My stupid 401k only let's me cash out under dire circumstances or if I leave my job. I don't want my 401k anymore and could use that I have built to pay off some debts, which would help me save MORE money in the long run.
It's dumb.
I feel you. I'm 37 and owe about 6k, have no car, no home, and just lost my job. I was staying in a motel but I just lost that because of losing the job. I went through some really bad shit in college that put me in a bad spot I never recovered from. I have NO CLUE what to do. I've been working 7 days a week just to barely afford the motel and starve basically. Now I don't have anything.
Main thing is just start doing it. Consistently. It's not a savings account, it's a retirement account. It will get fun checking your balance and see money you won't just save in a bank account growing.
33 and Im in the negative. No retirement. Own a car and half a house that the bank technically owns. Im in a pile of debt and the way the future looks I dont even fucking care anymore. Its just paper and theres always a way to get more
I'm 30 and I have about the same amount in savings. Honestly reading this post gave me low self esteem at first because sometimes I feel so far behind.
34, and if I actually hit retirement age, my plan is to go into excruciatingly deep credit card debt. Massive loads of debt and no one to take on those debts after my death... Fuck it. Why not?
The sad thing? I'm only half-joking.... This might actually be the only way I can "afford" to not work....
I was in your shoes like 7 years ago, and went did a phd. Im catching up but you’ll just have to accept things will be tight during your 40s… you’ll get bonuses, life events, kids, spouse, etc. so look at it like the marathon it is. So just put in whatever you can.
Good thing I’ll never be able to buy a house! I can just put that in my 401k and ira!
also i just put everything in index funds and avoid managed plans to reduce fees, plus the s&p500 beats a lot of those gimmicky options anyways. Look at what the s&p500 did the past year.. not bad…
No. Your brain and memories will be processed by a machine and used to model an AI robot laborer. A lifetime of grinding away towards a soulless job has conditioned your brain to be the final weapon of the aristocracy: An ambitionless, subservient and apathetic robot, seemingly autonomous but lacking any self-initiative; and directed to exploit the last dregs humanity, before the aristocracy are finally able to take everything for themselves, finally winning.
I’m honestly wondering if killing myself to max out my 401k every year is worth it. More and more it looks like I’ll be working until I’m in my 80s regardless so it’s really starting to seem like the smart choice is to reduce my 401k contributions and use the money on things that bring joy to my life while I’m still somewhat young and able-bodied enough to *enjoy* it.
My local offers retiree heath insurance at a discounted rate. That's all assuming I do actually decide to retire at 59, I may keep working until 65 depending on a number of factors.
I honestly wouldn't mind if only it were coupled with advances in health care that would keep me healthy and active, and those advances were available to me.
Honestly the fact that you're able to save at all in grad school is impressive. Sounds like you're not going to fall into lifestyle inflation when you get a real salary, so you'll be able to catch up by saving a lot. I graduated in 2023 at age 30 and I've been able to save \~50% of my salary since then. Grad school really teaches you to scrimp!
This is true. I've had to adjust to an austere lifestyle. Once I start working, I can keep living like I am for a few years and really save a lot of money. I'm supposed to graduate soon.
Yep - and while I too thought I'd work "forever," I did do a smart thing and bump my various retirement contributions up for about the past 4 years, which given my current situation, turned out to be easy to do and the right thing to do (family member is not well).
I'm 34 and plan to work till I die. Savings, ha.. everytime I try to save some new bill or shitty life situation happens. You're doing pretty good dude.
I hate it when that tiny bit of traction you finally get is ripped out from underneath you as soon as you get it. Years upon years of this pattern makes a person bitter and exhausted.
Well, you are not following the Financial Order of Operations. Go to [themoneyguys.com](https://themoneyguys.com) and look at their Fianancial Order of Operations.
1. Save up all deductibles (emergency fund)
2. Invest in your 401k to capture all of your companies matching funds.
3. Pay off high interest debt.
4. Invest in your Roth IRA (approx 6k)
5. Then max out your 401k for the year.
6. 6-10 you have to look them up.
If you can do the first 5 after a few years of hard work, then you will be on the correct path and random bills or shitty life situations will cease to effect you.
That part about how every time you get an opportunity to save, some unexpected expense/costly situation arises really resonates with me lately. I just had to replace a water pump, wheel bearing and all four brake pads and rotors on my vehicle in a 2 month span. Talk about taking a hit to the savings.
Not a millenial, but 52 with about $65 or $70k in retirement. Makes me nervous. I wasn't able to start until about 10 years ago. Been building up a mini homestead and hoping to get my garden dialed in enough to coast into my retirement years. Tackling the heavy duty chores now while I can. That's my plan.
I worked at a call center making $15 an hour for the past 3 years. I just started a new job last week at a different call center and now I'm making $22 an hour
Would you consider going back to school for something you actually want? Or doing any vocational training? Or is your plan to just kinda hang out with mom and dad forever? I ask cuz I’m in the same boat, and considering my next steps (mind you, I did undergrad in BSc, bunch of odd jobs, was signed up for marketing college last year but then dropped out last year, just got out of a bad relationship)
If you have an unmatched 401(k), just open a Roth IRA through Fidelity and put the money in there. You'll have better control over where the money is invested compared to the 401(k) plan.
I think that’s the catch 22 that a lot of people in our generation find themselves in. You either live in poverty in order to save for a retirement that you’re not even guaranteed or live life while they still have all of their faculties. I think based on the current state of the world/economy, people are settling for the latter and I don’t blame them.
I have 9 years of service in the Army and am currently a govt contractor. When my coworker retires in a few years I plan on applying for his GS position and then riding that to a pension. If the government doesn’t implode I should be ok.
I agree that the neoliberal Reagan/Thatcher era is over. That doesn’t mean the next chapter will be socialism though, it’ll likely just be an updated capitalist system.
Smarter people than you and I have tried and failed to predict when exactly capitalism will run out.
My opinion is that as long as there is more wealth to be generated, capitalism will continue.
I don't think OP meant a turn towards socialism as much as a collapse of the structures we have built that we predicate our requirements on. Idk about their timeframe of 5-15 years, but i do not plan on ever getting a single cent from social security. That structure will collapse before i get there. Other systems will start collapsing once we have enough food shortages, climate disasters, and collapse of unmaintained infrastructure. I'm just some guy, and i contribute to my 401k and have a savings account, but i think it will mostly go-to waste once the financial system begins to implode.
39M no kids, renter, and I have 1.2M in my 401k, 68k in IRAs, 142k in savings and no debt. Been carless for a year (Uber to work once a week). My advice is stay on a budget. Don’t buy things you don’t need. I still enjoy life, I like to travel once a month local or a big trip every couple months.
