Are You Saving Enough to Retire?

[MickintheHam]

Seems as though I have been saving all of my life. And I have been very fortunate to have had a 401(k) since the early 70s. Of course it has been severely and unfairly damaged by a divorce, but I'm still glad I saved. Now don't get me wrong, I love my career. There is no end of work on the horizon. But, the curiosity is there. Should I spend more and save less or save less and spend more?

So, the question comes up, "when is enough, enough?". I've been doing a lot lately to get affairs in order and have much still to do. But no matter how much I read, I'm never satisfied that I know enough.

Here's an article I found helpful and thought I would share it with those who are asking the same question, "When is enough, enough?".

http://www.foxbusiness.com/news/2013...ntcmp=trending

[BigBlueBrock]

Only via my 403(b) retirement account through Fidelity. UK mandates 5% from all employees, they give 10%. I don't know how much I have in there, I never really look at it (I'm quite a ways from retirement).

Beyond that, I don't really save money long term. Pointless with inflation rates higher than interest on savings, CDs, etc. My money is worth more at the cash register today than in my pocket next year. So I spend it.

[MickintheHam]

Only via my 403(b) retirement account through Fidelity. UK mandates 5% from all employees, they give 10%. I don't know how much I have in there, I never really look at it (I'm quite a ways from retirement).

Beyond that, I don't really save money long term. Pointless with inflation rates higher than interest on savings, CDs, etc. My money is worth more at the cash register today than in my pocket next year. So I spend it.

Hell, 5% with a 10% match for a highly paid University employee should take care of you through old age. Spend all you can!!

[UKHistory]

Every penny I can pick up off the ground I do. Trying to teach my wife to save better--long struggle.

I encourage folks to save and remember to pay your self first and don't touch it. Whether that $1,000 a month over what is taken out of hte paycheck or just a couple of hundred.

Savie for retirement
Save for emergencies
Save for being laid off or fired
Save for fun trips

Even with inflation and low interest rates, something is better than nothing.

I am a big believer in being debt free.

[blueboss]

If everybody on this site sends me $500.00 each I'll share a proven calculator to show you how to determine what your "number" will be.

Seriously, a very good question, which is daunting to actually look at, especially with the economy the way it has been over the last 5-6 years.

[MickintheHam]

If everybody on this site sends me $500.00 each I'll share a proven calculator to show you how to determine what your "number" will be.

Seriously, a very good question, which is daunting to actually look at, especially with the economy the way it has been over the last 5-6 years.

That is exactly why I have no plan to retire. This crowd in Washington is capable of destroying all that folks have saved. A guy who follows this stuff as his career told me last week he is seriously worried about Social Security. You know that already. But,......He is concerned there will be legislation negatively affecting those who have already retired. Legislation is rumored, in financial circles, to be drafted and ready for roll out in the new Congress. I wasn't sure I believed him until he told me it would be targeted at those who are receiving the SS Max amount and those who already have 401(k)s. Does this sound like the tax legislation the current administration wants to ram through?

[Darrell KSR]

Quitting is for losers!

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[MickintheHam]

Quitting is for losers!

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Sometimes the decision is not your own.

[CitizenBBN]

Mick, your friend isn't lying. The trial balloons for more than one version of that move are already being floated in certain circles. I've been changing my portfolio to move away from things easily annexed by our benevolent government. Be "market poor".

The story about ants and grasshoppers is true. I'd say spend it all now at your own peril, but the government will take care of those who don't take care of themselves by taking from those who do.

As history said, paying yourself first is the surest way to get ahead regardless of the economic conditions. It's not always easy, but it's the right decision in the long run. Like the 78 title team, the "season with no fun" yielded a whole lot of it when they cut down those nets and it's lasted a long time.

[jazyd]

Mick, world comm killed us. The pan was to retire at 62 with everything paid, when our daughter was a senior in HS s when it all came apart. We lost $38,000 in her college fund...we still had $10,000 which got us thru....and we lost $250,000 in our retirement and that was in 2000. So all of a sudden we have to pay for college, then 2 yrs later a wedding and last fall $18,000 to fix our foundation.
Thankfully we paid for college w/o borrowing, paid for the wedding fully and had saved enough to pay the foundation work.

We do save out of every check, not much but what we can plus we have a savings account for both granddaughters. We also tithe 10% to church plus some above.

I waited longer than I should to pay extra on the house but we refined down to 15 yrs and pay extra each month which hurts but we will pay it off 3 yrs early.

Throw in a shitty economy the last 4 yrs and it has been tough with our income down $10,000

Do you really think those idiots in DC will tick off all the seniors nd Ll the boomers headed to SS? If they do they will get voted out quickly IMO.

We certainly don't ave what I had envisioned 15 yrs ago but we will be debt free and survive fine. I also planned on our SIL continue to make big money and support us but he is a jerk and I probably will end up paying for the divorce

[CitizenBBN]

jazy they can't just cut SS across the board, it's political disaster. What they will try to do is argue the "rich" don't need as much of it as they are getting and lower the caps as well as offset it against 401(k) income. It will be presented as saving SS by making it "fair". The fact that it was set up as a retirement account proportional to what you put in (in theory) will be long forgotten.

[jazyd]

Citizen, agree it would be suicide, that group which includes me now is growing daily. Big voting bloc.
With this group of idiots maybe they should try it so they can get voted out


QUOTE=CitizenBBN;103551]jazy they can't just cut SS across the board, it's political disaster. What they will try to do is argue the "rich" don't need as much of it as they are getting and lower the caps as well as offset it against 401(k) income. It will be presented as saving SS by making it "fair". The fact that it was set up as a retirement account proportional to what you put in (in theory) will be long forgotten.[/QUOTE]

[MickintheHam]

jazy they can't just cut SS across the board, it's political disaster. What they will try to do is argue the "rich" don't need as much of it as they are getting and lower the caps as well as offset it against 401(k) income. It will be presented as saving SS by making it "fair". The fact that it was set up as a retirement account proportional to what you put in (in theory) will be long forgotten.

Yep, that is the plan. Make SS "fair". Don't give full payments to those who paid in the most or don't pay those who also have 401(k)s. It will be well received by many.

I had been contemplating taking SS payments even with the age discount to get ready to retire. That may be exactly what I do. Take whatever money I can get out of it while I can.