Q: What are average retirement savings?
A: Here are some average retirement savings statistics that I have gathered:
The typical American household, headed by a 43-year-old, has retirement savings of $18,750.
The typical pre-retiree household (age 55 and up) has a retirement savings of $60,000.
Baby boomers between the ages of 41 and 54 have typically a retirement savings of $30,000.
Baby boomers have median total household personal retirement savings of $35,000.
Baby boomers who save in a 401k have an average 401k account balance of $80,000.
According to a survey, 51 percent of workers age 55 and up have saved less than $50,000 in retirement savings (not including the value of a primary residence). And 39 percent of workers in the same age group have saved less than $25,000 in retirement savings.
Another survey estimates that one in five pre-retirees age 50 to 64 has less than $5,000 in retirement savings.
A recent survey found that almost 70 percent of Generation Y workers (those 18 to 25 years old) don’t bother to contribute to a 401k.
I hope these have shed some light on your average retirement savings question.
thanks for the research!
Comment by JojoMojo — January 4, 2008 @ 9:23 am
A typical cop can retire in his 40′s with 80% salary for life.
Therefore, the only option is public service. They don’t have to save, we do it for them with taxes.
Comment by Forgetretirement — April 10, 2009 @ 1:28 pm
Don’t forget that not only do government workers also pay taxes, we also contribute to our own pensions.
Between social security, my 401(k) and my state pension, 16.2% of my salary each month goes toward retirement. 16.2% is more than I paid in income taxes last year!
What you should be mad about is the redistribution of wealth to older Americans in this country. They are draining the Social Security and Medicare system dry (no matter whether they have a million dollars in the bank or $100 in the bank). This is to the detriment of younger workers and low income families who can no longer afford health insurance or qualify for Medicaid.
Comment by govanalyst — November 3, 2009 @ 4:55 pm
OK FOLKS IT IS NOT WHAT YOU MAKE BUT WHAT YOU SAVE
Comment by BOBBY — December 10, 2009 @ 4:06 pm
The stats are scary and even if they are a bit out of date, I’m guessing the numbers aren’t all that much better today.
Do you know of a good retirement calculator? One that takes into account inflation, changes in income tax rates, cost of living from moving, etc? The ones I’ve looked at seem overly simplistic.
Comment by ETF Guy — December 21, 2009 @ 7:57 pm
Note that social security is presently fully funded with a surplus. Seniors are drawing no more than they have contributed and, in fact, excess from social security contributions beyond what is paid out has been a prime source of general fund borrowing.
Comment by Andy — January 27, 2010 @ 5:52 pm
Great blog and great page. It scared me to death that so many have so little in retirement savings!
I live on a retirement island, and I know people trying to get by just on Social Security. It ain’t easy!
The statistics made me feel a little better about my own savings (over 10X the average). But when I “do the math” on my retirement, even with that much set aside, and a house that is paid for, I will still have to watch every penny if I want to have a “comfortable” retirement.
And one major illness could wipe it all out, too.
How anyone can retire on $30,000 total is beyond me.
Retirement for baby boomers will be very scary!
BTW, the way I ended up with so much in my 401(k) plans was to put aside a money when I was in my 20′s and 30′s.
Compound interest is your friend. Trying to play “catch up” when you are 55 is hard to do….
Comment by Robert Platt Bell — February 4, 2010 @ 11:11 am
The most important thing to remember is this: “It’s not how much money you manage to make, it’s how you manage the money you make!”
Comment by Ben Leroy — February 4, 2010 @ 11:15 pm
I 58 years of age and I need to find out wheat amount I need to save for my retirement. I make $31.000 a year, and I have not started saving, what % amount of this money do I need to start saving?
Comment by Willie Land — April 3, 2010 @ 9:29 pm
GOOD, I am glad I am not the only one over 50 with no savings, I make 80K annually but my bills(mortgage etc) are too high, I am only saving 200 bucks a month!, AND THATS PROBABLY A WASTE OF TIME, if I SPEND THAT ON BOOZE I wont need to retire, I can just die!
Comment by pat — April 9, 2010 @ 4:41 pm
Maybe I should just buy AMMO
Comment by pat — April 9, 2010 @ 4:42 pm
It is all about starting early and keep increasing your contribution. I am 51 and have $472,000 in my IRA plus our house is paid for. And no I didn’t make a big salary, about $50,000 a year until I got laid off last year so you can do it but it takes hard work.
