How much do you have stashed away?
What's a retirement account?
Less than $1,000
$1,001 - $5,000
$5,001 - $10,000
$10,001 - $15,000
$15,001 - $20,000
$20,001 - $25,000
$25,001 - $30,000
$30,001 - $40,000
$40,001 +
What's a retirement account?
0
Less than $1,000
0
$1,001 - $5,000
5
$5,001 - $10,000
1
$10,001 - $15,000
1
$15,001 - $20,000
1
$20,001 - $25,000
1
$25,001 - $30,000
0
$30,001 - $40,000
0
$40,001 +
2
Social Security will probably be a thing of the past by the time us Generation Xers are ready to retire....especially if we're depending on these Generation Yers to bankroll us. Ha!
I don't know about y'all but I don't wanna work full-time past the average retirement age, unless of course I take up my dream occupation of Professional Traveler.
Thinking ahead to the Golden Years, on average, how much have you saved towards retirement (401k, 403b, IRA, etc., including vested employer contributions)) account(s)?
I have a nice 401k and working on another IRA
ReplyDeleteI should have way, way more saved up, but I have my 401K going finally so I plan to increase my contributions.
ReplyDeleteI have a 403B. I also have real estate. I plan to retire by 45 TOPS! I'm at the $40K + mark. My grandparents gave me a LOT of savings bonds as a kid. They really haven't grown that much (stoopit market) but it's enough to live off of for a few years.
ReplyDeleteI've been with the same company for 13 years so I have a nice 401(k) and profit sharing account. Could I live off of it for the rest of my life? HECK NAWL! I can't even think of the amount of money I would need that would make me say..you know what, I'm good! I guess I'm just GREEDY!
ReplyDeleteWhat's a retirement account -- LOL @ you...................
ReplyDeleteGood pont, though. It's remarkable how this type of topic can be over shadowed in our daily lives, if we let it be.
401K is whats up!
ReplyDeleteI have my 401k. But as a banker who hawks retirement products I can say that MOST people at any age aren't gonna be able to make it off SS and/or Retirement plans at retirement age unless they are already independently wealthy. It's going to take a combination of various financial vehicles to succeed at actually retiring. For our generation, financially, the idea of "retirement" seems a thing of the past. We're gonna have to be 77 years old still trying to get our hustle on.
ReplyDeleteAnd with that being said..... anybody wanna buy an annuity? Holla at me.
Ain't that the truth! Of my brokers is retiring so I'm handling his 401k rollover into his IRA. Check came in for $778,000 (and some change). Do you know what that kind of money would do for me at this moment? Yeah, I bet you do!
ReplyDeleteWOW! That is a nice peace of change! I have a 401K, and my contribution is kind of low at the moment, but I plan to up it some more before the end of the year. I think its very important to have something in place.
ReplyDeleteI've got a 401k plan... and my contribution is decent.. but my employer is a dick... they dont even match appropriately... he gathers at the end of the fiscal year and allots a certain amount to each contributor based on their individual contributions... IRA is the way to go right now for me,,, until these mofo's settle this dispute... I have a few CD's but, I seriously thought my earnings on that would be greater than what it is... But, if all else fails... I'll have to go to my granny's method of saving... in a shoe box under the bed....granny had a lot of money in that box when she died...
ReplyDeleteI'm a Federal employee, so we have the TSP (Thrift Savings Plan), which is an excellent savings mechanism. You can contribute up to 15% of your annual salary and they match your contributions up to 10%. I've been saving for a few years now and it's grown tremendously and I'm just over 100 grand. I've been wanting to get into stocks, but the whole market makes me nervous. Watching the falling stocks on the news is enough to give you a heart attack!
ReplyDeleteAnyway, saving for my retirement as well as my kids' educations has been a challenge. I don't intend to work up into my 60s and it breaks my heart to see the elderly doing menial jobs like sweeping at McDonalds. You think, they've paid their dues and should be somewhere resting, or at least doing something they WANT to do. But, that old saying always comes to mind when I see them out there working their fingers to the bone: "People don't plan to fail, they fail to plan."
I'm rockin my 401K and I have a CD and like RED said, the earnings on that is slow - I have money in savings in case I need to get my hands on it. I also, have several insurance policies that will take the pressure off my family in case something happens to me. Trust, when my mom past (RIP), she had things in place and MAN! that was a blessing - We took care of everthing with no drama and each of my siblings and I received a nice money gift.
ReplyDeleteTrust, the above will never be enough in my eyes but it's a damn start......LOL. I am proud that we are at least knowlegable of the retirement system, we have all started with something and have something in place and by reading this blog we can learn from one another. This is a good blog.
ReplyDelete(((((hugging all ya'll))))))))))))))
Oh yeah, I forgot about the CDs. Mine are growing pretty fast because I got them through ING. My savings AND CDs are doing well over there because the yield rates are very high. Maybe y'all should check it out and go Orange. *wink*
ReplyDeletehttp://home.ingdirect.com/
My company until you reach 6% contribution automatically increases your contributions for you. I think I started at 3% and now I'm at 4%. As I keep paying my credit card debt down, I will put the money I used to pay the credit cards into another account. I keep seeing those commercials for ING. One of these days. LOL
ReplyDeleteDo it, girlie! "No minimums. No fees."
ReplyDeleteThat was all I needed to hear...LOL!
So there is really no minimum?
ReplyDeleteReally. Hit the site and read EVERYTHING. I'm not saying just jump in blindly, but trust me...you won't regret signing up. You may wanna start slow because I know you're a little skeptical, but you'll see that in no time, you're gonna wanna increase your allotments. The interest earned and all the little incentives and rewards really do add up quickly.
ReplyDeleteThis is a good thread. I've been in my company's 501c plan for a couple of years now. I''ve not accumulated anything close to a comfortable amount for retiring. My hubby's railroad retirement sets aside a tier for spouses, so I hope we will have a little something-something to enjoy our golden years. I have been thinking of getting CDs and to start investing, but I'm rather slow and very ignorant on how to start? Any suggestions?
ReplyDeleteOkay cool I will look into it.
ReplyDelete