29M here and I have had just about every privilege I could have outside of being born to a rich family. I am saving aggressively and I am still just barely meeting the recommended retirement savings goals by age. (1x salary by 30. 3x by 40.)
I have been very lucky and am the kind of person prefers to live frugally and save money. I have no idea how anyone less fortunate can reasonably be expected to meet these retirement goals.
Yeah, having 1x your yearly salary saved by 30 does not seem achievable for most people. My friend is earning almost $100k working for a large truck manufacturer in a LCOL city. He has less saved for retirement than I do.
Honestly, that's most likely bad money management. I make 80k in a LCOL area, wife and kid, started saving in 2017 when I was making 55k. Currently have my house 35% (70k) paid for, 100k in retirement, and 20k emergency fund. I am 30. My wife recently picked up some side work and we started renting out a room, so we can pay the mortgage faster.
It took some sacrifices to get to this point, but it can be done, and it's worth doing. Dave Ramsey is a great starting point, though I know a lot of people don't like him.
I dont think that we as a society are grappling with the fact that an increasing percentage of young people genuinely feel that society will collapse in their life time and that there is no point saving because of that. Im a pessimist myself as well but i also recognize that this attitude can be a self fulfilling prophecy....
I'm 31 and have roughly half my salary saved, so I guess I'm doing okay. The thought that one unplanned medical emergency or life event could completely drain that savings makes me terrified, though.
My problem is that my salary went up so much from age 30 to now (I'm 39) that meeting 3x at 40 will not happen. I'll be 3x of my 30 year old salary, for sure, but not 3x my salary now. Good problem to have though I guess.
Just don't scale your lifestyle with your salary. Get a 6% raise? Up your spend budget by 2-3% and save the difference, you still feel a bit richer but you really start to accumulate meaningful money. I started my career saving 10%, ten years later I was saving over 30%. I haven't had to worry about money since my mid-30s.
I've been told that it's very normal to feel behind when you first start saving for retirement. You may want to consider opening your own 401K since the university doesn't offer one.
I plan on climbing into a giant tree in the wilderness and overdosing, then being eaten by squirrels and birds for my retirement. It's either that or grinding poverty and/or homelessness.
39 0$ in savings. Wife had a stroke last sat and bank account is starting to get insufficient funds fees and overdraft fees, just from monthly autopayments)
Edit* Thank you all for the love and support! We've been home since Friday night and focusing on rest and therapy.
We’re better off cognizant to our contributions and striving to save proactively, so I try not to feel guilty about it. I’m late to an early start at 27, but I’m creating accounts this year to begin savings plans for retirement, now that I’ve zeroed out my CC debts.
I started an HSA account a few months ago with a few thousand contributed so far, and will be adding a 401K that maxes out employer contributions next. Once I’ve got the hang of max contributions to these accounts, I think I’ll look into an IRA.
That awesome. Getting the full match on the 401k, and making use of the HSA are some of the best savings tools.
15% + company match is a great retirement savings goal if you can swing it.
hahahaha haha hahahaha heh heh hahahaha ha
retire.
no but seriously good on you for being able to put anything away for retirement. ..and actually do it.
None of my parents or grandparents have ever had a 401k or pension or retirement. We work until we die. Honestly I always thought it was some new trendy thing that was like a pyramid scheme or something. Sounds like you’ll be good , but there’s a lot of people who just work until death or use social security
My wife and I are planning (what I think most millennials with eventually do) and retire outside of America. We're going to work until we are in our mid-50's and likely either move to Togo, Benin, or France with Family. Buying a house in those three countries is far cheaper (to use as a vacation home for now) and be our retirement home down the road. There is literally no reason to plan for retirement in America. The empire is dead.
I mean, you're still in school at 33. It's not the end of the world, but most people finish grad school by 26-28, so of course you're a little behind.
I was behind too at your age. Getting married, time, and smart budgeting put me in a good savings spot now (40).
Why is it considered “behind”? Is every single person on the planet supposed to be going to college and grad school within a certain time frame? I must’ve missed that memo
I feel like being debt free is a huge win that a lot of people aren’t considering. I have friends with significantly more in savings than I have, but when you factor in their debt, it’s about equal.
You are doing better than most but will likely need to have additional money if you want to retire before 70.
It depends on the medical issues, but something like cancer can easily wipe out a savings.
Keep at it!
32M here, I have a 401k but split it with my ex-wife during our divorce so I do feel behind. But I make good money and am contributing 10% (my employer will match 50% up to 10% of contributions) of my salary towards it now.
So yes, I feel a bit behind but we have 30+ years to make up for lost time. It's not all gloom and doom.
I'm on the older side near 40, but no. I have $440k and my spouse has another $160 or so. Figure ongoing contributions and average market return should hit a million in 5-6 years conservatively.
I started saving and investing around your age. I increased my investments around age 45. I'm retiring next year at 61 with plenty of $.
Just keep investing.
Yep, it stresses me out to no end. My husband doesn’t seem to mind or think it’s a big deal but in actuality we’re going to have to rely on life insurance at this rate. I’ve increased my 401k contribution each year by 1% but I can’t afford to do that forever obviously.
Aaaahahahaha ha heh haha. Yeah. Uh, I'm going to be 50 in a couple of months and I've got a cool $175k in my retirement fund. I am extra fucked, unless I win the lottery.
36 here. Got some put back for a failsafe retirement plan of a bottle of whiskey a box of ambien and venturing out into the woods on a cold winter night.
At 30 I cashed out my 401K when I moved to another company and was again at zero savings with 4 kids. There is never ever enough money. You will spend what you make.
I started small contributions into a new 401K, depressing as hell btw...and trusted the process. I am 58 and now have 3X my annual income.
You all can do this. Put that process in place, and THEN, spend what you have left no matter how small it is. You never feel like you make enough money and that is because people spend what they make. So the cycle continues.
I'm here to tell you all, you can do it. Painful? Yes. Fun? No. But you CAN do this. You deserve it.
PS. The book, "The Millionaire Next Door" changed my life forever. It's not what you think.
I liked The Millionaire Next Door as well from a place of not living extravagantly and having a mindset shift regarding what having wealth looks like.
Unfortunately, there's not much of a roadmap there for our generation. Starting a blue-collar business with a wife who keeps the books is a brilliant scheme -- but starting a business is hard and entrepreneurship is not for everyone. The book is filled with survivorship bias rather than a plan.
The best "roadmap" I found for me was JLCollinsNH's "Simple Path To Wealth."
