If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Slate)   A handy chart to show you how much you should have for retirement by now. For those under 35, 'retirement' is a thing that used to happen at 65, after working at the same job for 35 - 40 years. Now... lunch break is over, back to that fryer   (slate.com) divider line 317
    More: Unlikely, lunch break, individual retirement accounts, u.s. ranks, retirement, per capita incomes  
•       •       •

20789 clicks; posted to Main » on 05 Apr 2014 at 9:18 PM (23 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



317 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest

First | « | 1 | 2 | 3 | 4 | 5 | 6 | 7 | » | Last | Show all
 
2014-04-05 05:35:09 PM
 
2014-04-05 05:37:28 PM
Yah....I do better than most for retirement savings but I don't have nearly what they say I should (and I've been saving something most of my life).
 
2014-04-05 05:42:52 PM
I'd have a lot more than my bracket indicates, had it not been for all the TF and booze..
 
2014-04-05 05:53:30 PM
I have my money carefully invested in things I've already bought and consumed.
 
2014-04-05 06:03:13 PM
I"m pretty much on target, been putting the max in for last 27 years.

Then again, I'm pretty sure I'm going to have a heart attack on the streets of Manhattan and people will just walk over me
 
2014-04-05 06:21:38 PM
We're closeish. 2008 didn't help but an employer that contributed a buttload into my retirement did.
 
2014-04-05 06:36:11 PM
Sigh...I got jack and squat. I traded safety and security for scars and stories. I know it's never too late to start saving (37) but retirement is one thing that is not in my future. So yeah when you see the old guy dishing fries...it'll probably be me.
 
2014-04-05 06:54:20 PM

Tellingthem: Sigh...I got jack and squat. I traded safety and security for scars and stories. I know it's never too late to start saving (37) but retirement is one thing that is not in my future. So yeah when you see the old guy dishing fries...it'll probably be me.


I got into the game late. Didn't have a career in my twenties.
 
2014-04-05 07:08:37 PM
I'm incredibly lucky to be above the mark for my age and income. I shouldn't have to be lucky.
 
2014-04-05 07:15:36 PM

HawgWild: Tellingthem: Sigh...I got jack and squat. I traded safety and security for scars and stories. I know it's never too late to start saving (37) but retirement is one thing that is not in my future. So yeah when you see the old guy dishing fries...it'll probably be me.

I got into the game late. Didn't have a career in my twenties.


I'm hoping to get there in my 40's. Figure i need to go back to school but I have a bunch of stuff I need to start clearing up first. And honestly I don't think I'm the kind of person that would ever retire anyway. It would just be nice to not have to worry about bills and debt when I'm 70. Ugh I was so happy before I got all responsible...not really but all the booze make me think so

\some ketchup packets? Sure, here you go sir.
 
2014-04-05 07:16:00 PM

HawgWild: Tellingthem: Sigh...I got jack and squat. I traded safety and security for scars and stories. I know it's never too late to start saving (37) but retirement is one thing that is not in my future. So yeah when you see the old guy dishing fries...it'll probably be me.

I got into the game late. Didn't have a career in my twenties.


Don't lose hope.  Change you spending style.  I was a slacker until 35, when I finally got an undergrad degree in teaching (chem).  I work in a shiatty school (and district) but I basically banked (read: invested intelligently) all the money. In addition, I bought a multiple dwelling and live in one of the units, and drive real cheap cars.

I have no wife or exes, and no kids, and I'm retiring (quitting). 52.  No golden parachute from taxpayers either.  No health care and only a meager pension later.
 
2014-04-05 07:27:28 PM
I'm pretty well invested. I've got a Roth, and some other stuff; I'll probably be able to retire at 80.
 
2014-04-05 07:36:07 PM

Serious Black: I'm incredibly lucky to be above the mark for my age and income. I shouldn't have to be lucky.


Don't worry, I'm sure it won't last.  It never does.
 
2014-04-05 07:44:48 PM
I'm a little ahead of the game. Started at 28.

Here are a few tips from your friend, Reprobate.

Whether you have a 401k/403b/TSP or have to do a Roth IRA.

Start with 3% of your pay (or wherever you can start). Every 6 months (Jan/July?) bump it up by half a percent. You'll never miss the money. Trust me.  If you really want to get gutsy, put half of every raise you get into retirement.

