U.S.Workers and retirement?
 

Anyone catch the snippet on the nightly news tonite where they gave poll numbers on American workers and where they felt the stood when the retire? The one thing that shocked me was that 36% or us workers said they had less than $1,000 in retirement savings/investments! Curious on your opinions here....anyone feel this number is even feasible? Shocking to say the least...

I will admit I suck with money and my 401k is about all I have but if this poll was anywhere near accurate I have more than a 1/3 of working folks out there! :smash:. Just doesn't seem right.....

my retirement money went out the door when the market went to #^&#^&#^&#^&e. Thank go I still have about 200k in equity in my house if I had to sell it. I can dump 50k into it and get back the 50 and then another 100k, new house that I built and great location.

I didn't see it, but I wouldn't surprise me.
The Generation of, "I want it and I want it now" doesn't leave anything left for savings. Unless you pay yourself first by maxing a 401 K or IRA there won't be anything. It wouldn't surprise me if the same 36% or more weren't paying more than the minimum on their credit cards either.
Imho, the IRA and 401 k was the best legislation ever for saving. It's a no brainer. Start at 2% and build to the max over a period of time.

I've had a plan for quite a few years now and I'm trying my best to stick to it. I'll be 60 in two more years and I'm retiring. At least from my current full time job. Financially things are looking good. The only thing that would be a game changer is that my wife is already retired so I might need a part time job so we have some time apart. ;)
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These will be the zombies after the apocalypse. ;)
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Try putting 1 to 3 kids through college at 25k per year (uri with lodging) and see how long your retirement lasts. Move to RPI at 23k per semester tuition only and your money really vaporizes.
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Saw nbc last night too. Really a shame so many people have so little, and so little to look forward too during retirement. There is more to consider here though as well. What did people do with thier earnings during thier careers. Many people have tendencies toward unwise spending patterns; borrowing to go on vacations they can't afford, lottery, Foxwoods, and so on. Unfortunately many people in the 36% bracket just never earn much money. I would be broke if it wasn' for my wife. Corvette here, corvette there, here a corvette, there a corvette, well you know the rest. I did leave out the boat purchases.

What's worse is that those who save and are responsible will end up (in one way or another) paying for those that don't.....

I agree Frank, my girls father didnt save a dime and has his own painting buisiness which is on the rocks. He would freely spend his money on not saving ventures if you will and i will leave it at that.

I have no empathy what so ever.....
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Not trying ti offend and i might be wrong but didn't he also raise a family? Probably put himself last a lot of times . I'm afflicted with the same problem and it's hard to change . I'm playing catch up now , just have to stay healthy and keep the Government from stealing it.
It's a shame all the money we put into SS isn't going to help us
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Bman, No offense taken, if that was the case i would have sung a different tune. Gambling was a major factor as well as other unmentionables he actually put his family last.

That's an amazing retirement figure. It's never too soon to start putting $ in tax deferred accounts and increasing that amount whenever possible.

Winner!!! But it's ok , Big O said he will make a retirement plan standard for everyone at the last state of the union BS session, so I'm sitting back waiting for it to come to me!

I'm one of those who probably doesn't manage my retirement monies the best that I could, but I have been putting in to it for a long time, I think I decided when I got married it was time to start saving for a rainy day.
We just had a presentation by our company provided retirement and savings plan provider yetserday. The percentage of currently employed people they quoted as putting little or nothing away was 43%. I have no idea how they got that number.

Most employers also give a match %, not taking advantage of that is like turning down free money (provided you are employed by one of those places and have some extra cash you can save)
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I have a good chunk in my 401k contribute every week, and a pension, but even with that you never know what the state of our economy will be, and how expensive or inexpensive things will be.

2 years ago my wife and I decided to max out at 17% our 401K's. Shes 31 im 32 and weve been doing it for 2 years along with our companies 50% match up to a certain %. Best decision weve made. We spend pretty freely as well, but doint have to think about putting it away all the time. At this pace by the time were 55 we should be in pretty good shape. On top of some property. Crossing my fingers. Alot can happen in 25-30 years.

best thing we did and recommend is sitting down with a finacial advisor. He helped us prioritize alot. (although he told me t hold off on a new boat....ignored that)

I've been puuting $$ in my 401k since the mid 80's.
Back in the beginning our company allowed the employees to take a portion of that year's profit sharing contribution as a cash payout.
It was usually done in December, so many people took the cash to help with Christmas. I did only ONCE, and invested all every other year.