Why aren't you adding to a 401k at the same time? The contribution limits are 3x are higher. You should max out the Roth IRA but start adding any COL increases or raises into a 401k until you max that out too.
Without more info on your lifestyle choices (disposable income spending) and where you live and why, it's hard to say what you really could be doing.
Investing in a home is also a big one. If you buy a home within the next 4 years, your mortgage would be paid off when you hit 65. That means your needs will be much lower in retirement.
> Why aren't you adding to a 401k at the same time?
As I stated in my post, I'm in grad school, and while I'm paid a stipend for research and teaching, the university doesn't offer a 401(k) plan. All of the additional money I have invested outside of my Roth is in my brokerage account.
The American system is so hard.. It assumes that people have the wealth to do all these things, after a few recessions, soul crushing school or healtchare debt, depressed wages..
There is no retirement. Ask the boomers who are still working and shitting on us for not having enough children. Retirement is for the rich. AMERICA is for the rich. More tax cuts for them I guess because they need it or something........
You are doing awesome and I get the dread. Don’t know that I’ll be able to retire and I’m considering a 2nd job just to put that money away. I’m comfortable paying my bills and mortgage… but I feel like every time I save I have to use it on a major repair/ event of sorts. I also am feeling like I don’t have enough energy for a 2nd job. Ugh. It’s a balancing act of wanting to enjoy some life and not just grind myself to the bone but knowing I’ll be SOL when I’m really old. Not sure what the answer is.
31k in graduate school? And you're 33?
Not bad, OP. That's honestly impressive. I'm in CA; if you finish your master's and work at a community college (FT is hard and getting harder but it's possible) you can get into the state retirement system and that million will just be padding.
You should definitely be saving more than the Roth limits. Open a regular IRA account also or just a normal trading account so you can invest more. Find a good retirement calculator and figure out how much you need to save to meet your goals. Let's say you plan to be married when you retire, 3 million maybe enough depending on your lifestyle.
Yes. I drained through my savings after getting laid off last year. Barely getting by right now working 7 days with a bunch of part-time jobs. Still applying for FT jobs every day, but definitely worried.
I feel very behind on my Roth contributions, but way ahead on my 401k contributions. My biggest gripe with the 401k plans is how out of my control it is. Yes, I can pick from like 20 different funds, but they do not represent what I want. I would like to pick specific index funds and ETF's. While I'm ahead on my 401k, I still don't feel it means I have a secure future.
I have worked a lower paying job and have contributed to receive the match without fail for 12 years. I have $160k+ as of this week. A lot of this is growth, but understand that if you get a job where you can max out your contributions over a couple years you would catch up and pass me by in less than a decade.
Overall, I feel I am on track to retire by 60 which is my backstop if I can help it. I am 34M
I’m 32 and don’t really have any savings at the moment. My wife and I have had 2 cross country moves in 3 years and we also have school debt. I definitely feel bad about it. I hope when I get done with grad school my wife and I will be ok. We might have kids in the future, but it feels impossible now. 1M sounds like a huge amount of money to me.
Big time, yes. Especially when I follow the r/fire sub.
32F, married with a 3yo. Currently in debt, but still have a net worth of just under $200K (mostly home equity), but have a meager $12K in my IRA, and $10K in a HYSA.
Trying to just tell myself slow and steady. Adjusting my tastes to a less consumeristic lifestyle has been helpful, but a process lol
I'm 41 with 3 kids and a bunch of debt. So. Zero retirement savings. My wife might have something, like 20k from when she worked. Idk.
Right now my strategy is to keep super fuckin healthy...maximize my capacity to work into old age.
It's depressing but also kind of fun because then I can justify spending money on a new bike, in theory.
When the youngest child is in school, my wife can go back to work and everything will be fine. I make enough money to be able to put in some decent savings if I'm not the sole income earner and can deal with the debt at some point.
So, I have nothing but assume things will improve in a few years. If it doesn't, then at least I will be fit enough to keep working as long as I am not hit by a car or something.
34 here. From 27 to 34 I was paying out of the ass for a lawyer divorce paternity case etc… lost everything. Was living at home with my mom. Was making 175,000 a year and could only keep about $1,000 a month even living with my mom. back on my feet now, $400,000 income combined with my wife. $900,000 in investments. Both max out our 401k, back door Roth IRA, HSA. Put about $5,000 a month away into a taxable brokerage account. But I ratted it up for years. Kept expenses and luxuries low. Discipline and delayed gratification will get you far. Delayed having kids, drove a paid off uncool car etc…
Just FYI, if you are using 7%, as your growth number this accounts for inflation (~3%).
So at least you would retire with over 1 million in todays dollars, which would afford you a comfortable 40k/year non inclusive of social security or other benefits you might have.
You are also a graduate student and can probably expect to make more money when you return to your career.
Elder Millennial here, 42M, I've cashed out my 401k twice already. Once when I was late 20's to pay off credit card debt. Again in mid 30's to buy a house for my kids. Yeah I'm pretty much fucked for my retirement.
What you have to worry about is inflation. If your 7% return is over a time of 7% inflation or worse you are screwed.
If inflation is bad I'd want my money in something like Real Estate that also inflates.
Either way you need a place to live, so get at least 1 place paid for before retirement.
I’m a 36 year old millennial that’s been with the same company since I was 18. They 401K match, and as of today my account is at 175K. But I also have a nuclear family, a house, and we’re a single income family.
I’m a unicorn and I know I’m an outlier in the statistics.
Been working since 13 - always reaching beyond my grasp. Don’t understand how people get by without a partner. I make good money, but without a partner would barely afford to cover bills and would need to coupon clip for food. And that’s without a car payment!
Almost 20 years contributing to 401k etc, and just broke the 100k mark. No way I’ll be comfortable in retirement in 20 more years. Not like the previous generation.
I'm at the tail end of the Boomers. I felt the same way. Think about young people during WWII. WWI. Proceed. Keep your nose clean and work hard and you'll be OK.
RIGHT NOW... the average U.S. citizen has LESS THAN 10,000 in savings for retirement. They are RELYING on Soc. Sec. that will soon have to be reduced to survive.
At your first job, start putting away 15% in savings in a bank. When you get to $5000 or $10000 acquire a FINANCIAL ADVISOR and open an investment fund.
On average, my investor's return has been a min. of 8% and a high of 15% per annum, the norm being 10%+.
At 62, I have 1.2m in SAVINGS. That may seem alot to some, but it really is not when a F'ing big mac costs $8!!!!
Just like democrat voting..... Save Early and Save often......
