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hegemony

Why everyone should save like they’re going to retire early

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On 4/12/2019 at 2:59 AM, cv91915 said:

even for those closest to retirement, aged 56-61, the median family retirement savings are only $17,000.

That's why I keep saying that the switch from pensions to 401k plans (or similar plans) is a colossal failure. Statistics don't lie. Unless these people have other assets or pensions not calculated here (most surely don't) they'll be looking forward to an active retirement of collecting bottles and cans and dumpster diving for dinner.

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Posted (edited)
17 hours ago, Burgerwars said:

That's why I keep saying that the switch from pensions to 401k plans (or similar plans) is a colossal failure. Statistics don't lie. Unless these people have other assets or pensions not calculated here (most surely don't) they'll be looking forward to an active retirement of collecting bottles and cans and dumpster diving for dinner.

I am lucky to have both 401k and pension.  The company did away with offering pensions a couple of  years ago and bumped up the amount they contribute to 401k.. to 100% match through 6%.  I am still grandfathered in under the original retirement plan .. the pension ....and get the 401k 50% match to 6% as well. But you can't force someone to save.   For at least half of my 30 plus year career,  I am sure I did not save more than 2-3% (dumb); but for quite some time I have been at 6%+ (at 9% now, plus the 50% match to the first 6%).   I have been well into 6 figures for quite some time and with - what I consider to be .. not a lot of effort.   Here's the clincher.. everything I have done for myself was done because I want to retire at 60.  I don't see putting anymore than 10% of my own $ into the 401k .. because I am trying to fast track paying down the mortgage in the next 5 years or so.    While I really don't see people dumpster diving, I do know that a LOT of my friends/acquaintances with zero in retirement and no pensions.. expect to work until they die. They seem to be aware that they will never be able to live off of SS. But they are too busy taking vacations every other weekend, buying or leasing a new car every 2 years... and/or funding adult children's fancy lifestyles. Very sad indeed.

Edited by Cactus Flower

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