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14 members (SnipeHunter, inatree, MoeBuck, Bulls eye, AMB, Jweeks, fish251, Cfh76, Gut Pile 32, BRP549, Auburn1716, ALclearcut, 2 invisible),
878
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Key:
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Global Mod,
Mod
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Joined: Dec 2013
Posts: 28,352 Likes: 566
a.k.a. Dingle Johnson
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a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 28,352 Likes: 566 |
I thought for a long time that I was unprepared for retirement, however Mrs. Irish and I, after starting over fairly late in life (11 years ago), we have buckled down and have started pouring as much as possible in our retirement savings. I will be maxing out my 401k contribution starting in March in hopes of retiring at 63. i know the stock market has it's ups and downs, but you have to put your money in something... I read this article and I was kind of shocked at how little most people have in their 401k accounts... (Look at the "median" numbers.) https://www.theladders.com/career-advice/the-average-401k-balance-by-ageIs it because people don't trust the investments, or because people are not willing to make the sacrifices now for the return later?
Last edited by Irishguy; 01/31/19 07:40 PM.
"When I say ever thing I mean ever thing." - Frankie
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Joined: Aug 2014
Posts: 14,395 Likes: 4
Gary's Fluffer
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Gary's Fluffer
Joined: Aug 2014
Posts: 14,395 Likes: 4 |
Could also be that there are other (and potentially better) investment options.
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Joined: Sep 2001
Posts: 1,247 Likes: 18
8 point
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8 point
Joined: Sep 2001
Posts: 1,247 Likes: 18 |
The latter. Not willing to sacrifice. See it daily with what I do.
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Joined: Oct 2003
Posts: 25,712
Freak of Nature
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Freak of Nature
Joined: Oct 2003
Posts: 25,712 |
Off topic but I looked at my quarterly report and saw that I lost over $9,000 last quarter in mine. It’s hard for me to get excited to keep upping my contributions when that shucks happens.
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Joined: Jul 2017
Posts: 591
4 point
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4 point
Joined: Jul 2017
Posts: 591 |
That’s shocking, I started contributing the maximum company match at my first job that offered it and haven’t looked back. Thank goodness I had a father and a good friend who convinced me to do so. I’m 37 now and I haven’t met anyone at my workplace yet that has a balance near mine. I’m retiring in my 50s, period. That’s always been my goal and I’m going to make it happen whether I have to retire the day before I turn 60 or not. I’ve seen too many men work jobs they don’t love beyond their best years and I won’t be one of them.
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Joined: Nov 2005
Posts: 8,859 Likes: 2
14 point
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14 point
Joined: Nov 2005
Posts: 8,859 Likes: 2 |
I’m way ahead on the mean but fairly close on the average number
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Joined: Dec 2013
Posts: 28,352 Likes: 566
a.k.a. Dingle Johnson
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a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 28,352 Likes: 566 |
Could also be that there are other (and potentially better) investment options. Oh... Please share...
"When I say ever thing I mean ever thing." - Frankie
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Joined: Nov 2005
Posts: 8,859 Likes: 2
14 point
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14 point
Joined: Nov 2005
Posts: 8,859 Likes: 2 |
Could also be that there are other (and potentially better) investment options. Oh... Please share... Bet he is gonna say real estate
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Joined: Dec 2018
Posts: 1,500
8 point
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8 point
Joined: Dec 2018
Posts: 1,500 |
Stock market is okay but I started at 20 and bought a small piece (3 acres) of raw property and over the next 3 years. improved it sold it and continued to invest in raw land. Retired at 44 stayed at home with the wife and traveled and just out right enjoyed life for a while. After several years went back worked 10 years retired again 5 years ago and haven’t looked back. Now at 68 don’t plan on going back.
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Joined: Nov 2008
Posts: 10,750 Likes: 4
Booner
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Booner
Joined: Nov 2008
Posts: 10,750 Likes: 4 |
Could also be that there are other (and potentially better) investment options. Oh... Please share... Lending cash on Wednesday. If you don’t think they can pay it back, hold collateral.
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Joined: Dec 2009
Posts: 5,517
12 point
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12 point
Joined: Dec 2009
Posts: 5,517 |
I didn't get started saving for retirement until what would be considered late in life at the age of 35. This was due to basicly having crappy low paying jobs. I am well above the average for my age at this point but it does require you to do without stuff you would like to have and could afford. I would say most people don't save due to low paying jobs. For the people that make above average wages (the average wage in Bham is around 48k a year) and are not saving for retirement they just don't want to make the sacrifices nessacary to do so.
If you're gonna be stupid you better be tough.
