Retirement Savings....

[lovingmy2boys]

Ok since there was a poll for Regular Savings I will also do one for Retirement Savings.

How much do you currently have saved for retirement? If you feel comfortable with sharing your age and how much you have in retirement and how far away from retirment you are please feel free to do so.

 

[lovingmy2boys]

Dh and I are both young (32) but DH has been putting money in a 401K since he was 19. Between the two of us we currently have over $100K in Retirement Savings. (401K, IRA's). I am hopeful we will be in good shape when we actually retire in 30 years or so,

 

[JamesMom]

I think this poll would only have meaning if we knew how many years away from retirement you are. In other words, someone in their twenties (with 40+ years to go) with $10,000 is actually alot further along then someone in their 40s with $100,000, you know what I mean?

 

[disneyfreakk]

I am 30 and my DH is 33, we have over 100,000 in our 401ks ( this is combined )

 

[lovingmy2boys]

You are right. I edited the first post.

 

[dvcgirl]

I think this poll would only have meaning if we knew how many years away from retirement you are. In other words, someone in their twenties (with 40+ years to go) with $10,000 is actually alot further along then someone in their 40s with $100,000, you know what I mean?

Good point. Even age alone won't cut it. We're 39 and 38 and plan to retire in 10-12 years. Therefore, our portfolio would need to reflect a portfolio of a couple about 15+ years older than us who are planning to retire at 65. Thankfully....it does.

 

[tar heel]

We're in our 50s, which is probably why I think $100,000 is such a small amount for retirement savings. My DH would like to retire from full-time work in 10 years, while I'm thinking 12-15. Assuming our health stays good, we will probably both continue to work some.

 

[bellarella]

Ours isn't quite where I'd like it -- but I doubt it ever would be

 

[disneybound31]

lovingmy2boys-- this is so awesome- can you do a poll for kids college savings?

 

[dodukes]

well i finally got a 401k at work in 03 at age 22, started the moment i qualified with 3%, i am 26 now and i have almost $10,000, just under by about $500 or so and I have since upped my percentage to 7%. I am hoping I can afford to up it to 10% sometime this year or for early next. I am on aggressive strategy and our company matches at least 3% but this year i got like 6% so not too bad. I think I am doing goo dand even the plan guy that comes to talk to us says i am on the right track, i sure hope so....

 

[Toby'sFriend]

This one isn't an easy question for me.

We have over $100k in our Retirement Specific accounts and we are 38 and 39.

We also have a Stock and Stock Option accounts which assuming the Company doesn't go Enron on us are worth a considerable amount. The are just in regular investment accounts, not retirement specific.

We aren't legally required to keep the stock for retirement, but the company strongly discourages their Executives from cashing out until Retirement -- So there it sits. I think of it as Retirement money because in all practicality, I won't be allowed to spend it until retirement.

 

[Sunshineanddaisys]

I'm 26 and have $13,000 saved....

 

[ceecee]

I think this poll would only have meaning if we knew how many years away from retirement you are. In other words, someone in their twenties (with 40+ years to go) with $10,000 is actually alot further along then someone in their 40s with $100,000, you know what I mean?

Exactly! It has no meaning without knowing the age and how many more years of saving you have.

 

[KarenAylwood]

I'm not even voting. No reason to throw things off. I am 24, just got my first job after school under a year ago (in April) and I have $2,850 in my 401K thus far. I upped my contribution from 5 to 8% about three months ago and as of January 1st my company just started matching dollar for dollar up to 5% no matter how long you've been with the company! (when I started they matched a quarter of that, and went dollar for dollar only after five years).

I'm expecting a promotion in the spring/summer. When that happens I'll be upping it to at least 10% depending on my new salary.

Edited to add that I plan on retiring in about 35-40 years.

 

[homedad]

we are 38(wife) and 39 with around $225,000 in 401K. Have some small IRA's but retirement saving is focus on 401k's.

 

[dvcgirl]

I'm not even voting. No reason to throw things off. I am 24, just got my first job after school under a year ago (in April) and I have $2,850 in my 401K thus far. I upped my contribution from 5 to 8% about three months ago and as of January 1st my company just started matching dollar for dollar up to 5% no matter how long you've been with the company! (when I started they matched a quarter of that, and went dollar for dollar only after five years).

I'm expecting a promotion in the spring/summer. When that happens I'll be upping it to at least 10% depending on my new salary.

Edited to add that I plan on retiring in about 35-40 years.

That's a great start! You sound exactly like me when I was your age. I'm 39 now....ancient . If you continue to save and invest like that at your age.....you'll retire as a wealthy woman. Just keep doing what you are doing, increase your contribution with raises like you plan until you hit roughly 15% of your salary and never-ever touch it!

 

[tedhowe]

My wife (36) and I (37) have just over $200K in our 401K and IRA accounts.

 

[golden1]

We are 34 and 33 and have over $100K in retirement savings. We plan on retiring from full time work at around 65 years old. I'd like to keep working part time after that as long as I am able.

 

[Jon99]

We are both 38 and have around $10K in a Roth IRA.. But we have also bought and paid off a piece of farmland(80 acres) thats currently valued at $400K.. And my wife is a teacher and her pension pays her 75% of her highest years salary when she hits 57, she currently makes $71K/year and it currently increases 4.2% per year.. I did teach for 6 years, so will get a small pension of about $500/month based on current dollars..

 

[dvcgirl]

So people can see how they measure up, here's the EBRI Retirement Confidence Survey's findings relating to age and how much people have saved for retirement. So far it appears that folks on the DIS Budget Board are far ahead of the curve.

This is retirement savings only.....it does not include home equity or defined benefit plans (pensions).

First of all, here are their results for "All Workers", followed by Age Groups...

All Workers:

Less than $25,000: 53%
25K-49K: 12%
50K-99K: 12%
100K-249K: 11%
More than 250K: 12%

So...their findings show only 23% over 100K, our poll so far shows 58%.

Age 25-34:

Less than 25K: 73%
25-49K: 11%
50-99K: 7%
100-249K: 4%
More than 250K: 5%


Age 35-44:

Less than 25K: 49% (this is a little scary)
25-49K: 14%
50-99K: 16%
100-249K: 12%
More than 250K: 9%


Age 45-54:

Less than 25K: 43% (this is very scary)
25-49K: 14%
50-99K: 12%
100-249K: 14%
More than 250K 16%

Age 55+

Less than 25K: 43% (this is downright frightening)
25-49K: 8%
50-99K: 12%
100-249K: 11%
More than 250K: 26%