whenIgetthere
Well-Known Member
FT, lowest market level, made 38K last year. Contribute 12% to 401. Not everyone is getting wealthy on this job! The only reason I will retire comfortably is the 401's I built up at previous employers.
Average Retirement Contribution
- Thread starter Meat
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FT, lowest market level, made 38K last year. Contribute 12% to 401. Not everyone is getting wealthy on this job! The only reason I will retire comfortably is the 401's I built up at previous employers.
People also get SS and that is real to and it may not be as little as you think. There are a lot of people that live off of just SS. So an additional $2500 a month on top of SS can make you live well enough, in terms of the necessities with a little extra. I'm not saying not to have other things, but those being at any company for that long that had a standard pension, typically will be in good shape. Then you mention a 2nd pension as well. The point was it was stated old timers were unaware and not prepared, it seems in their case, their case, they will be ok not planning ahead.
Oldfart
Well-Known Member
Whatever you say boss. My SS and pensions will put me at about 4k a month. Not what I want to retire on. My 401k will allow me to replace close to 100% of my working income and being retired will give me time to check off many things on my bucket list. Some want to mearly exist in retirement. I want to buy me a NEW Buick like everyone retired drives and live the good life.
McFeely
Huge Member
Wow! Dream big!
Oldfart
Well-Known Member
You are not officially retired if you don't drive a Buick LeSabre, wear plaid shorts and TALL black socks.
No but you're definitely white if you do!
Judging by your avatar I'd say confused, lol.
Route 66
Slapped Upside-da-Head Member
a Buickless, tall black sock-wearing black guy.
UpstateNYUPSer(Ret)
Well-Known Member
Confused?
MassWineGuy
Well-Known Member
Thirty eight percent. My income is much less than my wife's, and I just started in 2014, so I need as much going in as possible so we can eat after we both retire.
BootsOnTarmac
Well-Known Member
Good for you! If you are over 50, research catch up contributions. With the pre-tax payroll contribution and the employer match you can't go wrong. Be sure to look at and research the funds available from Vanguard. Change your funding and funds invested in based upon your research and future crystal ball expectations if necessary. If you can, save some cash in a safe place in case the $h!t hits the fan!
Good approach. I commend you for strongly encouraging young workers to put something away for retirement/ disability every week even if it's only 5 bucks After twice putting as much as a month in just the past year in nursing homes rehabbing a pair of total hip joint replacements I would encourage anyone to try to accumulate as much as you can to pay for in home healthcare as late in life as possible. I cringe at the thought of 70 million boomers pouring into those places. It is indeed unfair that a FT Fedex employee should have to for all intents and purposes to live in squalor in order to fund for the most part on their own a modest pension plan when compared to the fact that a FT UPS employee making upwards of 10 bucks an hour more will still have a fully funded defined benefit contribution pension when they retire most in their mid to late fifties. And those who work for FXG contractors will be in bad shape if they stay there any more than a few years.
Right, but this wasn't about you and your likes, but old timers mentioned that didn't put much thought into it. Even if 4k (I bet many old timer Fedex drivers we'll see more than that in total), if the house is paid for, 4k works for retirees and it isn't uncomfortable. It was about "how can they survive just doing nothing?". They will. Yes to younger gen's, for certain you have to pay more attention. So yes, if you change the focus on the reply, other things change with it.
UpstateNYUPSer(Ret)
Well-Known Member
I could live comfortably on $4K/month.
Should he act in a certain way on account of the color of his skin?
Oldfart
Well-Known Member
I am as old as old gets. I am not sure 4k is even correct, might be a little low.
Be my guest. Do not invest in the 401k. That is everyone's choice. I will live comfortably and do whatever I want with nearly 100% of my working income during retirement. I don't want to survive, I want to thrive.
Oldfart
Well-Known Member
Property taxes, car insurance, homeowners insurance, utilities, cable, internet, vacations. PLUS, you will owe taxes on your income. If you want to live on 50% of your working income, have fun.
UpstateNYUPSer(Ret)
Well-Known Member
Property taxes------zero.
Car insurance-----$60-70/month
Homeowners insurance-----$125/year (renter's policy)
Utilities---$100/month
Cable/internet----included in rent.
Vacations-----??
The first $40K of my pension is tax free in NY.
Oldfart
Well-Known Member
Sounds like you can do it. Might need some groceries and some clothes sometime. Maybe another car? If you live on 80k or more now, and can live comfortably on 48k in retirement, that is good.
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