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Large savings is due to a inheritance, if it was not for my inheritance I would not have as much saved as I do now.
Thank you for your honesty about your inheritance. Most people won't be honest about it as they want to claim that they "earned it all" on their own.
Quote:
Originally Posted by ColdAilment
I doubt this forum will attract them but I suspect a lot of people out in the world in their 20's, 30's, and even 40's have no retirement savings, and perhaps no savings account either...what do these people rely on or how do they generally get by when they can no longer work?
My information:
26, single
$1,500 in 401k, just started my full time job in November, growth has been sluggish, about 2% so far.
$6,000 in a Roth IRA mutual fund, have had that one for a little over 3 years.
$2,500 in mixed savings accounts through the bank, my emergency fund for whatever life throws at me, contribute to it every day.
At age 23 I had $0 in savings to my name, just the thousand or so in my checking account.
You are correct, that are a ton of biases in the responses here. Additionally, you don't know who is actually telling the truth and who is randomly pulling numbers out of their arse.
Quote:
Originally Posted by Racks
25 years old
$135k investments [from an inheritance, don't know why more people can't be honest about it...]
$4k in 401k [my own]
$20k savings [my own]
Thank you for your honesty. Most people are full of it and want to contribute all the good things in life to their "pure skills" and all the bad things to simply "bad luck". Most people are narcissistic, selfish, and egotistical maniacs they have the need to constantly take selfies and post them on social media sites in an attempt to show others how great their life is. Others have the need to brag or lie about how much money they have or earn on City Data.
A lot of things that happen in life involve luck and randomness. I highly recommend a book titled "Fooled By Randomness" by Dr. Nassim Taleb.
Quote:
Originally Posted by Geo-Aggie
My retirement savings isn't as impressive as most on this board, but I finished undergraduate later than some (25) and came from a poor family (no inheritance).
Age: 29
Traditional 401k: $14,000
Roth 401k: $13,000
Upside is no student loans though! Plus two liquid six-month emergency funds! :-D I'm doing okay, right? ... Right?
Yes, you are doing well for your age, and your numbers are in line with someone that is actually earning and saving their money by living a responsible lifestyle. Do you have no student loans because you paid them all off or did you receive money from others?
I am 27, business owner.
Do not have a 401k or any other investment except my business which i grow it by 50k to 100k every year for the past two years, but 6 yrs active.
And buying a second house, closing within a month. So, will beco e a landlord soon, will rent it out to family so i wont make anything just pay mortgage on it.
Networth would be hard to tell.
In property i have 200k if i sell tomorrow. Business and cash thats where it gets tricky. But if i tried to liquidate everything that is merchadise i probably have another 200k. While i give my business a value of 1.2 million to 1.6 million.
So i would say my networth is around 400 to 500k. Planning to have it at 1 million by the time i turn 30.
Yes, you are doing well for your age, and your numbers are in line with someone that is actually earning and saving their money by living a responsible lifestyle. Do you have no student loans because you paid them all off or did you receive money from others?
Neither. I went to a public land grant school, so tuition was only ~$2,500 a semester, and worked at Chili's my Freshman/Sophomore year and as a TA/RA my Junior and Senior years, while accepting a couple "need-based" grants/scholarships each year (usually about $2,000 a semester).
It was tight, but university can be done without money from others or debt (well, at least it could from 2007-2011). My grandpa did buy me a laptop computer though when I was a Freshman and gave me a few hundred dollars for a summer course I took out of state. Still have the laptop today
I am 60 and have $1.3 million in my IRA. Started early and strong with a company match of dollar for dollar on the first 6 %. Every raise I took 50% and the 401K took 50%. Wife and I between IRA's and deferred income have another $1 million. Have an old fashioned pension to boot. Should be in good shape unless Christie gets in office.
Wife and I between IRA's and deferred income have another $1 million. Have an old fashioned pension to boot. Should be in good shape unless Christie gets in office.
Knocking on that $80K threshold where the gov't says "you don't need your SS so we'll just keep your money"
(That's if Christies hypothetical plan gets rolled out)
Chris Christie has proposed reducing SS benefit for retiree's with more than $80,000 in income and eliminating SS payments for those with more than $200,000.
just a stupid idea from a man who was even clueless about the company he was in charge of as they were draining investor money away . he is as clueless about the real world as he was about everything else.
Chris Christie has proposed reducing SS benefit for retiree's with more than $80,000 in income and eliminating SS payments for those with more than $200,000.
Could we stop paying into SS then?
Take something that is basically welfare, and make it real welfare.
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