How much do you Save for retirement?

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Anonymous

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I am 41, have about $ 650,000 saved for retirement plus another $ 200K for College, etc for the kids and own a house worth $ 1.1million on which I owe $ 750K. I am maxing out the 401 and saving an additional $ 12K a year. I make $ 240K a year. I also get some company stock and options that are appreciating slowly- the question is: how much is enough and HOW THE F do you know? I feel like I am doing everything I can to save, and all of the "advisors" say "do more!" - any thoughts?
 




I agree with the OP. You have to be full of shit. If you only make 240K you should not have taken out a 750K mortgage. Although you could cover the bills it is too much exposure in the event of a job loss. A $5200 plus monthy mortgage nut not including any other bills is bogus unless you're bringing down more than 240k. Also,you are saving too much toward college and not enough for your own retirement at 650K vs 200K.
 


Anonymous said:
I agree with the OP. You have to be full of shit. If you only make 240K you should not have taken out a 750K mortgage. Although you could cover the bills it is too much exposure in the event of a job loss. A $5200 plus monthy mortgage nut not including any other bills is bogus unless you're bringing down more than 240k. Also,you are saving too much toward college and not enough for your own retirement at 650K vs 200K.
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He doesn't make $240k. The rest doesn't matter.
 


Why the FUCK does everyone assume that everything posted here is a lie? I can't believe the level of negativity that comes out when you remain "anonymous". I have to think that this board is made up of a buch of useless POS people that hate themslves, their jobs, lives, etc. and are trying their BEST to make everyone around them miserable.

The math DOES work here a-holes- especially if you're LUCKY enough to make the kind of money that guy makes. With that said- I'm sure that none of you POS's will EVER make that kind of money- better off to kill yourself now and leave something to your families- oh wait - who would marry someone with the attitudes you all have. just do yourselves and everyone else a favor- shut the FUCK up.
 


Anonymous said:
Why the FUCK does everyone assume that everything posted here is a lie? I can't believe the level of negativity that comes out when you remain "anonymous". I have to think that this board is made up of a buch of useless POS people that hate themslves, their jobs, lives, etc. and are trying their BEST to make everyone around them miserable.

The math DOES work here a-holes- especially if you're LUCKY enough to make the kind of money that guy makes. With that said- I'm sure that none of you POS's will EVER make that kind of money- better off to kill yourself now and leave something to your families- oh wait - who would marry someone with the attitudes you all have. just do yourselves and everyone else a favor- shut the FUCK up.
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Fuck off idiot. That guy doesn't make $240k. And neither do you. Nobody asked for your stupid opinion to comment on our opinions. Look in the mirror numbuts and shut the fuck up yourself.
 


I make between $ 250-300 in device sales and save about the same... i also have a 800k mortgage- payments are $ 6000 a month and it's a lot but with no debt it's doable. Get into devices the right company and you can do this too. you'll never get there in Pharma.
 




Anonymous said:
I make between $ 250-300 in device sales and save about the same... i also have a 800k mortgage- payments are $ 6000 a month and it's a lot but with no debt it's doable. Get into devices the right company and you can do this too. you'll never get there in Pharma.
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800k mortgage with the 'security' of device sales?? You're a douche. "Get into devices with the right company and you can do this too". No thanks. I prefer not to bite off a mortgage for 800K regardless of what I might be able to make. Just because it's "doable", as you say, doesn't mean you should. I have plenty of friends in device sales. You can make tons of money but every one of them tells me they don't feel very secure with their employment. Trust me, I have a nice home, NO Mortgage, and I'll be retired long before you. I may not have any more job security than you do but then I don't have to worry about a $6000 mortgage either.
 


financial guru on the radio in my area states this:

1. 20% to be put in 401 or roth each year - 20% of gross, not net

make 100K - 20K should go into retirement

2. if you have not done #1 - do not put money into childs college fund - u cant afford it

3. house - always fixed rate - unless certain of being there less than 5 years

4. primary home is not an investment - it is security that someday may pay off but 1st and foremeost it is a roof over the head of your kids - dont mess with it
 


Anonymous said:
800k mortgage with the 'security' of device sales?? You're a douche. "Get into devices with the right company and you can do this too". No thanks. I prefer not to bite off a mortgage for 800K regardless of what I might be able to make. Just because it's "doable", as you say, doesn't mean you should. I have plenty of friends in device sales. You can make tons of money but every one of them tells me they don't feel very secure with their employment. Trust me, I have a nice home, NO Mortgage, and I'll be retired long before you. I may not have any more job security than you do but then I don't have to worry about a $6000 mortgage either.
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The OP might be a little too harsh but the comments are so true
 




To OP,

Forget all the bozo posts on this thread. You are doing fine. Put away 15% into retirement and you will be fine. It is okay to pay some of your kids college education expenses, but they should pay part as well. It is the only way to teach them the true value of the education. As long as you can afford the mortgage payments, you are okay. If you are having trouble meeting bills and funding retirement, then get rid of the house. Obviously, when you retire, you are likely to downsize. Take the equity from the home and use it to pay cash for your retirement home. Once retired, you will have no mortgage and plenty in your retirement account.
 