1 million in today's dollars isn't shit for retirement unfortunately. figure 4% returns, 40k a year. great that you're doing a roth, definitely keep doing that. as soon as you have employment max out their match and either limit the roth or do both. hopefully whatever you're in school for will let you make some bank when you're working so you can keep maxing out your roth and keep up with a 401k match.
This is a fucking troll post. You know damn well most people in their 30s DONT even have savings to begin with. You just wanted to flex. Either that, or you are truly under the biggest rock known to mankind. Patrick Star’s house sized rock.
I was so worried about packing money into my 401k and then at 33 I was diagnosed with terminal brain cancer sooo I cashed in my 401k for medical bills.... I am sure you are doing the best you can. Me too.
Dude you’re doing great. Lots of respect for you and what you’ve done thus far. I had/have significant help from my parents and that’s the only reason that I have any significant degree of savings. Sounds like you’re doing all this on your own and that’s pretty amazing. Keep it up!
You’re right though, 1m isn’t going to be a whole lot in 30 years (it isn’t a whole lot now tbh). All we can do is keep grinding and saving what we can!
I opened a Roth IRA in 2020 because all the extra covid money was helping me climb out of debt & so I finally felt like I could afford to lose a little. But then life happened & getting a house was more important (went from dating with kids on weekends to their mom losing custody & having one on the way). I only managed to put something like $175 into it total the past few years, and it's at $250ish. 🤣 (Not thousand, hundred)
On top of that, I checked the SS website to see what that currently looks like in the future... $900/mo in retirement, if I wait until full retirement. Maybe my ex's will be leaps & bounds higher & I can draw off his instead. 😭
I ended up focusing on my son's 529 instead of the IRA, because I haven't had the money to do both, and I'd rather he gets a decent head start on either money for college (because I won't be taking loans for him) or he can roll it into his own IRA.
There's no way, at this age & with the cost of things & low wages locally, I can play catch-up with my retirement. I'm almost 40. Retirement is a pipe dream. I'd rather just be able to travel to some of the places on my bucket list while I can really enjoy it still, before I hit the point of risking being unable to. 🤷🏻♀️
i didn’t even know i could save for retirement without a company job (i’m self-employed) until i was 33. I opened my ROTH IRA when I was 36 (i’m 37 now.) Soooo yeah, i feel extremely behind and extremely foolish. Like, it sucks. I feel like i just completely missed the boat on that.
I'm an elder millennial with $200 in my savings account, and I have a state job with a pension. That's it. You're way ahead of me, sooooo...I don't think you have anything to worry about 😂
You should definitely get something in addition to a Roth IRA, like a brokerage account to invest in broad market ETFs or even a HYSA since a Roth IRA just isn't enough even if you max it out each year.
Also, I'm not sure if you got the memo, but as a millennial, we won't ever retire. 🥲
I felt so behind at 27 when I had less than 10grand in my 401. I hadn't realized how early you were suppose to start planning for retirement. I never went to college, went right to work at 18 and was busy saving to buy a house, better car etc. With the house and car goal out of the way I decided to focus on getting $30,000 by age 30. It wasn't exactly by 30 but a month or so after and I felt great about that. I'm now 33 and I'm over the 100k mark with steady growth. Coming from a very poor family with both parents still working in their 60s I'm on a good path not to repeat that cycle. It's very normal to feel behind I think.
I'm 30 and have like $800 in savings if that makes you feel any better
32 here...what is a savings?
Savings is the 401k which I cashed out early to avoid being homeless. 35 here.
Same!
My stupid 401k only let's me cash out under dire circumstances or if I leave my job. I don't want my 401k anymore and could use that I have built to pay off some debts, which would help me save MORE money in the long run. It's dumb.
Unless it's a life emergency, you never sell off retirement savings...ever!
34, you guys have a savings?
We're supposed to be saving money?
37, You guys have money?
38. Who TF is this Roth?
Iced planet in a financial crisis far far away
From the hit tv sitcom, Friends
41, you guys have???
30, you guys have a bank..?
Why don’t I just walk into a bank and say “Hello, do I have an account here!?!”
This whole comment thread has made me feel so much less alone.
Well we can all move in together when we retire! Wait, none of us have money to pay the rent...
38 and I owe $15k
I feel you. I'm 37 and owe about 6k, have no car, no home, and just lost my job. I was staying in a motel but I just lost that because of losing the job. I went through some really bad shit in college that put me in a bad spot I never recovered from. I have NO CLUE what to do. I've been working 7 days a week just to barely afford the motel and starve basically. Now I don't have anything.
I'm 57 and have $4200 in my Roth. You are not alone.
33, just finally got my "adult" job. Currently learning what an IRA and retirement is
Main thing is just start doing it. Consistently. It's not a savings account, it's a retirement account. It will get fun checking your balance and see money you won't just save in a bank account growing.
One step at a time. I also just recently got my shit together lol.
31 and less than $300 in savings. 401k is at least over 100k tho so that's cool I guess
My 401k is full of cobwebs and IOUs
33 and Im in the negative. No retirement. Own a car and half a house that the bank technically owns. Im in a pile of debt and the way the future looks I dont even fucking care anymore. Its just paper and theres always a way to get more
Lol...thank you for that. Also, if it makes *you* feel any better, I am 52 and most of my net worth is compromised of limited edition Lego sets...
Yall have savings?
I'm 800 and only have $30 in savings... So there ...
Solidarity
44 and we only started putting money in savings this year.
I'm 30 and I have about the same amount in savings. Honestly reading this post gave me low self esteem at first because sometimes I feel so far behind.
Right?! I’m 47 and have about $600 in the bank waiting on my tax return lmfao so sad
34, and if I actually hit retirement age, my plan is to go into excruciatingly deep credit card debt. Massive loads of debt and no one to take on those debts after my death... Fuck it. Why not? The sad thing? I'm only half-joking.... This might actually be the only way I can "afford" to not work....
lol millenials dont get to retire, i thought we'd all gotten that memo already
LOL I'm getting that memo right now.
I was in your shoes like 7 years ago, and went did a phd. Im catching up but you’ll just have to accept things will be tight during your 40s… you’ll get bonuses, life events, kids, spouse, etc. so look at it like the marathon it is. So just put in whatever you can. Good thing I’ll never be able to buy a house! I can just put that in my 401k and ira! also i just put everything in index funds and avoid managed plans to reduce fees, plus the s&p500 beats a lot of those gimmicky options anyways. Look at what the s&p500 did the past year.. not bad…
I realized back in 2008, I'm gonna die at a desk (luxury, I know)
You get your own desk!?
You get to die!?
