Can you retire under this contract? Y/N

[Over70irregs]

A Vanguard study found those between 55 and 64 held an average of roughly $256,000. But this includes high income earners; breaking the figures down, it shrinks to a median of about $90,000.

So if you’re 60 American and make $50,000 per year, that means you should have $400,000 saved in your retirement account. As you can see, neither the average nor the median retirement amount comes even close.

 

[Thebrownblob]

A Vanguard study found those between 55 and 64 held an average of roughly $256,000. But this includes high income earners; breaking the figures down, it shrinks to a median of about $90,000.

So if you’re 60 American and make $50,000 per year, that means you should have $400,000 saved in your retirement account. As you can see, neither the average nor the median retirement amount comes even close.

 

[nWo]

Still making payments on my ex-wife's boyfriend's boat. So probably not.

 

[IVE GOTTA PACKAGE 4U]

A Vanguard study found those between 55 and 64 held an average of roughly $256,000. But this includes high income earners; breaking the figures down, it shrinks to a median of about $90,000.

So if you’re 60 American and make $50,000 per year, that means you should have $400,000 saved in your retirement account. As you can see, neither the average nor the median retirement amount comes even close.

To tell you their retirement balances but how much debt do they have?

 

[bottomups]

Retired under this contract. Shouldn't have to withdraw anything from the 401ks until forced to. Just received an inherited IRA and have to take it all out within 10 years.

 

[Johney]

I retired under this contract after 33 full time years. $4000 a month, minus health insurance and spousal benefits. Wife still works due to her starting her career late. Haven’t touched my 401K(what’s left of it thanks Joe Biden)nor do I plan to until wife retires in 5 years when we will both take SS. By then house is long since paid as is only car payment.

 

[Up In Smoke]

I retired under this contract after 33 full time years. $4000 a month, minus health insurance and spousal benefits. Wife still works due to her starting her career late. Haven’t touched my 401K(what’s left of it thanks Joe Biden)nor do I plan to until wife retires in 5 years when we will both take SS. By then house is long since paid as is only car payment.

Your 401K is your responsibility. Can't understand how people blindly put their hard earned money at such risk.

 

[Johney]

Your 401K is your responsibility. Can't understand how people blindly put their hard earned money at such risk.

I know it is my responsibility it was doing just fine until two years ago.

 

[Thebrownblob]

Your 401K is your responsibility. Can't understand how people blindly put their hard earned money at such risk.

Unnecessary comment, perhaps you’re one of the people who believe they would rather have the 401(k) than a pension? Just because you understand, or say you understand how to invest doesn’t mean all do. Pretending the stock market and any of these things are anything more than gambling is pretty silly.

 

[Up In Smoke]

I know it is my responsibility it was doing just fine until two years ago.

2021 had nearly 25% returns in the indexes. The market began to pull back on the Fed's announcement of QT and raising short term interest rates. They gave everyone ample time to reset their retirement assets. The Fed attempted this in late 2018 and early 2019 and the market had a similar 20% plus pull back.

 

[Johney]

Unnecessary comment, perhaps you’re one of the people who believe they would rather have the 401(k) than a pension? Just because you understand, or say you understand how to invest doesn’t mean all do. Pretending the stock market and any of these things are anything more than gambling is pretty silly.

Exactly. I am by no means a financial guru. I’ve never changed anything with mine since I started. Have I made as much as I could have? Probably not but I’ve been fine with it for the 30 years I’ve invested in it until the last two years.

 

[Johney]

2021 had nearly 25% returns in the indexes. The market began to pull back on the Fed's announcement of QT and raising short term interest rates. They gave everyone ample time to reset their retirement assets. The Fed attempted this in late 2018 and early 2019 and the market had a similar 20% plus pull back.

I just don’t know enough about it, is that my fault? Sure I guess I just never had to worry about it until now. It’s always been fine.

 

[Up In Smoke]

Unnecessary comment, perhaps you’re one of the people who believe they would rather have the 401(k) than a pension? Just because you understand, or say you understand how to invest doesn’t mean all do. Pretending the stock market and any of these things are anything more than gambling is pretty silly.

Your retirement investment will most peoples largest asset, yet few take responsibility for it. People maintain their houses, cars and health but not their financial well being. My pension will be a vital part of my retirement, but will never be as important as my 401k.

 

[Thebrownblob]

Exactly. I am by no means a financial guru. I’ve never changed anything with mine since I started. Have I made as much as I could have? Probably not but I’ve been fine with it for the 30 years I’ve invested in it until the last two years.

People like him assume everyone is a financial guru and wants to take the time to do that stuff. Most people don’t want to I want to live their lives take care of their families, and then you have these giant corporations and hedge funds to tell you put your money in them and people trust them and then they get screwed.

Are we really going to be mad at normal people when half the world is on fire losing money? The big dog billionaires in business and investing as well as the government made it almost impossible to protect yourself completely. be mad at them Not the blue-collar guy who was doing what he thought he was supposed to do.

 

[Thebrownblob]

Your retirement investment will most peoples largest asset, yet few take responsibility for it. People maintain their houses, cars and health but not their financial well being. My pension will be a vital part of my retirement, but will never be as important as my 401k.

WDFD, so is mine but I’m not going to castigate people who were trying to do the right thing when They got screwed by forces they have no control over or no understanding.

 

[Johney]

Your retirement investment will most peoples largest asset, yet few take responsibility for it. People maintain their houses, cars and health but not their financial well being. My pension will be a vital part of my retirement, but will never be as important as my 401k.

See there’s we we differ. While my 401k is important I made sure that I can live comfortably off my pension alone and at this point we are. 401k is just gravy that I’m not touching yet.

 

[Up In Smoke]

WDFD, so is mine but I’m not going to castigate people who were trying to do the right thing when They got screwed by forces they have no control over or no understanding.

I'm not reprimanding anyone. My point is simply, don't blame others for your failures. The Fed made it very clear that their goal was to remove themselves from the economy.

 

[Up In Smoke]

See there’s we we differ. While my 401k is important I made sure that I can live comfortably off my pension alone and at this point we are. 401k is just gravy that I’m not touching yet.

No, we are exactly the same. My pension will be what we use to maintain our lifestyles, but our 401Ks will give us the ability to go anywhere and do anything.

 

[Johney]

Your retirement investment will most peoples largest asset, yet few take responsibility for it. People maintain their houses, cars and health but not their financial well being. My pension will be a vital part of my retirement, but will never be as important as my 401k.

No, we are exactly the same. My pension will be what we use to maintain our lifestyles, but our 401Ks will give us the ability to go anywhere and do anything.

No we are not. I made sure living off my pension and doing things worked...it does. My 401K has never been an issue for 33 years that I worked there never worried about it, never had to. Was I ignorant for not being a financial genious like yourself? Maybe I never had it hit as hard as in all the years I was contributing until now.

 

[Up In Smoke]

Not a genius, I just know the stock market is controlled by the rich and powerful. The average Joe was never intended to be able to have influence over the outcomes. We've seen pensions dry up or be eliminated in other industries and I wasn't willing to risk my financial future on that unknown. If the pension blows up tomorrow, we'll be just fine. Hope you can say the same. I have less than 2 years to retirement and only have 40-50% exposure to the stock market.