Basic Rules of Thumb:
1. If your company gives you a match, do everything you can to get 100% of that match.
2. If you don't have a work retirement plan, start a Roth at Vanguard, Fidelity, Schwab, or T.Rowe Price. Never a bank or credit union or a brokerage.
3. If someone ever mentions the word annuity to you, punch them in the face. They're a crook. (with one exception, but I'm not even going to put that in your mind).
4. If you don't know jack about stocks, etc, go with a Target Retirement Fund.  Pick the year closest to when you're going to retire and go all in on that one fund. They keep it well diversified for your age and get more conservative over time.

 Easy peasey.  Obviously, the more you know...but those 4 rules will get you started.
 
2014-04-05 07:47:08 PM

Ambivalence: Serious Black: I'm incredibly lucky to be above the mark for my age and income. I shouldn't have to be lucky.

Don't worry, I'm sure it won't last.  It never does.


We'll see. I'm maxing my Roth IRA contribution, and I'm putting 5% into my 401(k) with a 5% match. Hopefully that's enough.
 
2014-04-05 07:48:22 PM
Sorry. Most importantly....

#5. LEAVE THE MONEY ALONE. Don't freak out if the stock market goes down.  If you pull your money out, you are "locking in" your losses. When the market is down...ride it out.  It will go back up. It always has.  If you change jobs/lose jobs, do not pull the money out. If it is not a Roth account, you will be taxed around 40%. If it is a Roth, you have an "opportunity cost" because that money isn't working for you.
 
2014-04-05 07:50:06 PM

Serious Black: Ambivalence: Serious Black: I'm incredibly lucky to be above the mark for my age and income. I shouldn't have to be lucky.

Don't worry, I'm sure it won't last.  It never does.

We'll see. I'm maxing my Roth IRA contribution, and I'm putting 5% into my 401(k) with a 5% match. Hopefully that's enough.


That is GREAT.  You're doing exactly what you should be doing.  You won't regret it.  If you're young and your company offers it, consider doing a Roth 401k or balancing it out so that half of your Retirement is Roth and half isn't. This way, you're hedging your bets regardless of what happens with taxes in the future.  But if I were a betting man, I'd go all Roth.
 
2014-04-05 08:02:50 PM

reprobate1125: Serious Black: Ambivalence: Serious Black: I'm incredibly lucky to be above the mark for my age and income. I shouldn't have to be lucky.

Don't worry, I'm sure it won't last.  It never does.

We'll see. I'm maxing my Roth IRA contribution, and I'm putting 5% into my 401(k) with a 5% match. Hopefully that's enough.

That is GREAT.  You're doing exactly what you should be doing.  You won't regret it.  If you're young and your company offers it, consider doing a Roth 401k or balancing it out so that half of your Retirement is Roth and half isn't. This way, you're hedging your bets regardless of what happens with taxes in the future.  But if I were a betting man, I'd go all Roth.


I think my 401 is about 50% bigger than my IRA right now. I'm not so worried about that right now. I do have a Roth option for my own contributions to the employer program, but the match has to go into the traditional one. I may switch mine up at some point.

Like I said before, I'm incredibly lucky to be in the financial position I am today. My parents saved a ton of money for my education. I barely tapped it because I got everything paid for four of my five undergrad years and my entire Master's degree with scholarships and assistant positions in grad school. That money partly got me a down payment on my house, and the rest is still invested today.

I shouldn't have to be lucky to get this kind of leg up.
 
2014-04-05 08:08:27 PM

Serious Black: I think my 401 is about 50% bigger than my IRA right now. I'm not so worried about that right now. I do have a Roth option for my own contributions to the employer program, but the match has to go into the traditional one. I may switch mine up at some point.


Right...that's the beauty of the Roth 401k with a match. You get your contributions after tax and employer's as pre tax so you get the whole hedging the bet.

I wouldn't call it luck.  You choose to put 5% in your 401 and 5500 in your Roth. Obviously you have a good job, but there are a lot of people who make a lot more than you who save nothing.  Take a little credit.
 
2014-04-05 08:11:09 PM

reprobate1125: Sorry. Most importantly....

#5. LEAVE THE MONEY ALONE. Don't freak out if the stock market goes down.  If you pull your money out, you are "locking in" your losses. When the market is down...ride it out.  It will go back up. It always has.  If you change jobs/lose jobs, do not pull the money out. If it is not a Roth account, you will be taxed around 40%. If it is a Roth, you have an "opportunity cost" because that money isn't working for you.


And don't let it get overfull of your company's stock if that is the method they use for profit sharing/401k contribution matching.

Index funds do as well or better than pretty much anything else and you can get really low fees and the like which is important. Always aim for the lower fees.
 
2014-04-05 08:41:37 PM

dr_blasto: reprobate1125: Sorry. Most importantly....