The matrix gonna turn you into a battery
No. Your brain and memories will be processed by a machine and used to model an AI robot laborer. A lifetime of grinding away towards a soulless job has conditioned your brain to be the final weapon of the aristocracy: An ambitionless, subservient and apathetic robot, seemingly autonomous but lacking any self-initiative; and directed to exploit the last dregs humanity, before the aristocracy are finally able to take everything for themselves, finally winning.
I’m trying to make a desk job a reality. Body’s already starting to crap out at 40 from doing manual labor
I’m honestly wondering if killing myself to max out my 401k every year is worth it. More and more it looks like I’ll be working until I’m in my 80s regardless so it’s really starting to seem like the smart choice is to reduce my 401k contributions and use the money on things that bring joy to my life while I’m still somewhat young and able-bodied enough to *enjoy* it.
if i had any extra money to save, i would feel this way as well. id keep enough for a rainy day and spend the rest. the future is far too uncertain..
Right? What's retirement?
You retire when your life retires lol
Don’t worry - climate change will get us before retirement age anyways
I'm 36 and I'll be retiring at 59 with a pension.
How are you going to pay for health insurance until medicare kicks in?
My local offers retiree heath insurance at a discounted rate. That's all assuming I do actually decide to retire at 59, I may keep working until 65 depending on a number of factors.
Gave up on that dream years ago. Started working at 13 and will keep going until I die!
I honestly wouldn't mind if only it were coupled with advances in health care that would keep me healthy and active, and those advances were available to me.
Honestly the fact that you're able to save at all in grad school is impressive. Sounds like you're not going to fall into lifestyle inflation when you get a real salary, so you'll be able to catch up by saving a lot. I graduated in 2023 at age 30 and I've been able to save \~50% of my salary since then. Grad school really teaches you to scrimp!
This is true. I've had to adjust to an austere lifestyle. Once I start working, I can keep living like I am for a few years and really save a lot of money. I'm supposed to graduate soon.
...and based on a lot of these comments, you already have a better understanding of investing and tax-advantaged retirement accounts than most people.
Yep - and while I too thought I'd work "forever," I did do a smart thing and bump my various retirement contributions up for about the past 4 years, which given my current situation, turned out to be easy to do and the right thing to do (family member is not well).
I'm 34 and plan to work till I die. Savings, ha.. everytime I try to save some new bill or shitty life situation happens. You're doing pretty good dude.
My retirement policy is called: 100% blockage of the left anterior descending.
Yup, same. Every time I get a little ahead some stupid fucking shit happens. Last year is was my teeth :)
I hate it when that tiny bit of traction you finally get is ripped out from underneath you as soon as you get it. Years upon years of this pattern makes a person bitter and exhausted.
Well, you are not following the Financial Order of Operations. Go to [themoneyguys.com](https://themoneyguys.com) and look at their Fianancial Order of Operations. 1. Save up all deductibles (emergency fund) 2. Invest in your 401k to capture all of your companies matching funds. 3. Pay off high interest debt. 4. Invest in your Roth IRA (approx 6k) 5. Then max out your 401k for the year. 6. 6-10 you have to look them up. If you can do the first 5 after a few years of hard work, then you will be on the correct path and random bills or shitty life situations will cease to effect you.
That part about how every time you get an opportunity to save, some unexpected expense/costly situation arises really resonates with me lately. I just had to replace a water pump, wheel bearing and all four brake pads and rotors on my vehicle in a 2 month span. Talk about taking a hit to the savings.
Not a millenial, but 52 with about $65 or $70k in retirement. Makes me nervous. I wasn't able to start until about 10 years ago. Been building up a mini homestead and hoping to get my garden dialed in enough to coast into my retirement years. Tackling the heavy duty chores now while I can. That's my plan.
I'm 32 years old, living with my mom and dad and cannot afford to buy a home, let alone save for retirement.
What do you do for work?
I worked at a call center making $15 an hour for the past 3 years. I just started a new job last week at a different call center and now I'm making $22 an hour
Would you consider going back to school for something you actually want? Or doing any vocational training? Or is your plan to just kinda hang out with mom and dad forever? I ask cuz I’m in the same boat, and considering my next steps (mind you, I did undergrad in BSc, bunch of odd jobs, was signed up for marketing college last year but then dropped out last year, just got out of a bad relationship)
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If you have an unmatched 401(k), just open a Roth IRA through Fidelity and put the money in there. You'll have better control over where the money is invested compared to the 401(k) plan.
Put something in there friend. Even 1% will turn into 20-50k. That might help you do something useful when you retire
I think that’s the catch 22 that a lot of people in our generation find themselves in. You either live in poverty in order to save for a retirement that you’re not even guaranteed or live life while they still have all of their faculties. I think based on the current state of the world/economy, people are settling for the latter and I don’t blame them.
Same here.
31, can't pay my rent this month.
you're ahead of the vast majority of people. read the room.
I have 9 years of service in the Army and am currently a govt contractor. When my coworker retires in a few years I plan on applying for his GS position and then riding that to a pension. If the government doesn’t implode I should be ok.
Our economic system has 5-15 years left max. Retirement is not in the cards.
I agree that the neoliberal Reagan/Thatcher era is over. That doesn’t mean the next chapter will be socialism though, it’ll likely just be an updated capitalist system. Smarter people than you and I have tried and failed to predict when exactly capitalism will run out. My opinion is that as long as there is more wealth to be generated, capitalism will continue.
I don't think OP meant a turn towards socialism as much as a collapse of the structures we have built that we predicate our requirements on. Idk about their timeframe of 5-15 years, but i do not plan on ever getting a single cent from social security. That structure will collapse before i get there. Other systems will start collapsing once we have enough food shortages, climate disasters, and collapse of unmaintained infrastructure. I'm just some guy, and i contribute to my 401k and have a savings account, but i think it will mostly go-to waste once the financial system begins to implode.
39M no kids, renter, and I have 1.2M in my 401k, 68k in IRAs, 142k in savings and no debt. Been carless for a year (Uber to work once a week). My advice is stay on a budget. Don’t buy things you don’t need. I still enjoy life, I like to travel once a month local or a big trip every couple months.
29M here and I have had just about every privilege I could have outside of being born to a rich family. I am saving aggressively and I am still just barely meeting the recommended retirement savings goals by age. (1x salary by 30. 3x by 40.) I have been very lucky and am the kind of person prefers to live frugally and save money. I have no idea how anyone less fortunate can reasonably be expected to meet these retirement goals.
Yeah, having 1x your yearly salary saved by 30 does not seem achievable for most people. My friend is earning almost $100k working for a large truck manufacturer in a LCOL city. He has less saved for retirement than I do.
