How much are you saving for retirement?

[Robiin]

I'm not in the US, but I started saving this year.

At 26 years old, all I can say is I should have started earlier but whatever...

I am currently investing 17% of my salary into reitrement account.
Savings rate total with Investing, building an emergency fund (now at 1 months full take home salary) and saving for fun stuff is 35%. Feels great to finally live a bit more thoughtfully and planning for the future but again, I really wish I would have learned all this sooner.

 

[dmix90]

0

I will be dead before i need it anyway... if not then i am mentally prepared for a novel and fun social experience -> being a bum

 

[Walter White Walker]

I was putting up to half of my money into index funds for a number of years up until two and a half years ago. I can't do that now but I still manage around 20% or so. Because I put a bunch away I didn't really care when the business I had been working at for years was sold off and I am now working from home self-employed. If I didn't have a big financial cushion (about half of it in a regular brokerage account) I probably would have had to take some shitty job I would hate.

 

[Calamari41]

I've been very diligent with my saving and investing, spending as little as possible and saving as much as possible. Using back of the envelope calculations assuming the standard 6% growth per year of index funds, the combination of my 401k and private investments as well as real estate (rental properties) investments means that I will be able to retire at 55 and my children will be able to do whatever they want to do career-wise without having to worry about their income.

My plan is to pass the real estate on to them so that they can either have a mortgage/rent free place to live and raise their own families, or they can continue to rent them out and have that income as a baseline no matter what else they decide to do or where they want to live. I was quite fortunate in that I was able to pick up a couple of very good properties during the nadir of the housing crash that are now punching way above their weight class in rental income, due to their location (beach resort district).

 

[Deleted member 12129]

Extra money going into my kids' education funds. I'm hoping my government pension will be enough for retirement.

 

[DazzlerIE]

15% of my gross wage. My employer puts in 9% if I put in 6% (or vice versa, I can't remember)

 

[Deleted member 46493]

About to finish paying all my debt now at age 24 so will start saving up right after that. Only have 3-4 month's living expenses saved right now.

 

[Deleted member 4367]

We try to save around 35-40% of net take home split between wife's 401k, our two roth accounts, and a normal brokerage account.

 

[Zen]

My current plan is to retire at 55. Thats been a plan I've been working on for the last 12 years, at the moment I'm actually ahead of schedule. The intention is to retire from my career to spend more time with my family whilst maybe doing the odd consultancy job and living off of savings and the income from rental property. Possibly flipping auction property if the right ones are on the market.

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I don't even know what I would do after retiring. I'm mostly saving in the hopes I can ease the lives of my kids and hopefully grandkids, I imagine they'll be busy trying to fix the planet and survive yearly cat 5 hurricanes and F5 tornadoes so the less they have to worry about making ends meet the better

 

[Deleted member 17092]

I've budgeted out to 2021 and my estimates are that by 2050 with 401k matching I'll be at a staggering...ly small fraction of a million. Assuming my job is the same for 30 years at the same salary. My goal of passing on 1m to future progeny is looking pretty distant at the moment. How much are you saving for future years, if any?

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Why do you care about passing on wealth to children that don't even exist.

 

[fracas]

I've started seriously budgeting and I'm only going to be able to put back $100-200 a month, even with minimized luxury purchases.

I guess I'll start a savings account eventually.

 

[Deleted member 17092]

I'm a freelance journalist, so basically nothing. State pension at 75 and working until I die, basically.

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You have a pension as a freelance journalist?

 

[CrankyJay]

dunno, i max IRA every year, and put in 12% into 401k .... might bump that up once my car is paid off

 

[Vapelord]

Not enough!

 

[Deleted member 17092]

At 30 I definitely don't have enough saved, but it could be worse. I at least have actually rainy day savings and a wad in a Roth and 401k. More than what a lot of people can say. Isn't it like half of the US doesn't even have $500? So basically half the country is like a month away from homelessness.

 

[RPG_Fanatic]

At the moment 10% of my salary, plus 5% contribution from the company. I also put a small part of my pay check into a RRSP started from my bank.

 

[GulAtiCa]

I try to max out my Roth IRA each year. Recently went through a Dave Ramsey class with my wife, so currently trying to pay off some debt first before going back to my retirements.

