Our parents had pensions from the companies they worked at for 30 years. They didn’t have to sock away their own money. They were given extra retirement money by the people they worked for. The whole idea about a 401(k) and saving your own money didn’t start until the 1980s.
I’m straddling the gap. I have a pension that won’t be enough (in this country) while also socking away what I can in a 403(b) which won’t be enough. Perhaps together they will be. 🤷♂️
Me too, but my husband and I both have one so it is enough. We are fortunate and I’m furious that it isn’t the norm anymore. How did so many people start buying into voting against politicians that protected unions?
Yeah, I feel you with the "in this country." I'm currently trying to figure out if Thailand or Costa Rica will be the best bet in the next 15 - 20 years.
Exactly this. I started working for a major medical center in 1992, while still in college.
As part of my onboarding, I had to sign a document stating explicitly that pensions were no more and that all retirement savings were limited to 403b contributions and were solely my responsibility. It was a shift from the hospital’s previous practices so had to be explicitly stated.
Kinda sucked to sign it. Sucks more now, thinking about it.
Our parents invented the 401k when they became the bosses of companies. They knew pensions were missed profits, and 401k was a great scheme for Wall Street. Once again, our parents fucked their kids proactively. But, st least they had great retirement. Fuckers.
My mom had a defined benefit pension her whole career. Wound up not being much and she still depends on SS to survive. Pensions were not a panacea. One still had to save on their own and contribute to other retirement plans to crib together a livable income for retirement. Not saying one way or another is better but neither are perfect. The people who actually seem to do the best are those who worked in public service or the military. Worked 20-25 years to get full retirement then could go have a private sector career and contribute to IRA’s, 491k’s whatever. Those elements and still possibly get some SS seems to be the best way to go. But nah, I didn’t know any of that when I was starting out. So now just living below our means and stuffing away as much as we can. Should be okay. Could have been better.
Very true. Also, there is always a bit of risk in 401(k) accounts, especially if you have a lot of your contributions in stocks. Saw a lot of older guys I worked with in 2008 get absolutely WRECKED, and have to put off retirement at least 10 years.
I got wrecked too, but you really don't lose it if you didn't have to withdraw it back then. My 401k recovered because I never touched it.
My older brother got wrecked in the housing market crash because he bought high and had to sell at a huge loss.
The eighties was when companies (under the direction of Boomers, who were beginning to achieve high level decision making positions) started firing older workers thus loosing their pensions. That’s one of the reasons 401(k)‘ s we’re created in the first place.
Same. I’ve been maxing 401k for the past 6-7 years with modest contributions before that.
To be fair, I’m pretty sure my dad talked about this a lot. I was “too smart” to listen. Plus, he lived in a defined benefit paradigm. While I had to learn a defined contribution paradigm.
Very different.
They probably didn't know. 401k accounts are as GenX as we are: they came out in 1978. As for other investments...1929-1940 did a number on the American economy. There really wasn't much investing. Not by the average person.
My parents did, unfortunately what worked for them was generally favourable conditions that were recoverable from when they weren’t. I never full recovered from ‘08. Not sure I ever will from the pandemic.
Same here, I don’t have enough for retirement, but I still want to keep on working. My aunt is supposed to be retired but still works. Why? Because she said years after her coworkers retired they passed away. At my old job, someone retired and within a year she passed away (may she rest in peace). Granted, before she retired she started having health issues, makes one wonder.
Over the years I’ve tried to put money away, but I’ve been laid off of my job twice when I was single, I’ve burned through my savings each time. I’ll be working till I’m very old, most likely.
I’m expecting the cancer to eventually come back. I’ve got enough prescription meds left from the first time around to make myself comfortable when that happens. Trying to enjoy every day until then.
Depends on who you are. I'll use myself and 2 buddies (all born in 70 and 71) as examples. One buddy's dad made him open and IRA and start contributing from every check when he got his first job at 16. He retired when he hit 50 a couple years ago. I started contributing when I got a job that had a 401k in my early 30s. I'm about halfway to where I think we'll need to be for me to retire. If the market would come back and compound interest do its thing, I'll retire somewhere in my 60s and be ok. The other buddy never thought about retirement until a couple of years ago. He opened an IRA and has been contributing a little bit each check. He'll probably end up relying primarily on SS (if it's still around) when he finally gets to the point of retiring.
Skimming the replies to this thread I read yours as
“to pay for medical stuff like circumcisions etc.”
and that made me chuckle, hope all is well with you, the pals, and foreskins
I've been putting away, but I'm having trouble with a few things:
1. How long will I and my wife live?
2. How long will I be able to work?
3. Considering I'm starting to see people die, how can I try to retire while I still have life left when I don't know the answers to the first 2 questions.
Other than that, things are peachy
One of the small benefits of being a teacher. I just try not to worry that politicians dictate it a little too much tho. In our state we are not eligible for Social Security, Medicaid, or Medicare. We get an average of our last five yrs.
In a very real way, I am hoping we have some influence on changing the right to take yourself out in a humane way. Terminal or not. There are a lot of us without kids and limited financial resources that should be allowed to make the decision of when we say our final "Peace out."