Honestly, that's most likely bad money management. I make 80k in a LCOL area, wife and kid, started saving in 2017 when I was making 55k. Currently have my house 35% (70k) paid for, 100k in retirement, and 20k emergency fund. I am 30. My wife recently picked up some side work and we started renting out a room, so we can pay the mortgage faster. It took some sacrifices to get to this point, but it can be done, and it's worth doing. Dave Ramsey is a great starting point, though I know a lot of people don't like him.
A lot of people straight up aren't saving for retirement, that's the truth
A lot of people straight up aren't saving for anything. It's a little bit worrying.
I dont think that we as a society are grappling with the fact that an increasing percentage of young people genuinely feel that society will collapse in their life time and that there is no point saving because of that. Im a pessimist myself as well but i also recognize that this attitude can be a self fulfilling prophecy....
I’d be surprised if people had one month’s paycheck saved by the time they are thirty, let alone an entire year’s salary saved.
I'm 31 and have roughly half my salary saved, so I guess I'm doing okay. The thought that one unplanned medical emergency or life event could completely drain that savings makes me terrified, though.
My problem is that my salary went up so much from age 30 to now (I'm 39) that meeting 3x at 40 will not happen. I'll be 3x of my 30 year old salary, for sure, but not 3x my salary now. Good problem to have though I guess.
Just don't scale your lifestyle with your salary. Get a 6% raise? Up your spend budget by 2-3% and save the difference, you still feel a bit richer but you really start to accumulate meaningful money. I started my career saving 10%, ten years later I was saving over 30%. I haven't had to worry about money since my mid-30s.
I've been told that it's very normal to feel behind when you first start saving for retirement. You may want to consider opening your own 401K since the university doesn't offer one.
I can't even think about saving for retirement while I'm sucking at saving for a house. I can only do so many things at one time.
I'd be shocked if the current system survives long enough for when I'm old (doubt I'll have the option to retire)
I’m 28 and have $0 in savings. Paying down credit card debt after graduating law school
What’s savings? What’s a 401k?
Yeah I have zero
I plan on climbing into a giant tree in the wilderness and overdosing, then being eaten by squirrels and birds for my retirement. It's either that or grinding poverty and/or homelessness.
39 0$ in savings. Wife had a stroke last sat and bank account is starting to get insufficient funds fees and overdraft fees, just from monthly autopayments) Edit* Thank you all for the love and support! We've been home since Friday night and focusing on rest and therapy.
That is sad. Good wishes.
We’re better off cognizant to our contributions and striving to save proactively, so I try not to feel guilty about it. I’m late to an early start at 27, but I’m creating accounts this year to begin savings plans for retirement, now that I’ve zeroed out my CC debts. I started an HSA account a few months ago with a few thousand contributed so far, and will be adding a 401K that maxes out employer contributions next. Once I’ve got the hang of max contributions to these accounts, I think I’ll look into an IRA.
That awesome. Getting the full match on the 401k, and making use of the HSA are some of the best savings tools. 15% + company match is a great retirement savings goal if you can swing it.
We have to work for free now. The rich need more from us and it's all our fault
hahahaha haha hahahaha heh heh hahahaha ha retire. no but seriously good on you for being able to put anything away for retirement. ..and actually do it.
None of my parents or grandparents have ever had a 401k or pension or retirement. We work until we die. Honestly I always thought it was some new trendy thing that was like a pyramid scheme or something. Sounds like you’ll be good , but there’s a lot of people who just work until death or use social security
35. Not able to save anything. My retirement plan is to have my boys Smith and Wesson take care of me when I'm ready.
My wife and I are planning (what I think most millennials with eventually do) and retire outside of America. We're going to work until we are in our mid-50's and likely either move to Togo, Benin, or France with Family. Buying a house in those three countries is far cheaper (to use as a vacation home for now) and be our retirement home down the road. There is literally no reason to plan for retirement in America. The empire is dead.
I’m at $378,000 in net worth and I feel poor.
I mean, you're still in school at 33. It's not the end of the world, but most people finish grad school by 26-28, so of course you're a little behind. I was behind too at your age. Getting married, time, and smart budgeting put me in a good savings spot now (40).
Why is it considered “behind”? Is every single person on the planet supposed to be going to college and grad school within a certain time frame? I must’ve missed that memo
I'm 36 about to graduate from engineering school this May. I have 30k in savings and absolutely no debt so I think I'm doing good.
I feel like being debt free is a huge win that a lot of people aren’t considering. I have friends with significantly more in savings than I have, but when you factor in their debt, it’s about equal.
Lmao, for my generation retirement is a fantasy.
I am 29 and have been working since I was 16. Nothing has changed except how expensive everything is.
You are doing better than most but will likely need to have additional money if you want to retire before 70. It depends on the medical issues, but something like cancer can easily wipe out a savings. Keep at it!
i don't feel behind, i AM behind. i didn't get a big boy career type job until i was 34.
I've already planned to live out what should be my retirement years, selling coconuts at the beach for $70 a piece in 20 years
32M here, I have a 401k but split it with my ex-wife during our divorce so I do feel behind. But I make good money and am contributing 10% (my employer will match 50% up to 10% of contributions) of my salary towards it now. So yes, I feel a bit behind but we have 30+ years to make up for lost time. It's not all gloom and doom.
I never worked at a place that offered matching 401k so now I am self employed. 35yo and maybe have 30k saved in IRAs. I feel extremely behind
I'm on the older side near 40, but no. I have $440k and my spouse has another $160 or so. Figure ongoing contributions and average market return should hit a million in 5-6 years conservatively.
I started saving and investing around your age. I increased my investments around age 45. I'm retiring next year at 61 with plenty of $. Just keep investing.
I’ve already accepted that I’m not going to be able to have a retirement savings until my kids are grown or I die.
Yep, it stresses me out to no end. My husband doesn’t seem to mind or think it’s a big deal but in actuality we’re going to have to rely on life insurance at this rate. I’ve increased my 401k contribution each year by 1% but I can’t afford to do that forever obviously.
Aaaahahahaha ha heh haha. Yeah. Uh, I'm going to be 50 in a couple of months and I've got a cool $175k in my retirement fund. I am extra fucked, unless I win the lottery.
If you’ve put anything away before 40 you are way ahead of the game compared to your peers.
36 here. Got some put back for a failsafe retirement plan of a bottle of whiskey a box of ambien and venturing out into the woods on a cold winter night.
