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Imagine what shape the people are in who haven't responded to this thread...
Well, they might not have anything saved but some families look out for others in old age so it may not make a difference. And if you ask me, that's the way to go, not throwing tons of money at the wall street crooks.
Last edited by Morphous01; 01-22-2010 at 07:13 PM..
$12K in 401K, 21K in Roth IRA/32 Years old. I am so screwed, I did not start saving till later in life, and my field of employment is not a high paying one. I save and put away every cent a month I can, but you cannot substitute a higher salary where you can afford to put away the max every month. I have been working for the last 7 years putting my wife through school, and on 1 income, its hard to maximize savings. If only I had started earlier in life, I might be farther along.
You're not screwed. Just use your brain, and keep your options open, there are many ways to make extra money on the side. Also, once your wife gets a job she can use a portion of her money to put into retirement.
I'm not even sure it's worth saving anymore, with the massive amount of debt our gov't is accumulating I'm worried that inflation in 20-30 years is going to negate all my earnings.
I am 48 and I have $130,000 in my retirement account. I did not start until my mid thirties, would have started sooner if I had been wiser. We have no credit card or loans, except for a car payment. Sold our home and have that money in a mutual fund for now..
I'm not even sure it's worth saving anymore, with the massive amount of debt our gov't is accumulating I'm worried that inflation in 20-30 years is going to negate all my earnings.
Could be the case.
That's why my goal is a paid off home, a mix of investments, a piece of land I can timber and lease for mineral rights and some other smaller hard assets.
Also I think investing in yourself every year to learn new skills and keep the resume fresh is also good.
I'm 40 and people our age have it tough. Every 8 years or so we've lost half of our 401Ks. There is absolutely no way I will ever have 1 million dollars in there. I have about what you have and a husband who accepts he will never retire. We are fortunate enough to own our home outright.
Why do you think you will never be able to retire. With a paid for house, you have two things going for you. First, your monthly expenses are less, which means you should be able to put more away (you do still have at least 20 years till retirement). Second, you will require less in retirement, since your expenses will be lower. I think you are in a very enviable position.
DOn't look at your 401k balance (or the balance of any of your investments for that matter). Since you're not retiring today, you don't need them to be top producers. In fact, this recession is actually a blessing, in that you can can buy for very cheap right now. I know many people have decided to stop investing, but in my mind that is the absolute worst decision one could make (unless they are at retirement age). I have continued to dollar cost average. I'm confident that when I reach retirement age, I will be fine - and I'm actually older than you.
Why do you think you will never be able to retire. With a paid for house, you have two things going for you. First, your monthly expenses are less, which means you should be able to put more away (you do still have at least 20 years till retirement). Second, you will require less in retirement, since your expenses will be lower. I think you are in a very enviable position.
DOn't look at your 401k balance (or the balance of any of your investments for that matter). Since you're not retiring today, you don't need them to be top producers. In fact, this recession is actually a blessing, in that you can can buy for very cheap right now. I know many people have decided to stop investing, but in my mind that is the absolute worst decision one could make (unless they are at retirement age). I have continued to dollar cost average. I'm confident that when I reach retirement age, I will be fine - and I'm actually older than you.
I was half joking. And we are VERY fortunate to have the house free and clear. But that's due in large part to the fact that my husband inherited a house his father worked hard to provide. Without that we would not be in the shape we are in (which is pretty good). Without that leg up, though, others in my generation have had a hard time saving for retirement. And since we've been working so hard to get in this position we're just getting around to having our first child (yay!). Which is why he won't be retiring early. But that's also a choice - we both thing it's important for one of us to be home. So money will be tight but I like the dividends for this particular investment!
33 years old here and we have about 320K in retirement savings. Have been contributing 15% from day 1 and benefit from a reasonable employer match. Feel pretty good about where we are but as someone said before you always question in the back of your mind.
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