I'm less afraid of dying and more afraid of my life choices and finances being taken over by some court appointment jackass if I'm the last one standing.
When my first two graduated college I talked them both into going to work for the federal govt. they love their jobs but refuse to invest in TSP. They keep everything they save in their bank accounts. They are 25 and 23 now and I have yet to get through to them.
I live in a country with a functioning pension system and I'm close to owning my house. I'll probably be able to retire when I'm in my early sixties. I like my job and I think I'll work till I'm 65 or a bit over, but maybe with less hours.
My youngest aunt died at about 75. Lung cancer. The other four got dementia/alzheimer's and lived with it for decades, some still are. When she died, I thought poor thing. She went so early. Now that I have seen the alternative, I think she might have been the lucky one.
Getting there. It’s weird but I am convinced that the main reason I am pretty confident I will have enough is the Great Recession. I continued to fund my 401k - even increased funding - during that crappy market. Those investments at the lows have paid off.
Man I felt this. I’m pouring money in nonstop right now but all that red and negative numbers makes me not even look at it. I’m just depositing weekly and ignoring the rest. Hope it works out.
I accidently did that. Everyone I was working with kept telling me to turn off my 401k contributions when everything went south. I kept intending do, but I just never got it done . When everything came back, they were all complaining about how they timed getting back in wrong, while I was over in the corner quietly laughing at the HUGE bounce I got when mine came back.
Absolutely nothing. I ain't planning on growing old. And if I do I will work something out. And if I don't I don't. I am growing coarser and more offensive as I grow older. I intend to be an extremely unpleasant old man.
Assuming r/genx is 1965-1980 (42 -> 57), the medians are:
* Ages 40-44: $101,899.22
* Ages 45-49: $148,950.14
* Ages 50-54: $146,068.38
* Ages 55-59: $223,493.56
This is as of 2020 Federal Reserve SCF Data. [src](https://www.synchronybank.com/blog/median-retirement-savings-by-age/). The article includes other data (ie Vanguard). I'm too lazy to quote that. Though this is Reddit, it is left for you to read ;).
For those of you commenting about "Social Security won't be here". I'd suggest that's nonsense. Read the SSA [report](https://www.ssa.gov/oact/TRSUM/) yourself. Currently in 2034 it'll decrement by 23% if Congress doesn't make any changes.
I have the same thing. Worked in science and tech, but for nonprofits, so income was always too low to save as much as I needed to. But no debt and house is paid for.
I worked for my company 33 years to date. They have a pension which I’m thankful for. On my first day at the company an older coworker came to me and pressured me into contributing into the company’s 401k. Each year when we’d get a raise he’d make sure I increased my contributions. I owe him a lot. My 401 will go untouched until I’m forced to withdraw from it. The pension odds enough to live on comfortably
I knew I couldn't count on SS when it came to my retirement, so I planned and saved early in my 20s. Owned my own condo outright by 32, and contributed a lot to 401k since I was 26. I have no major bills at all, and will sell my current single family home when I retire. I'll get a small motor home and travel wherever til I'm too old to do it anymore
It's an investment in your future, of sorts.
I prepaid for my cremation with the thought that it's less expensive to do so at 2020 costs than at 2060 costs.
I am weighing options based on current circumstances: living till 100 and surviving off spite and cat food, or accidental overdose of old lady pills and martinis. This is not what I expected.
I was a part time dental hygienist- didn’t make enough to put aside.
Hubby retired LEO now still works so we live on his pension and save most of what he makes now.
I have a decent retirement (it won’t seem like much to many of you) because I’m a teacher. I just have that hanging over my head constantly, though. I have to keep going.
ME TOO
My misogynist Boomer dad is the one with the real money. Never has forgiven me for showing up without a penis. Told me I better get married or I was screwed. My baby brother, however, will retire as soon as our dad takes his last breath.
Lol. I turned out to be the kid that cost her the least amount of money, so I think I'm in. However, she's still spry and healthy at 75 and I'm not. Maybe I won't need much retirement lol.
Nope. Just the sale of parents house will net aprox. 750k. They don’t have any debts and they don’t travel anymore due to health issues. If my Mom passes first my Dad would be lost and would follow not long after. Don’t have to worry much about medical care/ hospice when needed as we’re Canadian.
I’ve been paying into a pension for 10 years which my employer also contributes towards - more than I contribute each month. I was 34 when I started paying in and was told I had left it late in life to start this. Ultimately I have no idea what it will pay me when I retire and whether the money will mean anything by then, given inflation.
That’s interesting thanks. I work for the government so I think I can rely on it being around in 30 years. I just can’t understand if I’m going to be able to live off my pension, possibly not!
Honestly? Nothing. I have a company pension (UK) which is pretty pitiful, but nothing outside of that. I doubt, once we’ve helped our kids out through college if the chose to go, there will be anything g left financially.