#5. LEAVE THE MONEY ALONE. Don't freak out if the stock market goes down.  If you pull your money out, you are "locking in" your losses. When the market is down...ride it out.  It will go back up. It always has.  If you change jobs/lose jobs, do not pull the money out. If it is not a Roth account, you will be taxed around 40%. If it is a Roth, you have an "opportunity cost" because that money isn't working for you.

And don't let it get overfull of your company's stock if that is the method they use for profit sharing/401k contribution matching.

Index funds do as well or better than pretty much anything else and you can get really low fees and the like which is important. Always aim for the lower fees.


Yeah. Great point. The goal should be 0% in your company's stock. Sell it as soon as you can. You depend on your company for your paycheck.  If they go down and you lose your job, they take a chunk of your retirement with it. That's too many eggs in one basket.
 
2014-04-05 08:50:12 PM
For once I'm ahead of the curve. But I had kids late so we'll see in 15 years
 
2014-04-05 08:50:57 PM
6) Be a cop, pad the fark out of your OT the last three years of your career, and you'll be retired at 45 with a six-figure tax free pension for the rest of your life.
 
2014-04-05 08:54:52 PM
The numbers for 30 year old seems insane. Do these take into account that in order to have a job paying six figures at that age, you probably went to grad school and therefore 1) didn't start working until your mid-20s ans 2) owe a ton of student debt?
 
2014-04-05 09:05:09 PM
I'll just start dealing drugs when I'm old. Fewer people will suspect me and if I'm caught I'll at least avoid having to eat cat food and living in a box for my twilight years.
 
NFA [TotalFark]
2014-04-05 09:05:25 PM
The claim if you're 50 you should have at least $390K.  That's not nearly enough money to retire on.
 
2014-04-05 09:10:17 PM
I am surprised pensions aren't mentioned. Shouldn't they be included if you have any?
 
2014-04-05 09:11:12 PM

reprobate1125: dr_blasto: reprobate1125: Sorry. Most importantly....

#5. LEAVE THE MONEY ALONE. Don't freak out if the stock market goes down.  If you pull your money out, you are "locking in" your losses. When the market is down...ride it out.  It will go back up. It always has.  If you change jobs/lose jobs, do not pull the money out. If it is not a Roth account, you will be taxed around 40%. If it is a Roth, you have an "opportunity cost" because that money isn't working for you.

And don't let it get overfull of your company's stock if that is the method they use for profit sharing/401k contribution matching.

Index funds do as well or better than pretty much anything else and you can get really low fees and the like which is important. Always aim for the lower fees.

Yeah. Great point. The goal should be 0% in your company's stock. Sell it as soon as you can. You depend on your company for your paycheck.  If they go down and you lose your job, they take a chunk of your retirement with it. That's too many eggs in one basket.


I wonder if people remember the lesson of Enron.
 
2014-04-05 09:21:05 PM
I am 28 and I already have 40k in my 401k. I am not touching it until I retire. I don't plan to borrow against it to buy a house or anything.
 
2014-04-05 09:22:17 PM
i got nuthin'
 
2014-04-05 09:23:14 PM
Protip: If you declare chapter 13, you get to keep your retirement account, and get to keep making retirement contributions, so if you're on the edge max your contributions a few months before you file.
 
2014-04-05 09:23:18 PM
Saving for retirement is a luxury most people in America cannot afford
 
2014-04-05 09:24:15 PM
My retirement plan is to shoot everyone in the Walmart parking lots, take their money and properly invest it.

/I'll retire promptly at 108
 
2014-04-05 09:24:29 PM

NFA: The claim if you're 50 you should have at least $390K.  That's not nearly enough money to retire on.


It'll pay for a helluva weekend in Vegas, some hookers, blow, booze, and either a Glock and a box of ammo or enough heroin to do the job, depending on your preference.
 
2014-04-05 09:25:04 PM
Hi there!

I live in Australia, where I am paid a good wage, have free medical care, and a sponsored retirement plan where my employer pays 9% of my salary every year into a retirement investment scheme. Our minimum wage is also about twice what it is in the US and the standard vacation package is 4 weeks.

I finally converted my residency to citizenship two weeks ago. I have no plans to ever go back to live in the United States because frankly, it's not as good.

But I feel some sympathy for my former countrymen. I know you have lots of freedom and stuff, so hopefully that freedom will keep you fed, warm, housed and healthy somehow. Good luck with that.
 