Comment by Mike — April 21, 2010 @ 1:09 am
Keep in mind that a 401k will get taxed upon withdrawal so a balance of say $100K is really worth $85k or less.
There’s no excuse not to take advantage of a 401k if you have any sort of company match. You are happily rejecting extra salary if you aren’t saving and your employer will be laughing at you for it.
Keep in mind too that there are usually 401k savings choices so you don’t have to end up with a heavy stock portfolio if you don’t want to.
If you don’t have a company match (i haven’t for 7 months now) then continue to set aside some % that you can truly afford. Honestly, if you aren’t trying to save at LEAST 5%, you are doing yourself a great disservice. Everyone runs into setbacks, but most people can learn to spend/waste 5% less of their money. If you really look at your spending, you will find many WANTS fulfilled, not NEEDS.
Remember that you can put up to $5K in a Roth or IRA each year. Both are a tax advantage, whether in retirement, or in a tax deduction when filing.
Please folks, start or improve your saving for your own good! Social Security providing any meaningful income is a HUGE gamble.
Comment by Slee — April 22, 2010 @ 10:37 pm
Great comments on retirement. We (the average working American) really need to a beeter job with our retirement savings.
Comment by Coolbreeze — April 25, 2010 @ 9:22 am
I am a retired banker. I have seen 1st hand how folks don’t pay themselves as a monthly bill. Wow, will they be in for a shocker. Your statistics listed here are scary. What are those individuals going to do who don’t have enough to retire with, keep working until they drop. Most companies don’t want to hire seniors becasue of the health insurance costs. Maybe with the new Obama plan, they will re consider since seniors have a better work ethic than today generation.
Comment by Retirement — May 6, 2010 @ 2:34 pm
I’m a 55 year old baby boomer who has managed to save $800k in a 401K. Had I not started saving in my late twenty’s, this would never have been possible. My greatest fear as I approach retirement is that our socialist liberal leaders will figure out a way to get their greedy paws on my savings and I will ultimately end up in the same boat as the majority of my baby boomer peers.
Comment by readytoroll — July 13, 2010 @ 3:12 pm
I’m 52 have about $565,000 in 401K/IRA’s….close to $1 million in taxable accounts…and my very modest townhouse is paid off…….I’m tired and want to downshift….but really don’t think it’s possible…As mentioned above….either we will be taxed to absolute death…..or an illness can wipe you out……
Comment by wornout — July 13, 2010 @ 4:23 pm
I dont expect to have much of a life after retirement; all I’ve ever really known was to be working for the people that are entitled to a life without working hard, whether they are jobless-poor or the blissful progressives that ruined this great nation. As for now I’ll continue to save 50% of my earnings and maybe provide for my beloved spouse when my knees and back finally crumble.
Comment by Work for life — July 17, 2010 @ 10:21 am
With the socialist in power(Democrates) who gave us the great ponzi schemes. Social Security, Medicare, Medicade. Now trying to have full government control over the health industry. There is no incentive to save. Just take money from people who save and give it to people who do not save. That is the dummycrat(socialist) philosophy.
Comment by Steve R — July 31, 2010 @ 11:47 am
The Dems and Libs are trying to help you and others not lose it all due to illness but the tea-baggers want something for nothing so expect retirement to be rough if the TP gains power.
Comment by John K — August 4, 2010 @ 10:08 pm
I’m 37 and have 200k or so saved. The numbers on these pages are depressing. If you can make ends meet with your salary, you can save. It’s all about choices.
I know people who spend $100/month on a cable bill, but save nothing. My cable bill is 1/3 of that. I don’t get HBO and Showtime, but when I’m retired, as least I’ll still be able to afford cable;)
Comment by craziness — August 9, 2010 @ 3:58 pm
IN AUSTRALIA THE 401K IS CALLED SUPERANUATION. IN THIS SYSTEM 12% OF YOUR SALARY IN TAKEN AND INVESTED INTO AUSTRALIAN STOCKS UNTILL YOU CAN ACESS IT AT 65YRS.
I’M 43YRS AND LIVE IN SYDNEY, NOW I HAVE $1,500,000 INVESTED IN AUSTRALIAN BLUE CHIP BANK STOCKS, LIKE CBA & ANZ.
THEY ALL PAY ABOUT 6% PA DIVIDENS, WHICH ARE FULLY FRANKED SO THAT MEANS A TAX FREE INCOME STREAM.
MY PLAN IS TO RETIRE OFF ABOUT $100,000K PA.DIVIDEND INCOME STREAM AND NOT TOUCH THE BASE!!!!