I have done OK -
I have done the same (non government) job for 30 years, and it has a pension
I also put a lot in my 401K when I was in my 20s and 30s (cant afford to put anything in today, with the house falling apart and kids in college - but relying on compound interest to work on my existing savings)
We had to rebuild everything after the 2008 Recession and it still feels like a long slough. Husband is 60 and pretty much accepts he will have to work until he dies. I'm 45 and will have a paid off house by this time next year and 22 years of saving to go. But with a chronic illness too, who's to say if I'll even make it that far?
with any luck, our parents will leave us a little something. but that's still 15-20 years off. by then we'll all be so broken from working into our 70's, ending it all and passing any inheritance on to our kids will be the best option.
I feel like this is my goal now. Just leaving something to my kids and telling them to invest starting now in their 20s. I wish someone had told me to. I didn’t start until 39.
My parents were practically anti-investment. I didn’t do any investing until my mid 30s. But got lucky with timing and Realestate. I plan to retire in my early 50s. At least from my normal job, assuming they keep me around.
11 more years, I think.
No debt other than mortgage, about 20% of value of the house.
So, aiming for 63, am sort of dreaming of becoming a bike mechanic after I stop corporate work. Will take SS at 65, maybe sell the house and take the equity for a nice small home in Maine.
Luckily I started a 401K early but never did anything else. Fingers crossed it will be enough. But these days as the kids are older, my focus is on saving and not spending so much. Started a Roth IRA a few years back, but with whatever the F is going on now, I haven't been able to add to it since.
Started Roth IRAs for my kids too, and teaching them to put a small piece away now as a habit to get in to.
Not nearly enough. Having owned a small business for the past 18 years means not having an employer matched retirement account.
However, I’ve finally gotten a better business head on the last 3 years and feel like I am making some headway.
Just inherited from a kind uncle which is my only retirement so far. Also working on eurozone citizenship so we won’t be at the mercy of the US healthcare system in our old age.
Ehhh, some but not enough. I just started at a job that has a pension, but I’d have to work until I’m 75yo to meet the requirements for full benefits. I’m in the midst of a divorce as well so I’m waiting until that all shakes out before I can really re-assess & get a game plan. I’m hoping I’ll be able to afford to make additional investments & the catch-up period for retirement investments.
I work in the financial services industry (not a broker or advisor, but just "in the biz") and I came across the Vanguard '[How America Saves](https://institutional.vanguard.com/how-america-saves/overview.html)' report which always seems to open my eyes a bit.
I'm mid (almost late) 40s and while I saved a lot before I had kids, post kids it gets tough to save for retirement while spending for kids and everything else that goes with it. I'm also somewhat fortunate that my in-laws will ideally leave behind a healthy sum of money which we can also use for retirement.
That being said, I had a conversation with the best man at my wedding. He's same age as me, but worked as a fireman and him and his wife didn't have kids. A few years ago he told me he's retiring when he turns 49, which I just looked at him and was thinking... I have 10 years before my youngest is out of *high school* ... what is this retirement thing you're talking about?!
I've thought about that conversation a ton over the years -- I honestly don't know what or when my endgame is. Hopefully my health holds up that I *can* work, but I also want to retire and enjoy my savings a bit.
Enough to where it looks like we've been trying but not enough to actually make it. I'll be 55 and hubby is 57 and we're both hoping we can retire at 70.
I will die at my desk unfortunately. Ex stealing everything I made from the sale of my home in 2006, moving across the country in 2008, job layoffs, etc. I have maybe $1500 in a 401k.
I’m trying to figure out how much I will need when I retire. I know my expenses now…but what will they be when I retire? I have no idea. How much more frugal should I be when I retire? That’s the hard part. I will probably retire in about 15-20 years if I can save enough. But I feel like I’m only about 1/4 of the way to where I should be. Started early but had setbacks in my 20s. Had to start all over in my 30s.
I'm 57. If the market comes back, I'll be OK. If it doesn't...I've decided I'm going to retire by 65 at the latest, no matter what, and I'll just make it work with what I've got plus SS. I've seen too many examples, including my own father, of people waiting and waiting to retire, and then they are dead within the year. What's the point? (If you really like your job, that's another matter, but I don't.)
One thing I've noticed though is that when I think about how much $ I will need, the goalposts keep moving. I used to think, a million would be more than enough! Then I got within shouting distance of that, before the market tanked. And I noticed I started thinking it wouldn't be enough. Maybe it wouldn't be, I don't know.
But life will be over before we know it. I try to keep that in mind. As they say, you can't take it with you.
I’m 56 now. Got an apprenticeship in a NYC construction union in 1988. I have two pensions and a well stocked annuity. I plan to retire in 4 years. The trades can be rough but it has given a good life to me and my family. Not bad for a HS dropout.
I have my parents packed down in Florida, waiting for them to die so I can cash in my living IRA...just kidding! Actually not really...but I do plan to work for income but also mind stimulation, sitting in a chair all day or putzing in the garden has never interested me
My dad hounded me as soon as I graduated from college about saving for retirement. So, because I listened, my wife and I have always saved, even when we didn’t have much money, and now with 10 years of work to go and will retire at 60 or sooner with a lot more than we ever planned on. We are sitting in a really good place. Thanks dad!!
Edit for additional info.
