Are you saving for your retirement?

[HansNZ]

I think people have to think twice when they say they can't "afford" to save.

You get Chinese immigrants coming into my country who save HUGE portions of their income. They don't seem to have the same "needs" as the rest of us, so they put more aside. It is all about willingness.

My friend is in a well paying job, no kids, but tells me he can't "afford" to save for a house

 

[biteme]

Hell yes I want to retire and as fast as possible. That's one of the reasons I went back to school.

 

[Baby Gorilla]

Not yet....maybe never....

I think people have to think twice when they say they can't "afford" to save.

....My friend is in a well paying job, no kids, but tells me he can't "afford" to save for a house

Well, you can reference this thread to see my reply, but I'm 35 and have an $80K monkey on my back for all my education taken to ensure I'd get a good paying job.

The US economy has taken an utter dump. I can't afford to even pay the interest on that $80K monkey, and the prospects of any job paying even near $30K/year is about nil to none for the forseeable future.

I'm already at an age where you get age-discrimination for jobs....especially entry-level at good-paying companies. So, I have to figure out some business I can run that will definitely produce big bucks or expect to die poor.

I had a nest egg of $12K. It doubled before the 2000 election. Since then (and 9/11) it went to less than $11K. After finishing school, I was forced to cash most all of it in to subsidize living expenses. So, all I have is about $3,300 in a Roth IRA that's still loosing money.

I don't live large. I'm in a rented single-wide pre-fab house in a place that is mostly populated by low-income/welfare types. It's in the country, so it's not that seedy, but still....I thought things would be better than this when I reached my mid-30's.

I'm not unhappy, per se. I don't need a lot to be content, but the idea of retirement is just not going to happen. I'd have to make enough money to pay off a comfortable home and my student loans before I reach 50 because I don't know how much longer after that I will be able to work....and 65-70 is the general life expectancy of men in my family. Then, how do I save for the future??? House payment and student loan payments will be over $1,000/mth. Factor in life of any value worth living and taxes, I'd have to make $40K/year at least....and I think those days are long gone for most Americans.

 

[Austrian]

what's life worth without a job? i will never retire; that does not mean that i have to spend all my money; i don't have a car and live at my mother's house so i can save at least 1/2 of my income; its comforting to have a safety net in case something terrible happens but regular retirement just because a certain age is reached is a horrible idea.
i would never want to own a home though. Its a waste of resources; when i die it will still stand there but i can't use it anymore. When i rent a home, i pay excactly as long as i use it. And i want to be able to move any time; i ve seen people trying to sell their house for years and its costing a fortune in legal fees to transfer ownership.

 

[Zander1983]

I'm 20 and an active saver/investor. It is VERY hard while I'm at university and only working enough to get by, since my studies are a massive priority. I do have a small portfolio of stocks and a bit put aside in a relatively high interest account (4.75%). In my 3 years out of school, I've taken two semesters away from studying which have allowed me to put that money aside. Its nice security to have, but chicken feed compared to the sums I'll be dealing with in four years time when I'm out of this place...

 

[HansNZ]

Re: Not yet....maybe never....

Well, you can reference this thread to see my reply, but I'm 35 and have an $80K monkey on my back for all my education taken to ensure I'd get a good paying job.

The US economy has taken an utter dump. I can't afford to even pay the interest on that $80K monkey, and the prospects of any job paying even near $30K/year is about nil to none for the forseeable future.

I'm already at an age where you get age-discrimination for jobs....especially entry-level at good-paying companies. So, I have to figure out some business I can run that will definitely produce big bucks or expect to die poor.

I had a nest egg of $12K. It doubled before the 2000 election. Since then (and 9/11) it went to less than $11K. After finishing school, I was forced to cash most all of it in to subsidize living expenses. So, all I have is about $3,300 in a Roth IRA that's still loosing money.

I don't live large. I'm in a rented single-wide pre-fab house in a place that is mostly populated by low-income/welfare types. It's in the country, so it's not that seedy, but still....I thought things would be better than this when I reached my mid-30's.

I'm not unhappy, per se. I don't need a lot to be content, but the idea of retirement is just not going to happen. I'd have to make enough money to pay off a comfortable home and my student loans before I reach 50 because I don't know how much longer after that I will be able to work....and 65-70 is the general life expectancy of men in my family. Then, how do I save for the future??? House payment and student loan payments will be over $1,000/mth. Factor in life of any value worth living and taxes, I'd have to make $40K/year at least....and I think those days are long gone for most Americans.

This post is interesting. My generation is the first generation in New Zealand history to have a lower standard of living than their parents, so this isn't just an American phenomenon.

 

[musclebrains]

I have no wish to retire. Then again I haven't held a "real job" in 15 years or more. ....Millions of Americans saw their retirement funds depleted up to 50 percent by the recent stock market crash. Many have had to go back to work. Saving for retirement is a good plan, but I'd rather die early than spend my years working to make an improbable future wealthy.

 

[Y_lifter]

8% of my paycheck goes into a company 401K plan.
I am able to do with it as I wish as far as stocks or funds.
The Company Matches it at 50% with company Stock so they basically Give me free Stock. The more I put in the more they match.

I have about 60% of it in stable funds or bonds.
The other 40% is spread across company stock and various other funds.

My Mother taught me the plan to get there is to start by putting a Minimum amount of your check into a plan, say 1-2%.
As you get raises or promotions each year, take 1-2% of the raise and put it into the plan, keeping the rest for bills, fun etc.
Before you know it, you have 8-12% or more each week going into retirement and you have not really missed any money

 

[Staind]

I used to think like that. Then I learned life is short, tomorrow is never garuanteed, and it's time to just live life to the fullest. Not going to get in ALOT of debt, but too young to be thinking like that yet.

 

[OKIE]

It's funny you should ask, because that is all I have been thinking about for the last couple of weeks. I am 26 and have $6,000 in my 401k and I contribute about 8% of my salary each month. I like my job, but strive for financial independence. I think real estate is the route for me. Whether it be buying up rental property, which I have done, or buying a fixer-upper and selling it for a profit. My only dilemma with that is that I am not a handy man, so I need to find a partner who is proficient in that type of work.