Comment by Australian — August 13, 2010 @ 5:55 am
All of the comments here are very insightful, and present many valid concerns.
Thankfully, we’ve saved seven figures for our retirement, which we will definitely need in order to continue living our chosen lifestyle by the beach in Del Mar, CA.
We know our money would go a lot further in a less expensive location, but, we’ve lived all over the world, and always seem to come back to our hometown.
In the final analysis, it’s all about living your dreams. That’s what we’ve always tried to do, and hope to continue to do in retirement.
Comment by Cali Guy & Gal — August 21, 2010 @ 7:29 am
For those of you with sizeable 401 balances to have your children named as secondary beneficiaries and tell them not to liquadate the account at the time of your death. Otherwise, they will pay taxes on it. By simply rolling it over into their own IRA account, they save themselves a lot of money.
Comment by Mike Dacko — September 12, 2010 @ 5:14 pm
Hate to say it but most of you guys are toast.
Don’t you realize that the Government is broke? This means, no pensions, Social Security or Obama Care.
If you got 401K well, they have been making plans on how to take that from you. If you got cash in US $, well the Quantiative Easing will reduce those dollars to nothing
We got a real wake-up call coming!
Comment by John — October 25, 2010 @ 2:31 pm
Ignore John – if you do any research you will find that Social Security can keep paying out until 2038 before they even have to start making cuts if nothing is done. Ignore the doom and gloom conservatives…
Comment by Wayne — November 2, 2010 @ 1:43 pm
All right…you guys need to wake the F%CK up! 401K accounts will be confiscated by the governemnt….pensions will be confiscated (google france pensions and see that they are gone!)You really think all is ok for end years? Tell the FED to quit spending trillions and ruining our chances of a nice retirement. GET UP NOW AND TAKE A STAND AGAINST THE FEDS ACTIONS BEFORE YOU ARE F#CKED!!!! I WILL BE BACK TO THIS WEBSITE TO SAY I TOLD YOU SO!!!!! WAKE UP WAKE UP WAKE UP
Comment by 1930guest — December 9, 2010 @ 4:03 am
The comment posted 5/6/2010 “By Retirement” hit the nail on the head. Before we pay any of our bills, pay yourself first! You worked for it! Why give it all away?
I started late (in my 30′s) and have much more saved than the pitiful averages I’m seeing. Still, it won’t be easy.
Comment by Frank nemeth — December 9, 2010 @ 2:36 pm
401k positives.
1. Company matches (but even if it didnt)
2. Tax deferred (you pay later and perhaps at a much lower tax bracket, so that guy who said 100k is only worth 85k is wrong. 100k pretax is to you maybe 65k, but normal distribution will be 85k @ retirement, so really you turned your 65k post tax into 85k post tax…)
3. It lowers your taxable income and tax bracket and in this case you got headroom before you go to the next tax bracket, saving you more money.
Comment by Hanif — December 9, 2010 @ 5:51 pm
It’s hard to believe these averages. I am a babyboomer blue collar worker married for 40 years and have over $990,000 in 401 accounts. Who really cares tho? Not a rich person but managed my money and never held anything longer than 30 days on credit. We collect my SS in 4 years. Looks pretty good right now.
Comment by Mike — December 14, 2010 @ 9:33 pm
I don’t invest in our 403(b) because there is no match, and I have my own investments, including a Roth. As for the “pension haters,” I can tell you that teachers in Mass. pay for 95% of the pensions costs, and tax payers only 5%. We pay 11% from our salary compared to a paltry ~6.25% social security. Plus, I have many years in the social security system; money I can never see if I collect my pension — so don’t gripe, you are going to be living off money I put in to that system (and my salary was quite comfortable, so my contributions were quite high). P.S. I am 33 (Gen X)
Comment by Chris — December 14, 2010 @ 10:59 pm
My wife and I are 47. We have $284K in retirement savings. She is a public school teacher who worked part-time until 5 years ago, so her pension will be somewhat reduced when she retires.
Presently, we put away $1,800 per month toward 401k/403b.
Any thoughts on our situation?
Comment by JF — December 16, 2010 @ 10:27 am
This is scary for me. JF puts $1,800/month. I put away $500/month and my wife does $200+/month (much lower salary.
Fortunately, she will have a pension as a teacher, and I have a small one from the FedEx corporation at about $1,500/month. I’m 47 and she’s 43 and we have about $120k in our 401k’s.
Our only saving grace is that when I’m 60 the house is paid for, if not sooner, which will mean equity of $400k.