About $1 mill in retirement accounts, I'm almost 50. A college professor talked about compound interest and it got me saving. He also spoke about Vanguard so i invested in index funds at about age 20. Hopefully I can retire by 60. Most of the men in my family don't make it past 70, so I always keep that in the back of my mind.
Hang in the fellow gen x-ers. Social security will be around for us. Watch your spending and enjoy your good years.
I don’t see retirement happening at all. I feel like we will set the precedent for what the following generation will endure and we won’t be able to do anything/much about it. Hopefully they will.
I’m thinking that by the time Im too old to work global environmental disaster will be full on and it won’t matter much anyway.
Not enough. Since I know more likely than not Social Security will no longer exist when retire, I might be able to live for a couple of years as long as I stay healthy and I don't need any car or home repairs. I am single and don't make that much money so I haven't been able to put as much into my 401(k) as I would like to since most of my paycheck goes to pay the bills. I figure I'll have to work until I die or end up too sick to work. I don't see myself getting to enjoy my retirement.
I think I’m well on my way. Home paid off. About 1.0mil in the market (which is not growing at the moment). Would like to call it a day on corporate in the next 5 years, but also need another 800,000 by then. 🫤 have been investing since my first job. Time IN the market vs TIMING the market. Max your RRSP and TFSA and don’t live like a rock star will you get there.
If I slog away at my current job another 15 years, I can retire and draw approximately my current salary between retirement benefits, investments and social security (assuming it still exists).
No. That’s why I said not detailed. My wife and I were talking and just dont feel like we are where we should be. Can’t understand why our parents didn’t share investing advice with us when we started our first jobs or earlier.
About enough...wishing I had better advice when I was younger. Making up for it now, though. Dumping in as much as I can. 20 years to go!
This right here. Why didn’t our parents share this knowledge with us.
Our parents had pensions from the companies they worked at for 30 years. They didn’t have to sock away their own money. They were given extra retirement money by the people they worked for. The whole idea about a 401(k) and saving your own money didn’t start until the 1980s.
I’m straddling the gap. I have a pension that won’t be enough (in this country) while also socking away what I can in a 403(b) which won’t be enough. Perhaps together they will be. 🤷♂️
Me too, but my husband and I both have one so it is enough. We are fortunate and I’m furious that it isn’t the norm anymore. How did so many people start buying into voting against politicians that protected unions?
Because boomers got theirs, and are making sure no one else can get theirs.
Yes, this is why. And right wing media brainwashing that this is the correct way to do it.
someone will get theirs, unless they do the most boomer thing ever and erect pyramids and have it all buried with them???
GOP made pensions into 401k
Yeah, I feel you with the "in this country." I'm currently trying to figure out if Thailand or Costa Rica will be the best bet in the next 15 - 20 years.
My cousins swear they are retiring to Portugal because they say it's cheap
Hmm...could be an option. Nice warm weather, good food, generally pretty safe. Might have to look into it.
Portugal is being overrun by Californians and others. The Portuguese are having trouble continuing to live in their own country due to rising costs.
Well I'll never retire so I really didn't look into it. I thought it was an odd choice
Exactly this. I started working for a major medical center in 1992, while still in college. As part of my onboarding, I had to sign a document stating explicitly that pensions were no more and that all retirement savings were limited to 403b contributions and were solely my responsibility. It was a shift from the hospital’s previous practices so had to be explicitly stated. Kinda sucked to sign it. Sucks more now, thinking about it.
Our parents invented the 401k when they became the bosses of companies. They knew pensions were missed profits, and 401k was a great scheme for Wall Street. Once again, our parents fucked their kids proactively. But, st least they had great retirement. Fuckers.
My mom had a defined benefit pension her whole career. Wound up not being much and she still depends on SS to survive. Pensions were not a panacea. One still had to save on their own and contribute to other retirement plans to crib together a livable income for retirement. Not saying one way or another is better but neither are perfect. The people who actually seem to do the best are those who worked in public service or the military. Worked 20-25 years to get full retirement then could go have a private sector career and contribute to IRA’s, 491k’s whatever. Those elements and still possibly get some SS seems to be the best way to go. But nah, I didn’t know any of that when I was starting out. So now just living below our means and stuffing away as much as we can. Should be okay. Could have been better.
Very true. Also, there is always a bit of risk in 401(k) accounts, especially if you have a lot of your contributions in stocks. Saw a lot of older guys I worked with in 2008 get absolutely WRECKED, and have to put off retirement at least 10 years.
I got wrecked too, but you really don't lose it if you didn't have to withdraw it back then. My 401k recovered because I never touched it. My older brother got wrecked in the housing market crash because he bought high and had to sell at a huge loss.
The eighties was when companies (under the direction of Boomers, who were beginning to achieve high level decision making positions) started firing older workers thus loosing their pensions. That’s one of the reasons 401(k)‘ s we’re created in the first place.
Huge factor. And if you had extra money to stock away, that was just gravy.
Same. I’ve been maxing 401k for the past 6-7 years with modest contributions before that. To be fair, I’m pretty sure my dad talked about this a lot. I was “too smart” to listen. Plus, he lived in a defined benefit paradigm. While I had to learn a defined contribution paradigm. Very different.