Flash forward about 5-10 years and we were having a bull session about our profit sharing, and when I told my coworkers how much I had (we were making around the same salary) they asked me why my savings were so much higher than theirs.
I simply said "I didn't take the cash payout portion."

Now I put in 15%, company matches 50% of the first 6%, and I have it set so that my contribution rate increases by 1% every year, to coincide with our annual raises.

I've got a nice retirement nest egg and I figure on having more by the time I retire.

Oh, and I have been buying a little "precious metals" and coin proof sets as a side investment.
Remember, good investing means diversify, diversify, diversify!!!

Oh, and I heard a story on Fox25 news a week or so back about some legislation that may be on the horizen that would allow people who save too much to be taxed at a higher rate.

Now we're not talking salaries here, but 401k plans.
We're talking about screwing people over that have been saving for their retirement. We're talking "If you save your way to a happy retirement, you won't be happy long because the goverment will be looking to take a good portion of your savings...YOUR SAVINGS, because you should have spent your hard earned savings instead of saving it.

Whoever authored this bathroom material should definitely be strung and hung.

I hope it never comes to fruition, or we will all truly be ruined!!

you could invest it into property now
and sell that later to avoid that scenario
couldn't you?

The numbers don't surprise me. Divorce and the recession has wiped out many well planned retirements. In my case, ex wife's lawyer got the court to approve the splitting of my retirement accounts, AND wire 50% to my ex's bank account! It was not rolled over so I was responsible for the taxes and the early withdrawal penalty. She pissed through the money, government got their significant cut, and I had less than 8% of the original amount, which I ended up having to use as I reinvented myself after getting thoroughly fleeced in probate court.... It was just ten years ago that I got into a position to be contributing to a retirement again.
While I am clearly worried about the amount needed, I am better off than many, but clearly well behind what I had initially planned on.

I started with nothing and have most of it left :jump1:

I just retired and we are fine. We lived very frugally for most of our lives. Hell, I'm driving a TrailBlazer with 235,000 miles on it and my pickup has 150,000.
We always saved what we could without depriving the family of anything. We didn't tour Europe, Asia or South America but did do the Disney thing and Florida for a week every winter.

I didn't buy a boat until I was 58 and I have worked constantly. I have been accused by more than one member of this site of being a workaholic. Seems like it paid off.
House, cars, boat are all paid for. No cc debt. Basically taxes, insurance and the normal monthly expenses. Bingo!!!

U R so rite...people do not plan for retirement....they want to keep up with the Joneses....buy what they can not afford...boats...new cars....300 dollar cell phones...skiing whether single or married.....parents want to mortgage their home to send kids to college etc:...they love being in debt

Should have invested their money....stock market paid 17-20 percent last year....banks maybe a 1/4 to 1/2 percent...banks R terrible.....and do not be a day trader...and get a financial adviser...rule of thumb was save at least 10% of pay check

BINGO....:) ...U R so rite too.....we think a little a like....that must scare U...LOL.....I was 45 when I started skiing and bought a boat...bought a new car young, monthly payments for a few years let the miles grow ...paid off truck...275 thou mileage... mean time kept putting monthly payment in bank..9 years later buy new truck for cash....never had 401K...other then health well off today and both grand children college will be mostly paid thru investments.
Social is only supplement to buy food for the dog.

Live for today
Save for tomorrow

retiring this year-for now....:uhuh:
so is the wife
all ducks are in a row 401 IRA
much recreation planned- we camp
traveling here and there

post and beam kit house planned
we will finish it over time
sweat equity & save 50%

For those of U with school aged children or grand children look into a 529 instead of waiting to mortgage your home.

good read:

https://www.edwardjones.com/en_US/pr...FYyhOgodwQYAiA

The only ones really making any money with 401k's and defined contribution plans are the scheysters on Wall Str. Just wait until you start taking money out. Hinden fee here hinden fee there. Oh you think you have been making an average of 8% a year......well after all the fees you never seen comin you may be at 4%. Granted it is better than 0.5% at your local bank. But still, you are getting bent over.:smash:

Yes, and after 70 and 1/2, when you are required to start withdrawing, the percent required increases every year for withdrawal. If any of the withdrawal is reinvested, it is then subject to regular income tax . Still the best plan out there, especially if you get employee matches.

All in all, I would rather have to complain about MY money than complain about not having any money.

Or.... I'd rather have to deal with my retirement funds instead of having to work when I should be retired.

