America's Retirement Saving Crisis

[NMpackalum]

2 hours ago, NorCalCoug said:

What I really bet on was people actually thinking that was a serious comment and reacting as such.  

I think you're serious. 

I'm trying to figure out when to put my stop loss limits in. Clean New Deal plus increased taxes plus Corona equals sinking stock prices. Interest rates are stagnant at best. Might as well put your money in Gold and bitcoin if Biden wins.

[CV147]

I haven't had an analysis done, but I'm going on 10 years into a 401k with probably another 30 years, or so, before retirement.

So I feel like I'm doing OK, and will explore using available cash to invest in other things as I go.

Where I last worked there were a pair of 50-somethings that had not started a 401k or done anything for retirement. I could not believe it.

[BYUcougfan]

House paid off.  Cars paid off.  Been saving into my retirement at an average clip of 15% since I was 26.

[soupslam1]

For the younger guys if Biden wins you will get to invest in a down market for four years. For us older guys we will continue to lose money from the Cvirus and stagnant economy. 

[soupslam1]

3 minutes ago, BYUcougfan said:

House paid off.  Cars paid off.  Been saving into my retirement at an average clip of 15% since I was 26.

Dang. Move in next to Akkula and you will be enjoying the good life. 

[BYUcougfan]

2 minutes ago, soupslam1 said:

For the younger guys if Biden wins you will get to invest in a down market for four years. For us older guys we will continue to lose money from the Cvirus and stagnant economy. 

Covid and a down market are a concern, but outside of my retirement window.  I am more worried about Democrats trying to nationalize retirement plans.

[renoskier]

1 hour ago, soupslam1 said:

For the younger guys if Biden wins you will get to invest in a down market for four years. For us older guys we will continue to lose money from the Cvirus and stagnant economy. 

You know, historically the market usually does better during Dem presidency's.

 

[NVGiant]

17 minutes ago, renoskier said:

You know, historically the market usually does better during Dem presidency's.

 

Shhh. Let these guys cash out.

[NVGiant]

I stuff money under my mattress, and when I’m ready to retire I’ll put it all on black. It’s fool-proof.

[DestinFlPackfan]

29 minutes ago, Bob said:

Wow, bunch of ballers on the MWC board. I’m investing pretty much everything l have in residential rentals. Hope it works out. Sure seems like it will at this point. Wife has been contributing to an IRA for a few years. 

White privilege 

[SalinasSpartan]

Me and my wife have saved practically nothing, we just started within the last two years. Fortunately we are in our early 30s and close to debt free, so I think we will be in good shape moving forward.

[Nevada6077]

I be working until I’m 80

my six kids and there families all live in four BR house,   They won’t work and believe it or not they all have maga hats

[soupslam1]

4 hours ago, Bob said:

Wow, bunch of ballers on the MWC board. I’m investing pretty much everything l have in residential rentals. Hope it works out. Sure seems like it will at this point. Wife has been contributing to an IRA for a few years. 

With the demand for housing it’s pretty much hard to go wrong investing in real estate. The down side is maintenance, having to deal with problem renters, and those that can’t pay their rent. 

[soupslam1]

1 hour ago, SalinasSpartan said:

Me and my wife have saved practically nothing, we just started within the last two years. Fortunately we are in our early 30s and close to debt free, so I think we will be in good shape moving forward.

Find a good IRA or 401k plan and diligently save a percentage that you can afford monthly and it’s amazing how it will grow. 

[SJSUMFA2013]

I plan to retire at 67 and die at 92. Proud to say I’m on track for both.

[East Coast Aztec]

9 minutes ago, soupslam1 said:

Find a good IRA or 401k plan and diligently save a percentage that you can afford monthly and it’s amazing how it will grow. 

and side investments.  A nice blended portfolio can really take some of the pressure off of a 401k delivering.  I do this on a small scale currently (paying debt off is the bulk of my excess cash), and my overall portfolio is down just marginally in this current depression.

[BYUcougfan]

11 hours ago, SalinasSpartan said:

Me and my wife have saved practically nothing, we just started within the last two years. Fortunately we are in our early 30s and close to debt free, so I think we will be in good shape moving forward.

 

9 hours ago, soupslam1 said:

Find a good IRA or 401k plan and diligently save a percentage that you can afford monthly and it’s amazing how it will grow. 

 

8 hours ago, East Coast Aztec said:

and side investments.  A nice blended portfolio can really take some of the pressure off of a 401k delivering.  I do this on a small scale currently (paying debt off is the bulk of my excess cash), and my overall portfolio is down just marginally in this current depression.

That is all good advice, but the most important thing is that you are nearly debt free.  I am guessing (for your age) that means cars and cards, but not a house.  If you can manage to stay debt free except for a home loan (and cars occasionally, but don't be the guy with a 60 or 72 month car loan), then you will be better off than the vast majority.  In my opinion, the key to a good retirement is paying off your home....just be smart about it.  Again, in my opinion, financial security is either having money in the bank or having your house paid off.  Draining all of your savings to only partially pay off your house puts you at risk.

[CPslograd]

My wife and i were way ahead on our retirement savings, then the housing bust dramatically impacted my income, for an extended period of time.  So between age 35 to 40 we had to largely take a hiatus from retirement saving.  

Now id say we are on track, neither ahead or behind in regards to our 401ks and IRAs.

 

[azgreg]

10 hours ago, SJSUMFA2013 said:

I plan to retire at 67 and die at 92. Proud to say I’m on track for both.

Does your birth certificate have an expiration date on it?

 

[NVGiant]

10 hours ago, SJSUMFA2013 said:

I plan to retire at 67 and die at 92. Proud to say I’m on track for both.

That’s a better plan than aiming to retire at 92 and dying at 67.