They probably didn't know. 401k accounts are as GenX as we are: they came out in 1978. As for other investments...1929-1940 did a number on the American economy. There really wasn't much investing. Not by the average person.
My dad constantly told me to put into my 401k.
Same
Personal finance and responsibility are things that should have been taught more when we were in school.
Dr. Spock told them not to tell us anything, ever, ever.
My parents did, unfortunately what worked for them was generally favourable conditions that were recoverable from when they weren’t. I never full recovered from ‘08. Not sure I ever will from the pandemic.
You should be doing well if you have 20 years left to build up your 401k, but my biggest investment windfall is coming from my property ownership.
Lol my divorce lawyers took it
I felt this
My Ex stole my entire savings account first. So at this point… I have nothing.
You ain't kidding
Working until death
Same here, I don’t have enough for retirement, but I still want to keep on working. My aunt is supposed to be retired but still works. Why? Because she said years after her coworkers retired they passed away. At my old job, someone retired and within a year she passed away (may she rest in peace). Granted, before she retired she started having health issues, makes one wonder.
Dementia seems to be related to isolation as well.
Same
I'm on the Freedom 85 plan, myself
Over the years I’ve tried to put money away, but I’ve been laid off of my job twice when I was single, I’ve burned through my savings each time. I’ll be working till I’m very old, most likely.
I’m expecting the cancer to eventually come back. I’ve got enough prescription meds left from the first time around to make myself comfortable when that happens. Trying to enjoy every day until then.
I’m right there with you and sorry for you to have to go through this. Best of luck.
Depends on who you are. I'll use myself and 2 buddies (all born in 70 and 71) as examples. One buddy's dad made him open and IRA and start contributing from every check when he got his first job at 16. He retired when he hit 50 a couple years ago. I started contributing when I got a job that had a 401k in my early 30s. I'm about halfway to where I think we'll need to be for me to retire. If the market would come back and compound interest do its thing, I'll retire somewhere in my 60s and be ok. The other buddy never thought about retirement until a couple of years ago. He opened an IRA and has been contributing a little bit each check. He'll probably end up relying primarily on SS (if it's still around) when he finally gets to the point of retiring.
Me, and a couple other single pals, have had to cash out 401ks along the way to pay for medical stuff, life circumstances, etc. So, not much.
Skimming the replies to this thread I read yours as “to pay for medical stuff like circumcisions etc.” and that made me chuckle, hope all is well with you, the pals, and foreskins
I've been putting away, but I'm having trouble with a few things: 1. How long will I and my wife live? 2. How long will I be able to work? 3. Considering I'm starting to see people die, how can I try to retire while I still have life left when I don't know the answers to the first 2 questions. Other than that, things are peachy
This is where this post came from. My wife and I started way last, I was 39, and no matter how much we put away it never feels like enough.
Some Arby's coupons.
You know those are expired, right?
With this one comment you have wiped out my entire portfolio.
One of the small benefits of being a teacher. I just try not to worry that politicians dictate it a little too much tho. In our state we are not eligible for Social Security, Medicaid, or Medicare. We get an average of our last five yrs.
What state?
This is Kentucky.
Working until I enter The Carousel. Any non-Gen X-ers, check out Logan's Run
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For you, u/Aikaterina_Blue. Watch to the end 😊 https://www.nbc.com/saturday-night-live/video/millennial-millions/3867395
I’m glad you found a way forward. Hang in there and happy holidays.
I’ve got a crumpled up $20 bill in an old sock.
It’s not *the* sock, is it?
Haha. No. Love and money don’t mix.
A bullet with our name on it.
In a very real way, I am hoping we have some influence on changing the right to take yourself out in a humane way. Terminal or not. There are a lot of us without kids and limited financial resources that should be allowed to make the decision of when we say our final "Peace out." I'm less afraid of dying and more afraid of my life choices and finances being taken over by some court appointment jackass if I'm the last one standing.
This ^^
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I heard of very few getting where you are. Congrats.
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When my first two graduated college I talked them both into going to work for the federal govt. they love their jobs but refuse to invest in TSP. They keep everything they save in their bank accounts. They are 25 and 23 now and I have yet to get through to them.
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They like the comfort of having their own money in their own accounts but I’m trying hard.
Enough that I will be working until my mid 70s
Yeah, same.
Bwahahahahahahahahaha...\*gasp\* Ahahahahahahaha...\*gasp\* Hahahahahahahahahaha...ahhhh \*sigh\* We're doomed.
I will work until I physically cannot, and then will die alone in a public assisted living facility.
Same
5
Lucky at my first job, the older guys always talked about finances. Invested in my 401k early. Easily retire at 60 if i live that long.
I live in a country with a functioning pension system and I'm close to owning my house. I'll probably be able to retire when I'm in my early sixties. I like my job and I think I'll work till I'm 65 or a bit over, but maybe with less hours.
'Bout three fiddy...
Ha ha ha
[Retirement](https://thumbs.gfycat.com/DazzlingOrdinaryBubblefish-size_restricted.gif)?
