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Old 04-21-2015, 12:46 PM   #1
plunk10
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Lightbulb Why one third of men have almost no retirement savings

http://www.9news.com/story/money/201...ings/26070017/

The text of this article is pointless, but the REAL reason is told by the picture below the piggy bank.
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Old 04-21-2015, 12:47 PM   #2
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Because it's my money, and I need it now!
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Old 04-21-2015, 12:49 PM   #3
.brian.
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Default Why one third of men have almost no retirement savings

I am on my phone, and not seeing any pictures on your link. What exactly am I looking for?

Edit: I see a photo of a pink wallet that is opened to look like a vagina.
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Old 04-21-2015, 12:50 PM   #4
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Quote:
Originally Posted by OP is a lazy bish
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Old 04-21-2015, 12:52 PM   #5
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Old 04-21-2015, 01:04 PM   #6
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The rare intersection of personal finance and comedy.
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Old 04-21-2015, 01:14 PM   #7
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Funny pictures are funny.


But this is based on a phone survey, can't imagine many people tell strangers on a phone their detailed financial situation. Those that are dumb enough to do so are these people that don't have $1000 in the bank for retirement. The others just polished their "monocles" while talking to a sexy stranger on the phone.


On the flip side women are in generally worse shape overall due to traditional roles. Many times they don't save because they just expect to be married one day to someone that will take care of all of that for them.
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Old 04-21-2015, 01:16 PM   #8
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Originally Posted by FightingFalcon View Post
Because it's my money, and I need it now!
Thanks, I'm going to be yelling this in my head for the rest of the day.
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Old 04-21-2015, 01:27 PM   #9
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I wonder if that picture is coincidental or there is some OT worthy reporter sitting in their cube chortling to themselves right now.
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Old 04-21-2015, 01:34 PM   #10
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If I need to work rather than retire, and I am unable to, I am pretty sure my next choice is going to be skydiving without a parachute.
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Old 04-21-2015, 01:38 PM   #11
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If I need to work rather than retire, and I am unable to, I am pretty sure my next choice is going to be skydiving without a parachute.
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Old 04-21-2015, 01:50 PM   #12
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I would have a lot more money if we didn't save for retirement so aggressively.
10% goes to 401k, 30% goes to SEP, and too much to 529 (kids' college fund). Which adds to better than 50% of our overall household income goes to savings of some sorts.

So I get why most people don't do it. 'cause it sucks.
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Old 04-21-2015, 01:53 PM   #13
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well played, 9news. Well played.
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Old 04-21-2015, 01:57 PM   #14
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I wonder how many shots they took to get this JUST right

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Old 04-21-2015, 02:05 PM   #15
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This reminds me, I need to increase my 401k contribution.
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Old 04-21-2015, 02:09 PM   #16
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zipper as clit!
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Old 04-21-2015, 02:11 PM   #17
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zipper as clit!
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Old 04-21-2015, 03:05 PM   #18
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Originally Posted by nrcooled View Post
I would have a lot more money if we didn't save for retirement so aggressively.
10% goes to 401k, 30% goes to SEP, and too much to 529 (kids' college fund). Which adds to better than 50% of our overall household income goes to savings of some sorts.

So I get why most people don't do it. 'cause it sucks.
Why do you save so aggressively? Did you start late or are you planning on retiring early? Not being sarcastic at all and am genuinely interested in what people's plans are.

I started contributing to a 401k/roth about 2 years (27 now) ago and have been dumping as much as I can afford to into it, which really isn't that much. I think I'm only at 5%, but my company was matching 4% up until late last year. Extrapolating those same contributions and growth rates until retirement age put me at around $1.5m - $2m, iirc. I'm going to earn at minimum 2x what I am now soon enough and will be contributing much more, so I feel pretty okay with basing my retirement numbers off those figures.

Just judging you by the Tesla you bought a few years ago, I am going to assume you earn quite a bit more than me. Going off that, I would have to guess you'll be retiring with much more than me too if you're dumping 40% of your earnings vs my 5-9%.

That gets me to my question I guess. How much should one plan to have tucked away? I know it depends on several things like what debt you'll still have, medical bills, what age you plan to retire and live until, etc... But is there some sort of recommended amount? I have a lot of questions about this stuff and realize this is probably the wrong thread.
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Old 04-21-2015, 03:26 PM   #19
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Quote:
Originally Posted by Niccer View Post
Why do you save so aggressively? Did you start late or are you planning on retiring early? Not being sarcastic at all and am genuinely interested in what people's plans are.

I started contributing to a 401k/roth about 2 years (27 now) ago and have been dumping as much as I can afford to into it, which really isn't that much. I think I'm only at 5%, but my company was matching 4% up until late last year. Extrapolating those same contributions and growth rates until retirement age put me at around $1.5m - $2m, iirc. I'm going to earn at minimum 2x what I am now soon enough and will be contributing much more, so I feel pretty okay with basing my retirement numbers off those figures.

Just judging you by the Tesla you bought a few years ago, I am going to assume you earn quite a bit more than me. Going off that, I would have to guess you'll be retiring with much more than me too if you're dumping 40% of your earnings vs my 5-9%.

That gets me to my question I guess. How much should one plan to have tucked away? I know it depends on several things like what debt you'll still have, medical bills, what age you plan to retire and live until, etc... But is there some sort of recommended amount? I have a lot of questions about this stuff and realize this is probably the wrong thread.
He's a hedge fund manager who lives (or soon will) in CT. It's safe to say that he definitely makes more than you.

