U.S.Workers and retirement?

[bassballer]

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)

[FishermanTim]

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!!!

[FishermanTim]

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!!

[Raven]

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

[nightfighter]

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.

[Nebe]

I started with nothing and have most of it left

[piemma]

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!!!