How much are you saving for retirement?

[kneifl]

I save all of my commission checks, our tax returns (if we get one, the last few years have been difficult squeezing a dime out of the government and they seem to want me to pay in now - fuckers), and I max out my wifes retirement plan at 20%, employer matches the standard 4%. We make decent money (not rich) but I have seen the only way to make damn good money is to own your own successful business. Another thing, some of my friends around here do own their own businesses and spend ridiculously on boats, services, luxury vacations, etc. They end up struggling sometimes at the end of the month. Others are very thrifty (and wealthy) and I have found these guys to be very (extremely) tight. That's totally cool with me until they argue about splitting a check, or something like that. Just my experience.

kneifl

 

[kneifl]

Anyone get nervous that their 401k will be worth shit at retirement because the market will be at in the tank?

All the time, regardless of where you move your investments. People on Wall Street our total crooks.

kneifl

 

[GENO]

All the time, regardless of where you move your investments. People on Wall Street our total crooks.

kneifl

AGREE, currently reading "THE NEW ROBBER BARONS" by Janet Tavakoli,

I am worried about a BAIL IN next,..$$$:sadwave:

 

[Dead Money]

Anyone get nervous that their 401k will be worth shit at retirement because the market will be at in the tank?

Not to mention lost purchasing power due to inflation?

Take away the Fed throwing bazillions of dollars into the stock market, you will be left with what?

Consider some gold and silver...historic, real value, not greater fool chasing pieces of paper, convinced someone will come along and pay more for the same piece of paper.

 

[PocketAces]

I'm glad that I'm not the only one that is concerned by the legitimacy of the stock market. I wouldn't have a dime in the market if I was less than 10 years from retirement.

I can't pick a winner on Saturdays or Sundays but you don't have to be a rocket scientist to figure out that something stinks.

My only hope is that when it crashes this time it takes less than 20 years to come back.

 

[redsfann]

We max out our 401ks and Roth IRAs while saving even more in regular, taxable IRAs along with 500 a month in each of our kids 529 plans. Toss in our rental properties and some prime Iowa farmland that my wife owns with her sisters and financially we don't have many worries.
Don't feel we live frugally by any stretch as we just don't believe in material goods-- would rather travel and have experiences than possess stuff that just wears out.
At 49, I probably have enough to retire now, but I'm not planning on retiring before my kids start college, and I'll be 63 when my youngest starts.
I've saved money for the future since I started my paper route when I was 9 yrs old.
I look at saving like I'd look at someone needing to stop drinking--- I can lead u to the right path and show u a good example, but everyone is gonna do what they are gonna do.

 

[MadJack]

I'm glad that I'm not the only one that is concerned by the legitimacy of the stock market. I wouldn't have a dime in the market if I was less than 10 years from retirement.

I can't pick a winner on Saturdays or Sundays but you don't have to be a rocket scientist to figure out that something stinks.

My only hope is that when it crashes this time it takes less than 20 years to come back.

You can be in on the crash side and make a fortune if you time it right.

 

[Morris]

I remember back inthe early 90's asking what the enrollment rate was on the stock plan. At the time there was a 85% match.

9% of the people were in.

 

[DuckDogs]

We max out our 401ks and Roth IRAs while saving even more in regular, taxable IRAs along with 500 a month in each of our kids 529 plans. Toss in our rental properties and some prime Iowa farmland that my wife owns with her sisters and financially we don't have many worries.
Don't feel we live frugally by any stretch as we just don't believe in material goods-- would rather travel and have experiences than possess stuff that just wears out.
At 49, I probably have enough to retire now, but I'm not planning on retiring before my kids start college, and I'll be 63 when my youngest starts.
I've saved money for the future since I started my paper route when I was 9 yrs old.
I look at saving like I'd look at someone needing to stop drinking--- I can lead u to the right path and show u a good example, but everyone is gonna do what they are gonna do.

500/529


awesome:toast:

 

[GENO]

6800 an acre locally, and stories of 8000+ in Iowa, I would say you are set! Congrats & enjoy

 

[redsfann]

6800 an acre locally, and stories of 8000+ in Iowa, I would say you are set! Congrats & enjoy

8000 an acre isn't out of the question, a parcel in the same county sold for 9750 an acre last spring and have heard of several sales in other parts of iowa that brought more than 10k an acre...

 

[pug]

My wife and I worked our assets off since we started our law firm in 2001. I will be 43 and she will be 36. We saved approximately 25% of our income for retirement for the last 12 years. We are retiring in April and moving to Costa Rica before the economy collapses here. All of our assets will be outside the U.S. and not in U.S. dollars.

 

[krc]

I was just asked by IBM to retire (no choice). 31 years no pension (to young when they converted to cash balance). I have always put 15% into 401k and at least 10% into savings.

I have wanted skills. However, I am a little burnt out from the grind of high tech jobs.

51 years old
The good news is, I am not sure I have to work anymore.

The bad news is, I am ready to retire. However, I am not mentally ready to retire. :0008
Funny how things work. :shrug:

 

[Penguinfan]

I was just asked by IBM to retire (no choice). 31 years no pension (to young when they converted to cash balance). I have always put 15% into 401k and at least 10% into savings.

I have wanted skills. However, I am a little burnt out from the grind of high tech jobs.

51 years old
The good news is, I am not sure I have to work anymore.

The bad news is, I am ready to retire. However, I am not mentally ready to retire. :0008
Funny how things work. :shrug:

Sounds like you have done well for yourself and while not ideal for you, things could be much worse.

Congrats, I think.

 

[DOGS THAT BARK]

My wife and I worked our assets off since we started our law firm in 2001. I will be 43 and she will be 36. We saved approximately 25% of our income for retirement for the last 12 years. We are retiring in April and moving to Costa Rica before the economy collapses here. All of our assets will be outside the U.S. and not in U.S. dollars.

Pug If you would have jack forward your email to me or they can forward mine to you.

I am also considering Costa Rica as well as Island of Hainan in south china sea. What part of Costa Rica are looking at. I will be headed there with winter to look around and would like to look at area you zero'd in on.

I am in agreement on future of economics here and believe diversification is prudent for obvious reasons (our transformation towards welfare nation).

One avenue I've employed is tax free gifting. If you have family you trust outside of U.S. you can gift 13,000 (14,000 in 2013) per individual. In my wife and I case we could gift (tax free) up to as much as $78,000 a year to her sister's family (3 people) if we choose.

Did you ever consider Panama along with Costa Rica?

 

[hedgehog]

Hedge will be along shortly. :0003

:shrug: I put 6 percent of my salary in my 401k and I get profit sharing and 10 percent added from my company

My personal investments I have most of my money in hedge funds :0003

I will need about a million in 401k to retire I figure