How u Doing? Retirement savings.

[sobo]

We're not in a bad place, all in all. Sure, we pinch pennies and live simply, but we don't live paycheck to paycheck. I don't sit around feeling sorry for myself. I know I could do better if I really had the ambition and drive to do so, but my focus is on raising my family right now. That, and to be honest my needs are pretty simple. I've never had any interest in all the fancy toys in life. Never wanted a fancy car, a big house, a boat, RV, or any of that. It's great if that's what you like, just not for me.

^^^ That right there... ^^^

Getting away from paycheck-to-paycheck living is, first and foremost, the key to financial peace.
Secondly, keeping one's needs simple, a.k.a. living within/below one's means, will provide one with immeasurable solace in hard times.
And sure, people can have fancy cars, big houses, and tons of toys, but they should be able to afford them or they're just lying to themselves. The thing about keeping up with the Joneses, is that the Joneses are bubbleguming broke! Why be like them?

 

[Medic!]

^^^ That right there... ^^^

Getting away from paycheck-to-paycheck living is, first and foremost, the key to financial peace.
Secondly, keeping one's needs simple, a.k.a. living within/below one's means, will provide one with immeasurable solace in hard times.
And sure, people can have fancy cars, big houses, and tons of toys, but they should be able to afford them or they're just lying to themselves. The thing about keeping up with the Joneses, is that the Joneses are bubbleguming broke! Why be like them?

What!
Are you saying to act your wage?

 

[sobo]

Why... yes!

 

[The Heretic]

I was once without a job for 2 years and 2 days exactly. I kept looking and eventually my previous employer hired me back.

During that time I made do in no small part because I had very low expenses. I got to the point where I was going to have to move to my parents or to California in a few months because I was going to run out of funds and I had no income, but then I got a job again.

I am much better now. SSI will tide me over until such time as old age causes high med expenses, but hopefully that is a a decade or more away.

 

[cookie]

Your situation looks good on the surface.
But How much do you owe?

A stock market crash and your $548k is shot. Then you use your $400k to pay off the house so your not on the street?
Now your at Zero. Just your homes equity.

Not picking on you. Just using your numbers as an example.
You don't want to be in dept going into this recession. Leverage will be the undoing of many in the year to come.

Now if you are debt free with your kind of numbers?
Then you my friend. Are my hero!

House is paid off. Everything is paid off . I live a plain and simple life style. The stock market is a gamble. Life has no guarantees.

 

[Unicykle]

I have savings but no retirement, males in my family die from heart problem in thier late 50-60s so ive always planned on working till i keel over.

 

[v0lcom13sn0w]

very very well when compared to the average of the "thirtysomethings"

 

[CLT65]

I'm trying to teach my kids to start saving as soon as possible. I didn't start a 401k until I was 28. I dumped 17% into it for a short time, until I got married and decided I couldn't afford that anymore. I always put in enough to get the maximum company match, but wish I had started earlier and put more in longer.

I'm pretty sure I could talk until I was blue in the face, and not force my kids to learn from my mistakes. Sometimes people just have to learn on their own. I just hope it doesn't take them as long as it took me.

 

[HaveGun]

My dad was complaining that he lost $100k in the market last month. Yikes! I'm way behind on my savings, but I'm with a company that doesn't do 401k matches. We have an Employee Stock Option Plan. Great for those who started with the company when it was first started in the late 80's; they're all millionaires. Not so great for those of us who have been here less than 10 years, but still not bad. My last company matched up to 8% and I maxed it out. After 6 years there and 6 years here, both accumulated about the same amount of money.

 

[The Heretic]

Still going up (another couple thousand this morning) despite unemployment numbers being higher than expected (economists predicted *cough* guessed *cough* lower), but down from the previous week.

Keep it up Dow, S&P, Nasdaq - I need those dollars!

 

[Dungannon]

Have lived below my means all my life. Eliminated all debt 22 years before retirement. Even in retirement, we still live below our means. Our parents, who grew up in the depression, set a good example and we absorbed the lesson.

