spartanmanor
Lunatic Member
I did not have a chance to have a company sponsored 401K till I was in my mid 30's every year counts.
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How much do you have in your 401K or similar retirement plan anonymous poll
- Thread starter spartanmanor
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jwrauch
Super Member
I had close to 30k in my 401k when the recession hit and lost about 1/3. When I was dissabled last yr we transferred what was left into an annuity. Doesn't grow as fast but at least when the next crash comes it won't evaporate as long as the company remains solvent ????????? JOHN
spartanmanor
Lunatic Member
I wish....Those days are gone.
Carl Icahn & Co. ... (or folks like him)
bought up companies, sucked their assets dry, tossed the carcass aside - many retirement pension funds were lost due to such raiders.
mhardy6647
Lunatic Member
401(k) is great but the tax-deferred amount one's allowed to contribute per year (even with the age 50-plus "catch up") is fairly limited. It should only be part of one's complete portfolio going in to retirement (as are our 401(k)s). I know at one level that's really obvious, but the best approach, I think, is don't have all of one's eggs in one basket.
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usedto
Lunatic Member
People finally figured out that 20 years of work doesn't pay enough to keep you alive and screwing off until you're 80. Simple math.:thmbsp:
I didn't have a 401 until 7 years ago when I switched careers, I am 50 for the poll. Both my wife and I have had Roths for a while and we also got into the market somewhat late. My company matches 4% so a total of 10% goes in each check.
I worked a lot of overtime in my previous career as a Toolmaker, and we paid off our house in under 10 years (the current one being here 20 years now) I own both cars and everything else. Luckily my only bills are utilities, taxes, and toys.
Including house, cars, stereos, and savings, in a couple years I can say I'm a millionaire on paper. But that is really not enough to retire comfortably so I don't feel like I've got it made at all.
I worked a lot of overtime in my previous career as a Toolmaker, and we paid off our house in under 10 years (the current one being here 20 years now) I own both cars and everything else. Luckily my only bills are utilities, taxes, and toys.
Including house, cars, stereos, and savings, in a couple years I can say I'm a millionaire on paper. But that is really not enough to retire comfortably so I don't feel like I've got it made at all.
Apoplectic
Well-Known Member
Nothing. But I'm 21.
michaelj12
Active Member
Not on the splash screen
Off-topic is cool in the off-topic section. There's no need for it as a poll on the front page of Audiokarma.
Off-topic is cool in the off-topic section. There's no need for it as a poll on the front page of Audiokarma.
spartanmanor
Lunatic Member
I think the poll landing on the front page of AK is random. I believe it is just a matter of the last poll someone has participated in.
True dat, but many people in that demographic have a hard enough time finding a job and making ends meet, much less saving $5000, even via a deferred pretax plan like a 401K.
It's doubly scarey for them as I don't see much hope for Social Security 40+ years in the future...
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dewdude
High on resolution.
That's me, right here. $22k/year with more in living expenses. I live paycheck to paycheck. I can't save because my money is out the door as soon as it hits the bank.
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Mark W.
Nut house of the Universe
I'm way to busy trying to pay my share of all the teachers and state empolyees retirements. That the morons in Government agreed to. We got dump truck drivers retiring at 80% of pay and better who then go back to work and get a second retirement package.
Me I just pay taxes and taxes and taxes.
I have about enough in my 401K to keep us afloat (IF THERE IS SOCIAL SECURITY) for about 4 years of retirement. Luckily I have 13 more years of paying taxes to save up. House will be paid off in less then 5 years maybe then I can start saving.
At any rate it looks like a job at McDonalds or a hobby type business is in my retirement plans.
Me I just pay taxes and taxes and taxes.
I have about enough in my 401K to keep us afloat (IF THERE IS SOCIAL SECURITY) for about 4 years of retirement. Luckily I have 13 more years of paying taxes to save up. House will be paid off in less then 5 years maybe then I can start saving.
At any rate it looks like a job at McDonalds or a hobby type business is in my retirement plans.
chicks
Lunatic Member
Recent data. Pretty sad.
https://www.cnbc.com/2018/08/28/how-much-money-americans-have-saved-at-every-age.html
https://www.cnbc.com/2018/08/28/how-much-money-americans-have-saved-at-every-age.html
Recently took both our Roth IRAs and more and bought Cash For Life Annuities. I 8 years, they turn on and we get $XXX per year until we are both dead. Our investment will be gone before one of us reaches 80.
Also had a $60K rolled over 401 to IRA that I have been doing Roth Conversions with. My current 401K goes into Roth except for the company match, which is now 3%.
Also had a $60K rolled over 401 to IRA that I have been doing Roth Conversions with. My current 401K goes into Roth except for the company match, which is now 3%.
I hate when I see these stats. I am going to be 56 this year and my wife and I started investing later than we should have. Our only bills are property taxes and utilities now. Outright own everything and have about $750K amassed right now as long as the world does not collapse. (not including the house and belongings which if liquidated would make me a homeless Millionaire)
Most people my age have huge debt and no savings. I am unsure what they are all thinking and how they plan to survive. Very sad indeed.