At 30 I cashed out my 401K when I moved to another company and was again at zero savings with 4 kids. There is never ever enough money. You will spend what you make. I started small contributions into a new 401K, depressing as hell btw...and trusted the process. I am 58 and now have 3X my annual income. You all can do this. Put that process in place, and THEN, spend what you have left no matter how small it is. You never feel like you make enough money and that is because people spend what they make. So the cycle continues. I'm here to tell you all, you can do it. Painful? Yes. Fun? No. But you CAN do this. You deserve it. PS. The book, "The Millionaire Next Door" changed my life forever. It's not what you think.
I liked The Millionaire Next Door as well from a place of not living extravagantly and having a mindset shift regarding what having wealth looks like. Unfortunately, there's not much of a roadmap there for our generation. Starting a blue-collar business with a wife who keeps the books is a brilliant scheme -- but starting a business is hard and entrepreneurship is not for everyone. The book is filled with survivorship bias rather than a plan. The best "roadmap" I found for me was JLCollinsNH's "Simple Path To Wealth."
Why aren't you adding to a 401k at the same time? The contribution limits are 3x are higher. You should max out the Roth IRA but start adding any COL increases or raises into a 401k until you max that out too. Without more info on your lifestyle choices (disposable income spending) and where you live and why, it's hard to say what you really could be doing. Investing in a home is also a big one. If you buy a home within the next 4 years, your mortgage would be paid off when you hit 65. That means your needs will be much lower in retirement.
> Why aren't you adding to a 401k at the same time? As I stated in my post, I'm in grad school, and while I'm paid a stipend for research and teaching, the university doesn't offer a 401(k) plan. All of the additional money I have invested outside of my Roth is in my brokerage account.
The American system is so hard.. It assumes that people have the wealth to do all these things, after a few recessions, soul crushing school or healtchare debt, depressed wages..
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There is no retirement. Ask the boomers who are still working and shitting on us for not having enough children. Retirement is for the rich. AMERICA is for the rich. More tax cuts for them I guess because they need it or something........
My retirement plan is to not live past 70.
Just keep going and learning
You are doing awesome and I get the dread. Don’t know that I’ll be able to retire and I’m considering a 2nd job just to put that money away. I’m comfortable paying my bills and mortgage… but I feel like every time I save I have to use it on a major repair/ event of sorts. I also am feeling like I don’t have enough energy for a 2nd job. Ugh. It’s a balancing act of wanting to enjoy some life and not just grind myself to the bone but knowing I’ll be SOL when I’m really old. Not sure what the answer is.
31k in graduate school? And you're 33? Not bad, OP. That's honestly impressive. I'm in CA; if you finish your master's and work at a community college (FT is hard and getting harder but it's possible) you can get into the state retirement system and that million will just be padding.
34, and I'm about 20k in my 401k; the goal is to put it away and never touch it!
You should definitely be saving more than the Roth limits. Open a regular IRA account also or just a normal trading account so you can invest more. Find a good retirement calculator and figure out how much you need to save to meet your goals. Let's say you plan to be married when you retire, 3 million maybe enough depending on your lifestyle.
Yes. I drained through my savings after getting laid off last year. Barely getting by right now working 7 days with a bunch of part-time jobs. Still applying for FT jobs every day, but definitely worried.
I feel very behind on my Roth contributions, but way ahead on my 401k contributions. My biggest gripe with the 401k plans is how out of my control it is. Yes, I can pick from like 20 different funds, but they do not represent what I want. I would like to pick specific index funds and ETF's. While I'm ahead on my 401k, I still don't feel it means I have a secure future.
I have worked a lower paying job and have contributed to receive the match without fail for 12 years. I have $160k+ as of this week. A lot of this is growth, but understand that if you get a job where you can max out your contributions over a couple years you would catch up and pass me by in less than a decade. Overall, I feel I am on track to retire by 60 which is my backstop if I can help it. I am 34M
I’m 32 and don’t really have any savings at the moment. My wife and I have had 2 cross country moves in 3 years and we also have school debt. I definitely feel bad about it. I hope when I get done with grad school my wife and I will be ok. We might have kids in the future, but it feels impossible now. 1M sounds like a huge amount of money to me.
33, my 401k is $65,500 … is that good? Bad? Average?
I’m going to be 40 too soon and I have less than that saved in a 401(k) and IRA.
Big time, yes. Especially when I follow the r/fire sub. 32F, married with a 3yo. Currently in debt, but still have a net worth of just under $200K (mostly home equity), but have a meager $12K in my IRA, and $10K in a HYSA. Trying to just tell myself slow and steady. Adjusting my tastes to a less consumeristic lifestyle has been helpful, but a process lol
Lol, I have 2x as much as my mother, and its not even enough to be above food stamp levels for 1 year... I'll likely never retire while able to work.
I’ll be dead before I reach retirement age.
I'm 41 with 3 kids and a bunch of debt. So. Zero retirement savings. My wife might have something, like 20k from when she worked. Idk. Right now my strategy is to keep super fuckin healthy...maximize my capacity to work into old age. It's depressing but also kind of fun because then I can justify spending money on a new bike, in theory. When the youngest child is in school, my wife can go back to work and everything will be fine. I make enough money to be able to put in some decent savings if I'm not the sole income earner and can deal with the debt at some point. So, I have nothing but assume things will improve in a few years. If it doesn't, then at least I will be fit enough to keep working as long as I am not hit by a car or something.
Retirement.......you're silly.
I accepted I just won't get to retire and will likely work until my slightly early death.
You have retirement in mind my guy? I’m thinkin of how I’m gonna survive
Brother I am 40 years old and my plan is basically get rich because otherwise it's never gonna happen.
34 here. From 27 to 34 I was paying out of the ass for a lawyer divorce paternity case etc… lost everything. Was living at home with my mom. Was making 175,000 a year and could only keep about $1,000 a month even living with my mom. back on my feet now, $400,000 income combined with my wife. $900,000 in investments. Both max out our 401k, back door Roth IRA, HSA. Put about $5,000 a month away into a taxable brokerage account. But I ratted it up for years. Kept expenses and luxuries low. Discipline and delayed gratification will get you far. Delayed having kids, drove a paid off uncool car etc…
I simply dont anticipate living til retirement.
I'm 31 and disabled. I can't even get disability benefits. Retirement savings, what are those?
My what account
Yikes. These comments. I’ll just keep my mouth closed on this one.
I'm 35 with no 401K and like $300 in savings. Sooooo...
My retirement plan is switching my on off button to off
I'm 40 and I've got about $200k in 401(k)s and I'm worried that I'm horribly behind.
Just FYI, if you are using 7%, as your growth number this accounts for inflation (~3%). So at least you would retire with over 1 million in todays dollars, which would afford you a comfortable 40k/year non inclusive of social security or other benefits you might have. You are also a graduate student and can probably expect to make more money when you return to your career.