How many think that Social Security will be their "retuirement funds", or will be there at all when they retire???

My main concern now is wether we will be on the gold standard by the time I retire, or if we will still be the "United States" of America.

Too many variables to give any kind of answer right now.

I have SEP/IRA which I manage and I have some corporate bonds that pay 4% every year. Granted I bought them a few years ago but I just let the money sit and it gets compounded.
No fees as I manage my money.

You know. Right now I am absolutely broke. I have limited funds in brokerage IRA etc. I have a commercial property that is trusted to me. That I have plenty of sweat equity into that should be 100% paid for by 2025. I have a three family that will hopefully be paid for around 2030. And my home which will be paid for in 20??.

My wife has a Roth, 403b, and a pension. We don't have a ton of money currently but we have things that will provide us income when the time comes.

Nothing is a guaranty currently in the world we live in. But I guaranty if you spend everything you make you will always have to work in one way or another. All you can do is set your self up to the best of your ability and continue to live like you are poor so some day you don't have to.
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Check the price of gold today vs yesterday. ;)
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Living like your poor now for more money tomorrow, or being extra frugal so you can enjoy retirement just isnt my wheelhouse. Were put on this earth for a short period of time. When i look back it will be the moments I was snowboarding in vail, fishing in tortola, and getting hammered in italy that will make me smile. Not me sitting on my deck drooling on myself in Florida. Waiting to give all my money to my kids. Save some, spend some!

Different strokes for different folks.

But if you don't plan for your "non-working" years, all you will have is your memories...until they go as well!

I don't live a miserly life but I budget myself with the funds that are left AFTER putting funds into my retirement account.

I tell my family that if I don't need it, I don't buy it!
If I want it, I save up for it with before mentioned "after savings" funds.

I grew up in a large family, so I learned how to "do without" from an early age. Iwince whenever I see parents doling out money for the "fad of the day" for their kids, only to hear them complain that they can't afford to fix the house, the car, their teeth or take care of any other problem that should have been a priority from the get-go.
Too many parents want to buy their kids affection, and end up sending themselves on a path to the poorhouse in the process.

Remember when every kid NEEDED to have a pair of Reeboks, or some clothing article they grew out of on the way home? Now it's the newest electronic gizmos that are obsolete the day they come out!

How many times do you have to "upgrade" any of your devices simply because the company fixed another ONE of their bugs?

I say keep it simple, spend less, save more and you too should be able to ENJOY your retirement years and not have to work through them just to survive!

When your sixty five you'll change your tune.
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Yeah I agree with "living in the now" and enjoying life now but still trying to be smart for later and I feel like I don't have much extra for either! Now I am not going to say I am starving and living out of my car but at the same time I don't feel I am spending a whole f of a lot like many folks are. I don't eat out, have a new truck, a $300,000+ house, fine clothes or a huge bankroll. I squeak every week on bills, put a little away in my 401K, pay my bills, etc. but at the end of the day I am still left wondering where will I get the $$ to get new windows, new towels to replace my 14 year old rags or pay for the driveway to be repaired! WTF?! TRUST ME I don't live extravagantly but once in a while I have to say WTF? and get lobster....we all have to live, right? Manicures, $100 haircuts and $200 pair of shoes every month are NOT part of my life. How do people afford these things, I cannot figure out. Sure they may make more than me but when I see people spend 10 times what I do I know damn well sure they don't make 10 times what I do. Leaves me wondering what I am doing wrong. Then when I hear many don't even have $1,000 retirement it all becomes clear. They must be kidding themselves, up to their eyeballs in debt and making it all "look good".

Whatever....maybe I am way worse with money than I figured and I am the one kidding myself. I just don't get it.....one minute I feel like I am not doing so bad and the next minute I feel like a total financial failure. I appreciate what I HAVE but not understanding how I cant afford what I NEED when I see folks spend foolishly on so much and yet supposedly almost a third of working folk have nothing for the future. Holy S&^$ I need a nap........

If you are able to live withing your means, then you are able to LIVE!
Way too many people are focused on just the "here and now" and spend that way. Many figure that their house will be their retirement nest egg and they will be all set, yet they are mortgaged to the max, use credit cards like monopoly money, and think "budget" is what they try to get their fat arses to do off the couch!

How many parents figure that buying their childrens affection is easier than earning it? I see it way too much for it to be a coincidence. It just adds to the problem and perpetuates that kind of mind set for the kids to follow.