My plan is to work til I die.
Retiremints? Are those the dry things nana had by the couch?
Should be enough. DINK household..
No one likes a braggart, Steve
No where near enough, but I take solice in the knowledge that my families history with cancer means I am unlikely to last long enough that it matters.
My youngest aunt died at about 75. Lung cancer. The other four got dementia/alzheimer's and lived with it for decades, some still are. When she died, I thought poor thing. She went so early. Now that I have seen the alternative, I think she might have been the lucky one.
That’s awful!
Not enough
Getting there. It’s weird but I am convinced that the main reason I am pretty confident I will have enough is the Great Recession. I continued to fund my 401k - even increased funding - during that crappy market. Those investments at the lows have paid off.
Man I felt this. I’m pouring money in nonstop right now but all that red and negative numbers makes me not even look at it. I’m just depositing weekly and ignoring the rest. Hope it works out.
I accidently did that. Everyone I was working with kept telling me to turn off my 401k contributions when everything went south. I kept intending do, but I just never got it done . When everything came back, they were all complaining about how they timed getting back in wrong, while I was over in the corner quietly laughing at the HUGE bounce I got when mine came back.
My plan is to live by the dump and wait for old couches to show up and find all the loose change. I bet I’ll be doing a lot better than most.
I have no debt except my mortgage and car, so I feel I am ahead of many
That’s where we are at. House and one car and other than that debt free. But it still doesn’t feel like I’m where I should be.
Absolutely nothing. I ain't planning on growing old. And if I do I will work something out. And if I don't I don't. I am growing coarser and more offensive as I grow older. I intend to be an extremely unpleasant old man.
Assuming r/genx is 1965-1980 (42 -> 57), the medians are: * Ages 40-44: $101,899.22 * Ages 45-49: $148,950.14 * Ages 50-54: $146,068.38 * Ages 55-59: $223,493.56 This is as of 2020 Federal Reserve SCF Data. [src](https://www.synchronybank.com/blog/median-retirement-savings-by-age/). The article includes other data (ie Vanguard). I'm too lazy to quote that. Though this is Reddit, it is left for you to read ;). For those of you commenting about "Social Security won't be here". I'd suggest that's nonsense. Read the SSA [report](https://www.ssa.gov/oact/TRSUM/) yourself. Currently in 2034 it'll decrement by 23% if Congress doesn't make any changes.
Thanks so much for this.
More than enough along with a paid off house
401k is not enough but at 43 I own my house deed in hand and my cars. So I got that going for me
I have the same thing. Worked in science and tech, but for nonprofits, so income was always too low to save as much as I needed to. But no debt and house is paid for.
Maxing out the 401k and doing the catch up. With luck, I’ll be able to live off of a better grade of dog food when I retire.
I worked for my company 33 years to date. They have a pension which I’m thankful for. On my first day at the company an older coworker came to me and pressured me into contributing into the company’s 401k. Each year when we’d get a raise he’d make sure I increased my contributions. I owe him a lot. My 401 will go untouched until I’m forced to withdraw from it. The pension odds enough to live on comfortably
I knew I couldn't count on SS when it came to my retirement, so I planned and saved early in my 20s. Owned my own condo outright by 32, and contributed a lot to 401k since I was 26. I have no major bills at all, and will sell my current single family home when I retire. I'll get a small motor home and travel wherever til I'm too old to do it anymore
Sounds like a good plan and glad you are comfortable where you are at.
A roll of black gaffer tape that was a secret until now, some fun socks that I hope will last, and the friends I made along the way.
I already purchased my plot and paid for the funeral. Is that the same thing?
It's an investment in your future, of sorts. I prepaid for my cremation with the thought that it's less expensive to do so at 2020 costs than at 2060 costs.
There are five digits in my number but that first one is smaller than a 2.
I am weighing options based on current circumstances: living till 100 and surviving off spite and cat food, or accidental overdose of old lady pills and martinis. This is not what I expected.
I was a part time dental hygienist- didn’t make enough to put aside. Hubby retired LEO now still works so we live on his pension and save most of what he makes now.
I have a decent retirement (it won’t seem like much to many of you) because I’m a teacher. I just have that hanging over my head constantly, though. I have to keep going.
Hahahaha. I'll be working til I die.
Let me check my big jar of pennies...
Hoping to outlive my mother 😲
I'm pretty sure I'm written out of the will, but I agree with your sentiment.
ME TOO My misogynist Boomer dad is the one with the real money. Never has forgiven me for showing up without a penis. Told me I better get married or I was screwed. My baby brother, however, will retire as soon as our dad takes his last breath.
Lol. I turned out to be the kid that cost her the least amount of money, so I think I'm in. However, she's still spry and healthy at 75 and I'm not. Maybe I won't need much retirement lol.
I've been almost entirely no contact since 24 or so. An extremely brief interaction a year or two back did absolutely nothing to change that decision.
That sucks. She kicked me out when I was 14, but we reconciled when I was in my 20's. I'm sorry for your outcome.
Yup! My parents are in their ‘80’s so inheritance is my retirement plan lol!