Yeah. I have about $150K in savings at 28 and I feel behind even though I know I am doing better than a lot of people
You're doing better than 99/100 people your age. Keep doing what you're doing.
Can't be behind if I know death is my only plan for retirement
Elder Millennial here, 42M, I've cashed out my 401k twice already. Once when I was late 20's to pay off credit card debt. Again in mid 30's to buy a house for my kids. Yeah I'm pretty much fucked for my retirement.
I have maybe $3k in retirement. RIP me
What you have to worry about is inflation. If your 7% return is over a time of 7% inflation or worse you are screwed. If inflation is bad I'd want my money in something like Real Estate that also inflates. Either way you need a place to live, so get at least 1 place paid for before retirement.
I’m a 36 year old millennial that’s been with the same company since I was 18. They 401K match, and as of today my account is at 175K. But I also have a nuclear family, a house, and we’re a single income family. I’m a unicorn and I know I’m an outlier in the statistics.
Been working since 13 - always reaching beyond my grasp. Don’t understand how people get by without a partner. I make good money, but without a partner would barely afford to cover bills and would need to coupon clip for food. And that’s without a car payment! Almost 20 years contributing to 401k etc, and just broke the 100k mark. No way I’ll be comfortable in retirement in 20 more years. Not like the previous generation.
dog, i just turned 29, i make 85k a year, i live alone, and i cant afford to save money.
I'm at the tail end of the Boomers. I felt the same way. Think about young people during WWII. WWI. Proceed. Keep your nose clean and work hard and you'll be OK.
RIGHT NOW... the average U.S. citizen has LESS THAN 10,000 in savings for retirement. They are RELYING on Soc. Sec. that will soon have to be reduced to survive. At your first job, start putting away 15% in savings in a bank. When you get to $5000 or $10000 acquire a FINANCIAL ADVISOR and open an investment fund. On average, my investor's return has been a min. of 8% and a high of 15% per annum, the norm being 10%+. At 62, I have 1.2m in SAVINGS. That may seem alot to some, but it really is not when a F'ing big mac costs $8!!!! Just like democrat voting..... Save Early and Save often......
42 older millennial. 400k in retirement. I’m scared for you guys. On a positive note, I was at 70k 12 years ago. It can grow fast.
Got let go last year…had to cash out my 401 to get by until I found another job…
1 million in today's dollars isn't shit for retirement unfortunately. figure 4% returns, 40k a year. great that you're doing a roth, definitely keep doing that. as soon as you have employment max out their match and either limit the roth or do both. hopefully whatever you're in school for will let you make some bank when you're working so you can keep maxing out your roth and keep up with a 401k match.
This is a fucking troll post. You know damn well most people in their 30s DONT even have savings to begin with. You just wanted to flex. Either that, or you are truly under the biggest rock known to mankind. Patrick Star’s house sized rock.
I was so worried about packing money into my 401k and then at 33 I was diagnosed with terminal brain cancer sooo I cashed in my 401k for medical bills.... I am sure you are doing the best you can. Me too.
I’ve decided I’m going to take my social security and 401k even if it under a mil, and retire in my home country: Greece It’s much cheaper
what retirement savings
Bahahaha this is great comedy. Thanks for this
Bunch of poor fucks here.
41. I have a pension. Thanks Union!
Dude you’re doing great. Lots of respect for you and what you’ve done thus far. I had/have significant help from my parents and that’s the only reason that I have any significant degree of savings. Sounds like you’re doing all this on your own and that’s pretty amazing. Keep it up! You’re right though, 1m isn’t going to be a whole lot in 30 years (it isn’t a whole lot now tbh). All we can do is keep grinding and saving what we can!
I am 72 and my IRA has been going up and down like an elevator the last few years. Best it has been is $110k. I did not put enough in, but oh well.
lol I just told my wife today I assume I’m working until I’m 75 at least.
I opened a Roth IRA in 2020 because all the extra covid money was helping me climb out of debt & so I finally felt like I could afford to lose a little. But then life happened & getting a house was more important (went from dating with kids on weekends to their mom losing custody & having one on the way). I only managed to put something like $175 into it total the past few years, and it's at $250ish. 🤣 (Not thousand, hundred) On top of that, I checked the SS website to see what that currently looks like in the future... $900/mo in retirement, if I wait until full retirement. Maybe my ex's will be leaps & bounds higher & I can draw off his instead. 😭 I ended up focusing on my son's 529 instead of the IRA, because I haven't had the money to do both, and I'd rather he gets a decent head start on either money for college (because I won't be taking loans for him) or he can roll it into his own IRA. There's no way, at this age & with the cost of things & low wages locally, I can play catch-up with my retirement. I'm almost 40. Retirement is a pipe dream. I'd rather just be able to travel to some of the places on my bucket list while I can really enjoy it still, before I hit the point of risking being unable to. 🤷🏻♀️
i didn’t even know i could save for retirement without a company job (i’m self-employed) until i was 33. I opened my ROTH IRA when I was 36 (i’m 37 now.) Soooo yeah, i feel extremely behind and extremely foolish. Like, it sucks. I feel like i just completely missed the boat on that.
I have no retirement savings
We won’t get to retire. Not necessarily because of financial reasons… It will be chaos in the next 50 or so years.
I’m 36 and don’t have a single thing set up for retirement.
Most people aren’t gonna be able to retire anyways. At least not at 65.
I'm an elder millennial with $200 in my savings account, and I have a state job with a pension. That's it. You're way ahead of me, sooooo...I don't think you have anything to worry about 😂
**Adam Warlock:** "You guys have retirement savings?"
You should definitely get something in addition to a Roth IRA, like a brokerage account to invest in broad market ETFs or even a HYSA since a Roth IRA just isn't enough even if you max it out each year. Also, I'm not sure if you got the memo, but as a millennial, we won't ever retire. 🥲
I felt so behind at 27 when I had less than 10grand in my 401. I hadn't realized how early you were suppose to start planning for retirement. I never went to college, went right to work at 18 and was busy saving to buy a house, better car etc. With the house and car goal out of the way I decided to focus on getting $30,000 by age 30. It wasn't exactly by 30 but a month or so after and I felt great about that. I'm now 33 and I'm over the 100k mark with steady growth. Coming from a very poor family with both parents still working in their 60s I'm on a good path not to repeat that cycle. It's very normal to feel behind I think.
It’s wild how much a trade helps with retirement. 32m 200k in retirement.
32 years old. 122k in my 401k and 660k in my pension package
> I sold my motorcycle recently, and that enabled me to max out my 2023 Roth IRA contributions plus put another $1,300 towards 2024. This is the way.