2014-04-05 09:26:18 PM
shiat, I'm screwed.  I don't even make 50k annually.  If that's the minimum yearly income in order to retire I sure hope I have a heart attack and die before I'm 50.

I'm gonna go get a drink now to drown my sorrows and kill my liver.  No sense leaving any possible cause of death off the table.
 
2014-04-05 09:26:47 PM
I put as much away as my employer will match, and have been for most of my working life.  Didn't panic and sell anything when the market went to crap.  Seems to be working fine for me.
 
2014-04-05 09:26:58 PM

meat0918: Saving for retirement is a luxury most people in America cannot afford


No longer afford......it was successfull for a couple of generations till government interference.
 
2014-04-05 09:27:12 PM

DamnYankees: The numbers for 30 year old seems insane. Do these take into account that in order to have a job paying six figures at that age, you probably went to grad school and therefore 1) didn't start working until your mid-20s ans 2) owe a ton of student debt?


I was wondering about this in particular. Some people have like $50k-70k in student loans and will take forever to pay it off.
 
2014-04-05 09:27:15 PM
TwistedFark:

But I feel some sympathy for my former countrymen. I know you have lots of freedom and stuff, so hopefully that freedom will keep you fed, warm, housed and healthy somehow. Good luck with that.

Well, a subset of us still get to have a subset of the guns available to law enforcement, so at least there's that. Not that many of us can still afford ammo.

I'm not sure in what other ways America might be more free than Australia or other Commonwealth nations.
 
2014-04-05 09:27:16 PM
Lol, they have salaries starting at 50k.  Yeah, everyone makes that much.  I'm about where I should be, but I'm a cheap bastard and never spend any money.  No woman and no kids either, so I'm probably below where I really should be.
/Just now started making over 50k at 32 years old...
 
2014-04-05 09:27:47 PM
Meh, I love my job and plan on working here until they scrape my festering corpse out of my chair
 
2014-04-05 09:29:02 PM
Corporations are the new plantations. What happened to old slaves when they couldn't pick sufficient cotton anymore?
 
2014-04-05 09:30:49 PM

Gulper Eel: 6) Be a cop, pad the fark out of your OT the last three years of your career, and you'll be retired at 45 with a six-figure tax free pension for the rest of your life.


That only works if your pension considers OT to be eligible.  Not all of them do.
 
2014-04-05 09:31:30 PM

meat0918: Saving for retirement is a luxury necessity most people in America cannot afford choose not to prioritize.


FTFY

There are lots of ways to pay for college, cars, housing, but you are your only way to pay your retirement.
 
2014-04-05 09:31:52 PM
By myself I'm well ahead of the chart. Combined with my wife we're a little behind. But two can live close to as cheap as one in may cases. Stupid chart.
 
2014-04-05 09:32:53 PM

Another Government Employee: Gulper Eel: 6) Be a cop, pad the fark out of your OT the last three years of your career, and you'll be retired at 45 with a six-figure tax free pension for the rest of your life.

That only works if your pension considers OT to be eligible.  Not all of them do.


Most "tier 1" government pensions during the 80s allow for that sort of thing. Plus, after you retire tier 1, you can suspend collecting your benefits and hire back on tier 3 to sock some away in a 401(a).
 
2014-04-05 09:33:38 PM
My retirement plan is long walk in the woods followed by a bullet to the brain. I'd like to think I'm kidding, but most likely not.
 
2014-04-05 09:33:41 PM
I'm pretty well ahead of the curve (put in to a 401k since I was 22 on my pop's advice) but I don't doubt that the aholes in the fed gov't will try to tax the ever living fark out of my retirement money once I get to that point.  Because, you know, I lived within my means and saved whatever I could, so I'll deserve to have most of it taken away and have to struggle when I stop working.
 
2014-04-05 09:34:36 PM

Jixa: shiat, I'm screwed.  I don't even make 50k annually.  If that's the minimum yearly income in order to retire I sure hope I have a heart attack and die before I'm 50.

I'm gonna go get a drink now to drown my sorrows and kill my liver.  No sense leaving any possible cause of death off the table.


As someone in a min wage job through no fault of his own... I might join you.

just been barely scraping by... As in top ramen way too much.

I have had job offers that were better, but I can afford to move. Ex wife tanked my credit in the divorce. Can't get a loan (don't currently make enough anyway, they won't accept the new income)

family is broke as well
 
Displayed 50 of 317 comments

First | « | 1 | 2 | 3 | 4 | 5 | 6 | 7 | » | Last | Show all

View Voting Results: Smartest and Funniest


This thread is closed to new comments.

Continue Farking
Submit a Link »






Report