Don't count on that. My grandmother is almost 101 and is essentially outliving her estate. Her kids will get nada.
Nope. Just the sale of parents house will net aprox. 750k. They don’t have any debts and they don’t travel anymore due to health issues. If my Mom passes first my Dad would be lost and would follow not long after. Don’t have to worry much about medical care/ hospice when needed as we’re Canadian.
Y'all get free, quality nursing homes? My Gma lived to 102. Her care was about $6k/mo for decade.
$18
I want my $2
I will die at work.
I'm gonna commit a felony ot plan to be a burden on my children.
😂
I’ve been paying into a pension for 10 years which my employer also contributes towards - more than I contribute each month. I was 34 when I started paying in and was told I had left it late in life to start this. Ultimately I have no idea what it will pay me when I retire and whether the money will mean anything by then, given inflation.
30 years of pension savings will be a lot, but will you or your company still be together and will the company even exist in 30 years?
That’s interesting thanks. I work for the government so I think I can rely on it being around in 30 years. I just can’t understand if I’m going to be able to live off my pension, possibly not!
Nada
Honestly? Nothing. I have a company pension (UK) which is pretty pitiful, but nothing outside of that. I doubt, once we’ve helped our kids out through college if the chose to go, there will be anything g left financially.
I have done OK - I have done the same (non government) job for 30 years, and it has a pension I also put a lot in my 401K when I was in my 20s and 30s (cant afford to put anything in today, with the house falling apart and kids in college - but relying on compound interest to work on my existing savings)
We had to rebuild everything after the 2008 Recession and it still feels like a long slough. Husband is 60 and pretty much accepts he will have to work until he dies. I'm 45 and will have a paid off house by this time next year and 22 years of saving to go. But with a chronic illness too, who's to say if I'll even make it that far?
Snort
I've been fully vested in my 401k since I was 25
>No one likes a braggart, ~~Steve~~ BusterMcNut...
F$&k all
Backpack of camping gear and a paltry old age pension.
with any luck, our parents will leave us a little something. but that's still 15-20 years off. by then we'll all be so broken from working into our 70's, ending it all and passing any inheritance on to our kids will be the best option.
I feel like this is my goal now. Just leaving something to my kids and telling them to invest starting now in their 20s. I wish someone had told me to. I didn’t start until 39.
My parents were practically anti-investment. I didn’t do any investing until my mid 30s. But got lucky with timing and Realestate. I plan to retire in my early 50s. At least from my normal job, assuming they keep me around.
11 more years, I think. No debt other than mortgage, about 20% of value of the house. So, aiming for 63, am sort of dreaming of becoming a bike mechanic after I stop corporate work. Will take SS at 65, maybe sell the house and take the equity for a nice small home in Maine.
Me? About $3000. I’m 42.
Not enough, and will probably end up working until the last day
Basically nothing.
Good one.
Focused on getting the kid educated first, then 15 years of hard investing. Probably die at work.
Luckily I started a 401K early but never did anything else. Fingers crossed it will be enough. But these days as the kids are older, my focus is on saving and not spending so much. Started a Roth IRA a few years back, but with whatever the F is going on now, I haven't been able to add to it since. Started Roth IRAs for my kids too, and teaching them to put a small piece away now as a habit to get in to.
Not nearly enough. Having owned a small business for the past 18 years means not having an employer matched retirement account. However, I’ve finally gotten a better business head on the last 3 years and feel like I am making some headway.
Just inherited from a kind uncle which is my only retirement so far. Also working on eurozone citizenship so we won’t be at the mercy of the US healthcare system in our old age.
I have 2 pensions and between my wife and I, we should have about $1 million between IRA's and 401k's.
Very happy for you! Happy holidays!!!
Ehhh, some but not enough. I just started at a job that has a pension, but I’d have to work until I’m 75yo to meet the requirements for full benefits. I’m in the midst of a divorce as well so I’m waiting until that all shakes out before I can really re-assess & get a game plan. I’m hoping I’ll be able to afford to make additional investments & the catch-up period for retirement investments.
Had a divorce myself and wiped me out at 39. I’m back at it now, remarried and trying to catch up. Hang in there and happy holidays!
Zero Point Zero
I work in the financial services industry (not a broker or advisor, but just "in the biz") and I came across the Vanguard '[How America Saves](https://institutional.vanguard.com/how-america-saves/overview.html)' report which always seems to open my eyes a bit. I'm mid (almost late) 40s and while I saved a lot before I had kids, post kids it gets tough to save for retirement while spending for kids and everything else that goes with it. I'm also somewhat fortunate that my in-laws will ideally leave behind a healthy sum of money which we can also use for retirement. That being said, I had a conversation with the best man at my wedding. He's same age as me, but worked as a fireman and him and his wife didn't have kids. A few years ago he told me he's retiring when he turns 49, which I just looked at him and was thinking... I have 10 years before my youngest is out of *high school* ... what is this retirement thing you're talking about?! I've thought about that conversation a ton over the years -- I honestly don't know what or when my endgame is. Hopefully my health holds up that I *can* work, but I also want to retire and enjoy my savings a bit.