 

[cookie]

My dad was complaining that he lost $100k in the market last month. Yikes! I'm way behind on my savings, but I'm with a company that doesn't do 401k matches. We have an Employee Stock Option Plan. Great for those who started with the company when it was first started in the late 80's; they're all millionaires. Not so great for those of us who have been here less than 10 years, but still not bad. My last company matched up to 8% and I maxed it out. After 6 years there and 6 years here, both accumulated about the same amount of money.

In theory he only lost the money if he sold the stocks at that time. knock on wood Iam almost back to January's amount.... Knock on wood.... The mrket is a place top put extra $$$$

 

[cookie]

Have lived below my means all my life. Eliminated all debt 22 years before retirement. Even in retirement, we still live below our means. Our parents, who grew up in the depression, set a good example and we absorbed the lesson.

Mine as well !!!

 

[The Heretic]

WEnt up about $3K today in just the IRAs. The 401K won't update until tomorrow.

 

[Mikej]

My retirement plan is a massive heart attack.

If you're not joking? I feel you. Our plans for getting out of this hell hole were dashed as we lost a bunch. Our "Guy" had even moved us into safer stuff before SHTF. I haven't even looked at our account in a month. I wished I hadn't back THEN!

 

[sobo]

WEnt up about $3K today in just the IRAs. The 401K won't update until tomorrow.

Yup, I'm seeing the same. My 401(k) went up $5,500 overnight from 6/01 to 6/02. Haven't checked the IRAs for yesterday's performance yet, but it all smells like roses...
As of June 01, my portfolio is right back to where it was at the end of February, before all of this COVID crap hit. I've just lost 3 months of earnings/growth.

ETA: Just checked for today's numbers...
IRA is up >$1,000 from 6/02 to 6/03
401(k) is up >$3,300 from 6/02 to 6/03
So, 401(k) up $8,800+ for the first 3 days of June, and the IRA is up $2,200+ for the same period when I add in the IRA performance for 6/01 to 6/02.

 

[The Heretic]

I've just lost 3 months of earnings/growth.

Yeah. Pretty soon I am going to have to decide to cut and run, or hold on for a bit longer hoping to get some of that lost earning opportunity back. I may go to cash in the Roth, which is my first choice for emergency funds (not taxes) beyond my checking account. Then I may hold the big conventional IRA where it is (60/40 bonds/stocks) until I get some opportunity earnings from that.

Not sure if I want to keep the 401K as is or not - it is mostly stocks but it is a lot easier for me to manage it myself - I can rebalance it overnight if I want. It is slightly larger than my Roth, but cashing it out would incur taxes - I can't take a loan from it since I am unemployed - but if I had to then I have three years to pay the taxes if I did it this year. I put about $7K into it before being laid off, since the beginning of the year, I want to make sure I am in the black this year with regards to that, maybe some earnings, then switch over to bonds and cash there.

Just got news yesterday that there might be a big medical expense I might need to help out with if insurance disallows it - will know more in a few days, maybe by early next week - then I will adjust for that. Stuff happens.

 

[sobo]

Things sound good for you. Bummer on the medical news...

 

[JedB]

How u Doing?

401(k) Balance: How You Compare to Others Your Age

Aloha, Mark

Based on this metric: "6x your salary banked at age 50" I'm underperforming by about 30% if that doesn't include the house.
If I'm including the net from the house (Current market rate less what I still owe), I'm about 15% over the 6x requirement.

Need to up my contributions, now that I can add extra to the 401K.

 

[The Heretic]

Things sound good for you. Bummer on the medical news...

I am doing ok. Thinking about just accepting that I won't get another job. Had hoped to retire this year anyway, but accepted that my plans required the income from a job. I will give the job search until the benes run out and if I don't find anything then just go with the flow. Got to get into SSI office sometime this month though - can't seem to get into my online account.