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Thanks everyone! I am mid 30’s and have lowered my contribution temporarily because Im doing part time with a young family. I guess I need to ramp it back up when possible. Spouse is doing 10% now, and I’m doing 5%. Many of my peers have less than what we’ve set aside. Perhaps we have time to catch up in a few years too. But a bit scary for many when its our time to retire.
That's not awesome, but it's decent. The fact that you're worried about it is a good sign. It's the people who aren't worried and aren't saving anything who are in the most trouble.
By the way, here's the best article on the relationship between savings rate (after tax) and years it takes to get to retirement/financial independence. You'll need to be at least 50% invested in stocks for this to work, preferably a little more than that:
You can be sarcastic if you wish but some people are actually doing some or even all of the things you wrote in your post. Don't be a fool and not heed a warning. You will be one of the first to complain. What's coming will be worse than 2008 and apparently you aren't remotely prepared. Unfortunately, you and many others will be caught off guard. You think it can't happen in America? Well, just wait and see. The game is over so you'd better protect yourself. Anyway, I'm not going back-and-forth with you. You're not my responsibility. Ciao....!
If what's coming up will be worse than 2008, then there's probably nothing you can invest in that's going to do you any good.
I was thinking you were the poster from a high cost of living area, Maybe Bay area or Seattle who seemed in a rut and didn't know how to get out despite the good advice from posters on City-Data forum. Maybe he or she won the lottery and bought an island and is too busy to post.
I am saving money right now (not this freaking month, though - because, Christmas) and it goes into a savings account that pays about .01% interest. I simply don't want to lock it up long term at this point in time.
You can open up an online savings account, typically with no minimums, that pays a lot better than that.
My account at FNBO Direct pays 2.15% and has no account minimums. I've had it for years and I don't even think the interest rate they pay is the highest.
I rarely put aside a set amount for savings. I guess the trick for me was getting 10-15 yr. loans on my rental houses so the amortization would be forced savings. Some months when there was a surplus I would pay down principal on a loan.* The exceptions were when I set aside money from an office job to buy a computer. At $2100 in 1996 that was a big purchase! Also after a car payment ended I would save that amount for the down payment on the next car.
* obviously this would not work for those among us who consider landlording a fate worse than death.
You can be sarcastic if you wish but some people are actually doing some or even all of the things you wrote in your post. Don't be a fool and not heed a warning. You will be one of the first to complain. What's coming will be worse than 2008 and apparently you aren't remotely prepared. Unfortunately, you and many others will be caught off guard. You think it can't happen in America? Well, just wait and see. The game is over so you'd better protect yourself. Anyway, I'm not going back-and-forth with you. You're not my responsibility. Ciao....!
Quote:
Originally Posted by mysticaltyger
If what's coming up will be worse than 2008, then there's probably nothing you can invest in that's going to do you any good.
I think that poster is long gone and living in a cave sitting on gold bars and a shotgun pointed at the entrance.
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