But no way do I have enough after reading through this.
Comment by Wharf Rat — December 21, 2010 @ 9:41 pm
I am 29 years old and have saved $80k between Roth and 401k. I started working and saving when I was making $6/hr. The government now disallows me from contributing to my Roth IRA because my income is greater than the allowed maximum. I can safely assume that although I pay into social security, it will be bankrupt by the time I need it – nor I do not expect anyone but me to provide for my family in retirement.
I live in a modest home purchased well below my means (a foreclosure that cost 3/4 of my annual salary). This choice early in my career allows me to take advantage of, as Einstein put it, the strongest force in nature: compound interest.
For this reason, and for those who can contribute, the Roth tax designation is the most lucrative available tax break for an earner in early years.
I also share the fear that we are overspending as a country (government) and the current tax-sheltered assets will be raided at some time.
This is a long shot risk that must be assumed just as market volatility must. All the same, I am hedging by steadily converting liquidity into tangible assets like land, real estate and collectibles. Yet as many successful investors have warned, total diversification is for those who don’t know what they’re doing. You only have a shot at winning the numbers game when investments are made with sound logic, and only then if chance falls in your favor.
Comment by proteanslip — December 22, 2010 @ 3:38 am
I like it when people complain that cops have great retirement packages. Couldn’t you too could have chosen to be a police officer, if you could have made the grade and held the job with all they have to do. You chose to sleep at night while they worked. I did the job. I dealt with a lot of death, grief, suicide, fights, and did so while you were sleeping in the comfort of your bed. And don’t feel guilty for one second as I collect my pension.
Comment by Dan McLean — December 23, 2010 @ 7:40 pm
what have you people done with your money? you make $80,000 and save only $200 a month. You deserve to live under a bridge when you retire!
Comment by Tom Brannen — December 25, 2010 @ 1:47 pm
I just turned 43. I have about 225,000 in my 401K plus about another 25,000 in IRA. Wife has about 60,000 in savings. I sure hope the stock market comes back around. I also am feeling that I am well below where i need to be.
Comment by 43 year old — January 1, 2011 @ 1:36 am
I am 40 yrs old with about 165k in annuity fund (contribute about 9k yr) a pension when i retire and 30k in Roth IRA (Contribute 300 mth) Saving 800/mth for kids college (8 and 6) and wife will have a small pension with 403B and small IRA. House will be paid for in 8 years. Hope is enough
Comment by john sav — January 6, 2011 @ 11:47 pm
Like my parents before me, I was ignorant and just plain stupid about money matters for too long in my life. I’m nearly 62 now. When I was about 40 I started a 401K but paid no attention to it, keeping everything in the stable value money market, losing the great advances of the 90′s. I finally started paying serious attention when I was 52 and sold a house for a 175K profit. In the last 10 years, I managed to put together, between taxable investment accounts, regular savings, IRA’s and 401K, about $975,000. I did it by maxing out my 401K contributions, contributing the 6K to my Roth and saving another 7K per year on top. That comes with a sacrifice to some personal pleasures, but I tell you, I don’t regret it and don’t feel deprived.
Had it not been for 2008 and those self-interested Wall St buggers who said “don’t sell, hold everything”, I’d be retired now. Instead I lost 45% but have built it back. I now have trailing stop loss orders on all my investments. I can’t afford to lose that much again. I also read a lot and try to keep up with trends in financial matters.
I’m way behind where I should be at this point in my life, and I have only myself to blame. Still, instead of saying, “well it’s too late now”, I decided to do what I could with what I had, and at least I have the satisfaction of knowing I didn’t just give up. I’ll retire either at 63.5 and use Cobra for health care, or wait until 65. Between my investments and about 50K per year from a small pension and SS, I’ll be OK.
Every holiday season, I beg my nieces and nephews to start saving early, however little. None of them has, despite my story. It must run in our family’s blood. For those who make good salaries and blow it all on “stuff” (like the ones Oprah occasionally has on), I say grow up, start being accountable, and if not, you do deserve to live under that bridge Tom B referred to.
Comment by Bill D — January 8, 2011 @ 1:47 pm
to Bill D:
Couple questions:
– Sounds like you built back your $975K, which is a tidy sum that should last quite a while. Are you in a high-cost region of the country?
– What are “trailing stop loss orders?” My investments have come back quite a bit from their recession lows. But I’m looking to protect the gains.
– Know anything about Income Protection Annuities or Principle Protection Annuities? High fees, I know. But worth the guarantees?