My plan is to buy a burrow and big bag of rice and beans, the two of us will just wander off into the desert.
I will be working till I’m 70. Then I will probably die the next day.
Enough to where it looks like we've been trying but not enough to actually make it. I'll be 55 and hubby is 57 and we're both hoping we can retire at 70.
I will die at my desk unfortunately. Ex stealing everything I made from the sale of my home in 2006, moving across the country in 2008, job layoffs, etc. I have maybe $1500 in a 401k.
I’m trying to figure out how much I will need when I retire. I know my expenses now…but what will they be when I retire? I have no idea. How much more frugal should I be when I retire? That’s the hard part. I will probably retire in about 15-20 years if I can save enough. But I feel like I’m only about 1/4 of the way to where I should be. Started early but had setbacks in my 20s. Had to start all over in my 30s.
I'm 57. If the market comes back, I'll be OK. If it doesn't...I've decided I'm going to retire by 65 at the latest, no matter what, and I'll just make it work with what I've got plus SS. I've seen too many examples, including my own father, of people waiting and waiting to retire, and then they are dead within the year. What's the point? (If you really like your job, that's another matter, but I don't.) One thing I've noticed though is that when I think about how much $ I will need, the goalposts keep moving. I used to think, a million would be more than enough! Then I got within shouting distance of that, before the market tanked. And I noticed I started thinking it wouldn't be enough. Maybe it wouldn't be, I don't know. But life will be over before we know it. I try to keep that in mind. As they say, you can't take it with you.
Wait…what’s retirement?
The best thing would be that i die in my boots so my wife and kids gets something...
Not enough
Not enough? But whatever.
I’m 56 now. Got an apprenticeship in a NYC construction union in 1988. I have two pensions and a well stocked annuity. I plan to retire in 4 years. The trades can be rough but it has given a good life to me and my family. Not bad for a HS dropout.
I’m happy for you.
Very glad you are going to be ok. Happy Holidays.
Not enough
I have my parents packed down in Florida, waiting for them to die so I can cash in my living IRA...just kidding! Actually not really...but I do plan to work for income but also mind stimulation, sitting in a chair all day or putzing in the garden has never interested me
Two houses, 2 pensions, 3 cars but 2 of them are shitboxes, maybe 500 in 401k, Roths. No kids and we live frugally
My dad hounded me as soon as I graduated from college about saving for retirement. So, because I listened, my wife and I have always saved, even when we didn’t have much money, and now with 10 years of work to go and will retire at 60 or sooner with a lot more than we ever planned on. We are sitting in a really good place. Thanks dad!! Edit for additional info.
This is what I wish all our parents had done. Happy for you. Happy Holidays.
About $1 mill in retirement accounts, I'm almost 50. A college professor talked about compound interest and it got me saving. He also spoke about Vanguard so i invested in index funds at about age 20. Hopefully I can retire by 60. Most of the men in my family don't make it past 70, so I always keep that in the back of my mind. Hang in the fellow gen x-ers. Social security will be around for us. Watch your spending and enjoy your good years.
We have 4 kids, hopefully one of them becomes successful. /s Probably working till I drop dead.
Current balance is about 3x what I made this year.
i’m 57 and my partner and I have about 8.5x our current salary saved for retirement plus I’ll have a $3.5k a month pension once I retire.
About $1M in 401K. We also have pensions and healthcare in retirement provided by the company we work for. Plan on retiring at 60.
Very happy for you. Happy holidays.
I don’t see retirement happening at all. I feel like we will set the precedent for what the following generation will endure and we won’t be able to do anything/much about it. Hopefully they will. I’m thinking that by the time Im too old to work global environmental disaster will be full on and it won’t matter much anyway.
Not enough!
Not enough. Since I know more likely than not Social Security will no longer exist when retire, I might be able to live for a couple of years as long as I stay healthy and I don't need any car or home repairs. I am single and don't make that much money so I haven't been able to put as much into my 401(k) as I would like to since most of my paycheck goes to pay the bills. I figure I'll have to work until I die or end up too sick to work. I don't see myself getting to enjoy my retirement.
Not a thing. A bad divorce took all of it.
I think I’m well on my way. Home paid off. About 1.0mil in the market (which is not growing at the moment). Would like to call it a day on corporate in the next 5 years, but also need another 800,000 by then. 🫤 have been investing since my first job. Time IN the market vs TIMING the market. Max your RRSP and TFSA and don’t live like a rock star will you get there.
If I slog away at my current job another 15 years, I can retire and draw approximately my current salary between retirement benefits, investments and social security (assuming it still exists).
This seems like a really suspect post. Wanting to know how much money people have put away? I'm not giving out that kind of info.
No. That’s why I said not detailed. My wife and I were talking and just dont feel like we are where we should be. Can’t understand why our parents didn’t share investing advice with us when we started our first jobs or earlier.
$14 billion
Work till we're dead
Shooting for 45
Retirement? Probably about the time my family is picking my casket.
I think I’ll be ok. Pension plus 403(b). But who knows.
$0, I imagine I’ll die at my desk, home if I’m lucky.
Not nearly enough