lives are where money is concerned.

You guys constantly start threads about tax season, roths, ira's etc and i have no idea what this stuff means. I'm sure that there are benefits but being a brit i don't get why your finances are so complicated.
Here is how the average brit sees finance
Tax - don't think about it, it comes out of our wages
Healthcare - don't think about it, we all pay a bit of our wages then all healthcare is paid for
Pension - our taxes pay for that
Education - unless you want to go to a top uni its a few grand a year because its subsidised through tax.

I suppose that the self dependant mindest means that some people can be better off and you dont feel like you are subsidising the poor but somehow in the UK we can subsidise the poor while still making our own life easier and cheaper.

It does seem a bit like these threads are little more than people bragging about how rich they are, in my country that is considered vulgar.

Americans were tricked into thinking these were Socialist schemes to undermine our great nation. We produce the most billionaires because the working class fights among each other while worshipping our rulers. This mindset is infecting more of the world however.

 

[looktwice]

I had 89 bucks in my checking account before I got paid today which goes all to bills.

Been planning on selling my car so I don't have to pay insurance on a car i never drive. $60 a month. I'm already paying my motorcycle payment/insurance which is expensive enough.

 

[bubbleboyjones]

When i read these threads i am so confused by how american finances work and how complicated your lives are where money is concerned.

You guys constantly start threads about tax season, roths, ira's etc and i have no idea what this stuff means. I'm sure that there are benefits but being a brit i don't get why your finances are so complicated.
Here is how the average brit sees finance
Tax - don't think about it, it comes out of our wages
Healthcare - don't think about it, we all pay a bit of our wages then all healthcare is paid for
Pension - our taxes pay for that
Education - unless you want to go to a top uni its a few grand a year because its subsidised through tax.

I suppose that the self dependant mindest means that some people can be better off and you dont feel like you are subsidising the poor but somehow in the UK we can subsidise the poor while still making our own life easier and cheaper.

It does seem a bit like these threads are little more than people bragging about how rich they are, in my country that is considered vulgar.

Well you can choose to go to work

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?​

So the chart reflects everyones savings going to shit from the 2008 crash.

I am a little ahead on track though I am very liquid which could have some advantages depending on how things play out. I am wondering though when the next crash comes how much is this going to wipe people out and if this is going to be worse than 2008(which some are saying yes given the bailout approach last time might make things pop harder).

 

[Omegaboy13]

When i read these threads i am so confused by how american finances work and how complicated your lives are where money is concerned.

You guys constantly start threads about tax season, roths, ira's etc and i have no idea what this stuff means. I'm sure that there are benefits but being a brit i don't get why your finances are so complicated.
Here is how the average brit sees finance
Tax - don't think about it, it comes out of our wages
Healthcare - don't think about it, we all pay a bit of our wages then all healthcare is paid for
Pension - our taxes pay for that
Education - unless you want to go to a top uni its a few grand a year because its subsidised through tax.

I suppose that the self dependant mindest means that some people can be better off and you dont feel like you are subsidising the poor but somehow in the UK we can subsidise the poor while still making our own life easier and cheaper.

It does seem a bit like these threads are little more than people bragging about how rich they are, in my country that is considered vulgar.

Personal liberty and freedom. We fought a war for it. That’s why. I don’t want to subsidize anyone’s life but my own. There are those here who even believe taxes are illegal, as they were a sneakily introduced in the early 1900s.

 

[HIMBOB]

That's a nice pension! My buddy has a pension just like yours. Has 31 years of being a Napa County sheriff which means 3% x 31 years = 93% of his pay. No medical benefits though. I use to work at a state hospital and got 2.5% since it's a safety position. When you hit 20 years and retire you also get to keep your health benefits, which is really good. I think some of the military officers have a good gig. My old boss retired as a Lt Colonel with I think almost 30 years in. She also got 100% disability. Thats like $10k/month ($3200 of that untaxed) plus free healthcare for the rest of her life. She also bought a really nice house during the market crash back in 2010. Talk about being set in your low 50s. I know she use to invest in her TSP and IRA too so who knows what she has in there as well.

Damn with numbers like that I can see why unfunded pensions are probably a bigger problem than the national debt.

3% for life basically doubles the cost of employment, but costs nothing at creation. Gotta wonder if the creators of such schemes knew they were making one hell of a time bomb.

If I was relying on such a pension I'd be very fucking nervous.

 

[Starck]

Only have about 30k saved at 32, but have a paid off home and paid off new-ish car.

 

[wlu.29]

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.