Thanks. Good luck. Enjoy retirement.
Comment by JF — January 12, 2011 @ 9:22 pm
to Wharf Rat:
– My home equity upon retirement in 15 years might be $250K (I’m in modest home in SE Michigan, the housing slump centerpoint of the world). So I’ve got to make it up on you month-by-month…. LOL
– See you at on the bacci courts in the Florida retirement village one day, I hope.
Comment by JF — January 12, 2011 @ 9:31 pm
Liberal/Socialist talk here is kind of funny.
– The Repubs ran up the biggest deficits and surpluses during the 2000′s.
– The Dems have historically been for middle income tax cuts.
– The Repubs protect upper-income wages and tax loopholes at the expense of lower income protection.
– The Repubs put us in Irag/Afghanistant at astronimical cost.
– The Repubs were all in favor of privitizing SS (the great recession took a chunk of your 401k/403b? Imagine if it had swallowed your ‘privitized’ SS)
– Income disparity in this country is greater than it has ever been.
Comment by JF — January 12, 2011 @ 9:59 pm
I am a baby boomer (62) my Dad just died last year at 91. He always told us you must chose between your wants and your needs.. I too started to save in my 30′s, I have read a lot and will try to save more, retire later, enjoy life frugally. Live below your means. Talk to someone who survived the depression they will tell you how.. Read the Millionaire Next Door, great life lessons!
Comment by Pat — January 15, 2011 @ 2:06 pm
I’m 47 and wife is 46. We started getting serious about saving for retirement about 10 years ago and have saved about 700k so far. I max out my 401k and she her TSP. I’m getting military retirement and she will be eligible for retirement from the Federal Government at 56. We both also contribute to a IRA to the max and put away extra toward emergency fund and additional savings. We are blessed to have each other because both of us are savers and not spenders.
Comment by KQ — January 20, 2011 @ 6:29 pm
I’m approaching 40 this year and started saving later in life due to starting a family in my early 20′s. However, in my 30s I worked up to maxing out my 401K and two Roths. It was not easy to be sure but today I have $285K in 401K, $60K in my Roths and 80K in a cash balance pension. Fortunately, I avoided much of the 2008 losses. Now I have shifted gears to start reducing my debt load ~ 600K incl. house, car, student loan and Home equity lines. What concerns me is the shaky job market and rising healthcare costs. I consider SS as a bonus since it is likely that full retirement will be 70 for my age group. For me, retirement is not about having tons of money but about having options in my later years. Working at an older age doesn’t scare me if it is something of my choosing like teaching or consulting.
Comment by MD — January 24, 2011 @ 11:59 pm
I am a single 55 year old female about to retire in two months. I have $245,000 in a 401K, $115,000 in my company stock, and $65,000 in a roth IRA. My pension is $3,579 a month. I live simple and am not afraid to take on a part time job for pocket money. My home will be paid off in 5 years with a $700 a month mortgage. I have no other bills. I am hoping I will be okay
Comment by kathleen frye — February 26, 2011 @ 3:07 pm
we are a consumer culture with a short-term vision on everything. we attach way to much status on consumption, and we as a nation have a serious attention deficit problem. it becomes a challenge for most people to take the long term view. on the other hand, we are creative, innovative, and entrepreneurial so there is still hope. it’s not a liberal vs conservative thing- it’s more of a cultural thing. good discussion here- should be taken up in every high school civics program [if there still is such a thing.]
Comment by j — March 2, 2011 @ 5:02 pm
$115k in company stock. diversification maybe???
Comment by casey — March 4, 2011 @ 11:51 pm
Wow! My husband (41yrs) and I (43yrs) have $250K in the company 401 account, and another $20K in an IRA account. I guess we’re above the averages!
Comment by Valerie — May 2, 2011 @ 7:50 pm
Yeah, you’re average… but average compared to what? Dumb American who overspend.
Comment by Jack — June 29, 2011 @ 2:05 pm
On the advice of a financial planner, I switched in the 1980s from a PT hrly job to a FT job with a 401 K after seven years back in the workplace. I’d been 10 yrs at home with kids. He explained I was not getting the retirement, the vacation and the “bennies” in spite of the fact when they needed me more hrs/week to cover workload or vacations I complied …. It was a “sacrifice” to not be home as much as I wanted with our kids, but we were able to save, and I was able to retire recently at 60.5 on an early incentive program with a pension a 401K an IRA and a paid off early mortgage. (We are a two income family so I recognize that is a secondary factor of good luck… and realize that.)