There isn't a specific amount of money that you should save for retirement, because everyone's situation is different. But a decent rule of thumb is to ensure that you have enough money to cover 75% of your current expenses. Basically, the advice when it comes to saving is "as much as you can" but people can almost certainly save more. I can definitely afford to save more, but I try to strike a balance between saving money so that I can enjoy it later, but not saving so much that I can barely enjoy life now.
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Old 04-21-2015, 03:29 PM   #20
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I have led my "adult" life in reverse.

I retired at 21 so I could travel to exotic places and participate in adventures while I was young, fit and open-minded. It didn't matter that I had next to zero money because I was tough and resilient and had a couple of good "ins".

Then from 35-60 I worked hard, paid into Social Security, got a decent pension plan, got good health insurance. I still took great vacations, but nowhere near as wild as when I was younger.

Now I can coast through old age in comfort -- just not wealth. The vacations are less exotic, but at least I'm not holding up the entire plane or cruise ship as I wobble my way on board.

The big trick: no wife, no kids.
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Old 04-21-2015, 03:35 PM   #21
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"Put your set belt back on..."
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Old 04-21-2015, 03:46 PM   #22
lag
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Originally Posted by somebody else View Post
I have led my "adult" life in reverse.

I retired at 21 so I could travel to exotic places and participate in adventures while I was young, fit and open-minded. It didn't matter that I had next to zero money because I was tough and resilient and had a couple of good "ins".

Then from 35-60 I worked hard, paid into Social Security, got a decent pension plan, got good health insurance. I still took great vacations, but nowhere near as wild as when I was younger.

Now I can coast through old age in comfort -- just not wealth. The vacations are less exotic, but at least I'm not holding up the entire plane or cruise ship as I wobble my way on board.

The big trick: no wife, no kids.
Best trick is DINK.
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Old 04-21-2015, 03:59 PM   #23
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Quote:
Originally Posted by nrcooled View Post
I would have a lot more money if we didn't save for retirement so aggressively.
10% goes to 401k, 30% goes to SEP, and too much to 529 (kids' college fund). Which adds to better than 50% of our overall household income goes to savings of some sorts.

So I get why most people don't do it. 'cause it sucks.
Does the IRS know that you're contributing more than the limit of 25% to your SEP?

http://www.irs.gov/Retirement-Plans/...red-SARSEPs%29

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Old 04-21-2015, 04:04 PM   #24
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Quote:
Originally Posted by Niccer View Post
Why do you save so aggressively? Did you start late or are you planning on retiring early? Not being sarcastic at all and am genuinely interested in what people's plans are.

I started contributing to a 401k/roth about 2 years (27 now) ago and have been dumping as much as I can afford to into it, which really isn't that much. I think I'm only at 5%, but my company was matching 4% up until late last year. Extrapolating those same contributions and growth rates until retirement age put me at around $1.5m - $2m, iirc. I'm going to earn at minimum 2x what I am now soon enough and will be contributing much more, so I feel pretty okay with basing my retirement numbers off those figures.

Just judging you by the Tesla you bought a few years ago, I am going to assume you earn quite a bit more than me. Going off that, I would have to guess you'll be retiring with much more than me too if you're dumping 40% of your earnings vs my 5-9%.

That gets me to my question I guess. How much should one plan to have tucked away? I know it depends on several things like what debt you'll still have, medical bills, what age you plan to retire and live until, etc... But is there some sort of recommended amount? I have a lot of questions about this stuff and realize this is probably the wrong thread.
The amount of money needed in retirement should only be based on your expenses in retirement, if that's knowable at a young age. It has nothing to do with a replacement % of your income. Based on reasonable assumptions that comes out to ~25-33x your annual expenses, which should probably last indefinitely. You can play with this at firecalc.com.

We're now pushing a 60% savings rate because of wanting to "retire" early.
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Old 04-21-2015, 04:05 PM   #25
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Quote:
Originally Posted by FightingFalcon View Post
He's a hedge fund manager who lives (or soon will) in CT. It's safe to say that he definitely makes more than you.

There isn't a specific amount of money that you should save for retirement, because everyone's situation is different. But a decent rule of thumb is to ensure that you have enough money to cover 75% of your current expenses. Basically, the advice when it comes to saving is "as much as you can" but people can almost certainly save more. I can definitely afford to save more, but I try to strike a balance between saving money so that I can enjoy it later, but not saving so much that I can barely enjoy life now.
The balance you mentioned is really the part that made me ask nrcooled why he was saving so much. Like you, I will want a good balance of saving as much as I can and also have enough money left over to where I'm not shorting myself right now.

Of course, if he's earning enough money, putting 50% of it away for later won't dampen what he's bringing home right now, so it's a moot point. Just the fact that he mentioned it sucks putting 50% of it away made me assume he would like to be bringing more of it home.

On a subject more aligned with the topic at hand, my dad turns 60 this year and has < $100k for retirement. My mom has much less than that since she stayed at home most of my childhood. I worry quite a bit about them and what they'll do in 10 years. I should be quite a bit more settled and in a position to help them out financially 5 or so years down the road and have three other siblings that can help too, but it still worries me. I can only imagine what they feel.
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