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Joined: Dec 2018
Posts: 2,070
8 point
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8 point
Joined: Dec 2018
Posts: 2,070 |
Could also be that there are other (and potentially better) investment options. Oh... Please share... Bet he is gonna say real estate yes real estate. I stretched myself at the bottom of the housing bubble bust and bought another house...Yes, in Las Vegas. Granted I was stationed at Nellis doing a joint Navy job but we got aggressive and had the down payment for a foreclosure (Vegas was SO FULL of them at the time). we bought a house that was built in 2007 (and sold then for $284k) and we paid $102k...today that house is being rented for $1350 / month and my mortgage is roughly $550. I could drop that house tomorrow for $240k. I should have bought 3 of them and stopped putting money in my 401k. my 401k has barely made anything over the last 10 years. just my 2 cents.
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Joined: Jul 2011
Posts: 39,957 Likes: 130
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 39,957 Likes: 130 |
I didn't get started saving for retirement until what would be considered late in life at the age of 35. This was due to basicly having crappy low paying jobs. I am well above the average for my age at this point but it does require you to do without stuff you would like to have and could afford. I would say most people don't save due to low paying jobs. For the people that make above average wages (the average wage in Bham is around 48k a year) and are not saving for retirement they just don't want to make the sacrifices nessacary to do so. You are correct , Sir. It's the low pay . "Investment specialists" spout max out your 401 , sock a bunch in a roth while you're at it. That's easy when you make big $. Most folks don't make big $, especially young folks.
"Why do you ask"?
Too many people spend money they don't have , on things they don't need, to impress people they don't know.
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Joined: Aug 2014
Posts: 14,395 Likes: 4
Gary's Fluffer
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Gary's Fluffer
Joined: Aug 2014
Posts: 14,395 Likes: 4 |
Could also be that there are other (and potentially better) investment options. Oh... Please share... Bet he is gonna say real estate Oh no I wasn’t saying that there actually are any. I was saying that could be a reason for low 401k numbers. I will say that my financial advisor has us maxing out our Roth IRA’s before putting any more into a 401k.
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Joined: Dec 2018
Posts: 2,070
8 point
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8 point
Joined: Dec 2018
Posts: 2,070 |
I didn't get started saving for retirement until what would be considered late in life at the age of 35. This was due to basicly having crappy low paying jobs. I am well above the average for my age at this point but it does require you to do without stuff you would like to have and could afford. I would say most people don't save due to low paying jobs. For the people that make above average wages (the average wage in Bham is around 48k a year) and are not saving for retirement they just don't want to make the sacrifices nessacary to do so. You are correct , Sir. It's the low pay . "Investment specialists" spout max out your 401 , sock a bunch in a roth while you're at it. That's easy when you make big $. Most folks don't make big $, especially young folks. define "big money". Roth IRAs are the best investment options available for almost any income bracket. what would big money be for a 25 year old male without a college degree. (assuming high school graduate)
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Joined: Mar 2018
Posts: 16,939
Old Mossy Horns
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Old Mossy Horns
Joined: Mar 2018
Posts: 16,939 |
I didn't get started saving for retirement until what would be considered late in life at the age of 35. This was due to basicly having crappy low paying jobs. I am well above the average for my age at this point but it does require you to do without stuff you would like to have and could afford. I would say most people don't save due to low paying jobs. For the people that make above average wages (the average wage in Bham is around 48k a year) and are not saving for retirement they just don't want to make the sacrifices nessacary to do so. You are correct , Sir. It's the low pay . "Investment specialists" spout max out your 401 , sock a bunch in a roth while you're at it. That's easy when you make big $. Most folks don't make big $, especially young folks. Agreed
They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety.
Ben Franklin
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Joined: Dec 2006
Posts: 2,146
8 point
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8 point
Joined: Dec 2006
Posts: 2,146 |
My company pays $5 an hour into my pension fund. I pray it’s still there when I retire one day. I just started putting 4% (no match) into a 401k. Something better than nothing.
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Joined: Jun 2015
Posts: 15,386 Likes: 80
Old Mossy Horns
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Old Mossy Horns
Joined: Jun 2015
Posts: 15,386 Likes: 80 |
Maxed Roth IRA and a maxed 401K for 30 years will bring a comfortable retirement.
The early years matter the most.
Investing from age 20-35 matters the most but that's also when many are broke.
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Joined: Sep 2007
Posts: 3,190
10 point
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10 point
Joined: Sep 2007
Posts: 3,190 |
Wow! Central bama is a relatively cheap place to live, but no way do I see how those numbers could work. I’ll spend over $20,000 on healthcare this year, and I’m young and healthy.
Side note, I believe real estate is a better investment.
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Joined: Jun 2013
Posts: 57,352 Likes: 113
Freak of Nature
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Freak of Nature
Joined: Jun 2013
Posts: 57,352 Likes: 113 |
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