Anonymous said:
To OP,

Forget all the bozo posts on this thread. You are doing fine. Put away 15% into retirement and you will be fine. It is okay to pay some of your kids college education expenses, but they should pay part as well. It is the only way to teach them the true value of the education. As long as you can afford the mortgage payments, you are okay. If you are having trouble meeting bills and funding retirement, then get rid of the house. Obviously, when you retire, you are likely to downsize. Take the equity from the home and use it to pay cash for your retirement home. Once retired, you will have no mortgage and plenty in your retirement account.
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The gobs of extra money the poster on this thread is dumping into the $800,000 mortgage is foolish. He/she could still have a nice home for considerably less and in turn expedite retirement by MANY years by carefully managing/investing the difference. The only exception is if the individual lives in an extremely expensive region of the country. Of course then there are fewer less expensive options if you want to own a home.

"As long as you can afford the mortgage , you are okay"....spoken like a true financial whiz. Don't be such a schmuck. Pay yourself FIRSTas you provide for your families long term security, THEN pay the banks.
 


Our dual income is $255,000 per year. We started late saving for retirement. I've been told there is a general rule of thumb to save $1 million for every $100,000 you earn. With what we have saved to date, maxing out every year now to retirement (in 12 years) and catch up contributions, we'll only have about $900,000 in the 401K. We'll be paying kids college bills for another 6 years. So what other ways are best to improve our odds of reaching 2 million in 12 years? Some options are ruled out because of our income level.
 




Dual income? Why would you both have to work? Trying to keep up with the Joneses? "Let's see how much 'stuff' and money we can accumulate in this lifetime, honey!" Knowing that you can't take it with you.........

One income is fine and your kids will love and adore you for it later.
 


Anonymous said:
Our dual income is $255,000 per year. We started late saving for retirement. I've been told there is a general rule of thumb to save $1 million for every $100,000 you earn. With what we have saved to date, maxing out every year now to retirement (in 12 years) and catch up contributions, we'll only have about $900,000 in the 401K. We'll be paying kids college bills for another 6 years. So what other ways are best to improve our odds of reaching 2 million in 12 years? Some options are ruled out because of our income level.
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Cut back on costs. Get yourselves used to living on less. Start saving even more money. Maybe one of you will still work after 65. Try to increase your incomes ($255k is fantastic though). When you retire, move to a state that's cheaper and doesn't have a state income tax (north or central Florida; Tennessee, Wyoming, Texas[?])
 


Anonymous said:
Dual income? Why would you both have to work? Trying to keep up with the Joneses? "Let's see how much 'stuff' and money we can accumulate in this lifetime, honey!" Knowing that you can't take it with you.........

One income is fine and your kids will love and adore you for it later.
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No judgemental much are you? My kids are alll in college or beyond so I see no reason why I should stay at home. And my mortgage is less than $200,000 so I don't think I can be accused of keeping up with the Joneses. How about your mortgage?? Because I took some time off work, dealt with some huge medical bills, and paid for most of the kids' college bills, my retirement fund isn't what it should be despite the high current income. I earn more than double what I did just three years ago so we have some money available for saving. But, our current income blocks some avenues like roth IRAs. I'm looking into mutual funds, but would love to hear some good advice for best investment options.
 


Anonymous said:
Cut back on costs. Get yourselves used to living on less. Start saving even more money. Maybe one of you will still work after 65. Try to increase your incomes ($255k is fantastic though). When you retire, move to a state that's cheaper and doesn't have a state income tax (north or central Florida; Tennessee, Wyoming, Texas[?])
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Thanks for some good advice. We live in a low cost state for our working years but I think there are better places as far as how retirement income is taxed. I expect one more good boost to my income in a year or so, but that's about all I can expect unless I want to move in-house, which I really don't want to do. We can certainly save more, but where is best? I guess the question I had wasn't clear from my original post. There's not enough in the retirement fund even if we max out from now until retirement, and I'm not sure what the best options are for faster return on investment.
 



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