Also learned that I can have a regular 401k on top of my Roth IRA and such can contribute more toward my eventual retirement. The end goal is to have 1 million by time we both retire, which at my current rate I should meet that.

I'm not in the US, but I started saving this year.

At 26 years old, all I can say is I should have started earlier but whatever...

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Don't feel bad, 26 is still VERY young! :)

I started my Roth IRA probably around the time I was 25.

 

[Moppy]

I fucked up and started late, and even then was only doing 1% contribution towards a 401k for a couple years, but at least it was something I guess. I finally upped it to 7% at the start of this year (which is what my employer matches up to now) and with those two combined should work out to ~$6000 in contributions a year? Haven't really done any math on what that's supposed to look like at retirement age, just happy to finally be saving in a meaningful way.

 

[Leland Palmer]

I'm not gonna live past 60 so I ain't saving shit

 

[demosthenes]

Max ira every year. $6,000 for 2019.
~10k 401k each year.
Employer matches like 2k.
Do side investments beyond this, but not too much.

 

[Zen]

Why do you care about passing on wealth to children that don't even exist.

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I guess it's my way of giving them a better life than I had. They'll exist within the next year and a half.

I don't know if retiring is even a thing that happens to artists.

Seems we just keep doing it until we drop dead


If I ever make enough income to save I'll do so sure

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I figure I'll be able to focus on designing my crazy ass unrealistic mega-cities at sea without worrying about getting up for work once I retire from a salary job

 

[Valus]

My goal is $2M by retirement. We will likely retire in Another country where the cost of living is much cheaper.

Right now I'm putting around $1000/mo into my 401k but that will likely be reduced as we are currently trying to buy a house. My goal within the next few years is to cap out the contributions annually.

 

[Meatfist]

I aim for 15% of my salary, which is $5500 in the Roth IRA and $6500 in the 401(k) with a 1.5% match. Trying to do a bit of catch up on that since I spent the last couple of years aggressively saving for a house, but I'm young so meh

 

[Deleted member 4034]

Lol, savings.

We'll see how my raise conversation goes next month and then maybe I can hope for such things.

Credit card, student loans and then some.

 

[tabris]

You could save or you can increase your lifestyle quality now while you are incredibly healthy and active and just live in social housing when older and not as active.

That's my plan.

 

[Netherscourge]

I'm pretty much looking at just paying most, if not all of my mortgage off the next 30 years and then selling my house and getting a cheap apartment to spend the rest of my days in while living off the profit of my house sale and hopefully some Social Security.

That's about all I can hope for. I have an IRA, but it's not doing anything and I can't afford ti put any money into it right now.

Yay. Life sucks.

Gen-X retirees are so fucked.

 

[Tom Penny]

I get 7% match. I put in 15%. I also have other accounts that are currently not making money..

 

[Zen]

I fucked up and started late, and even then was only doing 1% contribution towards a 401k for a couple years, but at least it was something I guess. I finally upped it to 7% at the start of this year (which is what my employer matches up to now) and with those two combined should work out to ~$6000 in contributions a year? Haven't really done any math on what that's supposed to look like at retirement age, just happy to finally be saving in a meaningful way.

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6k for 20 or so years is well over a million, you'll be set

Edit: scratch that, thought it was per month. We're in the same ballpark

 

[shaneo632]

You have a pension as a freelance journalist?

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Statd pension. Everyone gets it. It's not much though.

 

[Zen]

Lol, savings.

We'll see how my raise conversation goes next month and then maybe I can hope for such things.

Credit card, student loans and then some.

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I'm dealing with debt and loans as well at the moment. Having a budget plan gives me some peace of mind. Hope things work out for you

 

[Sid]

Saving?

 

[Moppy]

6k for 20 or so years is well over a million, you'll be set

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Oh, right on. That's good to know, haha. My wife and I are also saving pretty aggressively to buy a house in the next year or so, and after that I might up it a little.

 

[Silence]

Last year I was around 44% of take home pay. Had a roof cave in this spring, and a lot spent on repairs, so this year I'm at about 35%.

There are numbers that are way, way to low on here. Saving when your young is huge! Time in the market is a huge advantage.

 

[Zen]

Oh, right on. That's good to know, haha. My wife and I are also saving pretty aggressively to buy a house in the next year or so, and after that I might up it a little.