However, the advice of attending to your needs and not your wants as advocated by so many on this forum is really important for the young readers. Vacations, clothes, cars and all the techno gadgets seem to drive most people’s lives more than it should. In the last 20 years, I noticed more young people working to finance lifestyle choices than real needs. Saving was not valued as a good reason to have a two income family. We can only hope the younger generation will heed this as they watch their older friends and relatives need to work well into what should be the reward years. With the job market the way it is, and as jobs and companies disappear…it is hard to find a job that will give older workers income to sustain. The stress of staying in a demanding environment may actually kill off some older people before retirement. We owe the next generation better than many of us did. They will need to take care of themselves and the aged. How will this ever turn around? I worry for so many of the younger people I’ve known through my work. I think immediate tax break for those individuals who do save needs to be more attractive.
Comment by mary g — July 5, 2011 @ 8:29 am
Let me clarify…I would like to see a graduated tax break law for those UNDER age 50. The formula needs to take age…20-50 YOs getting the biggest break and the total amount needs to be coupled with true savings in a 401K above a company match or an IRA…(using true individual savings effort. Not counting an inheritance or a windfall.)
Comment by mary g — July 5, 2011 @ 9:01 am
Sounds like a lot of luxury problems. I’m 69 – collecting ss of about 2k permonth . My wife works and is much younger. We actually get by on about $3500 per month without sacrificing gyms, health insurance for her, dinner out once in a while , and she shops. I trade my 401 K and a brokerage account and throw off another – 2-3K/month into the 401 K on divvidends with covered puts – sometimes I make a nice gain on the puts, and the stock comes back pretty quick after ex devidend date. My total stays about the same – but we get to save a nice % the 2-3K dividend every month. So, my wife should be okay with just what’s left in the 401 K and her survivors ss insurance , if they are still paying it. I should have more in my 401K, but I didn’t save enough and got hammered in dot com, as well as 2008.
Comment by fast eddie felson — August 3, 2011 @ 1:06 am
My husband and I got caught in
the perfect financial storm. We move to another city and bought a house 5 years ago before before we sold our old house. We had both retired early to raise a grandson, who needed a special school, hence the move. We had about 600,000 in 401k but couldn’t
sell our first house, 2 housed notes, and a special school for 5 years has wiped out our 401k,(80,000) left and 4 more years of school to pay for. We finally have a contract on our first house with a 220,000 loss. Both of us have gone back to work and we want to even sell the house we are living in but have been told it is worth less than we owe on it. We are freaking out here. any ideas?
Comment by Angie — September 3, 2011 @ 2:00 pm
Why is everybody h_ll bent on pensions.. Maybe the federal governments are ou of control but the normal state pensions are funded by emplyee and employer.. The emplyee part is the only part you can draw out or retire on. the rest is left to keep the funds going. I am 40, contribute 10k to 401k, 7K to my pension, will have a real nice part time fire fighter retirement and hope like hell SS is there. I am lucky but have also WORKED my hole life for it.. Maybe all the free loaders should have to sweep streets for 8 hrs everyday before they can collect a check or get the free health care at the emergency room… Lets get back to america when everybody was a citizen and wanted to contribute to society and not feel sorry for themselfs and expect everybody else to take care of them!!
Comment by Jack — February 10, 2012 @ 11:50 pm
i am 37 will turn 38 in october. i have tried saving in the past seems like thats all ive ever tried to do, but never really got anywhere tell recently . got up to 25000 saved in 2008 and lost almost all of it when market dumped. was always buy and hold, average down investor and if id a stuck to my guns id be a lot better off, but losing that much money changed my thinking to short term and i lost even more money on the swings. recently i have been plowing away at mutual funds and a brokerage account and now have around 90000 saved, but im in a business that i work for myself and im afraid i cant keep up much longer. was actually starting to think i was doing ok tell i read this site, seems like everyone my age has 200k or more saved. plus side my crapy house is paid off and i guess i could live here the rest of my life its just not my idea of retirement
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Comment by deBarbie — October 12, 2012 @ 12:24 am
Privatize social security, otherwise the deadbeats will come after it making the claim that someone with 1 million gets as much as someone with 100. So what, the one with one million paid it into social security. He or she should get it back! end of story. I didn’t make the hard sacrifices and choices to become successful just so I can give it all to my pot smoking party store robbing neighbor
Comment by Kap McMullen — May 18, 2013 @ 11:03 am