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I miscalculated. Thought it was 6k a month but you said annually. I feel bad for getting your hopes up man haha. Still you'll probably hit over a million with higher contributions between the two of you.

 

[Moppy]

Last year I was around 44% of take home pay. Had a roof cave in this spring, and a lot spent on repairs, so this year I'm at about 35%.

There are numbers that are way, way to low on here. Saving when your young is huge! Time in the market is a huge advantage.

Click to shrink...

Yeah, I kick myself over it all the time. Didn't start a 401k until my late 20s and missed out on some solid saving for sure. Was just stupid and lazy about it.

I miscalculated. Thought it was 6k a month but you said annually. I feel bad for getting your hopes up man haha. Still you'll probably hit over a million with higher contributions between the two of you.

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Haha, all good dude. Yeah, that makes more sense. My wife has a 401k and is contributing right around the same amount currently, but we're definitely planning on moving up after we get the house thing worked out.

 

[Bigkrev]

I get a 2x match from my employer on up to 5%, so I get that maximum each paycheck taken out. I only really got to start 18 months ago saving, so I'm 30 and I have a little less than 9K for retirement right now

 

[Aktlys]

I save 40-50% of my pay, so my future is looking good.

 

[Deleted member 17092]

I miscalculated. Thought it was 6k a month but you said annually. I feel bad for getting your hopes up man haha. Still you'll probably hit over a million with higher contributions between the two of you.

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Yeah what. Maybe $200k if the market does really well.

 

[Midramble]

Focusing on increasing salary until I can reach a point of comfortably/happily putting away 50% of salary towards retirement. At that point I save for roughly 14 years and I'll be able to retire at half my salary (which is the comfortable/happy take home I had while working after savings). Assuming a 5% annual gain.

 

[Minx]

Over $1500 goes directly into 3 different tax deferred retirement accounts each month (Pension, Roth, deferred comp). I take home about $4300 a month after taxes, Healthcare etc.

 

[Maxim726x]

About 30%, between mutual funds, Individual 401k, and joint checking account that my fiancee and I share (house renovations, etc.)

Thinking about shifting some of my investments to make extra mortgage payments every month, to pay it off in 13 years instead of the 27 I have left.

 

[acheron_xl]

Saving? Retirement?

I fully plan on dying on the job, penniless.

 

[ParanormalFupa]

About 16k a year. I also have a pension. I'm close to six figures since I started saving after reading the retirement thread at the old site.

 

[Deleted member 6263]

Doing company match with my 401k right now but, once our student loans are fully paid off I'll be putting 15% of my income into a mix of 401k and Roth IRAs.

 

[Clockwork]

For some this seems like a stealth brag thread. I mean some of you are socking away a ton of money and the best you can say is "I should be okay"? 40% of your income going towards savings/401k? That is simply unrealistic for most people. Also how much money do you think you will need for retirement? Goddamn.

Anyway I won't get into numbers but Schwab says I am like in the 98th percentile compared to my peers (in terms of what I assume is retirement preparedness?) and I only contribute 6% (and don't make bucketloads of cash).

I won't be retiring early but I won't have to worry about paying the bills either.

Meh.

 

[Deleted member 8741]

Started off with not doing enough, but that was because we had extended schooling that we thought would payoff.

Now, at 30, we're maxing our our 401k per year and doing other investments as well.

 

[Deleted member 8741]

About 30%, between mutual funds, Individual 401k, and joint checking account that my fiancee and I share (house renovations, etc.)

Thinking about shifting some of my investments to make extra mortgage payments every month, to pay it off in 13 years instead of the 27 I have left.

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Why? Your interest rate is probably lower than current stock market returns.

 

[Weebos]

Reading through this thread I upped my yearly contributions from 8% to 10% and considering going higher.

I've got a decent amount saved for my age group, both in 401(k) and my savings account. I plan to get married and buy a house in (loosely) the next 5 years, so plenty will go towards that.

 

[vypek]

My 401k contribution automatically has increased to 7% this year with the company giving me 4%. I might lower mine to match my employer. I decided that my resolution for 2019 will be to open up a Roth IRA and then contribute $500 a month to hit the limit.

 

[Deleted member 9241]

My wife and I are 43 and after we pay for our kid's college educations, we'll be lucky if we have 2.5 million saved up by the time we plan on retiring at 60.